How to convert a Free Bet

A free bet is a type of bonus that is offered by sportsbooks that allows you to place a wager without risking your own money. Unlike a standard cash wager, a free bet only returns the original stake if the bet wins. Because of this, you want to aim to have the highest conversion percentage possible when using your free bets. Here's an example of how to convert a free bet:

  • You are offered a free bet of $100 from "Sportsbook A".
  • You use this free bet on "Bet 1" with odds of +450.
  • On "Sportsbook B" you find the opposite side of "Bet 1" with odds of -400.
  • Using the calculator above, you determine that on "Sportsbook B" you must wager $360 on "Bet 2".
  • Using this strategy, you will convert $90 of the original free bet into cash.

In this example, the initial bet was hedged by placing a second bet on the opposing team to convert your free bet to cash. It's important to note that hedging can also limit potential profits and you are essentially trading the potential for a larger win for a smaller guaranteed profit. When converting a free bet, it's important to carefully consider the potential outcomes and calculate the risks and rewards of each option.