Quantitative Betting Calculator
Free Bet Conversion Calculator
A free-bet calculator shows how much guaranteed cash you can extract from a 'bet $X, get $Y free bet' promo by hedging the free bet at the right odds. Because free bets don't return the stake - only the winnings - longshot odds convert best. Enter the free-bet amount and odds to see its cash value and the recommended hedge.
Convert a bonus or freeplay into locked cash by placing the bonus on a plus-money underdog and hedging the opposing side.
How the free bet calculator works
Enter the free bet
The free-bet amount and the odds you'll place it at. Since a free (stake-not-returned) bet only pays the profit, its value depends heavily on the odds.
It finds the cash value
Higher odds return more profit on a winning free bet, so they convert to more guaranteed cash - typically 70%+ of the free bet's face value at the right price.
Hedge to lock it in
Bet the free bet on one outcome and hedge the other side with real money at another book. Whichever hits, you keep a guaranteed amount of real cash.
Free-bet value formula
A winning stake-not-returned free bet pays Stake × (decimal odds − 1). Conversion rate = guaranteed cash ÷ free-bet amount; it rises with the odds you place the free bet at.
Example — A $100 free bet placed at +300 (decimal 4.0) returns $300 profit if it wins. Hedging the other side at fair odds locks in roughly $75 of guaranteed cash - a 75% conversion rate - versus far less at short odds.
Frequently Asked Questions
What is a free bet?
A free bet is a promotional wager where the sportsbook covers the stake. If it wins, you keep the profit but not the stake amount - which is why converting it well takes a bit of math.
How do you convert a free bet to cash?
Place the free bet on one outcome at longer odds, then hedge the opposite outcome with real money at another book. Whichever side wins, you walk away with a guaranteed amount of real cash.
What odds are best for a free bet?
Longer (plus-money) odds convert best, because a stake-not-returned free bet only pays the winnings. Placing it around +200 to +400 typically maximizes the guaranteed cash you can lock in.
What is a free-bet conversion rate?
It's the share of a free bet's face value you can turn into guaranteed cash - often 70% or more at the right odds. A $100 free bet at a 75% rate is worth about $75 in real money.
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Apply This Math to Live Vegas Markets
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