Free Bet Converter Calculator
How To Use This Calculator
Convert your sportsbook free bets into guaranteed cash by hedging. Enter your free bet details and the calculator shows exactly how much to hedge and your guaranteed profit.
Input the value of the free bet from your sportsbook promotion.
Enter the free bet odds (use higher odds) and the hedge odds on the opposite side.
Bet the exact hedge stake shown to lock in guaranteed profit regardless of the outcome.
What is Free Bet Conversion?
Free bet conversion is the process of turning a sportsbook free bet into guaranteed cash. Since free bets only return profit (not the stake), they are worth less than their face value.
By placing the free bet on one side and a real money hedge on the opposite side, you can lock in a guaranteed profit regardless of the outcome. The conversion rate depends on the odds you can find.
Hedge Stake = FB x (FB Odds - 1) / Hedge OddsConversion Rate Reference ($100 Free Bet)
How the free bet odds affect your conversion rate when hedging at common odds. Higher free bet odds produce better conversion rates.
| Free Bet Odds | Hedge Odds | Hedge Stake | Profit | Conv. Rate |
|---|---|---|---|---|
| +150 (2.50) | -150 (1.67) | $89.82 | $60.18 | 60.2% |
| +200 (3.00) | -200 (1.50) | $133.33 | $66.67 | 66.7% |
| +300 (4.00) | -300 (1.33) | $225.00 | $75.00 | 75.0% |
| +400 (5.00) | -400 (1.25) | $320.00 | $80.00 | 80.0% |
| +500 (6.00) | -500 (1.20) | $416.67 | $83.33 | 83.3% |
Step-by-Step Example
You have a $50 free bet. You find an NFL game where Team A is at +200 (3.00) and Team B is at -200 (1.50) at another book.
Common Mistakes to Avoid
Lower odds on the free bet side mean a lower conversion rate. At +100 (2.00), you only convert about 50%. At +300 (4.00), you convert 70%+. Always look for higher odds on the free bet side.
The most critical difference: a $100 free bet at 3.00 pays $200 profit, not $300. If you calculate your hedge using full payout math, you'll lose money. Always use this converter to get the correct hedge amount.
Odds can move between placing your free bet and your hedge. Have both sportsbooks open and place bets as close together as possible. Use live odds to ensure the numbers match your calculations.
Most sportsbooks prohibit betting both sides of the same event. Use your free bet at one book and place the hedge at a different sportsbook to avoid account restrictions.
Frequently Asked Questions
What is a good conversion rate for free bets?
A good conversion rate is 65-80%. This means a $100 free bet converts to $65-$80 in guaranteed cash. Rates above 70% are considered strong. The rate depends on the odds spread between the free bet and hedge sides.
Why don't free bets return the stake?
Free bets are promotional credits, not real money. Sportsbooks structure them to only return profit (winnings minus the free bet amount). This is why a $100 free bet is worth $65-80 in real cash, not $100.
Can I convert free bets on any sport?
Yes, you can convert free bets on any sport with a two-way market (moneyline, spread, over/under). NFL, NBA, MLB, and NHL moneylines work well because they have tight odds and no draw outcome.
What if the free bet has restrictions?
Some free bets require minimum odds (e.g., -200 or longer). Make sure the free bet side meets any minimum odds requirement set by the sportsbook. The hedge side has no restrictions since it's a regular bet.
Is free bet conversion legal?
Yes, converting free bets is completely legal. You are simply placing bets at multiple sportsbooks, which is allowed. However, excessive matched betting patterns may lead to sportsbooks limiting your account or future promotions.
Should I let the free bet ride or convert it?
Converting guarantees profit. Letting it ride means you might win more but could also get $0. Mathematically, if you don't have an edge on the free bet selection, converting is always the better choice since it eliminates variance.
Pro Tip: Target +300 Odds or Higher
The sweet spot for free bet conversion is placing the free bet at +300 to +500 odds. At these levels, you convert 70-83% of the free bet value. Going higher than +500 gives diminishing returns and can be harder to find matching hedge odds. Use our Arbitrage Calculator to find events with tight spreads between books.