How to Use a Free Bet Conversion or Free Play Calculator
A free bet calculator (e.g. free play calculator), or free bet conversion calculator, determines the rate at which you can turn a free bet into cash. As part of many promotions and sign-up bonuses, US and Canadian sportsbooks offer "free bets," or freeplays. Free bets are different from cash because, if your wager wins, you do not get back your initial stake. Learn more about Free Bets in this article, What is a Free Bet? Learning how to use a free bet calculator will enable you to convert your free bets into cash at the highest possible rate with no risk. As an example, imagine you have a $100 free bet on BetMGM. On the Free Bet Conversion Tool you see an opportunity on the Over/Under 50.5 in the New England Patriots vs Jacksonville Jaguars. If you place that $100 free bet on the Over 50.5 at +300 odds you could use this calculator to calculate the size of the hedge bet to make at a different sportsbook to lock in a guaranteed profit. In this case, you would need to place a $220 bet on the Under 50.5 at -275. No matter the outcome you would net $800 (Free bet wins = $300 minus $220 hedge bet = $80, hedge bet winds = $80). Most sports bettors aim to get free bet conversion percentages over 70%. This means that for a $100 free bet, you will be able to earn $70 cash risk-free. <2>Inputs <3>Free Bet Size: The free bet size in dollars <3>Free Bet Line: The line at which the freeplay is bet (US or decimal) <3>Hedge Line: The line at which the freeplay is hedged <2>Outputs <3>Hedge Bet: The dollar amount wagered on the hedge to extract risk-free value <3>$ Profit: The risk-free profit in real dollars obtained from the freeplay bet and hedge <3>% Profit: Dollar profit as percent of freeplay notional size.