OddsJam’s Free Bet Conversion Tool identifies opportunities to convert the promotional free bets and site credits many sportsbooks offer directly to cash you can withdraw. You can typically convert these credits or free bets at a rate of 75 cents on the dollar or better (75%+ conversion percentage) using our tool. This can add up quickly, as many sportsboooks are offering free bets of up to $1,000 or more.
- Free bets are often given as sign-up bonuses and promotional bonuses to bettors in the US. However, free bets are different from cash or “site credits“, since you do not receive your principal back if your bet wins - you only receive the profits. This makes them worse than cash or site credits.
- You can convert your Free Bets directly into cash using the Free Bet Conversion Betting Tool to “hedge“ your Free Bet with the opposite line on another bookmaker to turn your Free Bet into cash and keep your risk-free profit constant. If your free bet wins you receive the profit minus your hedge bet, if your free bet loses you lose nothing and win the profit and stake of your hedge bet.
- Depending on your risk tolerance and the amount of your free bet, you may want to actually use the free bet on a wager rather than convert it. Because free bets are worse than cash, in this scenario you want to use your free bet on wagers with +400 odds or greater to maximize return.