Sportsbook Free Bet Calculator

Convert Free Bets into Real Value with Our Sportsbook Free Bet Calculator

Free bets and sportsbook bonus offers are great, but they can be tricky to evaluate and are designed specifically to take your money.

Make the most of your sportsbook promotions safely with our free play and bonus conversion calculator to help you convert free bets, free play bets, risk-free bets, or deposit bonuses into cash—every time.

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Free Bet Conversion Calculator 🛈

Free Play (+) Hedge (-) Info/Totals
Odds: 🛈 Enter the Odds offered by two different sportsbooks on opposite outcomes of the same event. The Width is the difference between the absolute values of the Free Play and Hedge bet Odds. For Free Play conversion, a lower width is better but it can be higher than a regular Arbitrage bet.
Stake: 🛈 The amount of money placed on each wager. Enter the Odds first, then enter the Free Play value as the Free Play Stake amount and the calculator will tell you what the Hedge Stake amount should be.
Notes: 🛈 When using more than one calculator at a time for different events, it may be helpful to make notes to specify the sportsbooks, teams, markets, leagues, etc.
Show Less ↑
Proba.: 🛈 The probability that the wager will win at the given odds. It is commonly referred to as Implied Probability. The combined Probability Total for the two wagers is less useful for Free Play conversion than it is for regular Arbitrage bets because the exclusion of the original value of the Free Play throws it off.
Payout: 🛈 The total amount received if the wager wins.
For the Hedge, subtract the Total Stake amount from the Payout to get the Profit.
For the Free Play side, keep in mind that you do not receive the value of the FP if you win, you only receive the winnings; so subtract the Hedge Stake amount from the Payout to get the Profit.
Profit: 🛈 The payout received on a win, minus the amount staked on the wager.
% Profit: 🛈 The profit percent for the two wager results combined. 0%
$ Profit: 🛈 The profit amount for the two wager results combined. $0

Some sportsbooks award a Free Bet (aka: Bonus Bet, Free Play, etc.) as a deposit bonus.

Win or lose, the original Free Bet value is lost.

On a win, only the winnings are credited to the player, not the original Free Play value.

On a loss, no money is credited to the player.

However, hedge betting with this Bonus Conversion Calculator always results in a percent of the Free Bet's original value being converted to cash in one of the sportsbooks.

NOTE: This calculator is designed for non-cash bonuses such as free bets. If you have a sportsbook cash bonus then use our hedge bet calculator instead.

Instructions:

  • Enter the Odds for the Free Play and Hedge bets. The Free Play should always be the (+) odds.

  • Enter the Free Play value under Free Play Stake and the calculator will tell you the amount to Stake on the Hedge bet.

  • Other information will be calculated automatically and can be viewed by clicking "Show More ↓" or hidden by clicking "Show Less ↑".

  • Manually finding favorable arbitrage bets can be extremely cumbersome. Use an OddsJam subscription to find them for you!

For information about an element of this sports betting hedge calculator, click the related 🛈 symbol.

Why use our bonus bet calculator?

  • Guarantee sportsbook bonus profits every time.

  • Accurately assess the real value of sportsbook bonuses.

  • Calculate exact bet profit percent.

  • Calculate implied probability (or chance of winning) from free play bets.

  • Optimize your strategy for bonus hunting and matched betting.

Whether you’re chasing sign-up bonuses, reload promotions, or free bet offers, this sports betting calculator helps turn promos into profits.

Affiliate Disclaimer: This website includes affiliate links to products and services that I personally use. The extent of my relationship with the associated companies is that of a satisfied user of their products and services, and as a promotional affiliate. If you sign up for their products or services using my affiliate links, I will earn a commission, which will not affect your price in any way. Win/win! The associated companies' trademarked assets such as names and logos are owned solely by them and are used here with permission.

Earnings Disclaimer: I do not guarantee specific earnings or income for products, services, or programs. Your individual results will vary based on your own bankroll, consistency and wager outcomes, and there's no assurance you'll achieve similar results as shown in any testimonials or examples. By using these offerings, you acknowledge that you are responsible for your own actions and decisions, and I am not liable for any financial losses or damages you may incur.