Skip to page content
Get started

Betting calculatorArbitrage and promotions

Free Bet Conversion Calculator

Estimate the cash value of a stake-not-returned bonus bet using an opposing hedge.

  • Free
  • No sign-up
  • Runs in your browser

Convert a bonus bet

Bonus bet and hedge

Calculation result

Example inputs
Result—

Enter the example values to calculate a result.

How it works

  1. How to convert a free bet to cash

    Most sportsbook bonus bets are stake-not-returned: if the selection wins, the sportsbook pays only the profit portion. To estimate conversion value, use the token on one side of a market and place a cash hedge on the opposing side. The calculator balances the two net outcomes using the odds you enter.

    A $100 token at +200 has $200 in potential profit, not a $300 return. An opposing cash wager can secure part of that value whichever result occurs.

  2. Free bet conversion formula

    If the free-bet odds are decimal D and the opposing odds are decimal H, the balancing hedge stake is token value × (D − 1) ÷ H. The guaranteed cash proceeds are the hedge’s profit when the token side loses. Divide those proceeds by the token amount to estimate conversion percentage.

    This is an estimate for a two-outcome market with no push, void, cash-out, or correlated result. Exact sportsbook promotion terms determine whether the token qualifies and when winnings become withdrawable.

  3. Improve a bonus bet conversion

    Compare multiple eligible markets and look for prices that let the bonus-bet side generate meaningful profit without an expensive opposing hedge. Avoid parlays or markets with unmatched settlement rules unless you have modeled those outcomes separately. Enter the actual token value and current opposing price before using a promotion.

Frequently asked questions

Are free bets returned if they lose?

Usually a bonus bet token is consumed whether it wins or loses. Promotion rules vary, so check whether the token is stake-not-returned and whether winnings have rollover or withdrawal conditions.

What is a good free bet conversion rate?

A higher conversion percentage means more estimated cash value per token dollar, but the available odds and promotion terms determine what is practical. No fixed rate is guaranteed.

Why is a hedge used to convert a free bet?

The hedge creates a second outcome that can return cash when the bonus-bet selection loses, while the token’s profit pays when it wins. Balancing those outcomes estimates a cash conversion.