The rise of legal sports betting in the United States has created a mad dash of sportsbooks competing for new users. One of the most common ways the books do that is through “free bet” promotions. Free bets are a way to attract customers by matching their deposit or offering them free funds to wager with when they open an account. It’s a great way to build excitement and attract new customers.
Luckily, free bets are also a great way to make some easy money if you play your cards right. It’s easier than it seems, especially with OddsShopper’s bet conversion tool.
Free Bet Converter: Turning the Sportsbook’s Promotions Into Cash
If you sign-up for one sportsbook with a $1000 deposit and get a matching $1000 free bet if you lose, you’ll have just two shots to make money, and could walk away with zero. But when you sign-up for similar free bet offers on other books you can play them against each other. OddsShopper’s Free Bet Converter finds the best bets to do this with at every sportsbook and calculates the exact amount of money you will make in the process.
The tool can be customized to your state, the size of your free bet and the sportsbooks that you use. It takes that information and finds bets on two sportsbooks to play against each other in order to lock in free money!
The screenshot shows an example from Illinois. It uses a $10 free bet size on DraftKings and identifies other sportsbooks available in Illinois where you can bet the other side to lock in free money. Keep in mind that $10 is just an example, sometimes books will offer up to a thousand dollars of sign-up bonuses, so you can extrapolate these numbers by up to 100x.
Before using the Free Bet Converter tool, it’s important to get an understanding for how it works. Let’s break down the top rated bet on the board…
When you bet the Minnesota Vikings +250 using a $10 free promotion at DraftKings and win, you will earn $25 of profit. However, when the Vikings lose, that full $10 is lost. Betting the other side of the game changes that. OddsShopper calculates exactly how much you should risk on the Philadelphia Eagles in order to lock in a profit. You won’t be able to guarantee free money at DraftKings since they will hold a percentage of this market for themselves, assuring the right odds won’t be available. But if you take your business to Caesars Sportsbook you can grab the Eagles for -250. Laying exactly $17.86 will return $7.14 when the Eagles win, and since the DraftKings $10 was free, you won’t lose any real money over there. It’s $7.14 of guaranteed money. When the Eagles lose and the Vikings win, your $17.86 will be lost on Caesars, but you’ll win the aforementioned $25 for betting the Vikings at +250 with the free bet on DraftKings.
And what is $25 – $17.86? Of course, it’s $7.14. OddsShopper calculated this out for us, identifying the best use of the free bet at DraftKings and a competitor.
The tool not only says what to bet, where to bet and how much profit you’ll lock in, but it also ranks bets in order of profit. Following the Vikings-Eagles bet is a free bet opportunity that returns 66% of guaranteed money on the Houston Texans vs Baltimore Ravens. A Wimbledon Tennis bet on a match between Roman Safiullin and Jannik Sinner locks in a 65.52% profit.
Using the Free Bet Converter will allow you to maximize those onboarding offers when sports betting comes to your state without any risk. You won’t even need to use free bets against each other in order to make sure you win.
OddsShopper’s market-based tools will help you find the perfect hedge bet sizing to make it happen without using a free bet on the other side. In other words, if you use your promo wager on a +250 Vikings bet, the tool will recommend the right hedge bet size on another sportsbook that will work regardless of whether you have a promotion.
You can access the Free Bet Converter on mobile or desktop. It’s an excellent way to get your bankroll started as you venture into sports betting, especially if it’s new to your state and the books are letting the promotions fly!
That said, sportsbooks are always giving free bet promotions to their customers to keep their business. Any time you come across one, the Free Bet Converter will be your go to tool. And once you’ve got that bankroll started, OddsShopper’s market-based betting models will help you find the highest expected value bets in every sport.
