Free Bet Converter

Turn free bets into guaranteed cash — place the free bet on one side, hedge the other side at a different book, and profit no matter the outcome. How to use this page
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What Is a Free Bet Converter?

A free bet converter turns sportsbook promotional credits — free bets, bonus bets, bet credits — into withdrawable cash. Because a free bet returns only the winnings (never the stake), letting it ride on a coin-flip market wastes most of its value. The converter finds markets where you can place the free bet on one side and a cash hedge bet on the opposite side at a different sportsbook, guaranteeing you profit no matter which side wins.

How to Use the Free Bet Converter

  1. Select your state and free bet sportsbook — so you only see conversions for the book holding your free bet, at books available where you live.
  2. Enter your free bet's dollar value — the tool sizes both bets automatically. Free bets over $500 switch to high-limit markets so both sides can actually be placed.
  3. Place the free bet at the free bet sportsbook — be sure to select the free bet in the bet slip before confirming.
  4. Place the hedge bet at the other sportsbook shown, using the bet size the tool calculates for you.

A simple conversion example

Say you have a $100 free bet. Place it on an underdog at +400 (it pays $400 in winnings if it hits), then bet $338 of cash on the favorite at -550 at another sportsbook. If the underdog wins you collect $400 and lose the $338 hedge; if the favorite wins your hedge returns about $400. Either way you walk away with roughly $62 of locked-in profit — a 62% conversion of a credit that was worth $0 in cash a minute earlier. The converter does this math for every market and sorts by the best conversion rate.

Why Use the OddsShopper Free Bet Converter?

  • Scans live odds across major U.S. sportsbooks to surface the highest conversion rates.
  • Calculates the exact hedge bet size for your free bet amount — no spreadsheet required.
  • Filters by the books you actually use, and by high-limit markets for large free bets.

Pair it with our arbitrage finder, betting calculators, and the best odds across sportsbooks to get the most out of every promotion. Ready for the full toolkit? Get OddsShopper Pro with code FREEBET20.

Free Bet Conversion FAQ

What is the difference between a free bet and a bonus bet?

They are the same thing under different names. Sportsbooks hand out promotional credits — called free bets, bonus bets, or bet credits — that you can wager but not withdraw. The catch is the stake is not returned on a win: a $100 free bet at +200 pays $200, not $300.

How much of a free bet can I convert into cash?

Typically 65–80% of its face value. Because the free bet stake is never returned, you maximize conversion by placing the free bet on longshot (underdog) odds and hedging the other side with cash at a second sportsbook. The converter ranks every market by conversion percentage so you can grab the best one available.

Why should I place my free bet on underdog odds?

A free bet only pays the winnings, so the bigger the odds, the more of its value you capture. At -110 a $100 free bet returns about $91 in winnings, but at +400 it returns $400 — leaving far more room to hedge the other side and lock in profit.

Is converting free bets legal?

Yes. You are placing ordinary, legal wagers at licensed sportsbooks — one with the promotional credit and one with cash. Sportsbooks may discourage promo abuse in their terms, so converting the occasional signup bonus is safer than industrial-scale promo farming.

What do I need to get started?

A free bet at one sportsbook and a funded account at least one other book to place the hedge. The more books you have access to, the better the available conversion rates — you can tell the tool which books you use and it will only show plays you can actually make.

*Sportsbooks previously offered risk-free or free bets as part of their promotional strategy to attract new signups, but these bets still involve a degree of risk: refunds are typically issued as credits for future bets rather than cash, and losses on those subsequent bets mean losing the initial stake. The Free Bet Converter minimizes this risk by strategically leveraging two competing sportsbooks to lock in a guaranteed return.