Free-bet side

Hedge stake

Locked value

Conversion %

+150

$78.57

$71.43

71.43%

+200

$104.76

$95.24

95.24%

+300

$157.14

$142.86

142.86%

+400

$209.52

$190.48

190.48%

+500

$261.90

$238.10

238.10%

+700

$366.67

$333.33

333.33%

+1000

$523.81

$476.19

476.19%

Free bet ≠ cash: stake-not-returned changes the math

Most sportsbook promos are stake-not-returned (SNR): a winning $100 free bet at +200 pays only the $200 profit, not $300. To extract real cash, place the free bet on a positive-odds side and hedge the favored side with cash. The free bet earns potential profit; the hedge locks part of that profit regardless of outcome. The conversion ratio (cash locked / bonus face value) depends almost entirely on the price of the free-bet leg.

Hedge sizing to lock conversion value

Hedge stake = free_bet_profit_if_win / hedge_decimal_odds. Place the free bet on the underdog; if it wins, profit comes through. If the favorite wins, your real-cash hedge wins and pays out the same equalize amount. The conversion percentage is the locked amount divided by the original bonus face value. Longer-odds free-bet legs (+300, +400) push conversions higher because the leverage on the free bet is larger.

Worked example: $100 free bet on +200

$100 free bet at +200 (SNR) — wins $200 profit. Hedge favorite at -210 (decimal 1.476) with real cash. Hedge stake = $200 / 1.476 = $135.50. Either outcome: free-bet wins → $200 − $135.50 = $64.50 net; favorite wins → $135.50 × 0.476 − $0 = $64.50 net. Conversion = $64.50 / $100 = 64.5%. With a sharper -195 hedge price (decimal 1.513), conversion improves to $200/1.513 = $132.2 stake → locks $67.80, conversion 67.8%.

FAQ

What is bonus conversion (and what makes a free bet different from cash)? +

Bonus conversion is the process of turning a sportsbook promotional credit — typically a 'free bet' or 'bet credit' — into withdrawable cash by placing the free bet on one side of a market and hedging the other side with real money. The catch is that free bets are usually stake-not-returned (SNR): when a free bet wins, you receive only the PROFIT, not the original face value. A $100 free bet at +200 returns $200 profit on a win, not $300 — a key difference from cash that drops conversion below 100%.

How do I compute the cash-equivalent value of a free bet? +

Place the free bet on an underdog (positive American odds) and hedge the favorite side with real cash. The conversion math: free_bet_profit_if_win = bonus_amount × (decimal_odds − 1); hedge_stake = free_bet_profit_if_win / hedge_decimal_odds; cash_locked_if_either_wins = (free_bet_profit_if_win × 1 − hedge_stake). Divide cash locked by bonus amount and you get conversion percentage. Aim for +200 to +400 free bet odds because higher prices = higher conversion rates.

What conversion percentage should I aim for? +

Realistic targets are 65-75% for stake-not-returned free bets when hedging through standard -110 markets. Pushing higher requires longer-odds free bet legs (which carry their own risk if you can only do it once) or lower-juice hedge markets (sharper books like Pinnacle, Bookmaker, Circa). Conversions below 60% usually mean you picked too short a free bet side; conversions above 80% are unusual unless the hedge market is genuinely sharp or arbed.

Why does the conversion percentage depend on the hedge odds? +

The hedge price determines how much cash you have to risk to lock in the free bet's potential profit. Hedging at -110 (decimal 1.91) costs less per dollar of insurance than hedging at -200 (decimal 1.50), so the locked cash is higher at -110. Lower juice on the hedge side = better conversion. Always shop the hedge market across at least three books before placing — a single penny of price improvement on a $100 hedge is real money on a $1000 free bet.

Are there sportsbook rules that affect realized conversion? +

Yes. Maximum free-bet stake per ticket, market exclusions (some books bar futures, alts, or specific sports from free bets), expiration windows, minimum-odds restrictions (often -200 or shorter not allowed), and rollover requirements on the converted cash all eat into the theoretical conversion rate. Read the promo terms before placing — a 75%-theoretical conversion that requires 5x rollover at +110 is often worse than a 65% conversion with zero rollover.

Bonus Conversion Calculator