Free Bet Conversion Calculator and Alternatives

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I created this article to share all I know about free bet conversion calculators and techniques that can help you withdraw them with a decent profit.

Which are the best sites with free bet calculators?

The best free bet conversion or free play calculators offer matched betting opportunities, or low holds on another name.

I have used many matched betting tools or in other names free bet converters.

1. OddsJam

Based on my experience OddsJam has the best free bet converter and calculator tool for matched betting from the USA. 

They are scanning over 36+ bookies from the US and displaying Low-holds (betting opportunities that can be used to complete free bets and other bonus offers).

Advantages of OddsJam free bet converter:

• Has the fastest real-time odds from each relevant betting site in the US
• Display the best betting opportunities to complete free bets
• Simple and effective free bet stake calculator (also free)
• Excellent software if you want to take the next step and make more money with other sports betting strategies
• Many videos and written tutorials for all kinds of techniques

Downsides of OddsJam free bet converter:

• Focuses on betting sites from the US and Canada

2. OddsMonkey

They focus on matched betting in the UK and cover many betting sites available in many European countries.

OddsMonkey is an excellent free bet conversion tool. They also have many calculators that can help you convert other types of bonus offers into real money.

How do I convert free bets?

If they don’t require insane roll-over requirements on your generated profits , here is how to convert free bets:

1. Have a betting account at another betting site

2. Use a matched betting service, often called low-hold software

These sites scan bookmakers and display betting opportunities where the odds discrepancy between them is significant.

Overpriced odds like these open the opportunity to place a bet with your free bet and cover the other outcome at another betting site.

3. Use a free bet conversion calculator

These free bet conversion tools or odds matcher tools will also offer a free bet calculator. The role of this calculator is to help you pick the correct odds and stakes for each free bet.

How Do Free Bets Work? 

A free bet is a bonus awarded by the betting site to bettors that allows the players to place a wager without risking their own money. Instead of putting your own money at risk, the betting sites offer a predetermined stake for free that can be used to place a single bet. 

The majority of betting sites that offer free bets will only return the profits if your bet is a winner. The winnings do not include the original stake of the free bet offered by the betting site.      

What is the difference between free bets and real money bets?

The main difference between these two types of bets is that while a free bet is placed with funds from the bookie, a real-money bet can be either your own money or a bonus.

The second and most important difference between a free bet and real money bets is that in 99.9% of cases when placing a free bet, you will get only the profits when you win.

While placing bets with real money will result in getting back your initial stake and the profits as well when you win a bet.

How Do You Get Free Bets at sportsbooks? 

There are many kinds of free bets and ways to get them. Below you can find the most common ways you can get free bets:

1. Free bets when signing up

These sign-up bonuses are offered to attract new customers and motivate them to deposit. At the moment this type of welcome bonus is the most common and well-known.

2. Free bets when you deposit

Singing up to a betting site and winning/losing your initial deposit is only the first step. The majority of bettors will lose the whole starting capital in a day or two. 

They don’t have to worry; almost every betting site will contact them with a new ’excellent opportunity’ to make a new deposit to get a new free bet.

3. Seasonal free bets

The majority of major sports events will draw the attention of sports fans. These are the best opportunities for bookies to offer a new promotion and free bet in the hope of getting the inactive customer back to play.

Seasonal free bets and other types of promotions don’t have the highest bonuses, but they are enough to motivate many customers to try their luck.

Do you get real money from free bets?

The betting sites offer the opportunity to place a bet in a form of a free fund/free bet, and if you win, you can keep the profits. These winnings result from free bets are withdrawable real money.

After completing a short KYC (know your customer) verification process that is required at almost each betting site, you can get your real money profits in the bank account.

Stake not returned free bet conversion calculation example

Betclic offers HUF €100 free bet. I place a bet on a 3.0 odd, so I can win €300, I can’t lose because they’ll give the money back, so the profit can be €200.

Now either I cheer for it to come true, or I take out two-thirds of €100 free bet as guaranteed profit!

At another bookmaker, I hedge/cover the €200 on a 1.50 odd. (3 and 1.5 are the base of a zero-sum odds pair) €200 / 1.5 = €133.3 must be placed at the other bookmaker.

In both cases, I will have a profit of €66.7! So from such betting insurance, you can get at least 60% (in this case almost 67) guaranteed as profit.

The bigger your odds, the bigger your profit can be, but the more money you’ll need at the other bookmaker to hedge…

For example, with a 5:1.25 odds pair, the guaranteed profit is €80, but you’ll need €320 at the other bookmaker to hedge.

What does Stake Not Returned (SNR) free bet

How can you get a Stake Not Returned Free bet?

Most bookmakers are offering stake not returned free bets to welcome their new customers. Normally they need you to place a qualifying bet.

The requirements for this are well specified in the terms and conditions. The maximum stake should be equal to the Free Bet’s amount almost every time.

A lot of the time they can specify the minimum and maximum odds for your first bet. This qualifying bet means a bet that should be placed with your own money.

If you lose this, you will be eligible for the Free Bet promotion.

How to matched bet on SNR free bets?

The main purpose of matched betting is to convert free bets into real money. Most of these bonuses have some kind of weakness.

Matched bettors are exploiting them with betting based on mathematical betting strategies. SNR free bets are one of the most common bonus types and they are very easy to exploit.

Most of them do not require any roll-over requirements, so you can take advantage of them in just a few minutes.

To maximize the profits from Stake Not Returned free bets:

• Your initial bet at the bookie with the bonus has to be on odds above 5 or 6. The higher the odds are, the more profits you can end up from this bonus
• You need to use an arbitrage calculator like the one from surebet.com only for finding odds pairs with a loss very close to 0%
• You place the free bet of 20 euros on odds of 6 for example
• Stake of 20 EUR * Odds of 6 = 120 EUR => Profit = 120 EUR – Free bet stake of 20 EUR = 100 EUR
• At another bookmaker, you have to cover only the profit
• You find an odd of 1.16 so your stake will be => Profit/odds at another bookie => ~86 EUR
• If you bet at your bookie with the bonus wins: Your Winnings of 100 EUR – 86 EUR cover bet stake = Profit of 14 EUR
• If the cover bet wins: 86 EUR * 1.16 = 100 EUR – the stake of 86 => 14 euros of profit.

How to place qualifying bets for SNR bonuses?

Using simple matched betting strategies offers you the opportunity to take advantage SNR bonuses by placing the qualifying bets in the right way.

The easiest techniques to place qualifying bets are the following:

1. Laying your bets at exchanges

The basic strategy is to find a market at your bookmaker with the SNR free bet, where the odds are very close to Lay prices at exchanges.

For example:

In the match between Italy and Spain, you can see that Netbet offers an odd of 2 for the market of both teams to score.

If you lay this bet (you place a bet against Both teams to score) with a stake of 20.57 at Betfair or another Exchange, no matter which part comes out as a winner you will win a bet.

Your total loss on these bets will be approximately 0.56 euros. If the bookmaker does not have other requirements, you will be entitled to the free bet.

2. Placing arbitrage bets close to 0%

Placing arbitrage bets is based on wagering at a bookmaker and covering the other outcome at a different sportsbook.

From the point of view of a qualifying bet for SNR free bets, the result is the same. You can find a lot of free arb finders too that cover most of the bookmakers.

Using them you will find opportunities even better than the one above. If you don’t want to find arbs close to 0%, you can use this calculator by surebet.com.

For example:

You place a bet on odds of 2.10 with 20 euros (at the bookie with the SNR bonus). You can cover the other outcome on odds close to 1.80 or above and you will lose only 1.3 – 1.4 euros on these bets.

FAQ