Maximizing free bet conversion is one of the key strategies that you can implement to be a profitable sports bettor. Essentially, you’re taking advantage of bonuses that different sportsbooks will offer you. In other words, taking advantage of free money. Free bets are also known as bonus bets, risk free bets, and other similar names, depending on which sportsbook you’re using.
In this article, we’re going to cover what free bet conversion is and how to take the fullest advantage of your bonus bets.
What are free bets or bonus bets?
The sports betting market has become highly competitive as it is legalized in more and more states and increases in popularity. Providing free bets or bonus bets is one way that sportsbooks will try to differentiate themselves and attract you to their book instead of others. The idea is that offering competitive promotions will keep you coming back to their book again and again and bet your own money in addition to the bonus bet.
The two distinguishing factors of a bonus bet are the following:
If you win, the original stake is not returned to you. The reason is that the sportsbook is covering your stake, instead of your own money.
If you lose, then you do not lose any money from your bankroll, because, again, the sportsbook bonus bet is covering your stake.
For example, if you have a $100 bonus bet with +200 odds, then you could win $200 (just the profit, without the original stake). If you place a $100 bet of your own money, then you could win $300 (the profit plus the initial $100 stake).
What is free bet conversion?
Free bet conversion is the least risky way to take advantage of your bonus bets and, if done correctly, can be very profitable. Converting a free bet gives you a guaranteed return every single time, because you are betting on both sides of an outcome.
The way that free bet conversion works is by using your bonus bet on one side of the wager and then placing another bet with your own money at a different sportsbook as a hedge. These bets are matched in a way that guarantees profit, because you are wagering on all possible outcomes, but only using your own actual money on one side. Because you are “matching” your bets, free bet conversion is also known as matched betting.
For more information on matched betting, check out DarkHorse Odds.
How much money can you make?
How much money you can earn will vary based on several factors. First, it’s largely dependent on the bonus bet amount. Second, you need to find favorable odds across different sportsbooks. Third, it depends on whether you are wagering on pre-game matched bets or on live bets during the gameplay.
If you can find favorable odds on a pre-game bet, then you can reasonably expect to convert a bonus bet at 60% to 70%. Live betting free bet conversion comes with a little more risk, but you can convert at 75% to 85%. If you’re a newer sports bettor, then at this point, you might be asking yourself what these percentages even mean.
The percentages are how much of the bonus bet you are able to convert into cash. A 70% free bet conversion means that if you have a $100 free bet, you’re able to turn it into $70, no matter the outcome of the event you’re wagering on. You place the $100 bonus bet on one outcome, and then a specific amount of your own money on the opposite outcome at a different sportsbook to guarantee the $70 profit. The amount of that other bet will depend on the specific situation and odds.
The advantages of live betting for free bet conversion
When converting your bonus bets, live betting is typically much more profitable than pre-game betting. Our users generally see a free bet conversion of 80%+ when live betting with our tool. The reason for the higher profitability is twofold. First, when the game is in play and the lines are moving, it creates opportunities when odds across two different sportsbooks are closer than they would be before the game. Second, free bet conversions are much more profitable when wagering on a large underdog, which are more common when live betting and rarer for pre-game betting.
If the game is live and it’s a blowout, or it’s later in the game when it is relatively clear who will win, you’ll have much larger underdogs. Large underdogs combined with a book that has the favorite for better odds results in the best conversions.
How to find the best free bet conversions
When it comes to free bet conversions and specifically live betting, our tool is designed to make it easier and more profitable. Instead of you having to compare lines across different sportsbooks while the game is in play and odds are changing fast, DoubleDown Odds finds and compares the odds for you. When it finds odds that meet your particular profitability threshold, it alerts you.
Better yet, after alerting you to the opportunity, our tool also tells you what to wager from your bankroll, based on the odds and your bonus bet amount. It takes a lot of the heavy lifting off of your shoulders, reducing the chances of an error and helping you move faster to take advantage of opportunities before they disappear.
Maximizing free bet conversion is one of the best ways to boost your profitability, take the fullest advantage of your bonus bets, and turn your promotions into cash.
If you’re just starting out, then head over to DarkHorse Odds to begin with matched betting. If you’re ready to move beyond pre-game matched betting to strategies that are more conducive to long term profitability, then see how our tool works here.
You can also join our discord to get the latest knowledge on tips and strategies being implemented by our users to increase their profitability.