Estimate free-bet hedge stakes, conversion value, and downside risk before placing a sportsbook promo wager.
Every sportsbook sign-up bonus comes with a free bet or risk-free bet. The trick is converting that bet into real, withdrawable cash. This calculator does the math for you: enter the bet amount, your back odds, and the opposing hedge odds to estimate conversion value and an optimal hedge stake.
Free Bet: Your stake is not returned if the bet wins. You only receive the profit portion. Most sign-up bonuses (DraftKings, FanDuel, BetMGM) work this way. Typical conversion rates land between 70-80%.
Risk-Free Bet: You get your original stake back plus the winnings if the bet wins. If it loses, you receive a free bet credit for the amount risked. Conversion rates are higher, often 80-95%.
Before placing anything: verify the sportsbook's current bonus terms, state eligibility, maximum stake, odds minimum, market restrictions, expiration window, and whether the credit is a free bet, bonus bet, site credit, or risk-free refund. The calculator assumes the offer can be used exactly as entered.
For the broader workflow, compare the matched betting guide, the state guides, and the tools hub. The best conversion rate is still only useful when the account is eligible and the source terms match the math.
Always check whether the calculator page links to current sportsbook guidance and avoids implying that a promotion is risk-free for every user. Mistyped odds, bad hedge availability, voided bets, and state restrictions can all change the real outcome.
Use the output as a planning aid, then save the exact terms, odds, and date checked before treating the calculation as part of any public offer writeup.
If the sportsbook changes the credit type or minimum odds, rerun the calculation before relying on the result.
Keep the hedge receipt with your notes.
If the result depends on odds that move before you place both sides, treat the output as stale and calculate again.