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What is a free bet when you bet on sports? How do sportsbooks’ free bets work?

What’s a free bet?

Free bets are promotions that sportsbooks offer to their customers in the form of a “token” or “bonus” for a certain amount of money, where the stake of the bet is paid for by the sportsbook. Free bets aren’t just for new customers. Books may sometimes give people who use them a lot free bet credits. We always tell people to sign up for as many books as they can. The more you can spread your money out, the more free bet promotions you can take advantage of.

How do Free Bets Work?

Most free bet credits will be in small amounts (£10 to £25). Also, free bets are worse than cash because if you win, you don’t get your stake back. You only get the money you won from the bet. For example, if you place a free bet of £25 with odds of +100, you would only get back your £25 profit and not £50 (£25 stake plus £25 profit).

Can I get my free bet back?

You can’t turn free bet credits into cash, but you can turn the money you win back into cash once you’ve used them. Note that when you use a free bet credit, only your winnings, not the original stake, will be added to your cash balance.

Check the fine print to see all the terms of the free bet credit, as they can have expiration dates (don’t let your free bets expire! ), limits on the types of bets you can use them on, etc.

Tips on How to Use Free Bet Credits

You might think that you should use your Free Bet on a sure thing, so that there’s a high chance you won’t lose. But this is a bit of a trap because the key difference is that with the bet, you don’t get your stake back. If you have a free £250 bet and put it on the Golden State Warriors, who are -450 favourites to beat the Knicks, you will only get £62.50 back. Even though you won your bet, you only get £62.50 from your £250 free bet that you can only use once. By doing this, you’re not getting the most out of this credit and your chances of winning.

To get the most value out of a free bet, it is best to bet on odds that are longer.

-500 odds, £25 free bet, expected value = 5/6 * 1/5 * £25 = £4.17

-200 odds, £25 free bet, expected value = 2/3 times 1/2 times £25 = £8.33

+200 odds, free bet of £25: expected value = 1/3 x 2 x £25 = £16.67

+500 odds, £25 free bet value = 1/6 x 5 x £25 = £20.83

The math in this situation can look scary, but let’s break it down:

How to figure out the expected value: EV = Implied Probability x Payout x Stake

When we plug in all the numbers from the examples above, we can see that bets with longer odds have a higher expected value.

The implied probability of a bet goes down as the odds get longer. Over time, you will make more money if you use free bets to bet on games with longer odds. But what if you want to make sure you make money off of a free bet? cogamblers has a section just for converting free bets into real money. Go to the Low Holds page first. Here, you can type in the book where your free bet is. Then, sort by the percentage of conversions. You will find the best ways to use your free bet to make money.

What to do with a free bet:

In the example below, you are betting £100 on u4.5 Goals (+325). Remember that with our free bet, we ALWAYS bet on the side that isn’t the favourite. If you “hedge” this bet by putting £72.22 on “4.5 Goals” on another book, you are sure to win that amount. Let’s break this down:

Free Bet Credit: £100

If the Under wins, your free bet makes you £325. (remember you do not win back your stake with a free bet). Then you lose the £252.78 you put on the hedge bet. You made £325 minus £252.78, which is £72.22.

If the Over wins, you make £72.22 from your hedge bet. In a free bet, you bet on the other side, so you don’t lose any cash on that side. Your total profit remains £72.22

Bottom Line: If you used the £100 free bet on a straight bet, you could expect to win £76.47 (1/4.25 x 3.25 x $25). So, hedging your bet gives you a lower expected value, but when you hedge your bet, the profits are locked in.

What is a free bet when you bet on sports? How do sportsbooks’ free bets work?

Make sure you check out all of the sportsbooks in your state. The more books you sign up with, the more of these free bet offers you will get. As you can see, cogamblers has tools that make it possible to make sure you make money from Free Bets. So, don’t miss out on profits by only betting at one or two sports books.

The next time you get a free bet, you’ll be ready to start making the most of it.