You have received a $50 “Free Bet” or “Bonus Bet” from a sportsbook. Now what? You could bet it on a hunch and risk walking away with nothing. Or, you could use math to turn that free bet into guaranteed withdrawable cash, regardless of who wins the game.
This is called Free Bet Arbitrage (or Matched Betting). However, you cannot use a standard arbitrage calculator for this. Free bets usually follow SNR (Stake Not Returned) rules, meaning if you win, you only get the profit, not the original $50 stake. Our calculator adjusts for this specific condition, telling you exactly how much to hedge to lock in the maximum possible profit.
Free Bet Arbitrage
SNR CalculatorHow to Use the Calculator
To maximize your profit, you need to find a market where the back odds (where you use the free bet) are high and the hedge odds (where you bet against it) are close. Here is the process:
- Enter Bonus Amount: The value of your free bet token (e.g., $50).
- Enter Back Odds: The odds at the sportsbook where you have the free bet.
- Tip: For free bets, higher odds (usually 5.00 / +400 or higher) yield more profit.
- Enter Hedge Odds: The odds at the betting exchange (e.g., Betfair) or the opposing sportsbook where you are betting against your selection.
- Enter Commission (Optional): If you are hedging on an exchange, enter the commission % (e.g., 2% or 5%) to ensure your profit calculation is exact.
- Check the Result: The calculator shows you the “Locked Profit” and the “Conversion Rate.” Aim for a conversion of 70-80%.
Related Tools: If you are engaging in standard arbitrage with your own cash (Stake Returned), use the Standard Arbitrage Calculator. If you are hedging a bet to exit a trade early rather than converting a bonus, use the Hedging Calculator.
Real-World Examples: The “High Odds” Rule
The math of Free Bets is counter-intuitive. Unlike regular bets, you make more money by betting on longshots. Here is why.
Example 1: The “Safe” Bet (Low Conversion)
You use a $100 Free Bet on a favorite at odds of 2.00 (+100). You hedge at 2.00.
- The Math: Since the stake isn’t returned, a win only pays $100 profit (not $200).
- The Result: You can only lock in roughly $50.
- Retention: 50%. You wasted half the value of the bonus.
Example 2: The “Optimized” Bet (High Conversion)
You use a $100 Free Bet on an underdog at odds of 6.00 (+500). You hedge at 6.00.
- The Math: A win pays $500 profit. The missing $100 stake matters less relative to the payout.
- The Result: You can lock in roughly $83.
- Retention: 83%. By simply choosing higher odds, you made an extra $33 guaranteed.
Frequently Asked Questions (FAQ)
What does SNR mean?
SNR stands for Stake Not Returned. It is the standard term for Free Bets where the sportsbook keeps the bet amount even if you win. For example, if you bet $10 cash on 3.00 odds, you get back $30 ($20 profit + $10 stake). If you use a $10 SNR Free Bet, you get back only $20 ($20 profit).
What is a good Retention (Conversion) Rate?
A retention rate of 75% to 80% is considered excellent (e.g., turning a $100 free bet into $80 cash). Rates between 60-70% are acceptable if you are in a rush. Anything below 50% is considered poor value.
Can I use this calculator for Qualifying Bets?
No. Qualifying bets (bets you place with your own money to unlock a bonus) are Stake Returned (SR). For those bets, you should use our Matched Betting Calculator in “Qualifying” mode to minimize your qualifying loss.