Teacher's Bet.

Free Bet & Bonus Bet Calculator

A bonus bet isn’t cash — it’s a token that pays only the profit if it wins, never the stake back. So what is it really worth? Enter the bonus and the odds you’d use it at; the fair cash value is computed live. Add a hedge price and it shows the exact stake that locks a guaranteed profit either way.

Hedging a free bet is the same mechanic as an arb — see the arbitrage calculator →

What a bonus bet is really worth

Almost every U.S. “bonus bet” or “free bet” is stake-not-returned (SNR): if it wins you keep the profit, but the token itself is consumed — you don’t get it back on top. So a $100 free bet at decimal odds d pays $100 × (d − 1) if it wins, and nothing if it loses.

If you could hedge the other side at a fair price, the token’s locked value as a fraction of its face is:

That single fraction explains the golden rule of free bets: use them on plus-money longshots, never on favorites. The higher the odds, the closer (d − 1)/d gets to 1:

Locking a guaranteed profit

You don’t have to leave it to chance. Place the bonus on one outcome at high odds, then bet real cash on the opposite outcome at a second book so both results pay the same. With bonus decimal odds d and cash hedge decimal odds h, stake this on the hedge:

and you lock the same profit whichever side lands:

Worked example

A $100 free bet, placed on a +300 underdog (decimal 4.0), hedged against the −360 favorite (decimal 1.278) at a cash book.
Whether the underdog or the favorite wins, you keep $65.22 — a guaranteed 65.2% of the $100 token turned into real cash. (The unhedged fair value was 75%; the extra 10 points is the vig you pay the second book on the hedge.)

Sizing the hedge is the same math as an arbitrage, and deciding whether an unhedged free-roll is worth more than the certain cash is a question of expected value and your bankroll. The full course is free in the Learn guides.

Frequently asked questions

How much is a free bet actually worth?

A stake-not-returned free bet is worth (d − 1)/d of its face value, where d is the decimal odds you place it at, assuming you hedge at a fair price. A $100 free bet at +300 (decimal 4.0) is worth (4 − 1)/4 = 75% of face, about $75. On a heavy favorite it’s worth almost nothing — which is why free bets belong on plus-money longshots.

How do you convert a bonus bet to cash?

Place the bonus on one outcome at high (plus-money) odds, then bet real cash on the opposite outcome at a second book so both results pay the same. You lock a guaranteed profit whichever side wins. The hedge stake is F(d − 1)/h, where F is the bonus amount, d the bonus decimal odds, and h the cash hedge decimal odds.

Why put a free bet on a longshot instead of a favorite?

Because a free bet only pays the profit, not the stake. On a favorite at decimal 1.2 you keep only 0.2 of stake per unit, so the token is worth about 17% of face. On a +300 longshot (decimal 4.0) you keep 3 units of profit, so it’s worth about 75% of face. Higher odds convert far more of the bonus into value.

Is converting a bonus bet gambling?

This tool only does arithmetic on the numbers you type. It is not betting advice and does not place, hold, or facilitate any wager. The hedged conversion is a mathematical property of the two prices, shown so you can understand what a promotion is worth.