Risk Free Bet Calculator Introduction
The Risk Free Bet Calculator USA is designed for completing free bet offers or risk free bet conversion where you only get a free bet if a certain outcome happens.
For example, a sportsbook will credit you a free bet if your first bet loses.
The calculator uses American moneyline odds (i.e. +100, -110 etc) and uses dutching between two outcomes in a binary market. As opposed to a back and lay bet.
A guide to using the calculator can be found here.
If you just have a free bet that you want to convert to cash use our matched betting calculator.
How to use the Risk Free Bet Calculator
This calculator is used for offers that only credit a free bet under certain outcomes. For example, bet $100 and get a $100 free bet if your bet loses.
As a result, unless our first bet loses we won’t get a free bet and won’t make any profit. We could just do a normal Dutch. However, we won’t make a profit if the bet wins and no free bet is credited.
In order to make a profit regardless of whether we get credited a free bet or not we need to adjust our bet stakes to account for the extra profit we would make if we get credited a free bet.
The calculator preforms a dutching calculation but factors in how much money we would make if a free bet is credited. We then place some extra money on the outcome which would result in us not getting free bet. By doing this we make roughly the same profit regardless of the outcome.
Let’s imagine we have a sportsbook offer that give us a $100 Free Bet if our first bet of $100 loses.
In this case if we place a $100 bet on Colorado Avalanche at +180 odds to beat the Seattle Kraken. Consequently, in order to have an equal profit or loss no matter which team wins. How much would we have to place on Seattle Kraken if the odds were -196?
With this in mind let’s use the calculator to work it out!
Step 1: Enter Our Bet Stake
Firstly, we need to enter our qualifier bet stake. This is the bet stake at the sportsbook offering the promotion. In this case it’s the $100 on Colorado Avalanche.
Step 2: Set the Free Bet Condition
Next, we need to tell the calculator if we get a free bet if the qualifier bet wins or loses. Do this by selecting the checkbox below the bet stake box.
Always double check this setting is correct or the calculation will be incorrect!
Step 3: Enter Our Free Bet Size and Free Bet Retention Percentage
Once, we have told the calculator the condition under which we get a free bet. We will need to enter the value of the free bet.
Along with an estimate of how much of the free bet we expect to convert into cash as a percentage. This is the retention percentage. On average this should be about 65% but can be higher or lower depending on any restrictions on what we can use the free bet on.
Step 4: Enter the Odds for Both Outcomes
Now we want to enter the odds for both outcomes into the calculator. In this case, it’s the odds for Colorado Avalanche and Seattle Kraken. We always want to put the odds from the sportsbook offering the promotion in Outcome One!
This is important as the calculation will be incorrect otherwise!
In this case we enter +180 for Colorado avalanche in the Outcome One Odds Box and the -196 for Seattle Kraken in the Outcome Two Odds box
We should now see two dollar figures displayed on the right hand side of the calculator. This is how much we need to bet on each outcome.
In this case $100 on Colorado Avalanche and $142.36 on Seattle Kraken.
Step 5: Check Overall Profit and Wait For Match Results
Once we have placed our bets. Wait until the match has finished and the results have been determined.
We will not need to do anything more unless our bet at the sportsbook with the offer loses. For this examples it Colorado Avalanche.
We can check our total profit from this offer below the odds and stakes section
In our example, we should make a profit of around $37.63
If Colorado Avalanche win then we would not receive a free bet and we’re done with this offer.
We can see a breakdown of our bets by clicking on the ‘Outcome One Win’ drop down.
Step 6: Convert our Free Bet to Cash
Last, if an outcome occurs which means we get credited a free bet. We will need to convert the free bet to cash to complete the offer.
We do this by using a normal Free Bet Conversion Tool or a Matched Betting Calculator.
If you need to brush up on how to do this checkout my guide to free bet conversion.
For our example offer. Our bet on Colorado Avalanche lost and our bet on Seattle Kraken won. Our bet on Colorado Avalanche lost $100 and our bet on Seattle Kraken won $72.63. This means after the match has finished we’ve lost -$27.37
However, We get a $100 Free Bet that we expect to make $65 profit from. As a result, once we have converted our free bet to cash. We make an overall profit of about $37.63
$65 – $27.37 = $37.63
Profit Tip!
In General, for offers that gives us a free bet when we lose our first bet. We want to look for high odds like +200 to place our qualifier bet on.
For offers that give us a free bet when we win. We want to look for low odds like -200 to place our qualifier bet on.
Where Can I Find Offers To Use With The Risk Free Bet Calculator USA?
You can find offers in my Matched Betting USA Hub. In the Matched Betting USA Hub I provide all the necessary information to profit from the current offers available in each state offering legal sports betting.
Alternatively, If your state doesn’t yet allow sports betting yet you can sign up for our email notifications. In order to get notified as soon as you can start matched betting in your state.
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