Free Bet Calculator
Enter the free bet amount and the odds, and the calculator shows how much will be credited if the bet wins. By default it uses the most common rule: the stake is not returned, so only the winnings above it are credited.
Two extra modes answer the questions that usually come up after the first calculation: how much of the winnings is left if they carry a wagering requirement, and how much money you can lock in by backing the other outcome — a combination usually called a free bet hedge or free bet conversion.
Online free bet calculator
For a standard calculation you only need the stake, the odds and the payout rule. Wagering mode adds the wagering requirement and the market margin; hedge mode adds the odds of the opposite outcome.
Inputs
Results update automatically. Decimals can be entered with a point or a comma, and thousands separators are accepted. If the promotion terms credit only the amount above the bonus, choose “Stake not returned (SNR)”.
Result
Fill in the fields and the result will appear automatically.
How to calculate free bet winnings
The formula depends on whether the stake is returned, whether the winnings must be wagered and whether an opposite bet is used.
Stake not returned: credited = F × (k − 1)Stake returned as cash: credited = F × kWagering: balance left = credited × (1 − w × m / (1 + m))Opposite bet, SNR: S = F × (k₁ − 1) / k₂Opposite bet, SR: S = F × k₁ / k₂where F is the free bet amount, k and k₁ are the free bet odds, k₂ is the odds of the opposite outcome, S is the opposite bet stake from your own money, w is the wagering requirement on the winnings and m is the market margin as a fraction. The opposite bet formula equalises the cash result across both outcomes. This is sometimes called a “free bet arb”, although the edge here comes from the free bet itself rather than from a difference in odds.
The wagering formula assumes that when you bet into a market with margin m, each unit of turnover loses m / (1 + m) of the stake on average. With a 5% margin that is 4.76% of turnover. A value below zero means the expected loss on turnover exceeds the amount credited — in that case the calculator shows zero.
To see what probability the odds imply, use the odds to probability converter; to compare a free bet with an ordinary cash bet of the same size, use the bet payout calculator.
Worked examples
A free bet of 100 USDT. The first four rows show the amount credited on a win, the fifth and sixth cover wagering the winnings, and the last two show the result of hedging at odds of 1.62.
| Scenario | Rule | Result | Comment |
|---|---|---|---|
| Odds 1.50 | SNR | Credited 50 | Low odds cut the amount credited to half the stake. |
| Odds 2.50 | SNR | Credited 150 | The typical case: the stake is not returned. |
| Odds 5.00 | SNR | Credited 400 | A bigger payout, but a much lower chance of winning. |
| Odds 2.50 | SR | Credited 250 | A rarer and more generous rule. |
| Wagering ×5, margin 5% | SNR | Turnover 750 → expected balance 114.29 | Wagering takes 23.81% of the winnings before you stake any of your own money. |
| Wagering ×20, margin 5% | SNR | Turnover 3,000 → expected balance 7.14 | At ×21 with the same margin the expected value falls to zero: turnover eats the winnings entirely. |
| Opposite bet 2.50 / 1.62 | SNR | Opposite stake 92.59 → equal result 57.41 | 57.41% of the stake at the odds entered. |
| Opposite bet 2.50 / 1.62 | SR | Opposite stake 154.32 → equal result 95.68 | Below the stake because of the odds on the opposite outcome. |
Stake returned vs stake not returned: the difference
The key difference is whether the bonus stake is included in the amount the bookmaker credits after a win. Because you did not put that stake up with your own money, it is more accurate to compare the amount credited than to subtract the bonus as if it were your own outlay.
| Feature | Stake not returned | Stake returned as cash |
|---|---|---|
| Credited on a win | F × (k − 1) — this is also the entire winnings credited. | F × k: of which F × (k − 1) is winnings and F is the returned stake. |
| What happens to the stake | Not included in the payout. | Credited to the cash balance, if that is exactly what the promotion terms say. |
| Hedged result at fair odds | (k − 1) / k of the stake: 33.3% at 1.50, 50% at 2.00, 75% at 4.00. | In theory 100% of the stake; real odds and commission can reduce the result. |
Free bets with wagering: how much of the winnings is left
Some promotions require you to roll over the winnings: ×5 wagering turns the “gift” into an obligation to generate turnover, and the expected value drops with every rollover through the market margin.
The “Wagering on winnings” mode calculates the expectation: turnover equals the amount credited multiplied by the wagering requirement, and each unit of turnover loses the margin share on average. The table below shows how much of the credited amount is left at a 5% margin — typical for the main football markets at international bookmakers; niche markets carry higher margins, so less is left.
| Wagering on winnings | Expected loss | Left of the amount credited |
|---|---|---|
| ×1 | 4.76% | 95.24% |
| ×3 | 14.29% | 85.71% |
| ×5 | 23.81% | 76.19% |
| ×10 | 47.62% | 52.38% |
| ×20 | 95.24% | 4.76% |
| ×21 and above | 100% | 0% |
This is the long-run expectation, not the result of a single run: real outcomes scatter around it, and some players lose the whole balance before the turnover is complete — a scenario the formula does not cover. Wagering tied to the deposit rather than to the winnings needs a separate wagering requirement calculation.
Free bet hedging: why conversion depends on the odds
For a stake-not-returned free bet, the result of an opposite bet at fair mirror odds equals (k − 1) / k of the stake — a derived formula, not an observation.
| Free bet odds | Fair mirror k₂ | Result as share of stake |
|---|---|---|
| 1.50 | 3.00 | 33.33% |
| 2.00 | 2.00 | 50.00% |
| 2.50 | 1.67 | 60.00% |
| 3.00 | 1.50 | 66.67% |
| 4.00 | 1.33 | 75.00% |
All else being equal, higher odds increase the share of the stake you can keep when you equalise the two outcomes. But higher odds also mean a lower chance of winning without an opposite bet. In a real market the opposite odds are usually worse than the theoretically fair price, so actual conversion is lower than the table: in the example with 1.62 instead of 1.67 it comes to 57.41% rather than 60%.
The calculator warns you when the opposite bet stops making sense: if the equalised result is below a quarter of the stake, or the opposite stake is more than three times the free bet, you are risking a noticeable amount of your own money for a small fixed sum.
Related tools
Bet insurance calculator
Cover a bet with an opposite stake, price paid insurance and value a money-back first bet offer.
Bookmaker margin calculator
Find the margin of a market — the figure that drives the expected loss while wagering.
Odds converter
Convert odds between decimal, fractional and American formats.
All tools
The calculator hub: markets, odds, bankroll, bonuses and limits.
Frequently asked questions
How much real money is a 100 free bet worth?
It depends on the promotion terms. At odds of 2.50, a stake-not-returned free bet of 100 gives 150 credited if it wins. If the stake is returned as withdrawable cash, 250 is credited. With an opposite bet the result depends on the odds of the other outcome; with wagering, on the requirement and the margin.
What does “stake not returned” mean?
The stake is not included in the payout: only the winnings above it are credited. This is the most common rule, calculated as F × (k − 1). Bookmakers often shorten it to SNR.
What is a free bet with ×5 wagering really worth?
At a 5% margin the expected balance is about 76% of what was credited: winnings of 150 turn into roughly 114. With ×10 wagering about half is left, with ×20 almost nothing. These are long-run averages; a particular run of bets can end better, or with the whole balance lost.
What is a free bet hedge?
It is the usual name for combining a bonus bet on one outcome with an ordinary cash bet on the opposite outcome, with the stakes chosen to equalise the result. The edge comes from the bonus itself, not from a difference in odds between bookmakers. Use the “Opposite bet” mode of this calculator to work it out.
Is hedging a free bet allowed?
That depends on the jurisdiction and the terms of the specific promotion. An operator may prohibit arbitrage, bonus abuse, linked accounts or certain ways of using a bonus. Possible consequences include the bonus being cancelled, extra checks, account restrictions or exclusion from future promotions. Read the operator’s terms before you bet.
What odds should I use a free bet on?
For a hedge, higher odds on the bonus bet usually improve conversion as long as the odds on the other outcome are comparable. For an ordinary bet, higher odds mean a lower chance of winning. Also check the minimum and maximum odds allowed by the promotion terms.
Does a free bet guarantee a profit?
Not on its own: if it loses, the bonus is gone. An opposite bet can equalise the arithmetic result across two opposite outcomes, but it does not remove the risk of odds moving, a market being voided, different settlement rules, commission or a breach of the bonus terms.