Risk-free Bet Calculator

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How to use

Use the risk-free bet calculator to hedge a second-chance promo, where the sportsbook refunds a losing bet as a bonus bet.

  • Enter your risk-free stake and odds
  • Enter the odds for the other side as Hedge Odds
  • Set Assumed Conversion % to how much cash you expect to get from the refunded bonus bet (70% is a reasonable default)

Plus signs are optional in odds fields.

How risk-free bets work

A risk-free bet isn't free money up front. You bet real cash, and if it loses, the sportsbook gives you a bonus bet for the amount you lost. To lock in value, you hedge the other side with a smaller amount, sized so you end up with the same profit whether your bet wins or loses and you convert the refund.

Once you get the bonus bet back, use the bonus bet calculator to convert it to cash.