How to turn bookmaker free bets into real cash

February 22, 2019 | By More

Before it became illegal in some jurisdictions, many corporate bookmakers offered free bets to entice new members to join up.

It was a successful strategy that attracted new players who would continue to bet after their free bonuses had inevitably run out.

Free bets are now also offered as compensation or insurance when your horse is beaten into second or third place.

Most players bet through these bonuses within a very short time. 

Even if you bet them on our highly successful free tips, there is no guarantee of success.

However, there is a guaranteed, risk-free method to make some real cash from these free bet bonuses.

The method is a sure-fire way to increase your cash balance using a risk-free strategy. It’s not gambling, it’s not even an investment, because it’s guaranteed money.

What are these free bets?

Many companies try to attract new players by offering free bets when they join up. Unfortunately, this is illegal in some states (SA, WA, VIC, NSW) because it is deemed to be enticing new players. Nevertheless, if you are eligible, you may receive free bets when you open your account.

What to do with the free bets

Most punters first think if they place their free bets on a short-priced favourite they can turn them into real money, however this is not the case. With free bets, you do not receive the stake back if you win. That is, if you placed your $75 free bet on a $1.09 favourite (like Black Caviar or Winx) and it wins, you win only $6.75 because you don’t get the $75 freebet stake. If it was a normal bet, you would win the $6.75 plus get your original $75 stake back, making a return into your account of $81.75. Even so, it’s still risky because sometimes even short-priced favourites lose.

It’s also no point in throwing caution to the wind and risking all that potential free money on an obscure strategy.

How can the punter turn at least some of the free bets into real cash, using a 100% no risk strategy? Here’s how.

Risk-free method to turn free bets into real cash

The general principle is that we will find a competition with 2 competitors and bet on the longer-priced option. Then we use our own money to lay off on the favourite, just in case our selection is beaten. You win either way and turn more than 50% of your free bet into real cash. Before you place real bets, play around with it to maximise the potential return.

First we must find a competition where there are only two possible winners, like a football game or tennis match. To make more money from this strategy it’s preferable to use a match with a good price differential, one of the teams at good odds (like $4-$6) because the larger the odds, the easier it is to make more back when we lay it off. For the laying off component, we will use any bookmaker because we are betting with our own money. It’s thus wise to find the best odds for the opposing selection using any bookmaker with which we have an account.

Test case scenario

As a test case, let’s take a hypothetical Carlton-Adelaide game.

Carlton is currently paying $3.55 while Adelaide is paying $1.30

Bet 1. The first bet we make is to put the $75 bonus bet on Carlton at odds of $3.55. This result pays $266.25, however we only receive $191.25 because bonus bets don’t allow us to keep the stake amount ($75).

Next we do a simple calculation. We divide the return of $191.25 by Adelaide’s odds of $1.30

$191.25 / $1.30 = $147.12

Bet 2. We then place a bet of $147.12 on Adelaide at odds of $1.30. Note that we can search for better odds elsewhere (another bookie) on Adelaide because it’s our cash that we are betting with. The bet at $1.30 will return $191.25 if Adelaide wins.

Now our 2 possible results are:
a) Carlton wins, yielding $191.25 return, minus the $147.12 lost on Adelaide, for a $44.13 profit.
b) Adelaide wins, yielding $191.25 return, minus the $147.12 stake, for a $44.13 profit.

Result: We have turned a $75 bonus bet into $44.13 real cash (58.8%) risk free.


We’ve turned a virtual bonus into real cash. The only downside is that we placed a decent amount of our own cash on the favourite to make the profit but remember it’s risk free and is back in our account after the bet is completed.

The $44.13 cash we converted from the $75 free bet can now be split in any way we like, withdrawn or re-invested.

I recommend, as I have done, to enter this strategy into a spreadsheet and change the odds to see what effect it has on profits. Your free bet for instance may be a different value. You may also find an optimum odds differential or a more comfortable laying off amount.

Credit: I am not the inventor of this strategy. Unfortunately, I can ‘t remember where I sourced it. I found a similar post on the internet and perhaps it was from here that I read it. Please correct me if I’m mistaken, and thank you for the great strategy! Mayor

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Category: Betting Strategies

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