Converting Free Bets Using Prophet Exchange
Converting Free Bets into guaranteed profit can be done with Matched Betting. That is where you place a promotional bet on a sportsbook and hedge it on Prophet Exchange. Because this covers both outcomes, one of your bets is guaranteed to win and you will profit no matter what happens. For a Free Bet it is important to understand that you are not betting any money from your bankroll, and that the original bet amount is not returned on a winning wager.
Let’s examine a simple scenario where you have a $50 Free Bet on DraftKings. Through matched betting and using Prophet Exchange you can guarantee $38 profit from this offer. Profiting $38 from a $50 Free Bet is also commonly called getting a 76% conversion, $38 / $50 x 100 = 76%.
Use the Free Bet Finder on DarkHorse Odds
The Free Bet Finder analyzes all of the odds and shows you the best Matched Bets that will maximize your profit.
You can seen in the screenshot below, the best Matched Bet is identified as:
- Wizards money line +400 on DraftKings
- 76ers money line -420 on Prophet Exchange
The 76ers and the Wizards play each other; therefore, one of those two bets will win. To convert your Free Bet you need to:
- Place the $50 Free Bet on DraftKings on the Wizards at +400
- Place a $162 hedge on Prophet Exchange on the 76ers at -420
If the Wizards win…
- Profit $200 from the Free Bet on the DraftKings
- Lose $162 on on Prophet Exchange
- Net Profit: $38
If the 76ers win…
- Profit $37.80 from the hedge on Prophet Exchange
- Lose $0 on the DraftKings since it was a Free Bet
- Net Profit: $37.80
You can see that no matter which bet wins in any of the scenarios above, at the end you walk away with ~$38 profit
This concept applies to many promotions offered by sportsbooks: Free Bets, Risk Free Bets, Site Credit, Profit Boosts and more. The hard part is finding the best bets and knowing how much to bet. That’s where the combination of Prophet Exchange and DarkHorse Odds comes into play. Prophet Exchange offers the best odds in New Jersey allowing the best possible conversions for matched betting. DarkHorse Odds finds the perfect matched bet for the highest possible conversion.
Learn more about Match Betting with Prophet Exchange in our guides.