Free Tool

Free Bet Calculator

Find out what your free bet is really worth in cash

Most common — the free bet stake is NOT returned with winnings

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Advanced: Exchange Commission
%

Enter your free bet details above to see the real cash value

How To Use This Calculator

  1. 1

    Choose Your Free Bet Type

    Select SNR (Stake Not Returned) for most free bets, or SR (Stake Returned) if the bookmaker returns the stake with winnings.

  2. 2

    Enter the Free Bet Value

    Type the value of your free bet from the bookmaker (e.g. $50).

  3. 3

    Enter the Odds

    Enter the decimal odds you plan to use the free bet at. Higher odds give a better conversion rate.

  4. 4

    Read the Cash Value

    The calculator shows the real cash value and conversion rate of your free bet.

  5. 5

    Get Exact Figures

    Use our matched betting calculator with real lay odds from Betfair to get the exact lay stake and guaranteed profit.

What Is a Free Bet Worth?

A $50 free bet is NOT worth $50 in cash. Most free bets are SNR (Stake Not Returned), meaning if you win, you only get the profit — not the stake back. When you convert a free bet to cash through matched betting, you extract the profit portion minus a small exchange commission.

The higher the odds you use, the more your free bet is worth:

Odds $50 Free Bet (SNR) Conversion Rate
2.00 $23.68 47.4%
3.00 $32.20 64.4%
4.00 $36.08 72.2%
5.00 $38.38 76.8%
8.00 $41.69 83.4%
10.00 $43.07 86.1%

Values assume lay odds match back odds with 5% exchange commission.

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Our free course teaches you exactly how to convert every free bet into guaranteed profit, step by step.

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SNR vs SR Explained

SNR Stake Not Returned

The most common type of free bet in Australia. If your bet wins, you receive only the profit — the free bet stake is not returned.

Worked Example: $50 at odds 3.00

  • Win: $50 × (3.00 − 1) = $100 profit
  • Stake is NOT returned (gone)
  • Cash value after hedging: ~$32.20
  • Conversion rate: 64.4%

SR Stake Returned

Less common but more valuable. If your bet wins, you receive the profit plus the stake back.

Worked Example: $50 at odds 3.00

  • Win: $50 × 3.00 = $150 total return
  • Stake IS returned (included)
  • Cash value after hedging: ~$48.31
  • Conversion rate: 96.6%

Most Australian bookmaker sign-up offers are SNR.

How to Actually Get the Cash

1

Place the free bet at the bookmaker

Use your free bet on a sporting event at high odds (4.00+). This is your "back bet".

2

Place a lay bet at Betfair

Place an opposing lay bet on the same event at the betting exchange. Use the matched betting calculator to find the exact lay stake.

3

Keep the cash, regardless of who wins

If the back bet wins, you profit from the bookmaker minus the lay liability. If the lay bet wins, you profit from the exchange. Either way, you keep the cash value.

Sound too good to be true? It's not.

Thousands of Australians use matched betting to convert free bets into real cash every week. Our free 3-part course walks you through every step — from understanding the concepts, to placing your first risk-free bet, to building a system that works long-term.

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Typical Australian Free Bet Offers

Typical Sign-Up Offer

$50 free bet (SNR)

Worth ~$32–38 cash

Bigger Welcome Bonus

$100 free bet (SNR)

Worth ~$64–76 cash

Stake Returned Offer

$25 free bet (SR)

Worth ~$23–24 cash

Multi Bonus

$50 multi free bet (SNR)

Worth ~$32–38 cash

Values are approximate and assume odds of 3.00–5.00 with 5% exchange commission.

Learn how to claim this cash from every offer

Next Steps: More Free Tools

Matched Betting Calculator

Get the exact lay stake and guaranteed profit with real lay odds from Betfair.

Calculate Lay Stake

Odds Converter

Convert between decimal, fractional, and American odds instantly.

Convert Odds

Matched Betting Course

Learn matched betting step-by-step with our free 3-part beginners course.

Start Learning

Frequently Asked Questions

What is a free bet worth in cash?
A free bet is typically worth 60–80% of its face value in real cash when converted through matched betting. For example, a $50 SNR free bet used at odds of 3.00 is worth approximately $32 in cash. The exact value depends on the odds, the free bet type (SNR or SR), and the exchange commission rate.
What does SNR mean?
SNR stands for "Stake Not Returned". This is the most common type of free bet offered by Australian bookmakers. If you win, you receive only the profit — the free bet stake itself is not returned. For example, a $50 SNR free bet at odds of 3.00 returns $100 profit (not $150).
What does SR mean?
SR stands for "Stake Returned". With an SR free bet, if your bet wins, you receive both the profit AND the original free bet stake back. This makes SR free bets more valuable, with conversion rates typically above 90%.
Why isn’t a $50 free bet worth $50?
Because most free bets are SNR (Stake Not Returned), you don’t get to keep the stake. When you use matched betting to convert the free bet to cash, the process of hedging with a lay bet at the exchange means you extract the profit portion, minus a small exchange commission. The result is typically 60–80% of the free bet value.
What odds should I use my free bet at?
Higher odds give a better conversion rate. At odds of 2.00, an SNR free bet converts at around 47%. At odds of 5.00, it converts at around 77%. We recommend using odds of 4.00 or higher for the best value, but make sure there is liquidity at the exchange for the event you choose.
How do I convert a free bet to cash?
You convert a free bet to cash using matched betting: place the free bet at the bookmaker at high odds, then place an opposing lay bet at a betting exchange (like Betfair) for the same event. Regardless of who wins, you keep the cash value. Our matched betting fundamentals guide explains the full process.
What is a betting exchange?
A betting exchange is a platform where you bet against other people rather than against a bookmaker. This lets you "lay" a bet (bet against an outcome), which is essential for matched betting. In Australia, Betfair is the main betting exchange.
What is matched betting?
Matched betting is a technique that uses bookmaker free bets and promotions to guarantee a profit. By placing a back bet at a bookmaker and a lay bet at an exchange, you cover all outcomes and extract the value of the free bet as cash. It’s legal, tax-free, and risk-free when done correctly. See our beginner’s guide to get started.
Do I need a Betfair account?
Yes, you need a betting exchange account to convert free bets to cash. Betfair is the most popular exchange in Australia with the best liquidity. Their standard commission is 5%, which this calculator uses by default. Read our Betfair Australia guide to sign up.
Is this calculator free?
Yes, this free bet calculator is completely free to use with no sign-up required. All our matched betting tools are free — including the matched betting calculator and odds converter.

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