Betting Big Underdogs

Many online sportsbooks will give new bettors a freeplay wager as a promotional bonus.  Sports bettors are advised to make the most of these offers to enhance their profitability. 

The nature of the freeplay is that the betting credits, once used, are not returned to the bettor.  Ordinarily a $100 bet at +100 would show $200 being added to the bettor's account if he wins - the $100 he staked and the $100 he won.  With a freeplay, that $100 stake is not returned.  It vanishes, but the bettor is entitled to keep his winnings.  How then can this type of promotion be maximized?

First the bettor needs to investigate and understand if there are any restrictions on the freeplay.  Any restrictions should be available in the terms and conditions of the promotional offer posted on the online sportsbook's website.  If you cannot find the terms and conditions contact customer service to get them.  Some common restrictions can include (but are not limited to):

1. No wagering on heavily favored moneyline events
2. Having possible wagers restricted to a specific "freeplay" list
3. Being able to place the bet only on futures or props
4. Limiting the maximum cashout
5. Time limits for using the freeplay

The guidance in this section pertains largely to unrestricted freeplays.  It may be possible to use this guidance even with certain restrictions in place, but the bettor will do well to evaluate his freeplay and its restrictions to make that decision.

There is no way to ensure that you will retain 100% of the value of your freeplays.  However, retaining 80% of the value of your freeplay can be done in most circumstances.  This is done by placing your freeplay wager on a big underdog and then placing a hedge bet on the favorite at another book.  However, the hedge bet should be less than a full hedge.  For example, Book A offers you a $100 freeplay.  BigDog is Playing BigFave.  You should put that $100 freeplay on team BigDog at +600.  Then at Book B you would place a wager at -600 on BigFave.  However, the wager should not be $600.  Here's why:

If BigDog wins, you win $600 at Book A (and your wagering credits disappear).  But you just lost $600 at Book B on BigFave.  Your net gain is zero.  You could conceivably come away with nothing on this freeplay.

Instead, you need to find the amount of the hedge bet that gives the same outcome no matter who wins.  In this example the amount is $514.  If BigDog wins, you win $600 at Book A but lose $514 at Book B, for a net gain of $86.  If BigDog loses (as expected) then you have used up your freeplay at Book A, but you've won your bet at Book B.  $514 bet at -600 yields $86.  You have netted $86 from your freeplay no matter which team wins the event.

How is that hedge number found?  Through the use of a simple freeplay calculator.

It is rare to find the lines at two different books that are going to line up so nicley when one of the opponents is such a big favorite over the other.  With the use of that calculator, however, it is easy to make the comparisons between the lines to find the most profitable solution for your freeplay.