Win Big With Parlays

A sportsbook freeplay bonus is a wagering credit.  You can bet it just like cash, but only the profit is returned to you when you win, not the betting credit.  If you have a $10 freeplay and bet it on a +100 line and win, you get $10 in cash, but lose your betting credit.  If you were betting cash on that +100 line, when you win your $10 bet is returned as well as the $10 of betting profit.

You don't need to do too much digging to find an article explaining how to maximize your freeplay bonus.  Indeed, freeplay calculators abound on the internet to help bettors properly size their bets in order to guarantee the maximum betting profit. 

In a nutshell, the method has you put your freeplay money on the money line of a HUGE underdog, while simultaneously putting cash on the favorite at at another sportsbook.  When properly executed, this method can typically convert 80% of the value of the freeplay bonus to cash.  This is much better than you could expect to do by attempting to pick winners.

Looking Like a Bonus Chaser

The problem is that this action of putting your freeplay on a huge underdog flags you at the sportsbook as a bonus exploiter.  As someone who has done a little reading and is looking to make smart plays.  The sportsbooks prefers to cater to suckers, not educated bettors.  Not bettors who probably have a big bankroll at another book.  You may have set yourself up to be watched, and your play analyzed.

Use Three-Team Parlays for Your Freeplays

An alternative that should pay off at a similar rate, and may keep you at a lower profile is to use three-team parlays.  Three-team parlays typically pay off at 6-1.  Randomly picking 3 teams to win will show a profit one time in eight.  Getting paid off at 6-1 once every eight bets returns 75% on the total amount bet.  If you are a 55% handicapper your rate of return increases dramatically to 98%.  (If you're a 55% handicapper, you're not chasing a freeplay bonus, though.  You're making your living betting on sports.)

If you are working a sportsbook that offers frequent reload bonuses of the freeplay variety, it may be worth your time to mix in some parlay play with your "Big Dog" freeplays.  It could keep you out of trouble with the sportsbook and keep you eligible for those extra freeplay bonuses.