A Simple Trick
One of the easiest ways to convert a free bet into real cash is to open two accounts, which offer similar value free bets at the same time.
For example, a quality UK betting Guide informs visitors that Bookmaker A and Bookmaker B are both offering $50 in free bets to new account holders.
Both of these offers require the punter to make an initial deposit of $50, and then place a bet on an event in order to qualify for the free bet.
To earn a profit from this situation a punter simply needs to open accounts at each bookmaker and deposit $50 into each account.
The punter can then look for a single sports betting market that offers even odds on either of two outcomes, for example, Roger Federer vs Rafael Nadal, with both players priced 1/1.
The punter can then back a different player in each sportsbook for $50. This guarantees a free bet payout of $100. One player is certain to win, generating a $100 cash return on the bet.
This means that the overall stake has been returned, and the punter is also left holding either $100 in free bets or even better, a $100 matched deposit.
There is literally no way to lose money using this strategy, which can only be used by punters who hold more than one online sports betting account.