- Freeplay Size: The freeplay notional size in dollars
- Freeplay Line: The line at which the freeplay is bet (US or decicmal)
- Hedge Line: The line at which the freeplay is hedged

**Hedge Bet:**The dollar amount wagered on the hedge to extract risk-free value**$ Profit:**The risk-free profit in real dollars obtained from the freepla bet and hedge**% Profit:**Dollar profit as percent of freeplay notional size.

It's becoming increasingly more commonplace for books to offer *freeplay* bonuses
as opposed to cash bonuses. Many bettors treat these bonuses much like any bonus
dollar and wager them in their normal fashion. However, because freeplay bonus money
is forfeited once a bet is made (win, lose, or push) this is not the optimal usage
of a freeplay.

This calculataor determines the expected gain from wagering a freeplay and then hedging the opposing side at another book. What you'll find is that almost never makes sense to wager a freeplay on a favorite and that in general (as long as you can afford to make the hedge bet) the freeplay should be wagered on very large underdogs.

*Note: The calculator accepts US or decimal odds. For Decimal odds greater than or
equal to 100, preface the odds with either a "0" or a "d". For example, decimals
odds of 200.0000 would be entered as either "d200" or "0200".*

For example let's say that a book offers you a $200 freeplay which you bet at +200 and hedge -215, You'd enter $200 into the "Freeplay Size" box, +200 into the "Freeplay Line" box, and -215 into the "Hedge Line" box.

When you click "Calculate" you see that the proper amount for the hedge bet would be $273.02 and your locked-in profit would be $126.98. This means that you would have captured 63.49% of the notional ($200) value of the freeplay.

Now compare that to the same $200 freeplay, bet at -110 (entered into the "Freeplay Line" box) and hedged at +120 (entered into the "Hedge Line" box). After clicking "Calculate" you see that the proper hedge bet under these circumstances would be $82.64 and the locked-in profit would then be $99.17. This means that you would have captured 49.59% of the notional value of freeplay.

The conclusion which could then be drawn from this is that betting a freeplay at +200, and hedging at -215 would be a better usage of the freeplay than betting at -110 and hedging at +120.