Most sportsbook bonuses come in the form of freeplays - the book gives you some betting credits that you can use to place bets.  If you win, you keep the winnings.  If you lose, well...it was never really your money in the first place, right?  That's what the sportsbook hopes you'll think.

They also hope you'll put that bet on a spread bet at their normal Juice and take your chances.  If everyone did they'd have, more or less, 50% winners and 50% losers, so at -110 juice they would only have to pay out about 45% of the freeplays they issue as cash.  In reality there's a couple of easy ways to give yourself at least a 75% payout on the value of your freeplays - meaning that if you're issued $1,000 in freeplays, you can convert that into $750 in cash or more, without risk.

There are actually two methods the Online Sports Betting System uses to attain this 75% goal.  The first method is to use 3-team teasers that pay out at 6-1.  Make sure you understand the terms of 3-team teasers at the books you're playing before you try this.  Also, make sure the sportsbook allows you to play the teasers round robin, not all of them do.  Here's how it works:  there are 3 games

• Team A vs Team B
• Team C vs Team D
• Team E vs Team F

There are, from these contests, 8 possible outcomes, or winning combinations:

• A,C,E
• A,C,F
• A,D,E
• A,D,F
• B,C,E
• B,C,F
• B,D,E
• B,D,F

Your objective is to bet 1/8th of your freeplay amount on a teaser for each of those possible outcomes - such that you have all of the outcomes covered and all of your freeplay invested.  One of the combinations must hit, paying out 6-1.  Thus you have converted your freeplay into cash at 75% of its original value.  RISK FREE.

The other freeplay strategy will sometimes allow you to convert 80% or more of your freeplay money, however, you must have a substantial amount of bankroll at another sportsbook to be able to use it.  The concept is similar to arbitrage - you are going to bet on both sides of a contest.  With your freeplay you are going to bet on a large underdog.  Large like +600 or more.  At the other sportsbook you're going to bet with cash on the favorite.

Ideally you want the odds on the favorite to be close to the opposite of the odds on the underdog.  If you practice sports betting arbitrage this should not come as any surpirse.  With really long odds, however, it can be very difficult to find odds that are worth playing.  This freeplay strategy can sometimes require patience.  It can also require breaking the bet up into several different bets in order to have sufficient funds to cover the hedge bet.

To find the optimal betting amount, use a freeplay calculator.  There's an easy to use one at SBR.  Let's look at an example.  Say we had $500 in freeplays, and we found an underdog at that site going off at +700.  Then we see at another sports betting site (where we have money) that the favorite in that contest is going for -750.  Plug those numbers into the freeplay calculator and it tells us to maximize return we should bet $3,088.24 on the favorite at -750.  This gives us a cash payout of $411.76 regardless of who wins - for a cash conversion of over 82% of our freeplay money.

No matter which of the above methods you use, you'll come out much farther ahead on getting your freeplay values than you would by simply betting it on the spread.  Good luck!