Prophet Exchange Risk Free Bet
Risk Free Bets are one of the most common signup offers that sportsbooks have. Risk Free Bets (and virtually every other signup offer) can be converted into guaranteed profit through a technique called Matched betting. Matched betting is where you place a promotional bet on a sportsbook and hedge it on Prophet Exchange. Because this covers both outcomes, one of your bets is guaranteed to win and you will profit no matter what happens.
Combining the best odds around on Prophet Exchange with the tools on darkhorseodds.com, you can maximize profit from Risk Free Bets and many other offers provided by sportsbooks.
Let’s walk through an example where you have a $1,000 Risk Free Bet on FanDuel.
It is important to note that converting a Risk Free Bet to profit can be a one or two step process. If your Risk Free Bet loses you get a refund, and you will need to complete step 2 as outlined below.
Step 1: Use the Risk Free Bet Finder on DarkHorse Odds
The Risk Free Bet Finder analyzes all of the odds and shows you the best Matched Bets that will maximize your profit.
You can see in the screenshot below that the best Matched Bet is identified as:
- Cavaliers money line on FanDuel at +350
- Trail Blazers money line on Prophet Exchange at -360
The Trail Blazers and Cavaliers play each other; therefore, one of these two bets will win. To convert your Risk Free Bet you need to:
- Place a $1,000 bet with FanDuel on the Cavaliers money line at +350 (Risk Free Bet)
- Place a $2,948 bet with Prophet Exchange on the Trail Blazers money line at -360 (Hedge Bet)
If the Cavaliers win…
- You profit $3,500 on FanDuel.
- You lose $2,948 on Prophet Exchange.
- Net profit of $552. You’re done. No need to complete step two.
If the Trail Blazers win…
- You profit $802 on Prophet Exchange.
- You lose $1,000 on FanDuel, but they give you a $1,000 Free Bet from losing the Risk Free Bet.
- Right now, you are down $198, but you have that $1,000 Free Bet. This is where step two comes into play.
Step 2: Use the Free Bet Finder on DarkHorse Odds
The Free Bet Finder analyzes all of the odds and shows you the best Matched Bets that will maximize your profit.
You can see in the screenshot below, the best Matched Bet is identified as:
- Raptors money line on FanDuel at +325
- Hawks money line on Prophet Exchange at -330
The Raptors and the Hawks play each other; therefore, one of those two bets will win. To convert your Free Bet Refund you need to:
- Place a $1,000 with FanDuel on the Raptors money line at +325 (Free Bet)
- Place a $2,506 with Prophet Exchange on the Hawks money line at -330 (Hedge Bet)
If the Raptors win…
- You profit $3,250 from the FanDuel Free Bet winnings
- You lose $2,506 on Prophet Exchange
- Step 2 Profit is $744
- Step 1 Loss is $198
- Final Profit is $546
If the Hawks win…
- You lose your Free Bet FanDuel. This was a Free Bet and you did not lose any cash.
- You profit $744 on Prophet Exchange
- Step 2 Profit is $744
- Step 1 Loss is $198
- Final Profit is $546
You can see that no matter which bet wins in any of the scenarios above, at the end you walk away with ~$550 profit.
This concept applies to countless promotions offered by the sportsbooks: Free Bets, Risk Free Bets, Site Credit, Profit Boosts and many more. The hard part is finding the best bets and knowing how much to bet. That’s where the combination of Prophet Exchange and DarkHorse Odds comes into play. Prophet Exchange offers the best odds in New Jersey allowing the best possible conversions for matched betting. DarkHorse Odds finds the perfect matched bet for the highest possible conversion.
Learn more about Match Betting with Prophet Exchange in our guides.