How much is a free bet worth?

I've been participating in the Bovada Bowlopoly promotion and have won $45 in free bets.

My question is, what is the best way to maximize the value of these free bets? The way they work is: If you have a $10 free bet, you pay $0 for the bet, and you only receive the winnings, if it wins.

So if you make a $10 bet at -200, you win $5 if it wins.
If you make a $10 bet at -110, you win like $9.09 if it wins.
If you make a $10 2 team parlay both at -110, you win $26.45.

So... a $10 bet at -110 has an EV of half of $9.09 - so $4.55.
But a $10 2 team parlay has an EV of 1/4 of $26.45 - so $6.61.

The -200 bet would have an even lower EV. So, how do I maximize my EV of this bet? Am I on the right track that a 10 team parlay has the highest EV, but the lowest likelihood of winning? So what I think I need to do is find a bet that has a decent high EV and an actual possibility of winning. Any ideas?

https://wizardofodds.com/gambling/promotional-chips/

I believe the type of bet you are discussing is related to "promo" chips. The answer is Baccarat banker. If you aren't restricted to even-money bets, then make parlays or anything that has a high payout.

Quote: ahiromu

https://wizardofodds.com/gambling/promotional-chips/

I believe the type of bet you are discussing is related to "promo" chips. The answer is Baccarat banker. If you aren't restricted to even-money bets, then make parlays or anything that has a high payout.

Actually Baccarat Player is better than Banker in this case. http://www.blackjackforumonline.com/content/beyondcouponsbjfo.pdf

This type of bet should be viewed as a loss rebate and treated accordingly-high variance please!

This has to be a sports bet.

Would a future bet or a parlay be better?

Quote: bigfoot66

Actually Baccarat Player is better than Banker in this case. http://www.blackjackforumonline.com/content/beyondcouponsbjfo.pdf

This type of bet should be viewed as a loss rebate and treated accordingly-high variance please!

That's good to know.

Fins, it seems like others know more than me with regard to this issue, hopefully they continue to chime in. The problem is you want a high payout/variance, but most of the high payout options in the 'book tend to have worse odds. If I were you, I would make a 3-4 way parlay including bets between -200 and +200. It balances the possibility of hitting something while not compounding the HE a whole lot.

Ideally, I think a huge parlay is the best way to do things, but I would prefer to play for the short term (real chance of hitting it) in this situation.

Quote: FinsRule

Would a future bet or a parlay be better?

We can't answer this question for you. You can increase the value by increasing variance, but at the same time increasing variance increases the likelihood of losing. Sounds like you understand the concepts involved, now you have to balance risk/reward for yourself. Personally I would probably take a 4 or 5 teamer. There is a lot of variance there but still a realistic chance of winning. Hope this helps!