How To Calculate The True Value Of A Casino Bonus Including Free Spins
This guide is ideal if you’re new to claiming casino bonuses, covering what you can expect from every type of casino bonus, and how you can tell the best bonuses from the worst bonuses.
Reading it will:
- Increase your chances of winning real cash.
- Ensure you are given a realistic chance of winning.
- Help you avoid accidentally breaching the T&Cs.
Overviews Of Casino Bonuses
How you calculate the real value of a casino bonus depends on the type of bonus you claim.
To begin with, we’re going to provide you with overviews of the different types of casino bonus, all of which can be divided into two camps:
- No Deposit Bonuses - A bonus you get for free after creating an account.
- Deposit Bonuses - Simply, a bonus that requires a qualifying deposit.
No Deposit Bonuses
No Deposit Bonus Credits
Online casinos give new players a no deposit bonus as a way to encourage them to sign up.
When you claim a no deposit bonus, you get bonus credits worth a particular “cash” value, such as USD20.
These credits are not actually real cash. It is best to think of them as vouchers or coupons to use in the casino.
With your site credit, you can play a wide range of games, such as slot games, and occasionally table games.
Real cash can be won with bonus credits so long as you follow the bonus rules.
Pros
- Play For FREE To get a no deposit bonus, you don't have to make a deposit.
- Win Real Cash If you follow the rules and meet the requirements, you can take out some of the money you win.
- Flexible Bet Value When you play with bonus credits, you can change the value of your bet.
- Few Game Restrictions In general, you can play a wide range of games, such as slots and table games.
Cons
- T&Cs You have to comply with a set of terms and conditions if you want to cashout your bonus winnings.
- Low Value You will not receive many bonus credits (compared to deposit bonuses, at any rate).
Free Spins with No Deposit
Online casinos also give new players free spins without having to make a deposit.
You won't get bonus credits, though. Instead, you'll get a set quantity of free spins, such as 30 free spins.
Free spins are not eligible on table games. You will therefore have to use your free spins on an eligible slot game - of which only a few are made eligible.
Real cash can be won with no deposit free spins in the same way as you can with bonus credits: by fulfilling the T&Cs.
Pros
- Play For Free These free spins do not require a deposit, nor do they require you to give any information about your finances.
- Win Real Cash If you meet the terms and conditions, you can take out some of the money you win.
- Play Top Slot Games To make their bonuses as appealing as possible, casinos let you use your free spins on their top slots.
Cons
- Fixed Bet Value You can't change the size of your bet when you use your free spins with no deposit. Each free spin has a fixed value, which is usually the lowest bet that can be made.
- Low Value You won't get as many free spins as when you make a deposit.
- T&Cs If you follow the long list of T&Cs, you can only cash out a portion of your winnings.
Deposit Bonuses
Match Deposit Bonuses
New players can get match bonuses when they make their first deposit.
In return, the casino will ‘match’ the amount you deposit in site credit.
This is how it works:
Let’s say you find a bonus that matches your first deposit by 100% up to USD100.
You can break the bonus into the following variables:
- Percentage Match: 100%
- Max Bonus: R100
The percentage match, in this case, signifies that the casino will match every USD1 you deposit by 100%.
The max bonus signifies the maximum you can receive in bonus credits;
Therefore, if you deposited USD100, you would receive USD100 in site credit.
Below, we'll tell you what's good and bad about match deposit bonuses:
Pros
- Massive Value You can get a lot of bonus credits for a relatively small deposit.
- No Win Limits Casinos aren't likely to put a limit on how much you can win when you claim a deposit bonus.
- Adjustable Bet Value Bonus credits let you change the size of your bets, which gives you more control over your gambling session.
- Few Game Restrictions Most match bonuses let you play a range of games, from slots to table games.
- Win Real Cash If you meet the T&C for match deposit bonuses, you can withdraw a portion of your bonus winnings.
Cons
- Not Free As we have already stated, you cannot receive a match bonus without making an initial deposit.
- T&Cs Meeting the bonus rules can be quite difficult with match bonuses due to the bonuses being large in value and the wagering requirements being a multiplication of the value.
Deposit Free Spins
This is a straightforward bonus: you make a deposit, and you receive an advertised number of free spins.
As you are making a deposit, you are likely to receive a lot of free spins. In most cases, you should receive around 50 to 200 free spins.
Deposit free spins tend to be eligible to use on one slot, or a small variety of slot games. While there are game restrictions, the slot eligible tend to be among the most popular at the casino.
Pros
- Great Value When you make a deposit, you can get a lot of free spins in return.
- Win Real Cash If you follow the rules, you can cashout a portion of your free spins winnings.
- No Win Limits Deposit free spins bonuses do not have win limits, so you can cashout out all of your free spins winnings.
- Enjoy Popular Slot Games - With deposit free spins, you are generally allowed to play the best slots the casino has at its disposal.
Cons
- Not Free While the amount you need to deposit is relatively small, a deposit is still required.
- T&Cs You can't cash out your winnings until you've met the terms of your bonus.
How Casino Bonuses Work
All bonuses work based on similar conventions.
You will receive your bonus either by creating a new account or making a qualifying deposit.
Your bonus will then be allocated to your ‘bonus account.’
If this seems unusual, it is because after you sign up, you will have two different balances: a bonus balance, and a real money balance:
- Bonus Balance - In this account you’ll find your bonus credits / free spins winnings.
- Real Money Account - Here you’ll find your deposit as real cash.
You can only access your bonus balance once you have exhausted your real money balance. Therefore, when you claim a no deposit bonus you will use your bonus balance immediately.
If you want to win real money with your bonus, you need to comply with the T&Cs of your bonus.
Once the T&Cs have been fulfilled, a portion (or all) of the bonus money you’ve won will be moved to your real money account and you will be able to cashout.
The Terms Of The Bonus
As we talked about in the last section, to win real cash with a bonus you have to comply with the T&Cs.
The T&Cs, then, have a huge impact on the value of your bonus.
As we'll show below, you can't just compare the number of free spins or bonus credits you get to figure out how valuable a bonus is.
You need to evaluate the T&Cs, and compare them to find the best casino bonus.
Wagering Requirements
Of all the T&Cs, the wagering requirements are the most accurate indicator of value.
This is because it is the hardest to comply with.
What this term indicates is how much you have to wager until you can withdraw your winnings.
Let's give an example of what we mean:
Imagine you are offered two no deposit bonuses:
- A no deposit bonus worth USD20 in bonus credits with wagering requirements set at 10x.
- A no deposit bonus worth USD50 in bonus credits with wagering requirements set at 40x.
The multipliers (10x and 40x) indicate how many times you have to wager the value of your bonus.
Therefore, you can figure out the full amount you have to stake by multiplying these figures by the value of each bonus (USD20 and USD50):
- The first bonus would require you to bet a total of (10 x USD20) USD200.
- The second bonus would require you to bet a total of (40 x USD50) USD2,000.
The only other thing you need to know about the wagering requirements is that they don’t always work the same way.
The way they work depends on the bonus you get.
For example, the wagering requirements may apply to your bonus in one of the following ways:
- To The Value Of Your Bonus Credits - This is how it worked in our example. You multiply the amount you receive in bonus credits by the wagering requirements.
- To The Amount You Win With Your Free Spins - First, you use your free spins. Then you multiply your free spins winnings by the wagering requirements.
- To The Value Of Your Deposit + Free Spins Winnings / Site Credit - Rather than only applying to your bonus, the wagering requirements may also apply to the value of your deposit and your bonus.
Max. Cashout
If you take advantage of a no-deposit bonus, your winnings are likely to be limited to a particular value.
The most common range for the maximum amount you can win with a no-deposit bonus is between USD50 and USD200.
Most deposit bonuses don't have limits on how much you can win, but you should always check the terms and conditions to be sure.
Eligible Games
There is a list of games that can be played with each bonus. Before you claim, you need to look at the list of eligible games to find out which games you are allowed to play.
If you attempt to use your free spins or bonus credits on a game that isn't allowed, you could invalidate your bonus.
Calculating A Bonus' Actual Value
Now that we understand what types of casino bonuses are available, and the major T&Cs, we can talk about calculating their real value.
In this case, there are three things that can change how much a casino bonus is worth:
- The Amount You Receive - This refers to how many free spins or site credit you get. The more you get, the longer you can play for.
- Game Restrictions - This is a bit more difficult to calculate in terms of ‘value,’ but you do have to claim a bonus eligible on games you enjoy.
- Your Chances Of Cashing Out - This may be the most accurate measure of real value.
Let's get right to it and talk about how to figure out the real value of casino bonuses:
How to Figure Out The Actual Value Of Every Casino Bonus
The three variables that determine a no deposit bonuses value are as follows:
- The Amount - Basically, how many bonus credits do you get when you claim the bonus?
- The Max Cashout - What’s the maximum in real cash you can win if you use the bonus?
- The Wagering Requirements - Do the wagering requirements give you a reasonable chance of winning?
Overall, we recommend you prioritize bonuses with low wagering requirements.
The amount of bonus credits you get should be thought of as a false value. How much a bonus is determined by the maximum you can win in real cash and the size of the wagering requirements.
So, if you have two bonuses that provide the same amount in bonus credits, you should choose the bonus with lower wagering requirements, and then the bonus that lets you cashout the most.
The four variables that determine the real value of a free spins with no deposit bonus are:
- The Amount and Eligible Games - Free spins are usually worth the same as the minimum bet on the eligible slot machine. So, to work out the value of your free spins you need to multiply the amount you receive by the minimum bet.
- Game RTP and Volatility - A slot with a high RTP has better odds, while a slot with a low volatility is less likely to cause you to lose a single bet. This provides an ideal combination when playing with free spins.
- The Max Cashout - As before, you need to find out how much of your free bonus you can eventually cash out.
- The Wagering Requirements - How likely you are to win real money depends on how much you have to bet. The lower they are, the better.
To be clear, we recommend you initially overlook the amount of free spins you’ll receive providing that:
- The slot games that are eligible have a high RTP and a low volatility.
- You can take out a lot of the money you've won. (Between USD100-USD200 is generous).
- The wagering requirements give you a reasonable chance of cashing out.
We suggest you put these three things before the amount of free spin you receive because they affect your chances of winning real money - and that’s the real meaning of ‘value.’
Deposit Bonuses
It's a little harder to figure out how much a match deposit bonus is really worth.
First, let's talk about what you should watch out for:
- The Amount vs Match Percentage - Depending on your budget, you may want the bonus that matches you by the highest percent, or the bonus that allows you to get the most credits for your deposit.
- How The Wagering Requirements Work - Sometimes, the wagering requirements for match deposit bonuses will apply to both the amount of credits you receive plus the value of your deposit. Don’t claim these.
- Game Restrictions - In short, can you play the games you actually enjoy? Are the odds decent? Do they have a game contribution of 100%?
Let’s go over the amount vs match percentage:
Here’s why it’s significant - say you are offered the following two match bonuses:
- Bonus A - 300% up to USD200.
- Bonus B - 50% percent up to USD2,000.
Bonus A is ideal for anyone looking to deposit a smaller amount. By depositing USD200, you’ll receive USD600 in bonus credits.
Bonus B is ideal for anyone looking to make a large deposit. By depositing USD4,000, you’ll receive USD2,000 in bonus credits. This is significantly more than the previous bonus.
This is what we mean when we say you should consider your budget. If the best bonus is the one that gives you the most credits, you have to factor in the amount you’re willing to deposit.
You also have to think a little bit about the wagering requirements:
Let’s use another two example bonuses to illustrate:
- Bonus A - 100% up to USD600, with wagering requirements of 50x.
- Bonus B - 100% up to USD200, with wagering requirements of 15x.
By depositing USD600, you would receive USD600 in bonus credits with Bonus A, and USD200 in bonus credits with Bonus B.
Therefore, Bonus A would provide you with 3x more in bonus credits.
This may lead you to think that Bonus A is more generous.
But, when you work out the wagering requirements, you get the following results:
- Bonus A - USD600 x 50 = USD30,000
- Bonus B - USD200 x 15 = USD3,000
It is way more likely that you win real money with Bonus B as the wagering requirements are 10x less than they are in Bonus A.
To figure out how much a deposit free spins bonus is worth, you need to think about the following:
- The Amount And Eligible Games - Free spins are worth the same as the smallest bet you can make on the eligible game. So, to figure out how much your free spins are worth, you need to times the amount of free spins you receive by the slot’s minimum bet.
- How The Wagering Requirements Work - When you make a deposit, the wagering requirements will apply to either the bonus value, or the bonus value and deposit value.
The wagering requirements are, again, the most important factor. Go for the deposit free spins bonus with the lowest wagering requirements, and don’t forget to make sure it only applies to the bonus value.
With this bonus you get the best of both the prior bonuses. Not only will the casino match your deposit, but you’ll receive a few extra free spins on top.
Because of this, you can work out the real value of the bonus by combining what we have just learned.
We won't go over what we've already said; instead, we'll just give you our suggestions:
- Low Wagering Requirements - If two bonuses are the same in every other way, choose the one with the lower wagering requirements.
- How The Wagering Requirements Work - Stay away from bonuses that apply the requirements to both your bonus value and deposit value.
- Bonus Percentage vs. Bonus Amount - Claim the bonus that is most rewarding for your budget.
- The Amount And Eligible Games - To figure out how much your free spins are worth, multiply your free spins by the minimum bet on the eligible slot.
As we've said over and over again in this guide, prioritize the low wagering requirements.
In Summary
If winning real money with your bonus is important to you, just go for the bonus with the lowest wagering requirements.
That, if anything, should be the general takeaway from this guide.
Though if you really want to improve your chances of winning, you can take a deep-dive and calculate a bonus’ value based on the extensive tips featured on this page.
For now, good luck and we hope you enjoy your next bonus!
FAQs
Yes! To win real money with a casino bonus, you just have to fulfill the terms and conditions.
On our Exclusive Bonuses page. These bonuses provide you with unbeatable T&Cs, bonus value and eligible games.
Yes, but they are rare. If such bonuses are currently available, you will be able to find them on our No Wagering Casinos page.
No deposit bonuses. This type of bonus is free to claim and lets you play for real money without risking your own funds.
For more information, please refer to our No Deposit Bonuses page.
An exclusive casino bonus is simply any bonus that can only be used by people who come to our site.
They provide exceptional overall value and can be found on our Exclusive Bonuses page.