Mervyn Davids

Mervyn Davids

Posted on 30 September 2022

How To Calculate The True Value Of A Casino Bonus Including Free Spins

Being able to calculate the actual value of a casino bonus can appreciably increase your chances of winning real money. 

In this article we’ll teach you exactly how to calculate the true value of a casino bonus. 

If you’re new to casino bonuses, don’t worry – we provide you with overviews of each type of bonus below before we teach you how to find the best of its kind. 

Let’s get into it.

Types Of Casino Bonus

Before we get into how to calculate the value of each casino bonus, we need to provide you with an overview of the different types – as the way you calculate the value depends entirely on which bonus you claim. 

In one sense, bonuses can be split into two types: free and not free.

Let’s go over each type:

Free Bonuses

No Deposit Bonus

A no deposit bonus is an incentive offered by online casinos to new players.

After you create a new account, you will receive bonus credits with a monetary value, such as ?10.

With these bonus credits you will be able to play a variety of different games, including slots and table games.

You can also win real money with no deposit bonus credits providing you fulfill the terms and conditions of your bonus.

Pros

  • Play For Free – You do not have to transfer any money or share any financial details to claim a no deposit bonus.
  • Win Real Money – Providing you adhere to and fulfill the terms and conditions, you can withdraw a portion of your winnings.
  • Adjust Bet Size – You can adjust the bet size of your wager while playing with bonus credits.
  • Eligible Games – Generally, you are allowed to play a variety of different games, including slots and table games.

Cons

  • Terms & Conditions – Before you can withdraw your winnings you have to fulfill a set of T&Cs, which can be quite difficult.
  • Low Value – The amount of bonus credits you receive is rather small compared to other bonuses.

No Deposit Free Spins

No deposit free spins are another incentive offered by online casinos to new players.

However, rather than bonus credits, you will receive a number of free spins, usually between 10 and 50 free spins.

With these free spins you will be able to play one slot game or a small handful of slot games. You will not be able to play table games.

As with bonus credits, you can also win real money with no deposit free spins, though again you do have to fulfill the terms and conditions.

Pros

  • Play For Free – You can claim no deposit free spins without making a deposit or sharing financial information.
  • Win Real Money – If you manage to fulfill the T&Cs, you will be able to withdraw a portion of your winnings.
  • Play Popular Slots – Casinos make their free spins eligible on their most popular slot games to make their bonuses as compelling as possible.

Cons

  • Fixed Bet Size – You cannot adjust the bet size of your no deposit free spins. The value of each free spins is fixed, usually at the lowest bet possible.
  • Low Value – Compared to deposit free spins, you will receive a low amount of free spins.
  • Terms & Conditions – You can only withdraw a portion of your winnings as real money upon fulfilling the extensive T&Cs.

Bonuses That Require A Deposit

Match Bonuses

Match bonuses are a type of deposit bonus offered to new players.

Essentially, a match bonus is a promise made by the casino to ‘match’ the value of your first deposit, or first two or three deposits, by a certain percentage and up to a certain value.

Let’s illustrate what we mean by using an example:

Imagine you are offered a match deposit bonus worth 200% up to ?200.

There are two variables in this description that you can use to break down the offer:

  • Percentage Match: 200%
  • Max Bonus: ?200

Essentially, what this means is that the casino is willing to match the value of your deposit by 200% up to the value of ?200.

Therefore, if you were to make a first deposit worth ?200, the casino would provide you with ?400 in bonus credits.

In total, you would therefore have credits and real money worth ?600!

We will provide you with the pros and cons of match deposit bonuses below:

Pros

  • Huge Value – You can receive an abundance of bonus credits with a match deposit bonus, and effectively double or triple your bankroll.
  • No Win Caps – Casinos are unlikely to cap your winnings when you play with a match deposit bonus. You can therefore withdraw everything you legitimately win.
  • Adjust Bet Size – Bonus credits give you more control over your session by allowing you to adjust the bet size.
  • Eligible Games – Match deposit bonuses tend to allow you to play a wide variety of games, including slots and table games.
  • Win Real Money – You can win real money with match deposit bonuses by fulfilling the T&C.

Cons

  • Deposit Required – Match deposit bonuses are not free. You do have to make an initial deposit.
  • Terms & Conditions – The T&Cs can be quite extensive with match bonuses, especially as the wagering requirements are a multiplication of the bonus value.

Deposit Free Spins

A deposit free spins bonus is a straightforward cash-for-free spins transaction.

When you claim a deposit free spins bonus you will receive a large number of free spins – often ranging between 50 and 200 free spins – in return for making a qualifying deposit.

With these free spins you will be able to play a single eligible slot, or a small handful of slots. These slots are likely to be the most popular slots available at the casino.

Pros

  • Good Value – The amount of free spins you receive in return for your deposit can be very generous.
  • Win Real Money – You can win real money with deposit free spins by fulfilling the terms and conditions.
  • No Win Caps – Most deposit bonuses do not come with win caps, which means you can withdraw all your winnings.
  • Play Popular Slots – Casinos will make their deposit free spins bonus as attractive as possible by letting you play their most popular slot games.

Cons

  • Deposit Required – You do have to make a deposit to claim a deposit free spins bonus, though the deposit amount is often quite small.
  • Terms & Conditions – You cannot withdraw your free spins winnings without first fulfilling the terms and conditions of your bonus.

How A Casino Bonus Works

Regardless of the type of bonus you claim, the process is roughly the same. 

After you create an account or make a real money deposit, you receive your bonus. 

Yet we’re aware that new players are initially confused by how this bonus is used. Here’s why: 

  1. When you claim a bonus at an online casino, you essentially create two separate accounts:
    Real Money Account – This is where your real money is transferred. You can withdraw anything available in this account. 
    Bonus Account – This is where you’ll find your bonus credits and free spins winnings. 
  1. You will not be able to use any of the funds available in your bonus account until your real money account is empty of funds. 
  1. To effectively convert your bonus funds into real money, you have to fulfill the terms and conditions of your bonus. Upon doing this, a portion of your bonus winnings will be transferred to your real money account. 

The Bonus Terms

As our previous section indicates, the terms and conditions of your bonus play a large part in determining whether or not you will win real money. 

Subsequently, they are also vital in determining the real value of your casino bonus. 

As we will illustrate below, there is more to ascertaining a bonus’ value than comparing the amount of free spins or bonus credits you receive. 

Wagering Requirements

Undoubtedly, the wagering requirements play a major role in determining a bonus’ true value.

This is because the wagering requirements determine how many times you have to ‘playthrough’ the value of your bonus before you can withdraw your winnings.

Let’s illustrate what we means by this:

Say you have the option to claim two no deposit bonuses with the following details:

  1. ?10 in no deposit bonus credits and wagering requirements of 30x.
  2. ?20 in no deposit bonus credits and wagering requirements of 20x.

Before you can withdraw your winning, you have to fulfill the wagering requirements, which is signified by the multiplier in our descriptions.

You can work out the sum-total you have to wager before you can withdraw by multiplying the wagering requirements by the value of your bonus.

Therefore:

  1. With the first bonus you would have to wager a sum-total of (?10 x 30) ?300.
  2. With the second bonus you would have to wager a sum-total of (?20 x 20) ?400.

While this is straightforward, the wagering requirements may work differently depending on the type of bonus you claim.

For instance, the wagering requirement can apply to:

  • The Amount Of Bonus Credits – In the case of deposit bonuses and regular no deposit bonuses, you will simply multiply the wagering requirements by the given value of your bonus.
  • Your Free Spins Winnings – If you claim free spins, you cannot know the ‘value of your bonus’ until you use your free spins. Once you use your free spins, you multiply the value of your free spins winnings by the wagering requirements.
  • The Value Of Your Deposit + Bonus Credits/Free Spins Winnings – Some deposit bonuses expect you to wager the value of your deposit plus the value of your bonus, making it significantly more difficult to fulfill the wagering requirements.

Win Limits

If you claim a no deposit bonus, it’s likely your winnings will be capped.

The win limit of no deposit bonuses can vary significantly, with most ranging somewhere between the values of ?50-?200.

Bonuses that require an initial deposit tend not to come with win caps – though it is always worth double checking the T&Cs to verify this.

Eligible Games

Every bonus comes with a list of eligible games. You must check the eligible games list before you claim to ascertain which games you can and cannot play with your bonus.

If you try to wager your bonus on an ineligible game you may lose your bonus, or your wagers will not contribute to the wagering requirements.

Calculating A Bonus’ Actual Value

Since we now know what casino bonuses are and how they work, we can go over how to calculate their value. 

In this regard, we can highlight three variables that may affect the real value of a casino bonus: 

  1. The Size Of The Bonus – This covers the amount of free spins or bonus credit you receive. The more you receive, the longer your session is likely to be. 
  2. The Eligible Games – While this is slightly more intangible, you want your bonus to be eligible on quality casino games that you actually want to play.
  3. Your Odds Of Winning – This is perhaps the most precise indicator of actual value.

Without further adieu, let’s go over how to work out the actual value of each type of casino bonus. 

How To Calculate The True Value Of Different Casino Bonuses

No Deposit Bonus

There are three aspects of a no deposit bonus that determine its true value:

  • The Amount – Essentially, how much do you receive in bonus credits after you create your new account?
  • The Win Caps – How much can you ultimately win in real money using the bonus?
  • The Wagering Requirements – How likely are you to actually fulfill the wagering requirements?

Our advice when looking for a no deposit bonus is simple: prioritize the wagering requirements and win caps over the amount you receive in bonus credits.

The amount you receive in bonus credits ought to be considered as an ‘artificial’ value. The real value of a bonus depends on how much you can ultimately win as real money, and how easy it is to convert your bonus credits into real money.

Therefore if you have two bonuses with a similar ‘artificial’ value, the one you should claim is the one with lower wagering requirements and higher win caps.

No Deposit Free Spins

There are four aspects of a no deposit free spins bonus that determine its true value:

  • The Amount & Eligible Games – Calculating the monetary value of free spins requires an extra step. The intrinsic value of every free spin is usually equal to the eligible slots’ minimum bet. Thus the monetary value of your free spins bonus is equal to the number of free spins multiplied by the minimum bet of the eligible slot.
  • Game RTP & Volatility – If a slot has a high RTP it offers superior odds; if it has a low volatility, there is a low risk you will lose any single bet. This combination makes it more likely you will win consistently with your free spins.
  • The Win Caps – Again, you have to check how much you can ultimately withdraw as real money using your free bonus.
  • The Wagering Requirements – As before, this is arguably the most critical point. The wagering requirements determine the likelihood that you actually win real money. You want them as low as possible.

Our advice when looking for a no deposit free spins bonus is to overlook the amount of free spins you will receive, if:

  1. The eligible slot (or slots), has a high RTP and low volatility.
  2. You can withdraw a generous amount of your winnings. (Between ?100-?200 is generous).
  3. You are more likely to meet the wagering requirements.

We recommend you prioritize these three variables as they have an impact on your chances of winning real money, and this is what actually constitutes ‘value’.

Bonuses You Must Make A Deposit To Claim

Match Deposit

Calculating the actual value of a match deposit bonus is slightly more complicated. There are a few things to go over.

Firstly, let’s establish what you need to look out for:

  • Bonus Percentage vs Max Amount – You need to decide if you want the best dollar-for-dollar return on your deposit, or a bonus that will yield the most amount of free spins or bonus credits.
  • How Wagering Requirements Apply – Occasionally, you may find that your match deposit bonus applies its wagering requirements to the value of your bonus plus the value of your deposit. You need to avoid these bonuses.
  • Eligible Games – Essentially, are you allowed to play games you want to play? Do they have decent odds? Do they contribute 100% to the wagering requirements?

Secondly, you need to know that bonuses with a high percentage-match tend to have a lower maximum amount.

For instance, let’s say you have to choose between the two following bonuses:

  1. Bonus A – 400% up to ?100
  2. Bonus B – 100% up to ?1,000

Bonus A is great if you have a relatively small bankroll as it promises to multiply your deposit by 4x up to ?100. However, because of this cap on the maximum you can deposit, you can only receive ?400 in bonus credits.

Bonus B, on the other hand, is perhaps a better option for high-rollers. For if you were to make a deposit over ?500, every dollar would still be matched by the casino and you would come out with an overall larger bonus.

Consequently, you need to consider which bonus is best based on your budget and how much you are willing to deposit.

Thirdly – and finally – you have to also consider the wagering requirements.

Let’s use two new examples:

  1. Bonus A – 100% up to ?400 with a 70x wagering requirement.
  2. Bonus B – 100% up to ?100 with a 25x wagering requirement.

If you were to make the maximum deposit with Bonus A you would receive ?400 in bonus credits. This is considerably more than the ?100 in bonus credits you would get if you claimed Bonus B.

However, when you then break down how much you have to wager before you can withdraw your winnings, you realize that Bonus B is far more reasonable than Bonus A.

Here’s what it would come to:

  • Bonus A – ?400 x 70 = ?28,000.
  • Bonus B – ?100 x 25 = ?2,500.

You are far, far more likely to wager ?2,500 using your bonus than ?28,000. Thus Bonus B would be the superior option.

Deposit Free Spins

To work out the value of a deposit free spins bonus you will need to consider the following variables:

  • The Amount & Eligible Games – Free spins are usually equal to the lowest possible bet on the eligible slot/s. Thus to find the intrinsic value of your free spins you have to multiply the amount you receive by the minimum possible bet on the slot machine.
  • How Wagering Requirements Apply – As with the last bonus, you want to avoid any bonus that applies the wagering requirements to the value of your bonus plus the value of your deposit.

Once again, the wagering requirements are likely to be the crucial factor. Low wagering requirements make it more likely you will win real money. Please double-check that they do not apply to both and your free spins winnings and the value of your deposit.

Match Deposit With Free Spins

A match deposit bonus with extra free spins is a hybrid bonus that combines a match deposit bonus with a deposit free spins bonus.

For this reason, the way to calculate their true value follows a process that is simply a combination of the former two processes.

Without repeating what we have already gone over, we will simply supply you with our recommendations:

  • Low Wagering Requirements – When comparing otherwise equivalent bonuses, go for the bonus with the lowest wagering requirements.
  • How Wagering Requirements Apply – Avoid any bonus that tries to apply the wagering requirements to the value of the bonus plus the value of your deposit.
  • Bonus Percentage vs Bonus Amount – Remember to factor in how much you want to deposit and claim the bonus that is ideal for your budget.
  • Amount Of Free Spins & Eligible Games – Work out the value of your free spins by multiplying the number of free spins you receive by the lowest possible bet on the eligible slot game.

As we repeatedly say in this article, the wagering requirements are, once more, the most influential factor if you want to win real money.

Conclusion

Without sounding like a broken record, please compare the wagering requirements. 

The general rule is that the lower the wagering requirements, the more likely you’ll win real money. 

However, if you want to be especially thorough, make sure to employ all of the recommendations we make in this article. 

That is all from us. Now we’ve taught you how to calculate the true value of a casino bonus, it’s up to you to implement what you’ve learned as effectively as possible. 

Good luck and enjoy your gambling session!

FAQ

Yes, you can! Unless specified, your bonus will come with wagering requirements. Providing you fulfill these wagering requirements and adhere to the remaining T&Cs, you should be able to withdraw at least a portion of your winnings.

Right here! Go to our Exclusive Bonuses page to discover a range of bonuses with superior T&Cs, higher base value and eligibility on the world’s most popular games.

Yes, there are – however, they are scarce at the best of times. If there are any bonuses without wagering requirements currently available, you’ll be able to find them listed here on our No Wagering page.

For new players, we highly recommend you claim either type of no deposit bonus. This will allow you to trial games and casinos for free and even give you the chance to win real money!

Please visit our No Deposit Bonuses page for a comprehensive selection of bonuses available right now.

An exclusive casino bonus is exactly what it described: a casino bonus that is only available to visitors of our site.

Our list of exclusive casino bonuses come with superior terms and conditions, higher base value and eligibility on the most popular games.

Published on: 2022/09/30

Mervyn Davids

Chief-in-Editor

Mervyn Davids is the NoDepositDaily.org editor. In his time at the website, he strives for balance and transparency. Davids is focused on providing readers with the most accurate rankings of safe and secure online casinos in the world. He is considered a voice of authority in the field and welcomes your feedback on the NoDepositDaily.org website.