The headline is not the offer
Every online casino runs some version of “100% up to €500 + 150 Free Spins”. That headline compresses roughly ten decisions the operator made about who gets what under which conditions. The headline is where the marketing lives; the offer lives in the T&C.
Everything below is what you’re actually reading when you’re reading a “welcome bonus.”
The stack of decisions inside a welcome offer
1. Match percentage and cap
- 100% up to €500 = deposit any amount up to €500; receive matching bonus money up to €500.
- 200% up to €200 = deposit up to €100 for maximum bonus; the ratio is aggressive but the cap is small.
- Multi-tier (300% up to €1500 across 3 deposits) = the total across your first three deposits, each with its own match ratio and cap.
Ratio and cap combine to give you the maximum bonus size. Optimum is match-cap ≥ your intended deposit; anything less means bonus money is capped below what you’d get.
2. Wagering multiplier
The number the casino calls “wagering” or “playthrough”: 30×, 35×, 40×, sometimes 50×.
At the industry-average 96.5% RTP on medium-volatility slots, each turn of the wagering multiplier costs about 3.5% of turnover in expected loss. So a 40× wager on a €100 bonus is €140 of expected loss. A 25× wager on the same bonus is €87 of expected loss.
3. Wagering scope: B vs D+B
- B (bonus-only): multiplier applied to bonus amount only. €100 bonus × 40 = €4,000 required turnover.
- D+B (deposit + bonus): multiplier applied to the sum. €100 deposit + €100 bonus × 40 = €8,000 required turnover.
D+B roughly doubles the true wager. A 30× D+B is worse than a 40× B for a same-size bonus.
4. Max bet during wagering
The maximum bet per spin allowed while a bonus is active. €5 is the industry standard; some operators go €7 or €10.
Placing a single bet above the cap voids the entire bonus and any winnings from it, retroactively. Every dispute we see traces to a violation of this rule. Set your bet size once at session start and don’t change it.
5. Max cashout on bonus winnings
The ceiling on what you can withdraw from money won using the bonus. Usually expressed as a multiple of the bonus amount:
- 3× on a €100 bonus = max €300 cashout from bonus winnings
- 5× on €100 = max €500
- 10× on €100 = max €1,000
- “No max cashout” = uncapped
Every no-deposit bonus has a max cashout. Most welcome bonuses (deposit-required) also have one.
6. Game contribution table
Which games count how much toward the wagering requirement:
| Category | Typical contribution |
|---|---|
| Slots | 100% |
| Video poker | 10-25% |
| Blackjack, roulette | 5-10% |
| Live dealer | 0-5% |
At 10% contribution on blackjack, a €4,000 wager becomes €40,000 of blackjack turnover — practically impossible with a small bankroll.
7. Expiry
The window in which you must complete wagering. Common values: 7, 14, 21, or 30 days.
If wagering isn’t complete by expiry, the bonus and any winnings from it are voided. Real-money deposit remains, minus whatever you lost during play.
8. Restricted games and geos
- Certain high-RTP or low-variance titles are usually excluded from wagering. Book of Dead, Blood Suckers, and others get regularly flagged.
- Some countries can’t claim certain bonuses (offshore vs regulated). Check yours.
- Some payment methods void the bonus (Skrill/Neteller most common).
9. Bonus code
Some offers require entering a promo code at deposit time to activate. Forget the code and the bonus doesn’t apply, and you often can’t retroactively claim it.
Worked example: a €100 welcome bonus at 40× wager
Take a “100% up to €100” bonus with 40× B wager, no max cashout, 30-day expiry, and 100% slot contribution — standard mid-tier terms.
- Deposit: €100
- Bonus: €100
- Starting bankroll: €200
- Required turnover: €4,000
- At 96.5% RTP: expected loss over turnover = €140
- Net expected outcome: €200 − €140 = €60 remaining
- Minus your deposit: net EV = −€40
So this “worth €100” bonus has an average outcome of losing €40 of your deposit. That’s the reality of a 40× B wager at medium-vol 96.5% RTP.
At a 25× wager (low-wager casino), the same math gives:
- Required turnover: €2,500
- Expected loss: €87
- Net outcome: €200 − €87 = €113 remaining
- Net EV: +€13
Cut the wager multiplier in half and the EV flips from −€40 to +€13. That’s why our bonus rankings prioritize wager multiplier heavily.
What to check before claiming
Copy this into a note before you deposit:
- Match % and cap
- Wagering multiplier and scope (B vs D+B)
- Max bet during wagering
- Max cashout
- Game contribution for your target category
- Expiry
- Restricted games and payment methods
- Bonus code (if required)
Every field on this list needs a value from the operator’s T&C. If any field is missing or unclear, don’t take the bonus — call support and ask, or move on.
The CasiMath shortcut
Every bonus in our /bonuses table has all eight fields filled and produces a live EV calculation at €100 deposit baseline. Sort by EV, click through to the individual bonus page for the full simulation and the plain-English math explainer. Use the Portfolio Builder to see how the same bonus behaves at your deposit and volatility preference.
Do this before any deposit-plus-bonus decision. It takes 90 seconds and saves the €40 in the worked example above.
Read next: Reload Bonuses Explained for the weekly retention bonus that structurally outperforms the one-shot welcome on annual EV, and No-Deposit Bonus Playbook for the pre-welcome acquisition family.