Online casino bonuses can be worthwhile if you understand how to factor them into your budget. You need to be aware that they come with requirements, such as having to bet a certain amount to clear your bonus. A playthrough requirement is typically a multiple of the bonus amount.
Think about bonuses in the right way
You shouldn’t see casino bonuses as receiving free money. They may seem generous, but there are always strings attached. Rather, see online casino promotions as a way to offset your losses or reduce the house edge. It’s a little like getting $10 off on a $100 purchase. You aren’t receiving $10 but just spending less on what you purchase. It basically means that you’re gambling at a discount. It feels somewhat different in a casino than in a store because there is always the chance that you will be able to win more than you started with.
Offsetting bonuses against expected losses
One of the challenges for players is learning to offset bonuses against expected losses. You need to calculate how much you expect to lose on average and subtract that from a bonus. If your bonus is larger than your losses, you can expect a net win. If your gross losses are larger, you can expect a net loss.
You may get a $100 bonus with a 20x playthrough requirement and decide to play slots to clear it. You will have to bet $2,000 on slots, which typically have an RTP of about 96%. Your expected losses from playing $2,000 on a 96% RTP slot are 4% of $2,000, which is $80. Without the bonus, your expected loss is $80, but with it, you will only lose $20.
The impact of a bonus on your odds
Casinos pay out at odds slightly below the true mathematical odds, giving them a slight edge that ensures they make a profit over thousands of plays. While games have a slight advantage in favor of the house, this doesn’t prevent you from winning and allows casinos to stay in business.
To find out how a bonus impacts your odds, you need to include the return to player (RTP) of the game you are playing and the wagering requirements. The RTP is the percentage of all money players bet on a game that is projected to be paid back to them over time.
If you want to make money online, you are likely to go for games with a higher RTP, such as blackjack. The RTP of blackjack can reach 99.5%, as strategic play can minimize the house edge. If a game has a high RTP and low wagering requirements, this increases the value of your bonus and improves your expected returns.
If you enjoy playing slots for the length of time it takes to clear a bonus, then getting to do so at a discount is worthwhile. When you understand the real value of a bonus, your decision-making will be better.
