Bonus value calculator method

The bonus value calculator method in one formula

Every deposit bonus can be priced with the same expression. It comes from the idea of expected value: what you'd average per bonus if you could repeat it many times.

1. Total wagering (W) = wagering multiple × base. The base is the bonus alone or deposit plus bonus, as the terms say.
2. Expected loss while clearing (L) = W × house edge. For a slot, house edge = 100% − RTP.
3. Raw value = bonus (B) − L.
4. Adjust for a max cashout, game weighting and anything else that removes winnings.

That's it. The rest of this page shows where to find each input, works through three partner offers, and explains where the method breaks down. For the wider set of offer types, start at the casino bonuses hub.

The inputs your bonus calculation needs

Most inputs sit in the bonus terms. RTP sits in the game's info screen or a third-party listing. When an input isn't published, the honest answer is that the value can't be calculated precisely.

If you don't know a game's RTP, our slot RTP guide explains what the number means and why it varies. The RTP glossary entry has the short definition.

Worked example: a 275% match at 30x

Slot Madness is reported by LCB to offer 275% under code MAD275, with 30x deposit plus bonus on slots, a $30 minimum and no max cashout. These are third-party figures, not read from the casino's own site.

• D = $100, so B = $100 × 2.75 = $275.
• Base = $100 + $275 = $375. W = 30 × $375 = $11,250.
• At an assumed 96% RTP, house edge is 4%, so L = $11,250 × 0.04 = $450.
• Raw value = $275 − $450 = −$175.

The break-even RTP is 1 − ($275 ÷ $11,250) = 1 − 2.44% = 97.56%. Only a slot returning more than that would make the offer worth more than it costs on average, and few slots publish figures that high. The large match looks generous, but the deposit-plus-bonus base pushes the wagering up with it.

Worked example: SlotoCash's 200% first deposit at 25x

SlotoCash's own welcome terms state 25x deposit plus bonus with no max cashout, and its bonus list shows 200% on the first deposit under SLOTO1MATCH. The per-deposit cap isn't stated on the site; LCB lists it as $2,000.

• D = $100, so B = $200. Base = $300. W = 25 × $300 = $7,500.
• At 96% RTP: L = $7,500 × 0.04 = $300. Raw value = $200 − $300 = −$100.
• On Sweet 16, reported by SlotCatalog at 96.25%: L = $7,500 × 0.0375 = $281.25. Raw value = −$81.25.
• Break-even RTP = 1 − ($200 ÷ $7,500) = 97.33%.

The lower multiple makes this a cheaper offer to clear than the 275% example, even though the match is smaller. That's the main lesson of the method: the multiple and its base matter more than the headline percentage. See our SlotoCash welcome bonus page for the full five-deposit package.

Worked example: two Decode codes compared

Decode's own site didn't show bonus terms when checked, so these are third-party reports from LCB, and codes may have changed. They make a useful comparison because one has a smaller match and a lower multiple.

Both come out below zero at 96%, and both need an RTP near 98% to break even. The 400% code needs a quarter of the deposit for the same-sized bonus, but the 35x multiple claws much of that back. More detail is on our Decode bonus codes page.

Worked example: Miami Club's 100% match bonus value at 20x

Miami Club's own bonus terms set 20x deposit plus bonus for matches at or below 100%, with no cashout cap stated for deposit bonuses and no expiry until wagering is met. Its published welcome package is 100% up to $100 on each of the first eight purchases. That makes it a clean test of the method, because every input except RTP is on the casino's own pages.

• D = $100, so B = $100. Base = $200. W = 20 × $200 = $4,000.
• At 96% RTP: L = $4,000 × 0.04 = $160. Raw value = $100 − $160 = −$60.
• Break-even RTP = 1 − ($100 ÷ $4,000) = 97.5%.

The table shows why you should use one RTP assumption for every offer: each point of RTP is worth $40 here. Miami Club runs WGS (Wager Gaming) software rather than RTG, so check each slot's own info screen for its return. Weighting matters too: video poker counts 10% and blackjack 5%, and roulette is forbidden with a bonus active. The $4,000 + 285 Bonus Games offer via our link may carry different terms from this $800 package. Its Terms of Use (section 1.6) list the United States as prohibited, while the affiliate program confirms US players are accepted, so confirm at sign-up. See our Miami Club welcome bonus page and the Miami Club review.

Adjusting the calculation for a max cashout

A max cashout doesn't change the expected loss while clearing, but it removes the big wins that would otherwise balance it. The method can't price that exactly without a simulation, so use it as a warning sign.

Royal Ace, for example, is reported by LCB to cap welcome-bonus winnings at 10x the deposit, so $1,000 on $100. Planet 7's WELCOME200 is reported with a $1,000 cap. SlotoCash's welcome bonus and Slot Madness's MAD275 are published or reported with no cap. When two offers price the same, prefer the one without a cap.

Free chips and no-deposit codes usually carry tight caps. Silver Oak's no-deposit codes are capped at $100 on its own site, and SlotoCash's general terms cap free-bonus cashouts at $200. With no deposit of your own at risk, the raw formula can go negative while the real outcome can't drop below zero, so for those offers the useful number is simply the cap.

Adjusting for game weighting and table-game multiples

When a game counts at less than 100%, divide the target by its weighting. A $7,500 target at 10% weighting becomes $75,000 in bets. When the terms use a separate multiple instead, as Royal Ace (60x) and Silver Oak (60x) do for blackjack and video poker, just recalculate W with that multiple.

Most of the time the simplest answer is that table games don't count. SlotoCash's welcome terms say play on games outside slots, keno and scratch cards voids promotion winnings. Our game weighting page and weighting explainer cover the variations.

Where the bonus value method falls short

The formula averages over many repeats. Any single attempt can end far above or below it, and several real-world factors push results down further.

• Busting out: most attempts end with the balance at zero before the target is met, which the average hides.
• Volatility: high-volatility slots make both outcomes more extreme. See slot volatility explained.
• Unknown RTP: many slots don't publish one, and some RTG titles are offered at more than one setting.
• Rule breaches: a single max-bet slip can void everything.
• Fees and caps: weekly withdrawal limits and method fees reduce what reaches your wallet.

None of this makes bonuses useless. It means the method answers "which offer costs least?", not "how much will I win?" No calculation turns a bonus into income.

Bonus value comparison at a glance

Here are the worked examples side by side, all on a 96% RTP assumption. Use the same assumption for every offer you compare, so the ranking is fair even if the absolute numbers are rough. Our comparing casino bonuses guide adds non-math factors like payout speed.

1. Copy the multiple, base, max cashout and eligible games from each offer's terms.
2. Pick one RTP assumption and use it for all offers.
3. Calculate W, L and raw value for each.
4. Mark any offer with a cap or table-game exclusions you care about.
5. Choose the least costly offer, or none, and set a budget you're comfortable losing.

Common bonus value calculator mistakes

Most bad bonus decisions come from a wrong input rather than wrong arithmetic. These are the errors that change the answer most.

1. Using the bonus as the base when the terms say deposit plus bonus. On a $100 deposit with a $200 bonus at 25x, that understates the target by $2,500.
2. Reading the offer page but not the general terms. Silver Oak's offer page says 30x while its terms say 40x on slots; price both and plan for the higher one.
3. Assuming table games count fully. Weighting of 5% or 10%, or a separate 60x multiple, can multiply the betting needed many times over.
4. Ignoring the max bet. SlotoCash caps bets at $10 a spin with a bonus active, and Miami Club at $10 a single wager. One oversized bet can void the result the calculation was based on.
5. Pricing the headline instead of the cashier offer. The package at sign-up can differ from the advertised one, so recalculate with the terms the cashier shows.

Our how to clear a casino bonus guide covers the playing side once you've chosen an offer, and what games count toward wagering lists the usual exclusions.

Pricing bonuses at offshore casinos: legal and budget notes

Every casino in this guide is offshore and not licensed by any US state. If a casino interprets its terms differently from your reading, there's no state regulator to settle it. Only seven states license online casinos; see the state-licensed casino list and your own state's law first.

A good calculation is also a budget tool. If the expected loss on a bonus is $300, that's a fair estimate of what the entertainment costs on average. If that's more than you'd happily spend, skip the offer. Our gambling budget guide can help set a limit.

Offers to run through the calculator via our links

These partners publish or are reported with clear wagering multiples, so the calculator method can be applied to them. They are offshore casinos, not licensed by any US state; check your state's law before joining. Offers are for new players aged 21+ (18+ where allowed) and terms apply. We earn a commission, and the order is commercial.

• Slot Madness Casino: $2,500 Welcome Bonus + 50 Free Spins, via our link (new players, 21+ or 18+ where allowed, terms apply). Third-party reviews report 30x (deposit + bonus) on slots, a $30 minimum and no max cashout, per LCB's Slot Madness page (opens in a new tab).
• SlotoCash Casino: $6,000 Welcome Bonus + 60 Free Spins, via our link (new players, 21+ or 18+ where allowed, terms apply). Its welcome bonus terms (opens in a new tab) state 25x (deposit + bonus), $20 minimum per bonus and no max cashout.
• Decode Casino: $5,000 Welcome Bonus + 50 Free Spins, via our link (new players, 21+ or 18+ where allowed, terms apply). Its terms weren't readable on its site; third-party reviews report 25x to 35x (deposit + bonus) and a $25 minimum on coded offers.

The package at sign-up may differ from what each casino advertises elsewhere; the cashier's version applies. Read our Slot Madness review and Decode review before you deposit.

21+ (18+ where allowed). Every casino game has a built-in house edge, so over time you should expect to lose what you stake. Set a budget before you play and stop when it’s gone: responsible gambling tools and free help. Gambling problem? Call or text 1-800-MY-RESET (1-800-697-3738).