No-wagering bonus vs wagered bonus: the maths in euros

A no-wagering bonus sounds like the best possible offer: whatever you win is yours straight away. In practice it is usually also the smallest offer, and a wagered bonus beats it when the wagering requirement is low - in our example, below 15x the bonus. At 35x or 45x the maths runs the other way. Below, both offers are worked out in euros for the same 50-euro deposit. We don't explain wagering again here - that's in our wagering requirements guide.

Two offers for a 50-euro deposit

The figures are an example, not a specific casino's offer, because casino offers change every week.

• Offer A: 100 free spins at 0.20 euros each, winnings with no wagering requirement.
• Offer B: 100% bonus up to 50 euros, wagering 35x the bonus.
• Offer C: the same 100% bonus up to 50 euros, but wagering 10x the bonus.

Every calculation assumes a slot with 96% RTP, so the house edge is 4%: of every 100 euros wagered, 96 come back on average. That's the long-run average; a single evening can look very different.

Offer A: spins with no wagering

100 spins at 0.20 euros are 20 euros in stakes, and on average they return 19.20 euros you can withdraw at once.

The sum is simple: 100 x 0.20 = 20 euros, 20 x 0.96 = 19.20 euros. Your 50 euros stay yours and no condition locks them. That's the offer's biggest strength - nothing to calculate and nothing to lose on a technicality. The weakness is size: an average value of 19.20 euros against a 50-euro bonus on the banner.

Offer B: a 50-euro bonus with 35x wagering

35x a 50-euro bonus is 1,750 euros in bets, and that much wagering costs 70 euros on average - more than the bonus itself.

1,750 x 0.04 = 70 euros. The bonus is 50 euros, so the average result is minus 20 euros compared with playing without a bonus. If the wagering is counted on deposit plus bonus, it's 3,500 euros, an average cost of 140 euros and a result of minus 90 euros. On a slot with 94% RTP, the same 1,750 euros cost 105 euros. This is a simplification: in one session you can lose the whole balance or land a big win, but on average these are the numbers.

Offer C: the same bonus with 10x wagering

10x 50 euros is 500 euros in bets, an average cost of 20 euros, and the bonus comes out 30 euros ahead on average.

500 x 0.04 = 20 euros, 50 - 20 = 30 euros. That's more than the 19.20 euros from the no-wagering spins. In our example the break-even point is about 15x the bonus: below that, a 50-euro wagered bonus is worth more on average than 100 spins at 0.20 euros. At 25x it is worth zero on average, and above 25x less than zero.

When a no-wagering bonus isn't the best choice

No-wagering offers have terms of their own that cut their value, and the banner doesn't show them.

• Few spins, low value. 50 spins at 0.10 euros are 5 euros in stakes and return 4.80 euros on average. A low-wagering bonus is then worth more.
• Winnings caps. In Pragmatic Play's Big Bass Bonanza, money symbols worth up to 2,000x can land in free spins (game page), and in Big Bass Splash up to 5,000x (game page). At a 0.20-euro stake, 2,000x is 400 euros, but if spin winnings are capped at 100 euros, you can withdraw only 100.
• One game, fixed stake. The spins usually work in one specific game, and you can't change the stake.
• The deposit may still need playing through. Some casinos want the deposit wagered before a withdrawal even without a bonus. Laimz's general terms (clause 3.3.4, read on 24.10.2026), for example, allow a 5% fee on withdrawals of money that hasn't been wagered.
• Short expiry. Spins often have to be used within a few days. Expiry and the other terms that void a bonus are covered in our piece on bonus terms beyond wagering.

How to compare two offers yourself

Three multiplications are enough, and a phone calculator will do.

• No wagering: number of spins x spin value x RTP. That's the average win in euros.
• With wagering: bonus x wagering multiplier x house edge. That's the average cost in euros. Subtract it from the bonus.
• Compare the two numbers, and check whether the wagering is counted on the bonus or on deposit plus bonus.

If the result is negative, depositing without a bonus is a fair option: then you can withdraw your winnings at any time. Current offers with their terms are on our best casino bonuses page.

Play within your means

A bonus is no reason to play more or longer than you planned. Set a budget before you start and stop when it's spent. Our responsible gambling page collects the tools that help, and you can add yourself to the State Revenue Service's self-exclusion register at any time. The Centre for Disease Prevention and Control runs an anonymous addiction helpline on 67037333. Gambling is for people aged 18 and over.