Let's get something straight from the off. Casino bonuses serve two purposes to the casinos. They get customers in, and they lock them into playing. The casino doesn't want you to be able to withdrawal your own money again, let alone the bonus they've given you as well, but there are ways of beating some casino bonuses.
There are a number of factors you need to determine before deciding if a casino bonus is worth playing, the main three are; what is the value of the bonus, what are the wagering requirements and which games are allowed.
Let's take the bonus value first. This will normally be a large headline figure, or proportion of your first deposit (100%, 200% sometimes even more). It would appear that the larger the bonus is the better your chances of winning, but that is not always the case. A larger bonus will also tie you into wagering for longer and that allows variance the opportunity to bust you out.
The second factor is wagering requirements (W) are normally expressed as multiples of either the deposit (D), the bonus (B) or the deposit and bonus (D+B). If you deposit £100 in a casino that has a 10x(D+B) wagering on a 100% bonus means you are tied in to 10x(100+100) = £2000 of wagering before withrawal.
That brings us on to the final factor, and that's the type of games you can play to meet the wagering requirements. Casino games have different expected returns based on the house edge or advantage (A). Blackjack, played to perfect strategy, has a very high expected return and low variance. Slots tend to have lower expected returns and higher variance.
With all this information combined you can work out what your expected value is, if this turns out to be a positive figure the offer can be considered expected value positive (EV+) and you have a good chance of making money. That doesn't guarantee you will make money, only that the odds are in your favour.
A simple worked example would be this:
A site has a bonus promotion offering a £30 bonus with a 100xWR and Blackjack can be used to complete the WR. This gives us:
EV = B - W*A
EV = £30 - £3000*0.005 = £15
So over £3000 of wagering on Blackjack, all things being equal you can expect to lose £3000*0.005 = £15. This is the 'house take' or 'house advantage' - if you were not playing with a bonus you would simply lose £15 over £3000 of wagering. However because you are starting with a £30 bonus, after £3000 of wagering you will be left with £30 - £15 = £15. So the expected value of the bonus is £15.
The technique used to extract the maximum value from a casino bonus will vary depending on the site and the tipe of bonus being offered, along with your appetite for risk. If blackjack is available, then this is normally the best option due to the low house edge, but where blackjack is allowed it's normally at a reduced rate such as 25%. This means that for every £4 you wager, the wagering requirement will only reduce by £1.
In these instances the best strategy is often to double or even treble up before grinding out the rest on slots. Take a game where you have a 50/50 (or there abouts) chance of winning and put your entire balance on it. If you win then you have increased the expected value of the bonus and make it worth riding out the variance playing low stakes slots. If you lose, then you can move on to the next bonus. Of course this technique means you might bust out on some bonuses early, but at least you haven't wasted any of your time.
You can read more about expected value calculations and blackjack perfect strategy on The Gambling Times.
Before you start gambling, it's a good idea to read our casino tips to find out more about how to bet safely online.
There are a number of factors you need to determine before deciding if a casino bonus is worth playing, the main three are; what is the value of the bonus, what are the wagering requirements and which games are allowed.
Let's take the bonus value first. This will normally be a large headline figure, or proportion of your first deposit (100%, 200% sometimes even more). It would appear that the larger the bonus is the better your chances of winning, but that is not always the case. A larger bonus will also tie you into wagering for longer and that allows variance the opportunity to bust you out.
The second factor is wagering requirements (W) are normally expressed as multiples of either the deposit (D), the bonus (B) or the deposit and bonus (D+B). If you deposit £100 in a casino that has a 10x(D+B) wagering on a 100% bonus means you are tied in to 10x(100+100) = £2000 of wagering before withrawal.
That brings us on to the final factor, and that's the type of games you can play to meet the wagering requirements. Casino games have different expected returns based on the house edge or advantage (A). Blackjack, played to perfect strategy, has a very high expected return and low variance. Slots tend to have lower expected returns and higher variance.
With all this information combined you can work out what your expected value is, if this turns out to be a positive figure the offer can be considered expected value positive (EV+) and you have a good chance of making money. That doesn't guarantee you will make money, only that the odds are in your favour.
A simple worked example would be this:
A site has a bonus promotion offering a £30 bonus with a 100xWR and Blackjack can be used to complete the WR. This gives us:
- Wagering Requirement, W=£3000 (30x100)
- House Advantage, A=0.005 (very roughly assuming 0.5% for Blackjack, ie for every £100 you spend on BJ, on average the house takes 50p)
EV = B - W*A
EV = £30 - £3000*0.005 = £15
So over £3000 of wagering on Blackjack, all things being equal you can expect to lose £3000*0.005 = £15. This is the 'house take' or 'house advantage' - if you were not playing with a bonus you would simply lose £15 over £3000 of wagering. However because you are starting with a £30 bonus, after £3000 of wagering you will be left with £30 - £15 = £15. So the expected value of the bonus is £15.
The technique used to extract the maximum value from a casino bonus will vary depending on the site and the tipe of bonus being offered, along with your appetite for risk. If blackjack is available, then this is normally the best option due to the low house edge, but where blackjack is allowed it's normally at a reduced rate such as 25%. This means that for every £4 you wager, the wagering requirement will only reduce by £1.
In these instances the best strategy is often to double or even treble up before grinding out the rest on slots. Take a game where you have a 50/50 (or there abouts) chance of winning and put your entire balance on it. If you win then you have increased the expected value of the bonus and make it worth riding out the variance playing low stakes slots. If you lose, then you can move on to the next bonus. Of course this technique means you might bust out on some bonuses early, but at least you haven't wasted any of your time.
You can read more about expected value calculations and blackjack perfect strategy on The Gambling Times.
Before you start gambling, it's a good idea to read our casino tips to find out more about how to bet safely online.