Bonus Value Calculator

Last updated: 2026-07-14

Estimate the true cash value of a casino bonus after wagering, game contribution, house edge, and max cashout. See expected value, playthrough loss, and whether an offer is +EV or -EV.

What This Bonus Is Really Worth
-$20.00
Costs you money — you'd lose about $20.00 chasing it.
Expected Loss
$120
4.0% edge
Real Wagering
$3,000
$100 base x 30x
% of Face Value Kept
-20%
Time to Clear
1.2 hrs
at $5.00/bet

What Does a Casino Bonus Actually Pay You?

A bonus is only worth the cash you expect to keep after clearing its terms. Take the bonus, subtract the expected loss from completing the wagering requirement, and cap the result at any max cashout. That number — not the headline "$100 free" — is the real value. Our calculator runs this expectation math instantly as you adjust the terms.

Why Is the Wagering Requirement the Whole Story?

Wagering requirements force money through the house edge before you can withdraw. A $100 bonus at 30x means $3,000 in required wagering; at a 4% edge that is $120 in expected losses — more than the bonus. Divide by a game contribution below 100% and the real money cycled climbs further, deepening the expected loss even on low-edge games.

How Do You Spot a Genuinely Valuable Offer?

Positive expected value shows up when the wagering multiplier is low, contribution is full, and the game's RTP is high. A $100 bonus at 15x cleared on 99% RTP video poker costs about $15 in expected losses for roughly $85 of real value. Compare terms across operators on our casino comparison, and cross-check the underlying math with the wagering requirement calculator and RTP and house edge calculator. Live prediction-market and odds data sits on the Odds Reference dashboard.

Key Takeaways

  • Real bonus value = bonus − expected playthrough loss, capped by max cashout.
  • High wagering multipliers on slot-level house edges usually make a bonus negative EV.
  • Game contribution below 100% multiplies the real money you must cycle.
  • Tight max cashouts quietly erase most of a bonus's headline figure.
  • Expected value is a long-run average — individual sessions swing widely around it.

Frequently Asked Questions

What is the real cash value of a casino bonus?
The real value is the bonus amount minus the expected loss you incur completing its wagering requirement. A $100 bonus at 30x on a 96% RTP slot requires $3,000 in wagering and costs about $120 in expected losses — a net expected value of roughly -$20, less than nothing.
How do you calculate bonus expected value (EV)?
Multiply the wagering multiplier by the wagering base (bonus, or deposit plus bonus) to get required wagering, divide by the game contribution percentage to get real money cycled, then multiply by house edge (1 − RTP) to get expected loss. Bonus EV is the bonus amount minus that expected loss, capped by any max cashout.
Why do most casino bonuses turn out to be negative EV?
High wagering multipliers combined with slot house edges of 3-8% mean expected losses during playthrough often exceed the bonus itself. A 35x or 40x requirement on a 95% RTP slot almost always costs more to clear than the bonus is worth.
How does game contribution change bonus value?
Contribution sets how much each dollar wagered counts toward the requirement. At 10% contribution, clearing $3,000 in weighted wagering means cycling $30,000 in real bets. Low-contribution games multiply the money at risk, so even a low house edge can produce large expected losses.
Does max cashout reduce a bonus’s value?
Yes. A max cashout caps how much you can withdraw regardless of how well you run. When the cap sits below your expected ending balance, it truncates the upside and lowers expected value. No-deposit and free-spins bonuses with tight caps are worth far less than their headline figure.
Should the wagering requirement apply to the bonus or deposit plus bonus?
Read the terms. "30x bonus" requires wagering 30 times the bonus. "30x (deposit + bonus)" requires 30 times both combined, roughly doubling the playthrough when your deposit matches the bonus. This tool toggles between the two so you can model your exact offer.
Is a positive-EV casino bonus possible?
Occasionally. Low wagering multipliers (under 20x), full game contribution, and a high-RTP game such as video poker or low-edge blackjack can produce positive expected value. These offers are rare and often restricted, but the calculator flags them clearly.

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