Start with the terms sheet, not the headline number
A promotional credit like a bonus bet or a fan cash balance looks like free money, but it is a conditional instrument. The value it holds for you depends on a small set of rules attached to it, and those rules are always written down somewhere: in the offer terms, the promotion page, or the cashier screen where the credit appears. The headline figure is the least important number. The rules that decide whether any of that figure can become withdrawable cash are what matter.
This article walks through how that value is constructed. It does not tell you whether a specific named promotion is a good deal, because that depends on the operator's own terms and your own play. What it does is give you a method for reading any promotional credit, bonus bet, or loyalty balance and working out what it is worth.
What a bonus bet is
A bonus bet is a wager you place using the operator's funds rather than your own deposit. The mechanics differ from a cash bet in one crucial way: when a cash bet wins, you receive your stake back plus the profit. When a bonus bet wins, the stake portion usually is not returned. You receive the profit only. A winning bonus bet of 100 units at even odds returns 100 units of profit, not 200 units. The original stake belongs to the promotion, not to you.
Fan cash, where an operator uses that label, is typically a promotional balance that works the same way or as a credit that converts to bonus bets under stated conditions. The label varies between operators. What does not vary is that the balance is promotional, not withdrawable, until it passes through whatever conditions the operator attaches.
Here is the comparison that matters when you read an offer:
| Feature | Cash balance | Bonus bet / fan cash |
|---|---|---|
| Stake returned on a win | Yes, stake plus profit | Usually no, profit only |
| Withdrawable immediately | Yes, subject to normal cashier rules | No, must satisfy wagering or conversion terms |
| Expiry | Does not expire | Expires on a stated date or after a stated period |
| Game restrictions | Any game the account can play | Often limited to specified games or bet types |
Read the terms before you place the first promotional wager. The value changes completely depending on whether the stake is returned, which games qualify, and what happens to the winnings.
Wagering requirements are a multiplier on your time and money
A wagering requirement, also called playthrough, is a multiplier stating how much must be wagered before bonus-related funds can be withdrawn. The arithmetic is simple, and it is the first calculation you should do when evaluating any promotional credit.
Suppose an offer grants 50 units of bonus credit with a 30x wagering requirement. That means 1,500 units must be wagered before the bonus and any winnings from it become withdrawable. That is the example arithmetic only. Your own offer states its own multiplier and its own bonus amount, and those two numbers multiplied together give you the total wagering obligation.
What the wagering requirement does not tell you is how much of that 1,500 units you will have left when the requirement is complete. The games you play during the wagering period each carry a house edge, and that edge applies to every unit you wager. The wagering requirement is a hurdle, not a promise of a balance at the end.
Game weighting changes how much each wager counts
Not all wagers count equally toward a wagering requirement. Operators commonly apply game weighting, which is a percentage that determines how much of each wager contributes to the playthrough total. A slot wager might count at 100 percent, meaning every unit wagered counts as one unit toward the requirement. A table game wager might count at a lower percentage, meaning you must wager more to clear the same requirement. Some games may be excluded entirely.
This matters because it changes the effective cost of the promotion. If a game counts at only 10 percent, then a 1,500-unit wagering requirement becomes 15,000 units of actual wagers on that game. The multiplier on the offer terms is not the multiplier you will experience unless you know the weighting for the games you intend to play.
Check the promotion terms for a game weighting table. It is usually a list of game categories with a percentage next to each. If the terms do not state weighting, assume the worst case for the games you want to play and recalculate.
Maximum-cashout caps put a ceiling on the prize
A maximum-cashout cap is a limit on how much of the bonus-derived winnings can ever be withdrawn. Even if you satisfy the wagering requirement in full, any amount above the cap is removed when you request a withdrawal. The cap is a hard ceiling, not a suggestion.
Suppose a no-deposit bonus carries a maximum cashout of 100 units. You wager through the requirement and finish with a balance of 400 units. You can withdraw 100 units. The remaining 300 units are forfeited. That is the arithmetic of a cap, and it means the true value of the promotion is never the headline bonus amount. It is the lower of the cap and whatever survives the wagering process.
Caps are most common on no-deposit bonuses and free spins, where the operator is giving away credit without taking a deposit first. But they can appear on any promotional credit. The terms page states the cap. If no cap is stated, the operator's general bonus terms still apply, and those terms may include one.
Expiry windows are a deadline, not a suggestion
Every promotional credit has an expiry window: the period within which the wagering requirement must be met. The window usually starts when the credit is granted, not when you first use it. If the requirement is not met by the deadline, the bonus balance and any winnings derived from it are removed.
The expiry window interacts with the wagering requirement to create a pace. A 1,500-unit wagering requirement with a seven-day expiry means you must average a certain number of wagered units per day. A longer window gives more room but also more time for the house edge to work on your balance.
Do not accept a promotional credit and then leave it sitting. The clock is running from the moment it lands in your account. If you cannot meet the wagering requirement within the window given your normal play, the promotion has no value to you regardless of its headline size.
Loyalty and comp programmes value your tracked play
Loyalty programmes and comp schemes work on a different principle. They do not grant a fixed credit up front. They track your play and return a portion of its value to you in the form of points, tier credits, or comps. The value you receive is a function of how much you wager, how long you play, and what the house edge is on the games you choose.
The concept that drives these programmes is theoretical loss. As an example, suppose you wager an average of 10 units per decision, make 60 decisions per hour, and play a game where the house edge is 2 percent. Your theoretical loss for that hour is 10 times 60 times 0.02, which is 12 units. That is not what you will lose in any given hour. It is the long-run average across many hours of identical play. The programme uses that figure to decide what your play is worth to the venue.
Your actual results will bounce around that average. In any single session you may win or lose far more than the theoretical figure. Over many sessions, the average moves toward it. That is what variance means, and it is why a loyalty programme can offer you a comp worth a fraction of your theoretical loss and still come out ahead on average.
| Factor | What it is | Why it matters to your comp value |
|---|---|---|
| Average bet | The typical amount you wager per decision | Directly scales theoretical loss |
| Decisions per hour | How many hands, spins, or rolls you complete | Faster play means more wagered in the same time |
| House edge | The mathematical advantage on the game you play | Different games and bets carry different edges |
| Time played | How long you are at the table or machine | Multiplies the per-hour figure |
The programme's own terms describe how points are earned and what they can be redeemed for. The earning rate is set by the operator, not by you. What you control is which games you play, how fast you play them, and how long you stay.
Read the offer in this order
When a promotional credit appears in your account or in an offer, work through the terms in a fixed order. First, find the wagering requirement and multiply it by the bonus amount. That is your total wagering obligation. Second, find the game weighting table and adjust the obligation for the games you play. Third, find the maximum-cashout cap. That is the most you can ever withdraw from the promotion. Fourth, find the expiry window and check it against your normal pace of play.
Only after those four numbers are known does the headline bonus amount mean anything. A large bonus with a high wagering requirement, low game weighting, a tight cap, and a short expiry window is worth less than a small bonus with modest terms. The size of the number on the banner is the last thing to look at, not the first.
For loyalty and comp programmes, the equivalent reading is the earning rate, the redemption options, and any expiry on points. The programme terms state all three. If the terms are not published, ask the loyalty desk or the support channel before you rely on the programme's value.
FAQ
Are bonus bets the same as free bets?
They are close relatives. Both are wagers placed with promotional funds rather than your own deposit. The difference is usually in the terms attached: whether the stake is returned on a win, which games qualify, and what wagering applies to any winnings. Read the specific offer terms rather than relying on the label.
Can I withdraw fan cash directly?
No. Fan cash and similar promotional balances are not withdrawable as cash. They must be converted through play according to the operator's terms, which typically include a wagering requirement, game restrictions, and an expiry window. Only after those conditions are met does any portion become withdrawable, and a maximum-cashout cap may still apply.
Why do loyalty programmes give me less than my theoretical loss?
Because the programme is a marketing cost, not a rebate. The venue calculates your theoretical loss from your tracked play and returns a portion of it as points or comps. The portion is set by the programme's earning rate, which is always less than 100 percent of theoretical loss. The rest covers the venue's costs and margin. Your actual results will vary around the theoretical figure in any given session.
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This article is general information about how these mechanics work. It is not legal advice and not a recommendation to gamble or to use any particular operator. Availability and legality differ by jurisdiction — check the rules that apply where you are.