The Number on the Banner Is Not the Number You Can Withdraw
A promotion advertises a headline figure, but the amount that can ever leave your account as cash is the product of several separate conditions. The calculation you are really doing when you evaluate a bonus is not 'how much did they give me' but 'how much of this can become withdrawable, and what does getting there cost'. Two bonuses can carry the same headline amount and be worth very different things.
The first step is to separate the two balances an operator creates when you claim a promotion. Your cash balance is money you deposited or have already cleared from previous play. The bonus balance is promotional credit, and it is usually locked behind a wagering requirement. You cannot simply withdraw the bonus balance; you must first turn it over through real bets.
Wagering Requirements: The Multiplication You Must Complete
A wagering requirement, sometimes called playthrough, is a multiplier. It states how much total wagering must occur before bonus-related funds become withdrawable. The arithmetic is straightforward: multiply the bonus amount by the requirement. If a bonus of 50 units carries a 30x requirement, you must place 1,500 units in total bets before the bonus funds can be withdrawn. That is example arithmetic only; your own bonus will state its own figures in the terms.
The key distinction is between wagering and losing. The requirement measures total staked, not total lost. You could place 1,500 units of bets, win some, lose some, and still have a balance left at the end. But the house edge on every bet means the expected cost of completing the requirement is the total wagered multiplied by the edge on the games you play. That expected cost is what you should compare against the bonus's face value.
Some promotions attach the requirement to the bonus amount only. Others attach it to the deposit plus the bonus. The difference is material. A 30x requirement on a 50-unit bonus means 1,500 units of wagering. The same 30x on a 100-unit deposit plus a 50-unit bonus means 4,500 units. The terms page will state which basis applies, and you should identify it before opting in.
Game Weighting Changes How Fast Each Bet Counts
Not every wager contributes equally toward clearing a requirement. Operators assign a weighting percentage to each game category. A slot spin might count in full toward the wagering requirement, while a table game bet might count only a fraction, and some games might be excluded entirely. This is not a technical detail; it changes the effective cost of the bonus.
Suppose a blackjack bet counts at a low weighting. You must stake far more in total to clear the same requirement than you would on a fully weighted slot. Since blackjack also tends to carry a lower house edge than many slots, the operator is compensating for the fact that your expected loss per unit wagered is smaller there. Weighting is how the operator keeps the promotion's expected cost to itself within a range it has chosen.
| Comparison point | Fully weighted game | Partially weighted game | Excluded game |
|---|---|---|---|
| Contribution to wagering | Full amount of each bet | A stated fraction of each bet | None |
| Total wagering needed | Lower | Higher | Requirement cannot be cleared |
| Typical operator motive | Encourage play on higher-edge games | Limit exposure on lower-edge games | Prevent bonus clearing on specific titles |
| Where stated | Bonus terms, game contribution table | Bonus terms, game contribution table | Bonus terms, excluded games list |
Before you claim a bonus, find the contribution table in the terms. Multiply your intended bet size by the weighting to see how much of each wager counts. If the games you planned to play are weighted low or excluded, the bonus may be worth far less to you than its headline suggests.
Maximum-Cashout Caps: The Ceiling on What Can Leave
Even after you complete the wagering requirement, a maximum-cashout cap may limit how much of the remaining balance can be withdrawn. The cap is a fixed ceiling, not a percentage of your balance. If the cap is set at a certain number of units, any balance above that number is removed when you request a withdrawal.
Caps are most common on no-deposit bonuses and free spins, where the operator has given you promotional credit without requiring a deposit. They also appear on some deposit-match offers. The cap is stated in the bonus terms, and it is one of the first things to check because it defines the upper bound of the bonus's value. A bonus with a generous headline but a low cap can never pay out more than the cap, regardless of how well you play.
Expiry Windows: The Clock on the Whole Calculation
Every bonus has an expiry window. If the wagering requirement is not completed within that window, the bonus balance and any winnings derived from it are typically removed. The window may be measured in days from claiming, or it may be tied to a specific date.
The expiry interacts with the wagering requirement to create a required pace of play. Divide the total wagering needed by the number of days in the window to see how much you must stake per day. If that pace is faster than you would normally play, the bonus is pushing you toward a session length and bet volume you did not choose. That is a cost in itself, and it is one the terms will not state as a number. You have to derive it yourself.
How Loyalty and Comp Value Is Calculated
Loyalty programmes and comps work on a different arithmetic from bonuses. A bonus is a fixed promotional credit with a stated requirement. A comp is value returned to you as a function of your tracked play. The operator records your average bet, the number of decisions you make per hour, and the house edge on the games you play. Those three figures multiply into a number the industry calls theoretical loss, sometimes shortened to theo.
The calculation is labelled example arithmetic here because your own figures will differ by game and venue. Suppose you average 10 units per bet, make 60 decisions per hour, and play a game with a house edge stated in the game's own published rules. Multiply those three numbers to get your theoretical loss per hour. A venue might then return a fraction of that theoretical loss to you as comps: a meal, a room, or loyalty points. The fraction is set by the venue and is not a universal constant.
| Input | What it measures | Where it comes from |
|---|---|---|
| Average bet | Your typical stake per decision | Your own play, tracked by the operator |
| Decisions per hour | How fast the game runs | Game type and your pace |
| House edge | The operator's mathematical advantage on that bet | Published game rules for the specific rule set |
| Theoretical loss | Expected loss per hour, on average | Product of the three inputs above |
| Comp return | Value given back as loyalty benefit | A fraction the venue sets, stated in its programme rules |
The important point is that comps are not free gifts. They are a partial return of the expected loss your play generates. A higher average bet or a faster game increases your theoretical loss, which increases the comp value the venue is willing to extend. That does not make the comp a reason to raise your bet. It makes the comp a rebate on an expected loss, and the rebate is always smaller than the loss it is calculated from.
Putting the Two Calculations Side by Side
A bonus and a comp are different instruments, and they should be evaluated differently. A bonus has a fixed face value, a stated wagering requirement, a contribution table, a cashout cap and an expiry window. You can calculate its expected value by estimating your expected loss while clearing the requirement and comparing that against the cap.
A comp has no fixed face value at the moment you sit down. Its value accrues as you play, and it is a function of your theoretical loss. The only way to know what a comp is worth is to know the return fraction the venue applies, which is stated in the loyalty programme's own rules. If the programme does not publish the fraction, you cannot calculate the comp's value in advance; you can only observe what is credited after play.
Neither calculation promises a profit. Both are ways of measuring how much of the promotional value is real, how much is conditional, and what the conditions cost you in expected loss. The player who does the arithmetic before opting in is not trying to beat the house. They are trying to see the promotion clearly.
FAQ
What is the formula for a bonus payout?
There is no single formula because a bonus payout is capped by several independent terms. The core arithmetic is: bonus amount multiplied by the wagering requirement gives total wagering needed. Game weighting then determines how much of each bet counts toward that total. The maximum-cashout cap sets the ceiling on what can be withdrawn, and the expiry window sets the time limit. The payout you can receive is the smaller of the cap and whatever balance remains after completing the requirement within the window.
How do I know if a bonus is worth claiming?
Estimate your expected loss while clearing the requirement. Multiply the total wagering needed by the house edge on the games you will play, adjusted for game weighting. Compare that expected loss against the maximum cashout cap. If the expected loss is larger than the cap, the bonus has negative expected value for you. If the cap is larger, the bonus may still have value, but the expiry window and your own pace of play will determine whether completing the requirement is realistic.
Do comps and loyalty points work the same way as bonuses?
No. A bonus is a fixed credit with a stated requirement and cap. A comp is a partial return of your theoretical loss, calculated from your average bet, decisions per hour and the house edge on your game. The return fraction is set by the venue and stated in its loyalty programme rules. Comps accrue as you play rather than being granted up front, and their value depends on how much you wager, not on a fixed promotional amount.
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