Going where it really matters: Knowing whether the casino bonus you are getting is valuable or not
If you are a lover of online casino gaming, then you definitely have interacted with bonuses and promos. Actually, a 2023 study by UKGC shows that 65% of bettors received an incentive in 2022 alone. Well, casino bonuses entice new players, maintain a consistent spending habit among existing players and re-engage players who look like they are losing interest in a casino platform. In fact, the 2023 study revealed that 31% of players were propelled to play more because of incentive.
But did you know that not all bonuses are for you? In fact, many people have accepted bonuses incentives that do not really add any value to the gameplay. Signing up as a new player to an online casino real money is one of the ways you can get bonuses since you get to interact with welcome bonuses that are sometimes very lucrative.
However, knowing how to calculate the value of a bonus is an important skill that you should master before you can even take that first bonus. Otherwise, you might end up being frustrated. Actually, a survey reveals that 48% of the respondents did not want to receive incentives anymore.
Calculating the size of your bonus
The bonus size is among the most important things that players look at before they can accept an incentive. In fact, a study by ENV Media shows that 68% of players first consider the bonus size. But calculating that size is another story altogether.
Well, to start with, you need to factor in three things:
- How much money are you planning to deposit?
- What percentage is the bonus being matched?
- What is the maximum monetary value that the bonus can acquire?
You see, the amount of money you deposit will determine the size of the bonus you will get. The bigger the deposit, the grander the incentive.
Next, you need to know the percentage match on the bonus. For example, if the bonus has a matched percentage of 100%, you will get a bonus that is equal the amount of the deposit. If you deposit $20, then you are going to multiply 20 by 100% to get a $20 incentive.
Lastly, you have to consider the maximum amount the bonus can be. This will inform you on how much deposit you can make as the excess funds will not qualify for a promotion. Take for example a 300% matched deposit bonus of up to $250. If you make a deposit of $100, you can only get the highest amount of bonus and the remaining $50 will not count.
Now, it is of no importance if you know how to calculate the size of the bonus but can’t really tell the expected value. Well, if the size of the bonus of the value is all you know, then you might be in for a big surprise.
Calculating the expected value
This value gives a more accurate picture of the true value of a promo or bonus. Just as with the previous calculation, there are three variables to take into consideration. The first thing (we have already tackled) is calculating the total bonus money. That is simply multiplying the bonus by the match percentage.
The second and very important thing is finding the wagering requirements. This is the number of times that you are supposed to wager your bonus in order to withdraw it. For instance, a 20X wagering requirement means that you have to wager the bonus 15 times before you can withdraw it. At times, the wagering requirements include the deposit, i.e., you can have a 15x + deposit wagering requirement. The wagering requirements will give you the total amount you need to bet before you can withdraw.
The last thing is the house edge of the casino where you want to play with your bonus funds. If the game doesn’t illustrate its house edge, then you can find it by subtracting the game’s RTP from 100. For example, a slot game with a 97% has a house edge of 4%. This means that you will lose 4% of the funds you wager.
After determining all these, we can find the expected value using this formula:
EV= total bonus funds – (total amount bet x avg. house edge)
If the bonus has a negative EV, then try hard to evade it. You need to realize that most of the online bonuses come with a negative EV. However, it is a good thing to play using a bonus even though your potential losses increase more than if you didn’t play with one.
Other factors that affect the value of your casino bonus
Now, since you know how to find the best bonuses online, you can start putting your newfound skills to the test. But before you do so, you need to take note of these important factors:
- Expiration date: The time by which you should have met your wagering requirements before you can get the bonus. If the time expires, then you can’t get your bonus.
- Eligible games: Some bonuses are made specifically for specific games or titles. If your bonus does not factor in the game you want to play, then it is not worth getting it. Now imagine, the study by ENV shows that 25% consider game restrictions a major turnoff.
In conclusion
Casino bonuses are vital in any casino since you get to enjoy more games without putting your funds on the line. However, you also need to factor in if the bonus you are getting is worth it or not.
