The Expected Value of Cashable No Deposit Bonuses in Online Casinos
The iGaming sector has exploded in recent years, with rocketing player numbers worldwide and more online casinos, gaming platforms, and emerging gambling markets than ever before.
Given that many online gaming sites now face much stiffer competition when it comes to attracting and retaining players in an oversaturated marketplace, it’s no surprise that we’ve seen a proliferation of no deposit bonuses on offer.
Mainly employed to gain new members, no deposit bonuses have become far more common in recent years. But how can discerning iGamers separate the wheat from the chaff when it comes to gauging the real value of cashable no deposit bonuses?
Let’s examine the no deposit bonus EV formula and see how players can aim to maximize their success rate when using cashable no deposit bonuses online:
Cashable No Deposit Bonuses – How to Calculate Expected Value (EV)
Cashable no deposit bonuses are special, relatively rare casino bonuses that enable players to generate real money winnings with no initial deposit necessary. Although these kinds of bonuses may not require a deposit at the surface level, they will almost always require the player to wager a specified amount of money in order to unlock and withdraw any cashable winnings they do manage to generate.
This is why many online gamers calculate the Expected Value (EV) of any bonus before getting on board and signing up for a promotion. Working out the EV of a no deposit bonus is crucial, as it enables you to gauge how much money you could win (or potentially lose out on) by going along with specific bonus terms.
An attractive and potentially lucrative no deposit bonus package could be transformed for the worse once you have a better idea of its EV. After all, if you’re planning to benefit from a cashable no deposit bonus financially, you’ll need to pick the right one to avoid losing out in the long run!
Generally speaking, bonus EV is easy to calculate – luckily, it’s not rocket science! To figure out an accurate EV of any cashable no deposit bonus, all you need to do is stick to this simple formula: EV = Bonus Money – Game RTP Percentage x Wager Value.
You’ll probably recognize this well-known formula from your school days as a simple way of working out the probability in mathematics. Let’s take a closer look at the three basic elements of this casino bonus EV formula and see how they can be applied when you’re browsing for a worthwhile bonus.
The Three Basic Elements of the EV Formula
- Bonus Money Value: Bonus money value refers to the value of the bonus as advertised. For example, for a bonus advertised with a £500 value, you might expect to claim or take home £500 once you’ve fulfilled the bonus obligation. This is the total amount that you’ll need to subtract from the value of the Game RTP Percentage, as multiplied by the wager value in the EV formula.
- Game RTP Percentage: Return to Player (RTP) rates or percentages are used by casino players to gauge the likelihood of seeing a return on their initial investment – in this case, their initial wager. A game’s RTP dictates the percentage of wagers that a player can expect to ‘get back’ (or have returned to them) after playing a specific game for a long period. Most serious online casino gamers won’t play titles with a low RTP, and the lower the RTP, the lesser your chances of coming out from a bonus on top. When it comes to online slot machine games, most players will aim for an approximate RTP of at least 96% to ensure that a slot is worth their time and wagers. The RTP of any online game is always listed and should be visible to the player – always check the RTP of any specified game titles before signing up for a cashable no deposit bonus.
- Wager Value: In our EV formula, wager value refers to the amount of money you’ll be required to wager according to the specific terms of your no deposit bonus. For example, if your bonus features wagering requirements of 30x, you would have to place wagers to the value of the bonus 30 times before you can convert or withdraw any cashable winnings. By going with a bonus scheme that holds excessive wagering (or ‘playthrough’) requirements, you could waste precious time and lose money before you’ve even finished your bonus run of play. A game’s RTP would be multiplied by its bonus wager value to calculate EV. Whatever kind of casino game you prefer, it’s always best to go with a bonus with minimal wagering requirements – this can help you reduce the total wager value required to fulfill the terms of your bonus.
Research Your Specific No Deposit Bonus & iGaming Platform
Many cashable no deposit bonuses may seem too good to be true. Unfortunately, you’ll need to exercise caution when seeking these bonuses. Before signing up with a new platform or bonus scheme, always ensure that you research – firstly, ensure that the site you choose to play with is safe and reputable.
The easiest way to do this is by checking user reviews and double-checking that your chosen platform is fully licensed and regulated by the appropriate body in its operational jurisdiction. Similarly, you’ll need to check that the bonus you’re signing up for is not a scam – there are still unscrupulous online casino operators in the market.
Signing up or playing with these illegal platforms could be the easiest way to negate any value associated with a valuable cashable no deposit bonus. You could even take your research as far as conducting or reading up on SWOT analyses related to your chosen payment provider, casino operator, game type, or specific bonus scheme.
Brush Up on Wagering Requirements & Game Contribution Percentage
To implement this EV formula, you must familiarise yourself with universal casino bonus concepts such as wagering requirements and, perhaps most importantly, game contribution percentage. Game contribution percentage refers to the literal contribution that a specific game will have towards your bonus.
For example, any playthrough generated with a slot machine game featuring a 100% game contribution percentage would be 100% valid by your bonus wagering requirements. Alternatively, a game with a low contribution percentage of 10% or 20% will only generate 10% or 20% towards respective wagering requirements.
Likewise, a game contribution percentage of 0% would be meaningless – you could place endless wagers without ever getting closer to fulfilling the bonus playthrough. This is why checking the contribution rate of specified games valid with your bonus is important.
As we will clarify later in the page, it’s also essential that you create a sensible budget if you want to get the best out of your online casino cashable bonus. Indeed, affordability checks for gamblers are expected to be introduced in upcoming amendments to gaming regulations in the UK to reduce problem gambling and keep British casino players safer online.
Be Strategic When Selecting Casino Games
Much like a diversifiable risk strategy in business, casino gamers may be able to reduce the overall risk of financial loss by ‘spreading their bets’ and ensuring that they don’t waste time and effort playing a single game variety.
This is especially true if that singular game type does not hold a favorable return for the player – this could be a low or nonexistent gaming contribution percentage or return to player (RTP) rate, for instance.
Naturally, it’s always best to go with bonuses that can be applied to games with minimal wagering requirements, a high game contribution percentage, and a reputable RTP rate.
Stick to Your Playing Budget and Always Play Within Your Means!
Once you’ve calculated a reasonable playing budget for each day, week, or month, ensure that you stick to it! Don’t get distracted by overtly attractive bonus values, and never stray from your budget based on the potentially empty promises of a no-deposit bonus.
This is true even if you expect a notable return in cashable winnings, having used the formula above to calculate bonus EV.
By playing within your means and maintaining a degree of caution regarding where you play and which bonuses you sign up with, you could find that you’re able to maximize financial reward when you do find the right promotion.
Good luck, and remember to stay safe when playing at online casino platforms, especially if you’re planning to generate cashable winnings using a no-deposit bonus!