Promotions, explained — terms, maths, and traps

What this page is, and is not. This is a neutral explainer of how promotions work. It does not list, rank, or recommend any operator's current promotion, and it carries no sign-up links. A “best promotion” ranking is not published here: “best” depends on the wagering multiple, the game weighting, the time limit, and the cap — and publishing a live ranking whose purpose is to send players to an operator is promotion, not information. What can be done honestly is to teach you to evaluate any offer yourself, in about two minutes.

Welcome / deposit bonus

A percentage match on a deposit (e.g. “100% up to $200”). The headline is the match; the contract is in the conditions below. The bonus amount is usually not withdrawable on arrival — it is released, converted, or forfeited under the wagering terms.

Wagering (playthrough) requirements — the number that matters

If a $100 bonus carries a 35× wagering requirement, you must place $3,500 in total bets before the bonus (and often winnings from it) becomes withdrawable. Worked example at a 96% RTP game: expected cost of turning over $3,500 ≈ 4% × $3,500 = $140 in expected losses — more than the $100 bonus. That arithmetic is why the multiple, not the match percentage, decides an offer's real value. Check also: does wagering apply to the bonus only, or to deposit + bonus (which doubles the turnover)? Do all games count 100% — table games and some slots often count less or not at all? What is the deadline, and the maximum bet allowed while wagering?

Cashback

A percentage of net losses (or sometimes of turnover) returned over a period, e.g. “10% weekly cashback.” Key questions: is it on net losses or total bets? Is it paid as cash (withdrawable) or as bonus funds (with its own wagering)? Is there a cap, a minimum, and an opt-in? 10% back on $500 of net losses is $50 — it reduces a loss, it never turns the maths positive.

Free bets / free spins

“Free” means the stake is not returned: a winning $10 free bet at even money typically pays $10 of winnings, not $20. Free-spin winnings are frequently paid as bonus funds with wagering attached. The value is in the terms, not the word “free.”

Restrictions that routinely surprise people

Expiry dates on the bonus and on wagering progress.
Maximum bet size while a bonus is active; exceeding it can void winnings under the terms.
Excluded games, countries, and payment methods (e-wallet deposits are commonly excluded).
Minimum odds for sports offers; caps on winnings from bonus funds.
One offer per person/household/payment method — duplicate accounts can lead to closure and confiscation under terms.

A 2-minute checklist for any offer

Wagering multiple × what base (bonus, or deposit + bonus)?
Game weighting and excluded games?
Deadline, max bet, winnings cap?
Paid as cash or bonus funds?
Expected turnover cost (turnover × house edge) vs the headline amount?

What remains unconfirmed

Any specific operator's current promotion, its exact current terms, and any claim that one offer is “the best” today: unconfirmed in this release. Terms change, differ by jurisdiction, and must be read on the operator's own current terms page for your jurisdiction at the moment you consider them.