Bonus Value Calculator
This calculator converts any casino bonus into expected real-money value: enter the bonus amount or spin count, the wagering requirement, and the game's RTP. It applies the house edge across the full wagering turnover and shows what the bonus is mathematically worth — often far less than its face value.
How the calculator works
The model is the one casinos use against you, pointed the other way. A wagering requirement forces a total turnover: bonus × wagering. Every dollar of that turnover passes through the game's house edge (100% − RTP), so the expected cost of the grind is turnover × house edge. Subtract that cost from what the bonus gives you and you have its expected value:
EV = bonus − (bonus × wagering × (1 − RTP))
For free spins, "bonus" is the spins' expected winnings: spins × spin value × RTP.
A useful corollary the tool prints for every calculation: the break-even wagering for a given RTP is 1 ÷ (1 − RTP). At 96% RTP that is 25x — any requirement above 25x has negative expected value, which is precisely why casinos set 40x and 45x. Every "True value" link on the site's toplists opens this page with that offer's numbers preloaded, and the $10 no deposit bonus page ranks all tracked cash chips with exactly this formula.
Worked example: the $10 chip at 40x
Take a typical $10 no-deposit chip (for example, Vave's chip-style offer). $10 bonus @ 40x wagering @ 96% RTP = −$6.00 EV: the requirement demands $400 of turnover, the 4% house edge prices that grind at $16, and $16 of expected cost against $10 of bonus leaves −$6. A negative EV does not mean you owe anything — it means the average player busts before clearing the wagering, so the realistic cash value is $0 plus a small chance of running hot early and reaching the $50 cap. Since no deposit was involved, that chance is free.
Worked example: 50 free spins at 45x
7Bit's 50 spins at $0.10 are a $5.00 face value, but the spins only produce about $4.80 (face × 96% RTP). That $4.80 then owes 45x turnover — $216 — at an expected cost of $8.64. Net: −$3.84 EV. Now set wagering to 0 and watch the sign flip: JustBit's 30 wager-free spins compute to +$2.88, withdrawable. The presets above load both so you can compare; the full reasoning lives on the keep what you win page.
What RTP should you enter?
The RTP of the specific game you will wager on, which is printed in every slot's paytable or info screen. No deposit spins are locked to one title — the offers we track sit on BGaming slots between 95.6% and 96.2%, so 96 is the honest default. For free chips you choose the game: a 97% RTP slot drops the break-even to 33x, while table games at 99%+ are usually excluded from these bonuses or weighted at 5–10% — if blackjack counts at 10%, your effective wagering multiplies by ten, and you should enter that instead. One caveat: casinos can license reduced-RTP versions of popular slots, so trust the in-game info screen over a review site's number.
What the calculator can't model
Three things, all of which cut against the bonus. Variance: EV is an average over thousands of players; your single run either busts or clears, and bust is the mode for any 40x+ offer. The max cashout truncates the good tail — the tool caps its "realistic value" line when you supply one, but the printed EV is pre-cap, so real-world value is slightly lower than shown. Conduct rules: max-bet limits, excluded games and one-account checks can void winnings outright, a risk no formula prices. Treat the output as a ceiling on what an offer is worth — and remember the floor on a genuine no deposit bonus is $0, never less, because nothing of yours is staked. Current tracked offers, with terms, live on the homepage top list, the free spins page and the crypto page.
Frequently asked questions
Is a no deposit bonus with 40x wagering worth claiming?
As money, barely: $10 at 40x and 96% RTP computes to −$6 EV, so the typical outcome is $0. As a free lottery ticket with a $50–$100 capped jackpot, sure — it costs nothing but time. The mistake is treating it as $10. The offers it makes sense to value as cash are the 0x ones at JustBit and Winz.
What does negative expected value actually mean here?
That the required turnover, priced at the game's house edge, costs more than the bonus is worth — so across many players the bonus dies during wagering more often than it clears. You personally either cash out the cap or end at $0; negative EV tells you which outcome dominates. With no deposit staked, you can never end below $0.
Why is 25x the break-even wagering at 96% RTP?
Each 1x of wagering on the bonus burns an expected 4% of it at 96% RTP (the house edge). After 25 such passes, 4% × 25 = 100% — the whole bonus, on average. The general rule the calculator applies is break-even = 1 ÷ (1 − RTP): 33x at 97%, 20x at 95%, 100x at 99%.
Does the calculator work for deposit bonuses too?
Yes — the wagering math is identical; just enter the bonus amount and its requirement. Two differences to mind: deposit bonus wagering is often quoted on deposit + bonus (enter the combined turnover ÷ bonus as your multiplier), and with a deposit involved your floor is no longer $0, because your own money is in the machine.