Most players read a bonus offer and stop at the headline: "100% match up to $1,000, 35× wagering." That tells you almost nothing about the actual expected value. Four other numbers shape the math more than the headline does — and they're the ones operators bury.
Trap 1: Game contribution. "35× wagering" usually means 35× the bonus on slots. On blackjack it might count as 10%, meaning effective wagering on blackjack is 350×. On baccarat it might count as 0%. Read the contribution table before you decide which game funds your wagering.
Trap 2: Maximum bet during wagering. A common clause: max $5/spin while bonus is active. If you bet more, the bonus is voided — including any winnings on bonus money. Operators rarely warn you in the UI; they enforce on the back end.
Trap 3: Maximum cashout. "Up to $1,000 bonus" but max cashout from the bonus is capped at $500 or 5× the bonus amount. You can win $20,000 in the bonus and only withdraw the cap. Read this number before depositing.
Trap 4: Time limit. 30 days to complete wagering, 7 days to claim, 24 hours to use free spins. Each clock makes the wagering harder to complete. Pre-calculate whether you can realistically turn over the required volume in the allowed window.
The combined EV of a bonus depends on all five numbers (headline + four traps). We do this math on every casino review under the "bonus assessment" section — see the Stake review for the format. The summary: most welcome bonuses with high wagering and low cashout caps are net-negative EV vs. just depositing without the bonus and playing for rakeback.
Two general rules:
- A 35× wagering on slots-only with no max cashout cap is usually positive EV
- A 60× wagering with $500 max cashout cap is almost always trap territory regardless of the headline match percent
Math always beats marketing.