Reading bonus terms: the five numbers that decide whether an offer is worth anything
A bonus's value is set by five numbers in its terms, not by the headline amount. Find them in this order: the wagering multiple, what it applies to, the maximum stake while wagering, the time limit, and the cash-out cap. If any one is missing from the offer page, that is the first thing to notice.
Last reviewed: 21 September 2026 · Author: Eleanor Whitlock
The five numbers
| # | Term | Where it hides | Why it matters |
|---|---|---|---|
| 1 | Wagering multiple (e.g. 35x) | Headline or first line of terms | Sets the turnover you must reach |
| 2 | Base — bonus only, or bonus + deposit | Buried in the definition of "wagering" | Doubles the turnover on a 100% match |
| 3 | Maximum stake while wagering (e.g. £5) | Mid-terms, often as "bet limit" | Exceeding it voids the bonus |
| 4 | Expiry (e.g. 7 days) | Near the end | Unfinished wagering forfeits everything |
| 5 | Cash-out cap (e.g. 5x bonus, or £100) | Last lines, or a separate "no-deposit" clause | Caps what wagering can ever produce |
A worked example
"100% up to £100 + 50 free spins" with these terms: 40x wagering on bonus + deposit; £5 max stake; 7 days; free spin winnings 30x; slots weighted 100%, live casino 10%.
- Deposit £100, bonus £100 → turnover = (£100 + £100) × 40 = £8,000.
- At £5 per spin that is at least 1,600 spins in seven days — 230 a day.
- Expected loss on £8,000 at 96% RTP: £320. The bonus was £100.
- The free spins are a separate track: their winnings (say £6) need £180 of turnover.
Decline the bonus, and £100 deposited is £100 you can withdraw at any point. Take it, and your £100 is locked to a week of heavy play with a negative expectation larger than the bonus. Neither choice is wrong; only one of them is "free money", and it is not the bonus.
What UK operators must show up front
Under the LCCP, promotional terms must be fair and transparent. In February 2018 the Competition and Markets Authority obtained formal undertakings from Ladbrokes, William Hill and PT Entertainment, and told the rest of the sector to follow them: significant terms and conditions must appear in the advertising of a promotion, restrictions on gameplay must be made clear, vague terms that let money be withheld or forfeited must go, and operators may no longer require people to wager their own funds multiple times before withdrawing their own money.
If a GB site shows "£100 bonus — T&Cs apply" and nothing else on the offer itself, the terms may still be compliant if they are one clear click away — but the arithmetic above is a reason to make that click before depositing.
Three clauses that are not numbers
- "Irregular play". Usually bans low-risk betting patterns (covering most roulette outcomes; both sides of a sports market). Vague on purpose; ask support before relying on a strategy.
- "Winnings from bonus funds". Defines what the cash-out cap applies to. On sticky bonuses, everything above your deposit.
- "We reserve the right to amend". Operators may change future offers; retrospective changes to an active bonus's terms are unlikely to be fair under the LCCP.
Quick answers
Is a no-deposit bonus ever worth it? As free play, yes. As money, only up to its cash-out cap, which is usually £50–£100.
Why do live casino games count 10%? Their house edge is far lower, so wagering them would cost the operator most of the bonus's built-in margin.
Can I withdraw my deposit while a bonus is active? On non-sticky bonuses, yes, and doing so usually cancels the bonus. On sticky bonuses, withdrawing forfeits bonus and bonus winnings. Check which you have before you play.
Sources: Gambling Commission, Licence Conditions and Codes of Practice (fair and transparent terms); Competition and Markets Authority, Making the online gambling sector fairer (12 February 2018) and the online gambling case page. Turnover and expected-loss figures are arithmetic from the stated terms.