Online casinos offer a variety of promotions in the hopes of acquiring and retaining new real-money customers. One of the most common types of casino promotion is free slots credits (also known as “free spins“) or free pokies spins – for depositing customers. This kind of promotion can also be a no deposit bonus (Note: generally this kind of free spins promotion has wagering requirements attached).
Everything you need to know about online casino free spins offers
Free Spins are usually part of a casino welcome bonus package for depositing players (casinos will give you some “extra value” when you join up and make your first deposit in order to stay competitive – usually a percentage match of your initial deposit as well as some free spins on a popular online slot, or a selection of specific online slots.)
Free spins are great for casino lovers for a number of reasons:
- Free spins are (as the name suggests) 100% free. The customer doesn’t pay any extra cash to get these welcome spins. When they make a deposit, they get their deposit funds & any welcome bonus funds which are applicable, plus a number of free spins – which can only be used/played on specified game titles (specific slots – for a specific duration.
- Cash won from free spins can be cashed out (but as always, make sure to check the playthrough requirements attached to funds won from casinos bonuses & free spins)
- Free spins are a great way to check out new casino game titles with themes you might not be too keen on – you might find something amazing!/li>
Quite often you will find an unexpected gem of a game while playing your free spins (because the casino chooses the games on which you must play them) – and maybe you will even hit a casino progressive jackpot if you are really lucky!
Some casinos also run a similar casino no deposit bonus promotion – free spins – but for non depositing new players – known as no deposit free spins. Customers can claim these free slots spins upon registration of their player account. Winnings may be cashed out after any attached play-through requirement for the NDB is satisfied. Always read the terms and conditions of each no deposit free spins bonus for specifics.
The Mathematics Behind Casino Free Spins & No Deposit Free Spins Offers
In order to quantify the true value of any free spins or free spins no deposit offer, we must do a little math.
We could multiply the quantity of spins on offer by the spin value to determine how they stack up vs bonus money, but this doesn’t give a realistic expectation of the EV (expected value) of each spin. Different slots games for example have variable RTP (return to player) percentages, which must also be considered.
The RTP percentage expresses the % share of your bets the game is going to pay out in winnings over the long run (calculated over millions of spins – so your results within any single gambling session may vary)
Your estimation of the worth of the spins is more accurate when you take these factors into consideration. You’ll be able to calculate your chances of winning the bet and the amount of money you’ll need to cover it.
Let’s break the problem down into 3 distinct steps to perform an equity calculation:
- Pre-wagering winnings, or the expected payout, are calculated as follows: spins, spin value, and game RTP
- Expected loss equals pre-wagering winnings multiplied by the wagering requirement (RTP-1)
- Expected value (EV) equals expected reward minus anticipated loss.
EXAMPLE: a casino gives you a bonus of 250 spins, at 10c per spin, in a game with 96% RTP and wagering requirement of 20x.
Expected reward = 250 x $0.1 x 0.96 = $20.40
Expected loss = $20.40 x 20 x (1 – 0.96) = $10.92
Expected value = $20.40 – $10.92 = $10.48 (The total expected free spins offer value once played, on average)
Estimating the value of free casino spins is more accurate this way, taking these other important factors into consideration.
Free Spins after credit or debit card registration
In order to receive your spins and to prevent bonus abuse, most online casinos ask for your payment information to be verified (this is done by registering a valid Visa, Mastercard or other creditcard or debit card on your account).
Bonus abuse, underage gambling, and the creation of multiple accounts on the same website to claim multiple bonuses are the main reasons for this extra step.
It may seem like an extra effort to register your card information in order to receive free spins. You must, however, give the casino some registration-related information. Additionally, you’ll ease the process of making your first deposit if you like the casino games and slots experience.