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Almost every online casino has some sort of welcome bonus to help try and persuade you to sign up and use their website rather than their competitors. With a little bit of thought and cleverness, we can take these new-player casino bonuses and convert them into withdrawable cash.
But before we delve into casino bonuses, let’s talk about sportsbook bonuses. Making money from them is known as matched betting and is pretty easy and may be where you started off?
But right now because of the COVID-19 coronavirus most sports aren’t running so there aren’t that many matched betting offers available. But to try and keep customers casinos are offering better bonuses than normal. Now is a great time to try some casino bonus bagging – especially as we all need to make some more money!
Contents
You can get free spins to play slot machines online at nearly every online casino on the internet. Here you find a list of all the best free spins promotions available in 2020. Use the bonuses to play slots for fun or to win real money. Additional Guides: 7 Tremendous ways to make money with Podcasting #4 Research and only Research is the key medicine to make money online casinos. Different Casino sites have different layout’s, design, payment option and games and therefore you must try at least 4-5 Websites(as they are free to try). Best Online Casinos for Real Money in India 2021. Here you can find the best online casinos in Indian Rupees, offering top real money games like slots, blackjack, roulette, and Andar Bahar. How Do Online Casinos Make Money? Published by Paige August 28, 2020 Categorie(s): Casino News. When it comes to operating a gambling site, most players will probably wonder: “how do online casinos make money?” In most cases, there are three areas where the casino gets its funding from –player losses, the house edge, and free cash. Your online casino and sports wagering play will earn you Caesars Rewards Tier Credits® and Online Reward Credits®. Then, you can use your Online Reward Credits to get cash back on the site or redeem for offline Reward Credits which are good at any Caesars Rewards casino or resort worldwide.
Unlike Matched Betting, Casino Bonus Bagging Isn’t Risk Free
Unlike matched betting, making money from casino bonuses is not risk-free. But that doesn’t mean that they can’t be profitable and worth doing.
We call this notion EV (expected value). By using maths we can work out how much money we will make on average from the bonus. So why is that not risk-free? Because of variance. Each time we make a slightly different amount, but over the long term it averages to the EV.
If you understand what I mean then feel free to skip straight to the how casino bonuses work section.
Note: this can get quite complicated. If you want someone to explain it to you one-to-one then Oddsmonkey have an onboarding coach who will hold your hand when you sign up to their £17.99 a month service.
The Maths – How Casinos Make Money
Let’s say that we are playing a game of flip the coin, and because we’re fun people we’re also betting on it.
If we bet £1 a throw.
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1 and I lose £1 if the coin comes up tails.
That is what we call a fair game.
There is risk – we could play 100 flips and I might lose money, or I might win money. But either way, it is just down to luck. Statistically, I am not more likely to win than to lose.
There is a 50% chance of me winning each throw, and a 50% chance of me losing each throw.
That is not what it is like in a casino. The casino has an edge.
Let’s change the rules slightly:
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1.10 and I lose £1.10 if the coin comes up tails.
That is not a fair a game.
There is still risk – we could play 100 flips and I might make money. But I am more likely to lose.
On each coin toss I expect to lose 5p. We use this word “expect” a lot when it comes to making money from casino bonuses. It means the average in the long-term.
Here is a very simple tree showing you how we worked out that expected loss of 5p.
(0.5 x £1) + (0.5 x -£1.10) = -£0.05
That number becomes what is called the house edge. For every £1 we bet we expect to lose 5p.
If we play 1,000 flips, I will have bet £1,000 and expect to lose £50 (1,000 x 5p).
The More We Play The Closer To Expected We Get
Now we get a bit more complicated. The longer I play, the more likely I am to lose money.
I am not going to explain the maths here (email me if you want to know), but over 1 coin flip my chance of walking away with a profit is 50%. The coin can either come up heads or tails.
Over 100 coin flips my chance of making a profit has dropped to 31.7%, that’s almost a 1/3rd chance which still is quite high. I might decide that I’m feeling especially lucky and take that 1/3rd chance. But over 6,000 coin flips my chance of leaving with a profit drops only 1%.
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That is how a casino makes money. If there are 60 people playing at your casino and each plays the coin flip game 100 times, then each person has a 31.7% chance of leaving with a profit. But as the casino is playing 6,000 total flips it only has a 1% chance of not making a profit overall. A pretty clever business model.
What Are The House Edges Of Different Casino Games?
Now you can’t actually play our coin flip game in a casino so let’s apply this concept to two real casino games.
Roulette. Is a very basic game which almost everyone understands.
There are 36 numbers not including the zero. Of those 36 – 18 are red and 18 are black. The number zero is not red or black. Each time the wheel spins there is an equal chance that the ball will land on any of the numbers 0 – 36.
If you bet on red and it comes up, you win your stake back. So a £1 bet would win £1.
There is an 18 out of 37 chance of a red colour coming up. That means that you have a 48.6% chance of winning, and a 51.4% chance of losing.
Let’s draw that same tree we did earlier but this time for roulette:
(0.486 x £1) + (0.514 x -£1) = -£0.028
For ever £1 bet we expect to lose 2.8p. That’s the house edge.
That’s pretty low. But roulette is not the casino game with the lowest house edge. That award goes to….
Blackjack. Forget card counting or anything you’ve seen in the films, your basic blackjack is the casino game with the smallest house edge.
There are many different rule sets for blackjack, and the house edge depends both on those rules and also on how close to perfect strategy the player is playing. But most games of blackjack have a house edge of about 0.5p per £1 bet (0.5%).
Let’s just think about that, 0.5%. That’s so low! It’s the equivalent of playing the coin flip game with the rules:
- I win £1 and you lose £1 if the coin comes up heads.
- You win £1.01 and I lose £1.01 if the coin comes up tails.
If we played 1,000 hands of blackjack at £1 a bet, we would have staked £1,000 and expect to lose just £5.
How Casino Bonuses Work
Thank you for sitting through all of that. Now that the basics are out the way let’s talk about the juicy stuff. How we can actually make some money from casino bonuses.
Just like with matched betting, most casinos offer new players an incentive to sign up and play at their casino.
Unfortunately, unlike with matched betting, there is no way we can hedge out our bets. But we can use this knowledge of the house edge to turn things in our favour. Provided the bonus is good, we can expect to make money.
Let’s take a look at one bonus that is currently offered by William Hill on their live casino.
To get the bonus, we need to deposit £25 and then place a series of bets that total at least £200. When we have reached that target and we contact customer service, a bonus of £25 will be added which we are then free to withdraw along with whatever is left of our initial deposit.
How We Make Money From Casino Bonuses
£200 sounds like a lot, but after what we’ve learnt about house edges and blackjack it shouldn’t sound so bad. Remember blackjack has a house edge of 0.5%.
Over £200 staked we expect to lose only £1. That means we expect to keep £24 of the bonus!
This is what we expect to happen.
- We deposit £25 into William Hill Live casino.
- We place 200 £1 bets. At the end, we have lost £1 and have £24 left.
- A £25 bonus is added to our balance.
- We withdraw our balance of £49 (£24+£25).
- We have made a profit of £24.
But, there is risk.
There is a chance we will lose more than just £1. There is even a chance of us losing more money than the bonus is worth. If we use up all of that £25 we would need to deposit more in order to finish the staking.
We won’t go into the maths on variance. But understand this. Blackjack has a house edge of 0.5% and a standard deviation of 1.15.
That means that at a £1 bet size there is a 95% chance we will make somewhere between £7.75 and £40.25. But it also means there is a 7% chance of making a small loss.
That is the essence of making money from casino bonuses. You are simply moving the odds to your favour.
Websites like Oddsmonkey and Profit Accumulator (more on them later) have calculators for working out your variance and house edge from different casino games. They also have strategy calculators to help you play the games optimally.
Whew. So after all that explaining, the actual steps were very simple.
But we had to go into all that details because it will enable you to look at more advanced offers and take advantage of them as well. Every casino bonus has different terms and you need to be able to work out what strategy to follow to get the highest ‘expected profit’ or ev from the bonus.
Which brings us on to the hardest part of making money from casino bonuses.
Where To Find The Best Casino Bonuses
You can only do that William Hill Live casino offer once, so to continue making money you need to find some more offers.
And the unfortunate truth is for more casino bonuses it is not profitable to make money from them. You need to find the diamonds in the rough.
You can do this in exactly the same way as you would when sports matched betting. And in fact, if you have done matched betting before you will probably already know the following two choices:
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- Look through casino terms and conditions manually.
95% of people pay for a service. Compared to the EV you can make the services are cheap, they give you a curated list of offers to work through, and they point out any dangerous loopholes in the terms and conditions.
My two favourite paid for services for casino bonuses are:
- Profit Accumulator. Free for your first few bonuses, then £19.99 a month.
- Oddsmonkey. Free for your first few bonuses, £19.99 a month.
Nowadays they are both pretty similar with largely the same offers but different communities, website feel and customer service. They each have free accounts you can try out so I suggest signing up to both and then choosing which one you like the most.
Note: this can get quite complicated. If you want someone to explain it to you one-to-one then Oddsmonkey have an onboarding coach who will hold your hand when you sign up to their £19.99 a month service.
There Are Lots Of Different Types Of Casino Bonuses
Wow what a beast of a post!
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Let’s just finish on saying that there are lots of different types of casino bonuses and all have slightly different best ways to exploit them.
By now you should understand the concept of expectedvalue and therefore making money from casino bonuses. You have a guide to tackle your first bonus and you have plenty of resources to help you research and find new offers. Good luck!
USEFUL LINKS
- More details on casino wagering requirements.
- My summer betting diary where I made £250 a week throughout the summer holidays.
FAQ
What happens if I lose all of the £25 before completing the wagering requirement??
This is a very real risk and is also the reason why there is a chance of losing a small amount of money while completing the wagering requirement.
What you need to do is to deposit more money and finish the betting.
I hear people talking about ‘sticky’ bonuses or doubling up. What does that mean?
You should really join a forum and start asking people there. You are getting into some quite complicated areas with the potential to lose some large amounts of money if you make a mistake.
But in short: A sticky bonus is one that you can never withdraw. You can only withdraw the winnings. This means that the tactics we spoke about earlier don’t work. Doubling up is a technique to make money from them. You basically bet the whole bonus on red on roulette. If the bet wins you withdraw the winnings. If you lose you’ve lost the bonus which you couldn’t withdraw anyway.
What are the house odds of some other casino games?
- Baccarat – 1.06%
- 3-card Poker – 2.01%
- Craps – 0.34%
- French Roulette (you get 50% of your stake back if it lands on 0) – 1.35%
- American Roulette (two 0s) – 5.26%
- Slots – 3-10%. Average is about 5%.
Can I card count online blackjack?
No, you cannot. Card counting relies on the contents of the remaining cards changing as the rounds go on. In online blackjack the cards are shuffled every hand so the contents don’t change. You can do it with live blackjack – but I believe they shuffle regularly to make it more difficult. I have never tried.
I have a question that is not answered here?
Drop me an email at hello@sampriestley.com and I will do my best to get back to you.
Can you make money from casino bonuses while self-isolating or under quarantine?
Yes you can! It is actually a very good time to do it because you can do every step of the offer from your home.
Some casino players may be new to the concept of casino bonuses and online promotions. Anyone who would like to know how to make money from online bonuses will not have to look any further. They will only have to understand what is an online casino bonus and how it functions to provide players with more money to play casino games. Here are some of the most popular questions and answers related to online casino bonuses.How Do Online Casino Bonuses Work?
Generally, casino bonuses work in a straightforward way. Players will see the casino offer matching bonus when they deposit into their casino account. The bonus money may be matched from 10% to upwards of 200% for some casino bonuses. There are also some casinos which offer a 500% and 777% matching bonus distributed over several deposits. A casino player will only need to use the bonus code and redeem or claim it inside their casino account. When they make a deposit, the bonus offer is activated, and they will see the bonus money available in their casino account to play with.Can You Win Money With Online Casinos?
Players will realize that they can win money with online casinos. They will only need to go online to a casino with good reviews and navigate to the website. Most casinos will show the latest wins from their players. Reading the casino blogs and forums is another place to find information about the latest ways to win money with online casinos. The likelihood of an online casino game giving a payout will depend on what is called the Return to Player or RTP. The RTP of games such as slots will vary from 75% and up to 98% in some games. This rate that the slot machines payout will not be for each time you play, but rather this is the general rate of return a player can expect over a specific period of time. This is more long-term than what will be given to do during an evening of playing online casino games. Some of the largest ways to win inside an online casino are progressive games which increase which every bet. The largest payouts in the industry have been with progressive jackpots.How Do You Match a Bet?
Casino players have used matched bets as a way to increase their bankrolls and have more to play with. It is not difficult to do once players understand the concept behind it. It does involve using the bonuses offered by an online casino to end up with more inside an online casino account. Online casinos might have a bonus offer whereby if you wager $100, they will match it to give $100. Players will see this as a deposit bonus where the deposit amount is matched 100% or more. The free bonus money when you match a bet is for players to wager on games and they can withdraw the winnings depending on the terms and conditions of the bonus offer.How Can I Earn Money by Playing Games?
Players may earn money playing games in a variety of ways. They can redeem deposit bonuses and reload bonuses to have more to play with. This will increase the amount of money in their bankroll, which can lead to higher wagers or playing for longer than they normally would. Some casinos will even provide a free spins bonus to try out a slots game. It is also possible to take hold of no deposit bonuses and free casino chips which can earn money by playing games. Players should also look into enjoying tournaments as these tournaments are another possible way to earn money by playing games.What Is Casino Bonus?
A casino bonus is used to describe free money or a reward in the form of money. This bonus is usually given to players when they make a deposit and place money into their casino account. The casino will match the amount deposited up to a specific percentage. This is not just a bonus, but also what is called a deposit bonus. There are various types of bonuses to be found. For example, the no deposit bonus is another kind of free money. This is truly free money as players may be given $5, $10 or up to $25 to try out the casino. This no deposit bonus will not require players to use their own money to play with, and they receive free casino credits to play games. Other than the deposit bonuses, there are also cashback bonuses. Cashback bonuses are based on deposits which are made and wagered. When players play and receive a loss, the casino will give back a percentage of this net loss as a bonus to play again. Many online casinos do this on a weekly basis, and just requires players to participate each week to qualify. An online casino may also have what is known as a payment method bonus. This is similar to a deposit bonus. However, players will see that a bonus is given only for using specific payment methods such as Skrill or Bitcoin. Players can receive a matched bonus for using a payment bonus.What Does Playthrough Bonus Mean?
A playthrough bonus is used to refer to a bonus in which players will have a playthrough requirement to adhere to. The “playthrough” is the amount of times the money has to be wagered or the number of times a player will need to place a wager that includes a combination of the original bet and the bonus money. The playthrough is usually stated as the number of times. For example, 10x. In this example, the deposit and bonus money will need to be staked 10 times the amount. On a deposit of $50 with a 100% matching bonus of $50 for a total of $100, and a playthrough of 10x, casino players will be required to wager $1,000 to satisfy the playthrough requirements.What Is 35x Wager Requirement?
Using the example above, the deposit and bonus money of $100 will have a wagering requirement of 35 times the total amount. This will result in a wagering requirement equivalent to $3,500 to meet the conditions of the bonus offer.Can I Withdraw Free Bet Winnings?
Some players may wonder, “Can I withdraw free bet winnings?” The answer to this will depend on the terms associated with the free bet bonus offer. Some bonus promotions will allow players to withdraw their free bet winnings while others will not. Many bonus promotions will have what is called a “maximum cashout” which is the maximum amount a casino player can cashout from a bonus offer. For example, a max cashout of $100 will be stated as a condition for redeeming the bonus offer. Other bonus promotions will have what is called a “no max cashout” and players are able to withdraw their free bet winnings. Keep in mind that withdrawals will also be dependent on achieving the playthrough requirement before any withdraws are approved from an online casino.What Game Makes the Most Money 2018?
What game makes the most money is dependent on various factors. More than anything, players will have to look at the casino games and the return the player can expect to receive from participating in these games. Overall, Blackjack table games are thought to be games which may make the most money. This is because of the house edge between 0.13% to about 1%. Players can also try Craps which has a house edge of up to 0.60%. Craps does have a learning curve, but understanding the game will help towards making real money online. It has been shown that table games generally will contribute to making the most money. However, these games require understanding and strategy which is far greater than what is needed to play slots games.What Is the Best App to Get Free Money?
When someone is looking for the best app to get free money they will only need to take a look at mobile casino apps. These are easy applications to download to your mobile device. Players will see that mobile casinos will offer access to some of the top promotions where they can get free money. Mobile apps will have welcome bonuses, reload bonuses, cashback, and more. Casino players will only need to have a device such as a tablet or a smartphone that is compatible with Android or Apple iOS.What Is the Best Online Casino for Real Money?
There are various casinos available and players will see that the best casinos for real money vary in design and the types of games they offer. Some of the higher paying casinos include:- Bovada Casino which is known throughout the online casino industry. It has been in operating a long time and is considered by some players to be one of the top paying casinos. Bovada allows not only casino games, but offers a racebook, sportsbook, and video poker games. There is also a live dealer casino. Players can look forward to up to $3000 in new bonuses.
- Cafe Casino is not as old as Bovada, but it has grown to make a name for itself in a short time. It is known for the $100 casino chip offered to players who want to get started inside of the casino. Cafe Casino also has welcome bonus offers which are matched 500%.
- Liberty Slots Casino is no stranger to the online casino industry. It has become established in the industry and frequently provides bonus and promotions to casino members. Liberty Slots does provide access to progressive jackpots and a new player welcome bonus of $777 to get started.