Almost every online casino has some kind of welcome bonus in order to help try and persuade players to sign up and use their website rather than their competitors. With a little thought and cleverness, we can take these new-player casino bonuses and convert them into withdrawable cash.
However, before delving into casino bonuses, let’s talk about sportsbook bonuses. Earning money from them is known as matched betting and is a little easy and may be where you get started?
But right now due to the COVID-19 pandemic, most sports aren’t running so there are not many matched betting offers available. But to try and keep players, casinos are offering better bonuses than usual. It is a great time now to try some casino bonus bagging – particularly as we all need to earn some more money!
Casino Bonus Bagging Isn’t Risk Free
Unlike matched betting, earning money from casino bonuses is not risk-free. But that doesn’t mean that it can’t be profitable and worth doing.
We call this notion expected value (EV). By using maths, we can find out how much money we will be able to make on average from the bonus. So why is that not risk-free? Due to variance. Each time we make a slightly different amount, but throughout 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.
The More We Play, The Closer To Expected We Get
Now we get a bit more complicated. The longer we play, the more likely we are to lose money.
I am not going to explain the maths here, but over 1 coin flip my opportunity of walking away with a profit is 50%.
Over 100 coin flips my opportunity of making a profit has dropped to 31.7%, that’s almost a 1/3rd opportunity which still is quite high. I may decide that I’m feeling lucky and take that 1/3rd opportunity. But over 6,000 coin flips my opportunity of leaving with a profit drops only 1%.
That is the way how a casino makes money. If there are 60 people playing at your casino with each person playing the coin flip game 100 times, then each has a 31.7% chance of leaving with a profit. But since the casino is playing 6,000 total flips, it only has a 1% chance of not making a profit overall.