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A headline bonus is a marketing number. This works out what the offer is actually expected to be worth once wagering, game contribution and the house edge are applied.
Contribution rates vary by game: slots usually count 100%, blackjack and roulette often 10% or less, which multiplies the real betting required. Always read the offer's own terms.
Clearing this offer is expected to cost about 280% of the bonus in house edge. Anything under 100% means the offer is expected to be worth something; anything over means the wagering eats the bonus.
This is an average over many attempts. Any single attempt ends well above or well below it.
You must place bets totalling 40 times a base amount before bonus funds can be withdrawn. The base matters enormously: 40x on a $100 bonus is $4,000 of betting, while 40x on deposit plus bonus is $8,000.
If a game contributes 10%, a $1 bet only counts as $0.10 toward the requirement, so you must bet ten times as much to clear the same offer. That multiplies your exposure to the house edge.
Yes, when the bonus is large relative to the turnover required and the eligible games have a low house edge. It is uncommon, and a positive expectation still says nothing about what happens in one attempt.
It caps your upside while leaving your downside untouched, which lowers the value of the offer. This calculator applies it to the expected value.