Casino Bonus EV Calculator
Online casinos offer a terrific opportunity for playing games in the way that best suits you. The top casinos have hundreds of games that you can play at home or on a mobile device. These usually include slots, roulette, blackjack and lots more besides. In this piece I’ll be talking about using a Casino Bonus EV Calculator.
The idea of joining up is made more enticing by the welcome bonuses that they offer to new players. They will often give you a lot of free money to play with.
However, it is important that you make the most of this bonus in order to make it worthwhile. You don’t want to just fritter it away without anything to show for it, do you?
To do this you need to find out about how to find and use a casino bonus EV calculator. So, what is this and how should you go about using it? Thankfully, it is easier to use than you might think.
What Is the EV?
EV stands for estimated value. This formula is a way of working out how valuable a casino bonus could be to you.
To put it simply, estimated value in this case is the amount that you would expect to get back. In other words, the winnings. This is calculated long term for each game that you might want to play. Therefore, the figure is worked out as though you were playing the same game over and over again.
It is an average figure that reflects your chances of winning money that you can withdraw. After all, the aim with any casino bonus is to convert it into real cash. This is done by working your way through the casino’s wagering requirements before withdrawing.
This is important because there are so many casinos with different offers. You need to know what you are looking for. Are you going to stand a good chance of getting a big return? Or is it likely that you bonus money goes up in smoke?
If a casino’s bonus is good then what games should you use it on? You might not think that this matters but it is going to have a big impact on how much money you can withdraw.
Some games might see you lose the bonus before you can withdraw it. In others, you will have a better chance of winning enough times to access the cash.
It isn’t a particularly difficult subject for someone who is good at maths. However, the sheer number of calculations that you need to make turns it into something more complicated. This means that it is necessary to use a casino bonus EV calculator.
In fact, if you try and work it out manually you will see that it is impossible. On the other hand, a well set up simulator will let you compare several slot games and show you exactly how to proceed.
In this way, you can very quickly work out what games to play on which casino. It isn’t a fool proof method that always guarantee wins. Yet, it is a proven, statistical approach that can give you a big helping hand.
This simulator is typically used to choose which slots game to play. Although it can also be used for the likes of blackjack and roulette too. You just need to feed in some information and you are ready to go.
Should you trust your casino bonus EV Calculator?
You will find a good number of different EV calculators online that you could use. They all work in different ways but the principle behind them is the same. This is that they aim to tell you how much value a casino bonus is likely to give you.
Yet, not every casino bonus calculator uses an EV formula that is going to help you. Some might cause you to make mistakes by giving you incorrect figures. You could be losing out on a lot of money if you use the wrong calculator.
The formula used by many people is the following: –
Estimated value = Bonus – (Wagering Requirement * House Edge)
This is wrong and using it will mean that you miss out on a lot of potentially rewarding offers. This will greatly impact on your ability to win money before you even get started. Basically, you will be playing the wrong games or using the wrong stake.
To correctly identify the offers you need to take advantage of, you need the right calculation. The correct EV formula is the one found on the EV Maximiser site. This is as follows;
Estimated Value = Bonus – (Average Wagering * House Edge)
The difference may appear small at first. But it will have a huge effect on your chances of earning a lot of money in the right casino. Let’s take a look at how it works in order to better understand this.
How Does a Slots EV Calculator Maximise Your Value?
What is the end result that you want from running this simulator? It is to get the maximum amount of value possible out of the casino bonuses that you receive. You want to play through the bonus while winning as much as possible. This isn’t easy to do without a good strategy.
Therefore, we need to look at how the casino bonus EV calculator does that. In the case of a slot, it takes into account the RTP and the risk level of the game. This lets us see how much you should win when playing it numerous times.
After this, you need to complete the details of the amount you are going to deposit. You also need to complete the amount of the bonus that you are going to get. In addition, you fill in the wagering requirements. These are the conditions that you need to comply with in order to withdraw your winnings.
You can then simply run the simulator. The software will then take everything into account. It will give you a cash amount for the expected value of the game that you have chosen. This is how much you might eventually be able to get your hands on.
The amount that you see here isn’t set in stone. After all, you could go on a lucky streak and win more than this. On the other hand, you might go through a dry spell that gives you lower winnings. It is simply an average that can be used to guide your decisions.
By understanding the expected value of each game you can decide which one to wager the bonus money on. This means that you stand a far better chance of walking away with cash winnings that you can withdraw.
An Example of a Casino Slot EV Calculator in Action
Maybe it all seems a bit confusing so far? If you have never before used a casino bonus EV calculator then it can appear to be tricky. It may take some time to get your head around the idea.
The best approach in this case is to look at an example of how it works in real life. This will let us take it take by step and see some real figures.
We can use the 32Red Casino for our example. This popular casinos give a handsome welcome bonus. The offer rewards the player with £32 in extra funds for every £10 deposited. Used wisely, this bonus amount could bring in some very nice winnings.
The maximum deposit allowed on this promotion is £50. Which gives a £160 bonus to the player. The playthrough before withdrawal is allowed is £6,400 worth of bets.
This site counts most slots games as giving 100% in terms of contribution to these playthrough requirements. A few of the table games such as French Roulette and Baccarat only count for 10%. So, you need to play them far more to take your winnings home.
Some games don’t count towards the wagering requirements at all. It is well worth taking the time to check this out before you start. You might find a few slots in here that you need to avoid playing as well. In this example, 32Red has a handful of excluded slots on their list of conditions.
We then head over to check out their list of slots games. As with most big casinos, there are hundreds of titles to choose from. You will find lots of different titles from the big software developers.
At this stage, you can look for slots that catch your eye. It may be one that is based on your favourite movie. Or maybe you have just read a good review of it. The idea is to take a note of maybe 3 or 4 different slots to start with.
After this, we enter into the simulator on EV Maximiser. In here, we look for those slots that we are interested in. Let’s say that we choose Jurassic Park, Football Star, World Cup Mania and Hot Ink from the casino. We now select them in the simulator and see their details appear.
The next step is to fill in the deposit amount of £50. This is followed by the bonus amount of £160 that we will get from 32Red Casino. We then add in the wagering requirement of £6,400. Finally, we put in the bet size as £1 and run the simulator.
You will now see expected values appear for each of them. The slots we have looked at in this example are all classed as being medium risk apart from Jurassic Park. They also have similar RTPs in the range of 96 – 97%.
For instance, Jurassic Park brings back an estimated £69.18. World Cup Mania sits at £47.71. The differences between are big in this case but they won’t be in some other examples.
We also need to take into account the chance of busting while playing. The higher this figure the more risk there is of losing your money before completing the wagering requirements.
We can then look at a different approach by increasing the bet size. If we raise this to £5 then the figure for Jurassic Park increases to £105.05. However, the risk of busting also goes up. The average amount of wagering needed goes down in this case too.
In this way, it is possible to try out a few different options. By collecting a range of figures you will start to get a feel for which ones are more tempting than others.
Which Option to Choose?
In the example that we looked at we can see all of the information needed to decide. Which slot should you choose to maximise your bonus? The one with the highest return and lowest chance of busting should be your ideal choice.
We can also see how increasing the bet size has a big effect. This gives you the potential for bigger wins but also more chance of busting. It is really a balancing act between getting the best returns while keeping the risk low.
It is down to personal preference whether you take a risk or go for the safer option. If you are going to be claiming a lot of bonuses from casinos then smooth, consistent results is probably best.
Once you have chosen the slot that you like the look of it is time to spin the reels. You will then either bust out or else work through the wagering requirements successfully. In this second case, the winnings will be all yours to withdraw.
The Different Types of Bonuses
You also need to be aware of the different types of casino bonus around. The kind of bonus you are looking at will affect how to calculate the EV.
The following are the main types of bonus to take into account.
- Cashable. This is the most commonly seen type of casino offer right now. You simply get a bonus amount added onto your deposit. You then need to wager it a certain number of times before withdrawing. There are two different ways of calculating the EV in this case. It all comes down to whether there is a risk of going bust. If there isn’t then the formula is Estimated value = Bonus – (Wagering Requirement * House Edge). When there is a risk of going bust we replace the “Wagering Requirement” with “Average Wagering”.
- Post Wager. In this situation, you get the bonus credited after completing the casino’s wagering requirements. Post wager bonuses aren’t very common now. They tend to be less useful than cashable bonuses anyway. In this case, the formula used is Estimated Value = Bonus – (Wagering Requirement * House Edge). There is no difference to the estimated value when changing the size of stake or variance.
- A cashback bonus is one that gives you a percentage of your money back. This can be on losses, on your winnings or on both. Ideally it will be on both wins and losses. This bonus can typically be withdrawn right away. The formula used is Estimated Value = (Bonus * Chance of Busting) – (Average Wagering * House Edge). You should always set a target and bet to it unless you go bust. A minimum of 25% cashback is needed to make this worthwhile.
- Sticky bonus. This type of bonus only lets you withdraw the winnings from your bonus amount. You can never take out the actual bonus no matter how many times you play it through. The EV is worked out in the following way; Estimated Value = (Bonus * Chance of Busting) – (Average Wagering * House Edge). Bigger stakes and higher variance betting increases your chances here. Again, working to a target balance or until you go bust is best.
The Casino Slot EV Calculator Database
As we have seen, it is vital that you can compare RTPs and risk levels on the slots you are considering. There is a lot of information to be taken into account. This means that you need to use a comprehensive slot calculator database to do it for you.
There is simply no way of working out all of these figures on your own. Even doing it for one slot would be incredibly tough. When you consider that most casinos have hundreds for you to compare it is downright impossible.
This is where the casino bonus EV calculator at EV Maximiser is invaluable. Here, you will find 845 slots at the time of writing. This database has just about every slots game that you could want to research.
Everything that is needed for the calculation is already included here. After the name of the slot you will see how many paylines it has. Then the RTP followed by the risk rating. Finally, you can see which company provides the software.
You can use this database to compare the estimated value of a casino bonus using several different slots at the same time.
Casino Bonus EV Calculator Conclusion
Just getting hold of a casino bonus isn’t enough. To make the most of this offer you then need to then use it smartly.
By using a good casino bonus EV calculator you will work out what games to play. You will also see how much to bet. In this way, you can give yourself the best possible chance of getting winnings you can withdraw.
There is no guarantee that you will win every time. However, this approach will maximise your chances of doing so. By working out how to use your bonus money you will make these bonuses work a lot harder for you.