What "wagering" actually means
Wagering (also called playthrough, or WR) is the multiple of the bonus you must bet before you can withdraw any of it. A €100 bonus with 40× wagering means you need to place €4,000 in qualifying wagers before the bonus converts to cash. Two things matter beyond the multiple: which games count (slots are usually 100%, blackjack often 5–10%, live games sometimes 0%), and the max bet allowed during clearing (usually €5).
The honest math
At a 96% RTP slot, you lose 4% of every wagered euro on average. Wagering €4,000 costs you, on average, €160. Subtract that from the €100 bonus and the expected value is −€60. A 30× wagering at 96% RTP is roughly break-even (~€20 EV). 25× and below is genuinely positive EV.
Red flags in the small print
Look for: max-bet cap below €5 (rare, predatory), wagering applied to deposit + bonus (effectively doubles WR), expiry under 14 days on bonuses over €100 (impossible to clear at safe stakes), 0% contribution on live casino if that is what you actually play.
Frequently asked
Is "no wagering" too good to be true?
No. Several MGA-licensed operators (Casumo, Mr Green, Unibet on certain promos) run genuine no-wagering offers — usually small (50 free spins, €10–€20 cash). They are real, and they are mathematically the only welcome bonuses with guaranteed positive EV.
Does wagering apply to deposits or just the bonus?
Read the T&Cs. "Bonus only" wagering is the standard at tier-1 operators. "Deposit + bonus" wagering effectively doubles the requirement and is mostly seen at offshore Curaçao operators.