EV table · repriced 2026-09-30 · 1 200-run Monte Carlo
Bonuses, priced.
Every bonus we track, ranked by expected value from a 1 200-run Monte Carlo simulation of its wagering requirement. Baseline: €100 deposit, 96.5% RTP medium-volatility slots. Personalise every input in the Portfolio Builder. See the methodology.
Simulated on 1 200 runs per bonus with a mulberry32 PRNG; results deterministic per bonus id. EV is expected value net of the €100 deposit. Numbers ≠ guarantees. Change every assumption in the Portfolio Builder.
Casino bonus codes September 2026 — what actually cashes out
Every code on this page has been decoded into its wagering multiplier, cashout cap and expected value. "50 free spins on Fire Joker" is not free if the winnings carry a 40× wagering requirement and a 5× cashout cap — the Monte Carlo takes the marketing copy, the T&C fine print, and re-prices the whole offer as a single EV number. Sort by EV, then filter by type in the table above.
- Bonus codes (EU) — pasted at signup or in the cashier. Same math as promo codes; different affiliate norm. The welcome hub is where match codes live.
- Promo codes (US / UK) — identical mechanism, different label. Sportsbook-facing casinos default to this term. See the code-heavy reload hub for weekly promo drops.
- No-deposit codes — no first payment required; winnings still carry a wagering multiplier and a max-cashout cap. Rarely positive EV. Full list on the no-deposit hub.
- Free-spins codes — free spins on a fixed slot (usually Book of Dead, Fire Joker, Big Bass Bonanza) with wagering on the winnings. Wager-free variants convert cleaner. See the free-spins hub.
- Cashback codes — a % rebate on net losses over a fixed window. The only category where EV is a function of your losing rate, not just the wagering multiplier. See the cashback hub.
Promo code vs bonus code vs coupon code — same field, three labels
Casinos rotate the label to match the affiliate market. The field on registration accepts one string and unlocks one offer — whether the button reads "Promo code", "Bonus code" or "Coupon code" changes nothing about the wagering multiplier or the cashout cap. If a landing page shows one label and the cashier shows another, both accept the same code. Watch for the hidden variant: some skins collapse the code field behind an "I have a code" toggle on the deposit step — enter it before you opt in, or the offer is dead even with the right string.
No-deposit codes — free spins on registration, decoded
The most-searched sub-query in this section: "no deposit bonus code" — the offer that requires no first payment. Fine print: winnings from no-deposit spins still carry wagering (usually 40× on winnings) and a max-cashout cap (usually €50–€100). Together those two levers make most no-deposit codes negative EV even though they cost nothing to enter. The exceptions — wager-free spins and small cash grants with cap ≥ 5× — are surfaced on the no-deposit hub with their EV verdicts.
Free-spins codes — Fire Joker, Book of Dead, Big Bass templates
Casino free-spin inventories concentrate on three or four slots: Fire Joker (Play'n GO), Book of Dead (Play'n GO), Big Bass Bonanza (Pragmatic) and Starburst (NetEnt). "50 free spins Fire Joker", "20 free spins Book of Dead" and "30 free spins Big Bass" are three of the highest-volume free-spins queries we track. Every free-spins code on this hub is priced at spin value × count × RTP minus the expected loss over the wagering requirement — that is the number in the EV column, not the marketing count.
Wager-free bonus codes — the cleanest structure
Wager-free means winnings convert straight to withdrawable cash: no 40× multiplier, no clearance race. Wager-free free-spins are the cleanest EV in this table, but the spin value is usually €0.10–€0.20 — small. Wager-free matched deposits are extremely rare (structural loss for the casino) and usually capped at €10–€20. Filter type = free-spins in the table above, or open the wager-free rows on the free-spins hub.
How to tell if a bonus code is still live
Codes rotate. Welcome codes usually run 30–90 days per campaign; seasonal reload codes run 72
hours; no-deposit codes rotate weekly or monthly. Every offer here carries the
2026-09-30 repricing timestamp — the floor of our validity check. If a code has been
dead longer than one repricing cycle, we drop the row; if it is capped-out or country-restricted
for your jurisdiction, the CLAIM/NEUTRAL/SKIP verdict on the row will still hold but the casino
will silently reject the code at signup. When in doubt, paste the code into the cashier before you
deposit — the field either accepts it or shows an error string.
FAQ
What is a casino bonus code?
A short string (like WELCOME200) you enter during registration or first deposit to unlock a specific offer. Every code on this page has been decoded into its actual wagering multiplier, cashout cap and expected value — no code is just "€200 free". Look at the EV column, not the headline.
What is the difference between a promo code, a bonus code and a coupon code?
They are marketing labels for the same input field. Casinos use "promo code" (US/UK affiliate norm), "bonus code" (EU norm) and "coupon code" (older skins) interchangeably. The math is identical: the code unlocks a set wagering multiplier, cashout cap and eligible-games list. We normalise all three under the same EV pipeline.
Are there no-deposit bonus codes that actually cash out?
Rarely, but yes. Only codes with a wagering multiplier at or below 40× on winnings and a max-cashout cap of at least 5× survive the Monte Carlo — you can filter for them with the type = no-deposit and EV = positive controls above, or open the no-deposit hub.
How do I redeem a bonus code?
Three-step: (1) open the casino from the CLAIM row, (2) register with the code pasted into the "promo code" or "bonus code" field on signup — some skins hide it under "I have a code", (3) opt in to the specific offer in the cashier before you deposit. If you deposit first without opting in, the code is dead — even correct codes fail this way.
Do bonus codes expire?
Yes. Casino code inventories rotate weekly; the biggest lifetimes are new-account welcome codes (30–90 days after registration) and seasonal reload codes (72 hours). Every code we track carries a build-time timestamp — the repriced stamp at the top of the page is our validity floor. If a code has been dead longer than one repricing cycle, we drop it.
Are wager-free bonus codes really free?
Wager-free means winnings from the bonus convert straight to withdrawable cash — but the offer still carries a max-cashout cap and a country/game exclusion list, and the free-spin value (usually €0.10–€0.20 per spin) is far below what a matched deposit unlocks. Wager-free is the cleanest structure but not the largest EV. See the free-spins hub for the wager-free filter.
Why is the EV negative for most bonuses?
Because most welcome bonuses have 40x+ wagering, and at typical 96.5% RTP the expected loss over that turnover exceeds the bonus amount. See the wagering math.
Are your EV numbers guaranteed outcomes?
No. EV is the mean of a Monte Carlo simulation. Individual outcomes vary widely — bonus detail pages show 5th and 95th percentile spread.
How do I use this table?
Sort by EV to find the mathematically strongest offer at baseline (€100, 96.5% RTP medium-vol slots). Click any headline for the datasheet and personalise inputs.
What is the best bonus type to hunt?
Empirically, no-deposit and low-wager (≤ 30x) welcome offers are the only reliably positive-EV categories.