making money from casino offers
Some of you will have no doubt lost a few quid over the years popping your hard earned cash into the fruit machine in your local while a bit merry, only to realize you could have spent it on another couple of drinks or a taxi home instead. Others may even have had problems, either losing large amounts of cash (and your relationship) using slot machines online or in amusements. Others still, like myself, saw right through the scam that they are and vowed from an early age that you would never use them under any circumstances.
Had you told me back in 2010, when I had just starting teaching English having spent my twenties eking out a living as a professional musician, that a few years down the line I would be routinely piling thousands of pounds a month into online slot machines and actually earning money from it, I would have dismissed you as a lunatic. Yet over the summer of 2015, I made over £4000 in 3 months from an array of bookmakers, most of whom had already restricted my sports betting activities. Around £600 a month came from slots. How did I achieve this? And how have many others earned much more than that doing the same thing? The answer lies in value.
Consider how much money a casino, either real or online, risks every day. It is easy to forget that every time we sit on one side of a slot machine and hit “Spin”, gambling our money, they are also spinning on the other side of the same machine and risking their money too. When we lose, they win, but when we win, they lose. They are prepared to do this an unlimited number of times. At any given moment they could lose hundreds or thousands of pounds to any number of lucky punters. Why do they so confidently risk millions of pounds week in week out? The answer lies in value.
Typically, an online slot machine has a theoretical return to player of 95% This means that over thousands of spins, for every £100 you put into it, you will, on average, receive £95 back. Of course in most instances you will either lose a lot more than that, or at times you will come out in profit. But essentially, you are guaranteed to lose a lot long term if you keep playing, which means they are guaranteed to win a lot, because the maths is in their favour.
But what happens when they offer you bonus funds? In many cases the same thing. Bonuses are often only withdrawable after you have wagered 35, 40 or even 50 times the bonus amount. It hardly seems worth accepting a £50 bonus tied to a £100 deposit of your own money if you have to spin £2500 just to withdraw, does it? You’re right. It’s a complete waste of time. You are overwhelmingly likely to lose both the £50 bonus and your own £100. You could of course be very lucky and make a profit, but that would be gambling and we don’t gamble (OK, doing casino offers is technically gambling, but we screen them for you to make sure the maths is in your favour so although you could lose on any individual offer, you will profit long term). By making you stake so much before withdrawing, the casino ensures that whatever value there might appear to be in a bonus is merely an illusion, and that the maths is still in their favour.
However, always keen to compete with each other to attract new customers, in any given week bookies offer plenty of bonuses which give you, the punter, a clear mathematical advantage. In these cases the roles are reversed. It’s like you, the previously very unlucky customer, now become the casino, while they become the customer. You just keep spinning, taking the occasional losing run on the chin, relaxed in the knowledge that it’s only a matter of time before you come out in profit.
So, let’s look at an example of a profitable casino offer. If you deposit and stake £10, you get £10 free. You must bet the bonus amount x10. On a typical 95% RTP slot, the estimated value (EV) of the offer is £4.50. You are NOT guaranteed to win £4.50. You are not even guaranteed to profit from this offer. Indeed, there is a reasonable chance you will lose between £0-5 of your own money, and then also lose the entire bonus amount. There is even a very small chance you will lose your entire £10 deposit and the bonus. So why do it? Because, like the casino, who take as many bets as possible while they have the mathematical advantage, if you do as many offers as possible like this, you will profit long term.
Still not comfortable? Worried about losing your £10? Select maximum lines and minimum stake. Typically this will result in a total bet of between 20p and 50p. If you are new to this, be careful. You could accidentally select a “Line Bet” of 20p, which could result in a total bet of anywhere up to £20 for a single spin. Take your time, follow the instructions carefully, but accept that on each occasion it is possible you could lose a little bit of money.
On occasion, ten or even twenty spins can win you absolutely nothing, which is why you should select minimum stakes. This is rare, but if you were to bet £1 or more per spin, you would lose your £10, whereas if you bet 20p, you would only lose £2 – 4. Chances are you wouldn’t be so unlucky with your next ten or twenty spins, and would probably win some of that £2 – 4 back, making it likely you would complete the original £10 of spins with most of your original deposit intact. You might be surprised by a big win before you even finish staking your £10. If this happens, you should still complete the offer.
Once you have staked your £10, you will receive your bonus (terms on different sites vary – you might receive it immediately or it could be a few days later). In this example, you have to stake £100 to withdraw any money from the bonus – because as stated earlier you must bet the bonus amount x10 before being allowed to withdraw.
“£100?! I don’t want to risk £100!”
Easy tiger. All risk has already been taken with your original £10. Now you are only betting with bonus money. If you lose the entire £10 bonus before having staked £100, then you stop right there, accept that on this occasion you haven’t made anything from this offer, and move onto the next one.
I consider how much I have won or lost of my original deposit before deciding how to use the bonus money. If, with my original £10, I lose a little money, I continue using minimum stakes and maximum lines with the bonus money, as this means I have a better chance of recouping that £3 and maybe a little more from the bonus money. With 20p stakes, you need to do 500 spins to stake £100. There is a higher chance of the mathematical variance evening itself out over a larger number of spins, and, because as with all offers on Edge Hunters, the maths is in your favour, you have a higher chance of coming out in profit even though you might have lost a little during the wagering of your original £10 deposit. On the other hand, if I break even or make a profit from the qualifying £10 worth of spins, the bonus money is essentially a completely free shot at a big win. So I put the stakes up to £1, £2 or even £5 a spin. If you hit a bonus round with large stakes like this, you could win thousands. It also makes the whole process a lot quicker. You can do 50 spins at £2 each to complete the £100 wagering in about 15 minutes. You do have a higher chance of losing the entire bonus amount, which doesn’t matter as you haven’t lost anything on the qualifying £10 worth of spins anyway. but if you do come out in profit, it could see you take £50, £500 or even £5000 from the unfortunate casino. Still, we shan’t feel too sorry for them eh? So if you win nothing from the first five £2 spins, the bonus is finished, do not a single extra spin, move onto the next offer and make some money.
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