Retention offers arrive faster than welcome packages and deserve a faster answer. This calculator prices the two formats that fill every promo inbox — free spins and cashback — in one pass: enter the terms, get the expected value. It is the quick-check tool of our bonus suite; when an offer survives the ten-second test, the specialized pages below take it apart term by term.
What went wrong?
How to Use It
- Pick the promo type: Free Spins or Cashback.
- Wagering requirement (×): the rollover multiplier from the terms; enter 0 for wager-free offers.
- House edge (%): 100 minus the RTP of the game you will clear with — a 96% slot is a 4% edge.
- Free spins: spin count and stake per spin. Cashback: your net loss and the cashback percentage.
The model is the shared one across our bonus tools: expected winnings (or cashback received) minus the cost of wagering, where cost = turnover × house edge. Both branches assume the credited money is cashable once cleared.
Free Spins: The Wagering Trap, Priced Correctly
50 spins at $1.00 each, 50× wagering on winnings, 96% slot:
- Expected winnings from the spins: 50 × $1.00 × 96% = $48.00 — not the $50.00 face value; the house edge applies to the spins themselves.
- Turnover: $48.00 × 50 = $2,400.00.
- Cost of wagering: $2,400.00 × 4% = $96.00.
- Expected value: $48.00 − $96.00 = −$48.00.
The headline said “$50 of free spins”; the math says the package is expected to consume its own winnings and the same amount again from your balance while clearing. At 50×, that verdict barely depends on the slot — the break-even multiplier on a 96% game is 24× for spin winnings, and industry retention offers sit far above it.
Cashback: The Underrated Half of the Tool
Cashback returns a percentage of your net losses, and its value hinges on one clause: whether the money arrives as withdrawable cash (wager-free) or as bonus funds with a requirement. Wager-free cashback is worth its face amount — a genuine reduction of your loss. Wagered cashback pays the house edge on its way out:
| Deal (per $100 net loss) | Received | Cost to clear (96% slot) | Real value |
|---|---|---|---|
| 10% wager-free | $10.00 | $0.00 | $10.00 |
| 10% at 3× WR | $10.00 | $1.20 | $8.80 |
| 20% at 10× WR | $20.00 | $8.00 | $12.00 |
| 10% at 35× WR | $10.00 | $14.00 | −$4.00 |
The last row is the one to memorize: heavily wagered cashback can be worth less than nothing — a rebate you pay to receive. And a framing caution that applies to every row: cashback is compensation for a loss that already happened. A 10% deal turns a $100.00 loss into a $90.00 loss; it never turns losing play into winning play, and chasing losses to “earn” the rebate inverts the entire calculation.
Ten-Second Check vs Deep Dive
This page answers “is the offer worth a second look?” For anything that passes: the Free Spins to Cash Converter applies the full terms model — wagering base, game contribution, max cashout; the Free Spins EV & Variance Calculator shows the spread of outcomes by slot volatility; and deposit-match offers belong to the Bonus & Wagering Calculator with its type-aware EV. All four share one wagering-cost model, so their answers agree.
Related Calculators
- Free Spins to Cash Converter — Full term-by-term package value
- Free Spins EV & Variance Calculator — Outcome ranges by volatility
- Casino Bonus & Wagering Calculator — Deposit bonuses, all three types
- Bonus Hunting Planner — A whole list of offers as a portfolio