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OddsMonkey Casino Offers Guide

What you’ll learn in this guide:

  • How online casino offers work
  • Who OddsMonkey are
  • Which OddsMonkey guides to check out first
  • How to sign up to OddsMonkey

How Do Online Casino Offers Work?

Similar to bookies giving out free bets to new customers, online casinos also give away freebies to new players. These range from 5 free spins on a particular slot, to £100+ in bonuses!

Not all casino offers are created equal though. Due to the house edge that casinos have, and the often high wagering requirements needed to turn bonus funds into real money, you need to make sure that the expected value (EV) is going to equal profit. 

House Edge & Wagering Requirements

House Edge is the mathematical advantage that the gambling game, and therefore the commercial gambling venue, has over you as you play over time.

For example, slot machines (aka fruit machines) have a house edge of 5%, so for every £100 you pump into a machine, it will pay back £95, giving the casino a profit of £5.

On the flip side, the Return to Player (RTP) in this case is would be £95 paid out, or 95% of the original £100 spent.

A wagering requirement is a multiplier that represents the number of times you have to play though a bonus before you are able to withdraw any winnings.

It’s basically the amount of money you have to bet before you can withdraw your cash. For example, there is a casino promotion that gives players a £10 bonus with a WR of x10. You’d need to wager £10 x10 = £100 in order to turn that bonus into real cash and withdraw it.

Expected Value (EV)

Expected Value is the amount of money you can mathematically expect to return from an offer. An offer can give us positive expected value (+£EV) where we are expected to make money, or negative expected value (-£EV) where we’re expected to lose money.

You can work out the expected value of an offer by knowing the WR and RTP.

For example – an online casino is offering a £10 bonus if you play through £20 of your own money on a particular slot. The bonus carries a WR of x10 and the slot machine has a RTP of 95%, or 5% house edge.

So you play your initial £20 on the slot and with a RTP of 95% you expect a return of £19. This makes you £1 down.

You now get your £10. But, it has a WR of x10, so you need to play £100 before you can withdraw your money.

With a RTP of 95%, you’d expect to lose £5 from the £100 staked. This would leave you with £5 winnings from your bonus.

So a £1 loss, plus a £5 win from the bonus gives you a EV of +£4.

Now take the same offer, except this time the WR is x20, meaning £200 of wagering… With the RTP of 95% you’d expect to lose £10, THE ENTIRE BONUS!

This would make change the EV to -£1. Never attempt offers with negative EV, as the house will have the edge again!

Controlling Variance

EV is based on mathematical probability. So it’s not a guarantee. If you play £100 on a promotion with an EV of +£5 you might lose all of your money, or you might win loads!

Mathematicians call this variance. If you were to repeat an offer enough times, the EV will prevail because as with an experiment, the mathematical probability becomes consistent over time.

Basically, you cannot expect to return the calculated EV from each offer. There will be a ‘variance’ in what one person experiences versus another person. It’s why we get huge winners at casinos.

But, by playing minimum stakes on any casino game you play when undertaking an offer you can minimise your risk of being on the wrong end of a negative variance.

Say you have to wager £100 as part of your bonus conditions… You could play 100 spins of £1. Or you could play 200 spins of 50p. Or you could play 400 spins of 25p. While the 25p option takes up more of your time, you are minimising the likeliness of variance.

Who are OddsMonkey?

OddsMonkey

OddsMonkey is the UK’s leading paid matched betting service. They provide a range of matched betting tools that help matched betters spend less time on offers and make more money.

They offer a free trial where you get access to parts of their software, along with welcome offer guides for SkyBet, Betfred and Coral. The 888Casino sign up offer is included in their trial too!

Due to the lack of live sport amid the coronavirus pandemic, we advise signing up to their 12 day trial which costs £1. This will be the perfect introduction for you to casino and bingo offers, especially the risk-free offers!

OddsMonkey premium does a great job of explaining casino offers in more detail in their Casino Hub guides, and also clearly label which offers are risk-free, as well as the expected value from each offer.

At the moment the EV from the welcome offers is over £700, with the expected value from casino reloads offers coming in at over £400!

OddsMonkey Casino Hub Offers

Which Casino Guides Should You Read First?

Once you’ve signed up to OddsMonkey and paid for your £1 trial, we recommend checking out the list of guides below: 

  • An Introduction to Casino Offers
  • How To Decide If A Slot Offer Is Worth Doing
  • Making The Most of Slot Offers & Why You Should Do Them

Before doing table games, such as blackjack or roulette, make sure you read these three guides:

  • OddsMonkey Blackjack Strategy
  • How to Play Roulette
  • Casino Golden Chips

You can find the guides here, but you need to make sure you’re logged in and signed up to the premium trial for the link to work.

We recommend trying the risk-free offers first, before going onto the positive EV offers.

How To Get 50% off Your First Month of Premium

  1.  Sign up to the OddsMonkey free trial using our link here
  2. Click the Get Premium button on the trial dashboard
  3. Enter code OM50 and purchase your first month of OddsMonkey Premium half price!

You’re all sorted! Remember, you can contact us if you have any questions, or feel free to post your query in our Facebook Group.