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Free Spins Value Calculator

See what a free spins offer is really worth once spin value, RTP and wagering are taken into account.

Enter your spin count and value to see the result

How to use the free spins value calculator

All four inputs are in the bonus terms of the offer. Look for a line such as "100 free spins on Book of Dead, value €0.10 per spin, winnings subject to 30x wagering".

  1. Number of free spins: the count in the offer.
  2. Spin value: the stake of each spin in euros.
  3. Game RTP: the return to player of the slot the spins are on. Check the info screen of the game, because many slots have several RTP versions.
  4. Wagering on winnings: the multiplier, or 0 if the spins are wager free.

You get up to four figures. Total spin value is what the spins would cost if you paid for them. Theoretical winnings are the average payout at the RTP you entered. Wagering required is how much you must bet before the winnings become cash. The green figure is the realistic expected return after the cost of that wagering.

Three worked examples

Example 1

100 spins at €0.10, 96% RTP, 30x wagering.

Spin value €10. Winnings €10 x 96% = €9.60.

Wagering €9.60 x 30 = €288, cost €288 x 4% = €11.52. Return: €0.

Example 2

50 spins at €0.20, 96.5% RTP, no wagering.

Spin value €10. Winnings €10 x 96.5% = €9.65.

No playthrough, so the return stays at €9.65.

Example 3

20 spins at €0.50, 96% RTP, 10x wagering.

Spin value €10. Winnings €9.60.

Wagering €96, cost €96 x 4% = €3.84. Return: €9.60 - €3.84 = €5.76.

All three offers have the same €10 in spin value. The wagering decides what is left: nothing in the first case, almost all of it in the second and a bit more than half in the third. Twenty spins at 10x beat one hundred spins at 30x, even though the headline number is five times smaller.

Expected value of free spins

Expected value (EV) is the average result if you could claim the same offer thousands of times. For free spins the calculator uses this formula:

EV = winnings - (winnings x wagering x house edge), where winnings = spins x spin value x RTP

The house edge is 100% minus the RTP. Written another way, EV = winnings x (1 - wagering x house edge). At 96% RTP the bracket hits zero at 25x, which is why so many offers with 30x to 40x on winnings end at €0 here. At 97% RTP the break-even point moves to about 33x.

This is a simple model. It ignores the chance of a big hit during the spins, which is where the real fun and most of the upside sit. It also assumes you keep betting until the wagering is done, while in practice you stop when the balance reaches zero, so the true average is a little higher than the figure shown for heavy wagering. Use the result to compare offers with each other.

Max cashout caps are not in this calculator. If the terms limit free spin winnings to, say, €50, the value can never be higher than that. Our guide to how free spins work and the article on no deposit bonuses explain these caps. For RTP figures, see the RTP and volatility guide and slot pages such as Sweet Bonanza RTP or Starburst.

Ready to compare real offers? Browse no deposit free spins, low wagering free spins and no wagering free spins. For deposit bonuses, use the bonus value calculator or check the total turnover with the wagering calculator.

Free spins value FAQ

Why is the expected return after wagering so low?
Wagering makes you bet your free spin winnings many times, and every bet carries the house edge. With 96% RTP and 30x wagering on winnings, the expected cost of the playthrough (30 x 4% = 120% of the winnings) is larger than the winnings themselves, so the average result rounds down to zero.
What is a typical free spin value?
Most offers we see use €0.10 or €0.20 per spin, and some use more. The value is set by the casino and is listed in the bonus terms. 50 spins at €0.10 are worth €5 in stakes, so always multiply the count by the value before you compare offers.
What does theoretical winnings mean?
It is the average amount the spins pay back: total spin value x RTP. 100 spins at €0.10 on a 96% RTP slot have theoretical winnings of €9.60. Your real result from one batch of spins can be zero or many times higher, because slots are volatile.
Does wagering apply to the winnings or to the spin value?
For free spins it normally applies to the winnings the spins produce. If your spins win €8 and the terms say 30x, you must bet €240 before you can withdraw. A few offers use a different base, so read the terms. The calculator uses winnings as the base.
When are free spins worth claiming?
Spins with no wagering keep their full theoretical value, and spins with low wagering keep part of it. With the formula used here the expected return reaches zero once the multiplier equals 1 divided by the house edge, which is 25x at 96% RTP. Max cashout caps and short expiry times reduce the value further.
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