Free Spins Value: How to Calculate What Free Spins Are Worth
To value free spins, multiply the number of spins by the stake each one is worth, then by the slot’s RTP, then subtract what the wagering on the winnings will cost you. One hundred spins at 10p on a 96% game are worth about £9.60 before wagering and about £5.76 after a 10x requirement on the winnings. If the spins are wager-free, the £9.60 is yours to keep on average.
This article is part of our slot guides, written to explain the maths and mechanics behind every spin.
The page below walks through the formula, a worked table and the terms that change the answer: the locked game, the expiry date and the cashout limit. It is part of our slot guides and uses the maths from the wagering requirements guide.
How do you work out what free spins are worth?
Start with the stake value of the spins: number of spins times the stake per spin. A hundred spins at 10p are £10 of play. That is the amount you would have to put in yourself to play the same spins.
Multiply that by the slot’s RTP to get the expected winnings before any conditions. At 96% RTP, £10 of stakes returns £9.60 on average. It is an average over many players and many spins, not a promise for your own spins, which can finish at nothing or far above £9.60.
Then apply the wagering. If the winnings must be wagered a number of times, each £1 of required stakes costs 4p at 96% RTP. The value after wagering is the expected winnings times one minus the multiple times 0.04. For 10x that factor is 0.6.
What is a worked example of free spins value?
The table runs the same 100 spins at 10p on a 96% RTP game through four different conditions. Contribution is taken as 100% and the wagering is on the winnings.
| Condition on the winnings | Expected winnings | Expected cost of wagering | Value after wagering |
|---|---|---|---|
| Wager-free | £9.60 | £0.00 | £9.60 |
| 10x | £9.60 | £3.84 | £5.76 |
| 20x | £9.60 | £7.68 | £1.92 |
| 35x | £9.60 | £13.44 | About £0 |
Calculated by us. Expected cost = winnings × multiple × (1 − RTP). At 35x the formula gives −£3.84, which in practice is about zero because you can stop and forfeit the balance.
The figures are averages and ignore variance, the maximum cashout and the time limit. They are useful for comparing two offers, not for predicting one session.
Are wager-free spins worth more than wagered spins?
For the same number of spins and the same stake, yes. Winnings from wager-free spins are paid out as cash, subject to any cashout limit, with no requirement to play them through. Using the table above, the wager-free version is worth £9.60 against £5.76 for 10x.
A bigger package with wagering can still beat a smaller wager-free one. Two hundred spins at 10p with 10x wagering are worth 200 × 0.10 × 0.96 × 0.6, or £11.52. That is more than the £9.60 from 100 wager-free spins.
The comparison depends on the multiple. At 20x, the same 200 spins are worth only £3.84. Work it through before you decide, and use the wagering calculator for the wagering step.
Why does the game the spins are locked to matter?
Free spins are usually tied to a named game. The RTP of that game feeds the formula, and a lower RTP means lower value. If the game is published at 94%, 100 spins at 10p return £9.40 on average, not £9.60.
One casino’s help article we read on 24 October 2026 credits 100 free spins on a single named slot at 10p each. The spin value, the game and the count are therefore fixed. Our RTP guide explains why one title can be published at several RTP settings and where to find the figure for the version you are given.
Volatility matters for the shape of the outcome. A high-volatility game pays rarely and can return nothing from 100 spins, while a low-volatility game tends to return something close to the average.
Do spins from a deposit differ from no-deposit spins?
Yes, in what you must do to get them and in what you can keep. Deposit-linked spins usually ask for a qualifying deposit or bet. A welcome offer we read requires a deposit of at least £20 and a wager of £20 or more on eligible games within 14 days of sign-up, and another requires £30 played on slots to earn 300 spins.
The qualifying amount is a cost to you, even though the stake is yours to play with. If you would have played that money anyway, the spins add value. If you would not, the net value is lower than the table suggests.
No-deposit spins cost nothing to claim and usually carry a low cashout cap. The max cashout limits guide covers how the cap changes the value.
How does a max cashout limit change the value of free spins?
A cap cuts the top of the range. If the terms limit winnings to £50, a lucky run that turns the spins into £500 pays out £50. The average value falls, though by less than the cap suggests, because most outcomes sit below it.
Check whether the cap applies to spin winnings and whether it comes before or after wagering. The answer decides whether you can ever take home more than the headline.
What should you check before you claim free spins?
- The number of spins and the stake per spin, so you know the total stake value.
- The game the spins are locked to, and its RTP.
- Whether winnings are wager-free, and if not, the multiple.
- The cashout cap on winnings, if any.
- The expiry for claiming, using the spins and meeting any wagering.
- What you must deposit or wager to qualify.
The Gambling Commission requires significant conditions to be shown transparently and prominently, and for online promotions no more than one click away (Social Responsibility Code 5.1.9, codes of practice). If you cannot find one of the six items above, ask before you opt in. The UK slot bonuses compared page lists current offers to run the same sums on.
More slot guides
- how online slots work
- RTP explained
- slot volatility explained
- max cashout limits
- live dealer vs RNG
- wagering requirements explained
- bonus game weighting
- sticky vs non-sticky bonuses
- the max bet rule on bonuses
- wagering requirement calculator
- how crash games work
- Plinko odds explained
- the maths behind Mines
- slots maths course
Frequently asked questions
How do you calculate the value of free spins?
Multiply the spins by the stake per spin and by the slot’s RTP. Then subtract the expected cost of any wagering on the winnings, which is the winnings times the multiple times the house edge.
Are free spins really free?
Only some are. Spins that need a qualifying deposit or wager carry a cost, and winnings may carry wagering and a cashout cap. The value is what is left after those conditions.
What does wager-free mean on free spins?
Winnings are paid as cash without a requirement to play them through, usually subject to a cashout cap. Check the terms to confirm that nothing else applies.
Why are my free spins on one game only?
The operator picks a game for the offer. The terms name it, and the spin value and count are fixed for that game.
Do free spins expire?
Yes. Terms we read gave periods from 48 hours to 30 days, and one casino’s page stated both, so confirm the period with support.
Is there a maximum win on free spins?
Many offers cap winnings, especially no-deposit spins. Read the limit in the terms, and see our max cashout limits guide.
Which is better, many low-value spins or fewer high-value ones?
With the same total stake value and the same terms, they have the same expected value. Fewer, higher-value spins are more volatile, so the result is more likely to be nothing or a large win.
Responsible gambling. You must be 18 or over to gamble. Free spins are not a reason to deposit; set a limit first and keep to it. GamCare offers free, confidential support on 0808 8020 133, and BeGambleAware provides further guidance. Our responsible gambling page lists the tools available.