To compare bonus offers objectively, pay less attention to the advertised amount and more to the mathematical expectation of what you can actually withdraw. We call it Effective Cashout Value (ECV).
A workable form of the calculation:
ECV ≈ min(Bonus + expected free-spin winnings, Max Cashout) − (Required turnover × House edge)
During audits carried out under our ReelScope iGaming research methodology we recalculate the real value of every bonus. At one UKGC partner casino, for instance, we logged the following: a 100% up to £100 offer with 35x wagering (bonus only) required a total of £3,500 in stakes. Against a 96.71% RTP, that turnover carries an expected cost of roughly £115, which is more than the £100 bonus itself. By contrast, a "50 free spins, no wagering" offer delivered net cash to the balance with no further conditions attached. Let's do the maths, and the ranking usually inverts.
For a quick structural comparison of the three main offer types: