A bonus advertised as £500 and one advertised as £200 can leave you with the same amount in your pocket. The difference sits in a number most players skip past: the wagering multiplier. Get that number wrong and the bonus you claimed becomes free spins you can look at but never withdraw.
The headline figure is bait, not the deal
Every online casino site leads with the biggest number it can justify: £1,000, 200 free spins, a deposit match that sounds too generous to ignore. That figure sells the click. It rarely tells you anything about what you'll actually be able to withdraw.
What decides that is the wagering requirement, written somewhere in the terms as a multiplier: 35x, 40x, occasionally higher. It means you have to bet through that amount before the bonus money (and often your winnings from it) convert into cash you can cash out. A £200 bonus at 20x wagering asks you to stake £4,000 in total play before withdrawal. A £500 bonus at 50x asks for £25,000. The smaller headline can be the better deal, and you'd never know it from the banner alone.
This is worth ten seconds of your attention before you deposit, not an afterthought after you've already spent an evening spinning. You're looking for the multiplier applied to the bonus amount, not the deposit, since some operators wager the whole balance and others wager the bonus only. That distinction alone can double or halve what you owe before you see a withdrawal button that actually works.

Game weighting turns some spins into wasted spins
Wagering multipliers get more complicated once you notice that not every game counts the same. Slots typically contribute 100% of your stake toward clearing the bonus. Table games like blackjack or roulette often count for 10% or less, and some operators exclude live dealer tables from bonus play entirely.
That matters because a player who claims a bonus and heads straight to blackjack, thinking they're grinding through the wagering, can burn through a session without moving the requirement much at all. The terms page will list a weighting table if one exists. It's usually smaller print than the bonus percentage itself, which tells you something about which number the operator wants you reading first.
The practical move is to decide which games you actually want to play before you claim anything. If you're a table games player, a bonus with a low wagering multiplier but a harsh table weighting can end up costing you more real playing time than a slightly larger slots-only offer. Match the bonus to how you actually play, not to the number on the banner.

Max bet limits can void a bonus outright
Buried near the wagering clause is usually a maximum bet rule while a bonus is active, often something like £5 or £10 per spin. Breach it, even once, on a single spin, and some operators reserve the right to void the entire bonus balance and any winnings tied to it.
This catches players who claim a bonus and then place their normal stake size without checking whether it clears the cap. If you usually play £20 spins, a bonus capped at £5 per stake either forces you to play smaller than you'd like for the duration of the wagering, or it isn't the right offer for your bankroll at all.
There's also a time limit attached to almost every welcome bonus: seven days, fourteen days, occasionally thirty. Clear the wagering after the window closes and the balance is gone regardless of how close you were. None of this is unusual across the market. It's simply the part of the offer that never makes it into the marketing email, so it's on you to check it once, before you deposit, rather than discovering it mid-session.
Reading two offers side by side
Put two welcome offers next to each other and the comparison gets easier fast. Site A: 100% up to £200, 20x wagering on bonus only, slots weighted 100%, seven-day clearance window, £5 max bet. Site B: 150% up to £450, 45x wagering on deposit plus bonus, slots weighted 100%, five-day window, £5 max bet.
Run the maths and Site A asks for £4,000 in total stakes to clear. Site B, because the multiplier applies to deposit and bonus combined, asks for considerably more despite the flashier headline. Neither number is wrong or a trick exactly, they're both disclosed, but only one of them suits a player who wants a realistic shot at walking away with the bonus intact.
Sites like Westace, SpinFin and LuckyOnes publish this breakdown in full on their promotions pages rather than folding it into a pop-up you have to screenshot to reread later, which makes the comparison genuinely doable in a few minutes rather than a research project. Whichever operator you're looking at, pull up the actual terms page, not the summary banner, before you commit a deposit to it.
Before you claim any welcome offer, find the wagering multiplier, check what it applies to, and confirm the max bet and time limit. Compare that against a smaller headline bonus with friendlier terms; it's often the better deal. Then pick the site whose numbers actually fit how you play, and go claim it through a reviewed operator rather than the first banner you saw.