Assuming promotions are free money.

The headline amount doesn’t tell you what you can actually withdraw, or what you have to risk first.

A promotion can improve the terms of a bet. It can also get you gambling on a day you hadn’t planned to.

Look at what the offer requires: a deposit or qualifying bet, eligible odds, an expiry date, or more wagering before withdrawal. A bonus bet may return winnings without returning the promotional stake itself. A refund may be another restricted bet rather than cash.

Those details change the value of the offer. They also matter if meeting the conditions means spending more money or time than you intended.

The terms vary by operator and place. A word like “free” or “risk-free” is not enough to understand the transaction.