Points: the meter, not the money
Points are the most visible part of a loyalty programme and the least like money. They are earned per unit staked at a rate the operator sets, weighted by the game, converted at another rate, and usually spent on something that carries its own condition. The headline rate is not the value; the conversion path is.
Field 1How points are earned
A points rate is written per unit staked, never per unit won. That single fact explains most of the confusion around them: points accumulate whether the session is winning or losing, because they are paid on turnover rather than on result. The actual value you receive for a point is therefore a fraction of the edge you paid to earn it, and the fraction shrinks with every game weighting that pays less than the headline.
Two rates, one trap
Because earning and burning are two separate rates, an attractive headline earn rate can coexist with a poor conversion rate, an expiry date, or a cap on how many points count. Always read the burn side before judging the earn side; the burn side is where most of the advertised generosity is quietly taken back.
Field 2How points are burned
Spending points is a short chain with a condition at every link. Points convert to comp credit; comp credit becomes free play or a reward; and free play usually arrives with a wagering requirement before any of it can be withdrawn. Even the cleanest redemption — merchandise or a gift — is worth only what the item is worth to you, which is rarely the cash value the points were measured in.
| Condition | What it usually says | Effect on the point value |
|---|---|---|
| Expiry | Points lapse after a fixed period of inactivity, or at each window reset. | undefined |
| Conversion rate | One rate to earn, another to burn, sometimes tiered. | undefined |
| Wagering on free play | Free play must be staked a number of times before withdrawal. | undefined |
| Caps and exclusions | A maximum points balance, or games that earn nothing. | undefined |
| Instant comp credit | Credit usable directly, sometimes with no further condition. | undefined |
Field 3A worked shape, not a promise
The arithmetic is worth doing once in a rough way, because the direction is what matters and the direction is always the same. Suppose a game returns 96 percent to players, so the edge is 4 percent. Suppose the programme returns points and rakeback worth, in total, 0.5 percent of turnover. You have paid 4 and been handed back 0.5: the reward is real, and it is roughly an eighth of the cost. Percentages differ by operator and by game, and any figure here is illustrative, but no loyalty programme on any game reverses that shape, because the programme is written out of the same edge.
- Judge the rewards per unit of expected loss, not per unit of time. A rate quoted on turnover is not the same as a rate on your money, because turnover multiplies the edge.
- Read the expiry before you build a balance. A large balance that lapses is worth less than a small one that converts cleanly and soon.
- Prefer the clean redemptions. Direct comp credit beats free play with a heavy wagering condition, even when the headline number looks smaller.
- Do not stake to earn points. Points earned from play you would not otherwise make are a discount on a cost you did not have to incur.
Affiliate disclosure and risk warning
Every affiliate link on this page and in the header is a sponsored link to a partner operator, and we may be paid if you open an account through it, at no extra cost to you. That link pays us; it does not make any loyalty programme better than any other, it does not change the terms of any tier, and it is never a recommendation to play or to chase a status. Nothing on this page is betting, financial, tax or legal advice. 18+ only. Gambling is a real risk of real loss. A reward programme does not reduce the house edge: points, rakeback, cashback and comps are funded out of the money players put through the games, so they are a partial return of your own play, not a route to profit, and they are always worth less than the expected loss that earns them. Tier terms, earning rates, conversion values, windows and comps are set by each operator, differ between casino and sports products, can be changed or withdrawn, and are usually discretionary where a human host is involved. Never stake money you cannot afford to lose, never borrow to play, and never increase a stake or extend a session to reach a tier or protect a status. Gambling can cause serious financial harm, including debt and damage to relationships and mental health. Free and confidential support is available in most countries from national gambling-harm helplines, for players and for the people around them.
Now the part that pays the most
Rakeback and cashback are usually the largest source of real value in a programme — and the two are not the same thing.