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March 30, 2026 • Reading time: 7 minutes
Loyalty programmes are presented as a reward for playing and are, in fact, a discount on the cost of playing. The difference sounds pedantic until you do the arithmetic, at which point it becomes the whole point.
How points are earned
Points accrue on wagers, not on wins or losses. A typical structure gives one point per fixed amount staked, and the exact rate varies by operator, by game type and by tier.
Two details do most of the work, and both are usually in the small print:
- Game weighting. Slots usually earn at the full rate; table games often at a fraction, or nothing. A programme advertising a generous rate may be advertising it for the games with the highest margin.
- The conversion rate out. Earning points is half the calculation; what they convert to is the other half, and it is stated separately — sometimes on a different page.
The arithmetic that matters
Take a representative structure: one point per €10 wagered, and 100 points converting to €1 of bonus credit. That is €1,000 of turnover for €1 back — a rebate of 0.1%.
| Turnover | Expected cost at 4% | Points value at 0.1% | Net |
|---|---|---|---|
| €1,000 | €40 | €1 | −€39 |
| €10,000 | €400 | €10 | −€390 |
| €100,000 | €4,000 | €100 | −€3,900 |
The rebate scales with turnover, and so does the cost. That is the entire mechanism: a loyalty programme cannot turn a negative-expectation activity into a positive one, because it is funded from the same margin it partially returns. Playing more to earn more points means paying more to receive a fraction back.
None of that makes such programmes worthless. A small rebate is a real rebate. It makes them a discount — and a discount is only worth having on something you were going to buy anyway.
The clauses worth reading
Four terms decide whether a programme is a modest rebate or a schedule someone else sets for you:
| Clause | Why it matters |
|---|---|
| Point expiry | Points that lapse after a period of inactivity convert a benefit into a reason to return on a timetable you did not choose. |
| Tier expiry | Status is often reviewed separately from points, so a quiet month can cost the rate you earned. |
| Wagering on redeemed credit | If converted points arrive as bonus funds with a playthrough requirement, the rebate is worth less than the headline conversion. |
| Game weighting | Determines which play actually counts, and it is rarely the play with the best return to player. |
How to compare two programmes honestly
Ignore the tier names and the number of levels. Two numbers decide everything: how much turnover earns one point, and what one point converts to. Multiply them out and you have the rebate percentage — the only figure that lets you compare one operator with another.
Then ask the question that decides whether a tier is worth chasing: how much additional turnover does reaching it require, and what is the improved conversion worth on that turnover? If the qualifying spend exceeds the benefit — which it usually does — the tier is a target rather than a reward, and treating it as a goal is the mechanism working as designed.
