I'm trying to calculate the expected value of casino offers that involve wagering. Let's say I have a £50 bonus that has to be wagered 40x (£2000 total) on a slot with an RTP of 97%. It says online that I need to calculate this using...
Estimated value = Bonus – (Average Wagering * House Edge)This makes sense because when you lose your bonus you don't need to keep wagering. So my question is how do you calculate the average wagering?