The present situation
After year 2006 the awareness of bonus hunting among casino managers significantly increased and now it’s extremely rare to find a bonus with a positive expected value. The best bonuses had an expected value close to 0.
The following picture simulates 5 players playing 1$ spins using a $200 bonus with WR 50x on a medium variance slot:
Due to RTP of around 96% and medium variance all 5 players hit the ground far before reaching the 10 000 spins required to meet WR. Even the best bonuses offered by casinos have a positive expected value of close to the deposit even if played on 98% RTP slots. That is the main reason why bonus hunting based on positive expected value is history.
But don’t be disappointed. There are still 2 other viable options for how to hunt for bonuses in online casinos.