The short version
- Max win (offer): the most an offer can pay out. Free spins "max win £50" means spin winnings above £50 are removed.
- Max cashout / max conversion: the most bonus money that becomes withdrawable cash after wagering.
- Max win (game): the slot's top payout, e.g. 5,000x. A property of the game, not the offer.
How caps are written
| Wording in the terms | Example | On a £50 bonus |
|---|---|---|
| Fixed amount | "Max cashout £200" | £200 |
| Multiple of bonus | "Max conversion 4x bonus amount" | £200 |
| Multiple of deposit | "Winnings capped at 5x deposit" | Depends on deposit |
| Free-spin cap | "Free spin winnings limited to £100" | £100 from spins |
| Lifetime-wagering link | "Max conversion equal to lifetime deposits" | Varies; common on no-deposit offers |
| None | "Winnings paid as cash" / no cap clause | Unlimited (no max win) |
The maths: why a cap barely moves the average but kills the upside
Slot returns are lopsided. Most sessions lose a little; a few win a lot. A cap only touches the few, so it changes the average less than you'd think and the best outcome far more.
On a high-volatility slot with a £50 bonus and 10x wagering, our simulator typically shows a £200 cap removing a meaningful share of the bonus's expected value, almost all of it from the top few percent of sessions. On a low-volatility slot the same cap costs much less. The higher the game's max win, the more a no max win offer is worth.
Finding the cap in 30 seconds
- Open the offer's own terms, not the general T&Cs. Look for "bonus terms" or "promotion terms" next to the offer.
- Search the page for max. Read every match: max bet, max cashout, max conversion, max win.
- Search for limited to and capped.
- Then open the general terms and search for maximum. Some sites set a payout limit per game round, per day or per month there.
The game's own max win
Every slot has a top payout fixed by the provider: 500x on Starburst, 5,000x on Book of Dead, 150,000x on San Quentin xWays. No offer can raise it. What a no max win offer does is make sure the casino doesn't cut it down further. Our highest max win slots list shows the biggest.