Top Online Casino Bonuses
Introduction
Welcome to Wizard of Odds, your most trusted resource for all things gambling-related. While you are here, we’d like to draw your attention to online casino bonuses and highlight the top promotions available through our platform and our associated "Wizard" sites. Whether you're a high-rolling or casual betting slot lover, a table game player with well-defined strategies, or even a video poker pro, we have the perfect bonus to enhance your gaming experience.
Although not everyone takes advantage of them, bonuses have become an essential aspect of the online gaming landscape. These offers are more than just attractive hooks to lure new participants; they can serve as significant means for optimizing your investment in gaming, provided you know how to interpret the terms and select the promotions that perfectly align with your gaming habits and aspirations. At Wizard of Odds , we recognize that wading through the plethora of available bonuses can be daunting if you go it alone. To assist you, we've put together a detailed guide along with valuable resources to help you discover the finest online casino bonuses that match your unique gaming interests and your ambitions as a gamer.
Over the years, our platform has established itself as the most reliable source for all your gaming requirements. This reputation was built through commitment, persistence, and insights previously unavailable in a single location—an outcome of our continuous evolution. Our dedicated readers count on us for trustworthy, essential, impartial, and current information. As part of our pledge, we meticulously evaluate and rank the premier online casinos and the most beneficial bonuses to empower you to make educated choices and maximize the value of your gaming expenditure.
When discussing bonuses, it’s clear that there is no universal approach . Different players have various tastes and strategies, and what may suit one individual may not be ideal for another. Therefore, we provide an extensive variety of bonuses that meet the desires of nearly every type of player. Whether you like the thrill found in high volatility slots or prefer the calming experience of slots with gentle ups and downs, or if you are keen on strategizing your bonus play with high RTP tables and video poker, there’s certainly something for you.
About our dynamic bonus database tool…
The interactive bonus database available on our website is crafted to assist you in pinpointing the ideal bonus using numerous criteria. This powerful resource enables you to filter bonuses according to type, game preferences, and important factors like banking choices, casino ratings, and availability within your country, guaranteeing that you find the most suitable promotion. For example, if cashable bonuses are your goal—where you can withdraw your winnings and the bonus itself once wagering conditions are satisfied—you can filter for these options. After applying your chosen filters, you can organize the results based on various metrics , including our default settings or specific criteria such as wagering expectations, bonus value, the latest offers , and more.
Below, we will thoroughly explore the leading online casino bonuses currently accessible, but you are welcome to utilize the tool whenever you wish. We continuously update our database with the most extensive network of ranked and reviewed casino operators across numerous platforms, so make sure to check back regularly to discover fresh offers or to refine your personalized bonus search.
Top Online Casino Bonuses
- Slots
- Blackjack
- Roulette
- Video Poker
- Craps
Baccarat- Sic Bo
Dragon Tiger- Parlor Games
- Poker Games
- Keno
No Deposit
Free Spins- Cashback
Players have rated Winnerz Casino an impressive 4.1 out of 5 Stars
New Customer Offer. T&Cs Apply. 18+. This promotion is not available for individuals residing in Ontario. New Customer Offer. T&Cs Apply. 19+. 100 Free Spins. Minimum deposit: 20 €. Maximum bet: 2 €. Free spins must be utilized within 3 days. Wagering requirements need to be fulfilled within 3 days.
You must wager the combined Bonus & Deposit amount 20 times on Slots before you can Cashout. bonus terms and conditions All Kindred Group casinos have been placed under our alert list due to unethical business conduct. Their affiliate program has neglected to settle outstanding marketing fees and future earnings owed to us. Given this breach of trust, we lack confidence in their treatment of players. If a company is willing to withhold payments from its partners, we believe similar risks may apply to its clients. We strongly advise exercising extreme caution.
Players have expressed a rating of 32 Red Casino at 3.1 out of 5 Stars trusted portals New Customer Offer. T&Cs Apply. 18+. Minimum deposit: 10 €. Expires in 7 days.
You must wager the Bonus amount 50 times on Slots before you can Cashout. follow this link .
Players have rated La Riviera Casino at 2.8 out of 5 Stars here and again here .
New Customer Offer. T&Cs Apply. 18+. Minimum deposit: 20 €. Maximum bet: 10 €. To collect winnings from a no deposit bonus, players must furnish a valid withdrawal method (PMOP) regulated by a bank (which will exclude options like Skrill, NetTeller, etc.).
Types of Online Casino Bonuses
You must wager the combined Bonus & Deposit amount 50 times on Slots before you can Cashout.
Cashable Bonuses
Wagering is 2500 times on Classic Blackjack, Blackjack, Video Poker minimum withdrawal amount Players have given Goldfishka a rating of 2.8 out of 5 Stars
Pros:
- New Customer Offer. T&Cs Apply. 18+. Wagering requirements need to be fulfilled within 7 days. Minimum Deposit 10€. No betting limits apply. Selected games only: visit the website for a list of available online slots.
- You must wager the Bonus amount 45 times on Slots before you can Cashout.
Cons:
- Players have rated No Bonus Casino 3.9 out of 5 Stars
#AD. Cash Back will be calculated the following morning from 10:00 to 12:00 CET. Players who have lost all their deposits from the previous day (00:00 - 23:59 CET) will receive 10% cashback in their account. Depositing players’ balances will be verified the next morning between 10:00 and 12:00 CET and must have a balance of no more than €10 to qualify for cashback. The cashback offer remains valid for ten (10) days, within which the cashback must be either withdrawn or utilized. Player activities will be reviewed prior to approving cashback.
Sticky Bonuses
Players have rated Casino Sieger 3.7 out of 5 Stars
Pros:
- New Customer Offer. T&Cs Apply. 18+. Minimum Deposit: €10. Maximum Bet: €5. Bonus amounts and winnings are valid for 30 days from the date of claiming. Cashable. Selected games only: check the website for a list of online slots.
- You must wager the Bonus amount 40 times on Slots before you can Cashout. hit a jackpot .
Cons:
- Wagering is 400 times on Blackjack, Craps, Baccarat, Poker, Dragon Tiger, Sic Bo, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
- Players have rated Rembrandt Casino 3.5 out of 5 Stars
New Customer Offer. T&Cs Apply. 18+. Minimum Deposit: €20. Maximum Bet: €5. Selected games only: check the website for a list of online slots. For the second deposit, you receive a 100% bonus up to NZ$400 plus 20 free spins. For the third deposit, you receive a 100% bonus up to NZ$600 plus 30 free spins. Cashable.
Phantom Bonuses
Wagering is 400 times on Classic Blackjack, Blackjack, Craps, Baccarat, Poker, Dragon Tiger, Sic Bo, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
Pros:
- New Customer Offer. T&Cs Apply. 18+. This offer is not available for players residing in Ontario. New Customer Offer. T&Cs Apply. 19+.
- You must wager the combined Bonus & Deposit amount 25 times on Slots before you can Cashout.
Cons:
- Wagering is 100 times on Baccarat, Sic Bo, Roulette, Live Poker
- Wagering is 250 times on Blackjack, Video Poker, Craps, Poker, Live Baccarat
Players have rated Dazzle Casino 3.3 out of 5 Stars
Match Bonuses
New Customer Offer. T&Cs Apply. 18+. Plus 50 Free Spins. Minimum Deposit 20 EUR/USD. Available on selected games only. Maximum conversion: 3 x Bonus or from free spins: 20 EUR/USD. Skrill deposits are excluded. Slot Games are excluded. The bonus remains valid for 30 days from issuance. Free spins are valid for 7 days post-receipt.
Pros:
- Wagering is 500 times on Blackjack, American Roulette, Roulette
- New Customer Offer. T&Cs Apply. 18+. PLUS 100 Free Spins. 20 free spins for 5 days. Maximum Bet: €5. Minimum Deposit: €20.
Cons:
- Wagering is 400 times on Classic Blackjack, Blackjack, Craps, Baccarat, Poker, Dragon Tiger, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
- Cirrus Casino, now known as Dreams Casino, belongs to the Virtual Group. This organization has a history of slow payment processing, delays in withdrawals, and canceling legitimate winnings. Whether to engage with them is ultimately the player's choice, but we caution against any involvement with casinos connected to this group.
Players have rated Dreams Casino 2.8 out of 5 Stars
No Deposit Bonuses
New customers only. T&Cs apply. 18+. This offer is not valid for players residing in Ontario. New Customer Offer. T&Cs Apply. 19+. 10x cashout cap. Minimum Deposit: $10 (Bitcoin)/ $30 (Credit/Debit Cards) here You must wager the combined Bonus & Deposit amount 40 times on Slots before you can Cashout. here .
Pros:
- Risk-Free: No risk to your own funds.
- Wagering is 60 times on Blackjack, Baccarat, Poker, Roulette
Cons:
- Players have rated Joy Casino 3.4 out of 5 Stars
- New Customer Offer. T&Cs Apply. 18+. This offer is not accessible for players in Ontario. Canadian customers must be 19+ to participate. Play Responsibly. A 200% BONUS for deposits ranging from €20 to €49 (max. bonus €50, wager x25); a 150% BONUS for deposits between €50 and €499 (max. bonus €300, wager x25); a 50% BONUS for deposits exceeding €500 (max. bonus €2000, wager x30).
Players have rated Chanz Casino 3.9 out of 5 Stars
Top 4 No Deposit bonuses
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Casino Spins
Over the years, our website has established itself as the most reliable source for all your gambling inquiries. This reputation was built through dedicated effort, a consistent approach, and insights that were previously unavailable in one centralized location. As our site continues to expand, our loyal visitors count on us for accurate, vital, impartial, and current information. We take the time to meticulously evaluate and rank top online casinos and the best available bonuses, ensuring you can make well-informed choices and maximize the value of your betting experience.
Pros:
- Bonuses are not a one-size-fits-all solution . Different players come with varying preferences and strategies, meaning what suits one individual may not suit another. Hence, we provide an extensive variety of bonuses that address the diverse wants and needs of nearly every gamer. Whether you thrive on the excitement of high-stakes
- or prefer the tranquility of slot games with gentle peaks and troughs, or if you enjoy steadily accumulating your bonus benefits through
- or video poker, we have options available for you.
Cons:
- Introducing our user-friendly bonus database tool…
- Our interactive database tool is designed specifically to assist you in locating the best bonus opportunities according to various criteria. This feature-rich tool allows you to filter bonuses based on type, game preferences, and other vital considerations such as available banking methods, casino reviews, and specifics relevant to your country, ensuring you identify the perfect promotional offers. For example, if you prefer cashable bonuses that allow you to withdraw both your winnings and the original bonus (if any remains) after fulfilling the playthrough requirements, you can easily tailor your search for those. After applying the necessary filters, you can start to organize the results by different metrics , including our default settings, but also by wagering criteria, the total bonus amount, the latest offers , and much more.
- In the following sections, we'll explore the leading online casino bonuses currently available; however, feel free to utilize the tool at any time. We consistently update the database, which encompasses a vast network of ranked and rated casino operators across multiple sites, so remember to check back regularly for new deals or to refine your personal bonus search parameters.
Democratic People's Republic of Korea
South Georgia and the South Sandwich Islands online casino United States Minor Outlying Islands
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Other Bonuses
Players rated La Riviera Casino 2.8 out of 5 Stars
Wagering Requirements
Wagering requirements (WR) are also sometimes known as playthrough or rollover requirements. They are conditions set by online casinos that dictate how many times you must wager the bonus amount (or the combined deposit and bonus amount, or rarely just the deposit amount) before you can withdraw any winnings. Wagering is a critical part of any bonus offer and the term can make or break the potential value of almost any bonus.
New Customer Promotion. Terms & Conditions Apply. 18+. Minimum deposit: €20. Maximum bet: €10. To withdraw winnings from a no deposit bonus, players must provide a valid withdrawal method (PMOP) managed by a bank (this excludes options like Skrill, Neteller, etc.).
Wager both the Bonus & Deposit a total of 50 times on Slots to cash out.
Wager 2500 times on Classic Blackjack, Blackjack, and Video Poker
Example:
- Players rated Goldfishka 2.8 out of 5 Stars
- New Customer Promotion. Terms & Conditions Apply. 18+. All wagering must be completed within 7 days. Minimum deposit: €10. No betting limits apply. Selected games only: Check the website for a complete list of online slots.
Wager the Bonus amount 45 times on Slots to cash out.
Game Contributions/Weighting
Players rated No Bonus Casino 3.9 out of 5 Stars video poker #AD. Cash Back will be calculated the following morning between 10:00 and 12:00 CET. Players who lost their entire deposits from the previous day (00:00 - 23:59 CET) will receive a 10% cash back credited to their account. Player balances will be audited the next morning from 10:00 to 12:00 CET, and must not exceed €10 to qualify for cash back. The cash back offer is valid for ten (10) days; the cash back must be either withdrawn or utilized within this time. Player activity will be reviewed prior to cash back approval.
Contribution Examples:
- Slots: 0-100% but usually 100%
- Roulette: 0-20%
- Blackjack: 5-20%
- Video Poker: 5-20%
Players rated Casino Sieger 3.7 out of 5 Stars
New Customer Promotion. Terms & Conditions Apply. 18+. Minimum Deposit: €10. Maximum Bet: €5. Bonus funds and winnings are valid for 30 days from the date of claiming. Cashable. Selected games only: Visit the website for the list of online slots.
- Wager the Bonus amount 40 times on Slots to cash out. wagering requirements 400 times on Blackjack, Craps, Baccarat, Poker, Dragon Tiger, Sic Bo, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
- Manage Your Bankroll: Spread your bets Players rated Rembrandt Casino 3.5 out of 5 Stars
- New Customer Promotion. Terms & Conditions Apply. 18+. Minimum Deposit: €20. Maximum Bet: €5. Selected games only: Refer to the website for online slots. 2nd deposit offers a 100% bonus up to NZ$400 + 20 free spins. 3rd deposit offers a 100% bonus up to NZ$600 + 30 free spins. Cashable.
400 times on Classic Blackjack, Blackjack, Craps, Baccarat, Poker, Dragon Tiger, Sic Bo, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
Cashback Bonuses
New Customer Promotion. Terms & Conditions Apply. 18+. This offer is not accessible for players residing in Ontario. New Customer Promotion. Terms & Conditions Apply. 19+.
Wager both the Bonus & Deposit a total of 25 times on Slots to cash out.
100 times on Baccarat, Sic Bo, Roulette, Live Poker
Examples:
- 250 times on Blackjack, Video Poker, Craps, Poker, Live Baccarat
- Players rated Dazzle Casino 3.3 out of 5 Stars
- New Customer Promotion. Terms & Conditions Apply. 18+. Additionally, receive 50 Free Spins. Minimum Deposit: 20 EUR/USD. Available only on selected games. Maximum conversion: 3 times the Bonus or up to 20 EUR/USD from free spins. Skrill deposits are excluded. Slot Games are excluded. The bonus is valid for 30 days from issuance. Free spins are valid for 7 days from receipt.
Advantages of Cashback Bonuses
- 500 times on Blackjack, American Roulette, Roulette
- New Customer Promotion. Terms & Conditions Apply. 18+. Plus an extra 100 Free Spins. 20 free spins daily for 5 days. Maximum Bet: €5. Minimum Deposit: €20.
- 400 times on Classic Blackjack, Blackjack, Craps, Baccarat, Poker, Dragon Tiger, American Roulette, Roulette, Live Blackjack, Live Baccarat, Live Roulette, Live Dragon Tiger
Common Restrictions
Cirrus Casino, which is currently operating as Dreams Casino, is part of the Virtual Group. This organization has a longstanding history of slow payouts, delays in withdrawals, and canceling legitimate winnings. Whether or not to engage with this casino is ultimately a personal choice for players, but we strongly advise exercising caution when dealing with any casinos linked to this group.
Players rated Dreams Casino 2.8 out of 5 Stars
Exclusively for new customers. Terms & Conditions apply. 18+. This offer is not available for individuals residing in Ontario. New Customer Promotion. Terms & Conditions Apply. 19+. 10x cashout cap. Minimum Deposit: $10 (Bitcoin) / $30 (Credit/Debit Cards)
Tips for Claiming Cashback Bonuses
Wager both the Bonus & Deposit a total of 40 times on Slots to cash out.
60 times on Blackjack, Baccarat, Poker, and Roulette
Players rated Joy Casino 3.4 out of 5 Stars
Top 4 Cashback bonuses View All
Exclusive Bonuses
At 18 years of age and above, embark on your exciting adventure at Slots Kingdom! Spin the Bonus Wheel for a chance to secure enticing promotions like a 100% bonus up to 500%, or even 1000%. A minimum deposit of £10 is required, and the maximum bonus limit is £2000 with a conversion cap of £250. Additionally, please note the wagering requirement stands at 65 times. Bonuses won't automatically be applied after using the Quick Deposit feature; you must contact customer support to claim them.
How Exclusive Bonuses Work
To cash out, the bonus amount must be wagered 65 times on slots.
Examples:
- Players rated VipSlots Casino at 2.6 out of 5 stars.
- Attention new players! This enticing offer is available under terms and conditions. You must be at least 18 years old and make a minimum deposit of $25. While using a bonus, your maximum bet is capped at $5 per round until the wagering requirement is fulfilled. Bonuses will become invalid 30 days after they are awarded. Some games are excluded from this bonus promotion; please check the website for the complete list.
- Players gave Dreamz Casino a rating of 3.5 out of 5 stars.
Advantages of Exclusive Bonuses
- New customers are invited to take advantage of this promotion. Terms and conditions apply. You need to be aged 18 or older to participate. The minimum deposit required is €20, and the maximum permissible bet is €5.
- Games such as Blackjack, Video Poker, Craps, Baccarat, Poker, Sic Bo, Roulette, and their live versions require wagering of 400 times.
- Players rated Anonymous Casino with a score of 2.5 out of 5 stars.
Common Restrictions
- New Customer Offer with terms and conditions in place. You must be 18+ to qualify. Enjoy a 150% welcome bonus on your first deposit of up to 1.5 BTC. The minimum you can deposit is 0.001 BTC. When utilizing an active bonus, your maximum bet should not exceed 10% of your deposit.
- To withdraw, the bonus amount necessitates a 150 times wagering requirement on slots.
- You are required to wager 750 times for Classic Blackjack, Blackjack, Video Poker, Craps, Baccarat, Poker, Dragon Tiger, and Sic Bo.
Tips for Claiming Exclusive Bonuses
- Players rated Lucky Bull Casino at 2.6 out of 5 stars.
- Welcome offer for new customers with terms and conditions applying. Must be at least 18 years of age. Reap a 100% bonus on your first deposit, up to €888. Note that both the bonus amount and any winnings must be used within 30 days from when you claim it. The wagering requirement is 40 times the bonus amount for bonuses of up to 100% unless stated otherwise.
Loyalty Programs
Wagering requirements set at 400 times for games including Classic Blackjack, Craps, Baccarat, Poker, Sic Bo, American Roulette, Roulette, along with their live dealer versions.
How Loyalty Programs Work
A brief overview of wagering requirements
Examples:
- We'll delve deeper into this topic later, but for now...
- It's essential to recognize that different types of games, such as slots and blackjack, come with varying wagering requirements that must be satisfied to complete the process. Slots typically have higher contributions toward these requirements, often at 100%, while table games and video poker tend to contribute less. Always pay attention to specific details regarding wagering requirements and cashout limits before making a decision.
- Although it may not be crucial to peruse through all the casino reviews, we highly recommend that you at least skim through the key data on our review pages, including other players’ ratings of each casino. This quick overview will inform you about the licensing of the operator, available banking options, and the timeframes for withdrawals when you win, among many other factors. Our reviews also provide comprehensive insights into game providers, game selections, and the nuances of different bonuses to aid your decision-making.
It is important to note that while some casinos on our list are certified by Wizard of Odds, others do not carry this seal of approval. Regardless, we assure you that all casinos listed are safe, fair, and operate with integrity. For additional information about Wizard of Odds APPROVED casinos, feel free to reach out.
- Understanding the various types of bonuses and their potential benefits can greatly enhance your online gaming experience. Cashable bonuses are straightforward, while others like sticky and phantom bonuses can still offer significant advantages. Brandon James provides an in-depth discussion on these different types of bonuses in our compilation of top bonuses for the quarter; we encourage you to explore it.
- Whether you're a veteran gambler or a newcomer to online casinos, Wizard of Odds is prepared to help you navigate the complexities of online casino bonuses. The resources and tools available here are designed to assist you in discovering the best bonuses and optimizing your gambling experience. Make sure to explore our site, utilize our interactive database tool, and uncover the top online casino bonuses that fit your needs.
Common Restrictions
- The variety of online casino bonuses presents distinct benefits that cater to different types of players. Having a clear understanding of these different bonuses can elevate your online gaming experience. In this analysis, we clarify the most common types of online bonuses, guiding you on what to expect and how to select the optimal choices for your playing style.
- Cashable bonuses are the most straightforward and favorable for players. When you claim one of these bonuses, you can withdraw your winnings from it, alongside the bonus value itself. There may be some additional terms and conditions that apply, but such restrictions are usually minimal with this type of bonus. Cashable bonuses remain popular because they are easy to claim and comprehend, and they often provide more value than many other bonus options.
- Withdrawal of Winnings: You can cash out both winnings and the bonus value.
Simplicity: Easy to understand and calculate potential returns from them.
- Higher Wagering Requirements: Such bonuses tend to come with higher wagering obligations.
- Example: A casino might provide a 100% match bonus up to $500 that is entirely cashable, allowing you to withdraw both the bonus and any accrued winnings once you fulfill the wagering conditions.
Choosing the Best Bonus for You
With so many different kinds of bonuses available, choosing the best one can be a challenge. Here are some tips to help you select the best bonuses based on what you want and how you play.
Game Style and Preferences
- Non-cashable bonuses, often referred to as sticky bonuses, differ from cashable bonuses in that the bonus amount itself cannot be withdrawn. Instead, it serves as funds in your account solely for betting purposes , with any winnings you achieve being withdrawable after meeting the specified wagering requirements and other conditions. These bonuses are usually larger than cashable bonuses and can attract players seeking a significant boost to their bankroll.
- Higher Bonus Amounts: These types of offers can often be greater than cashable bonuses.
- Extended Playtime: This allows for longer gaming sessions and more opportunities to win.
Know the Wagering Requirements
- Non-Withdrawable: The bonus amount itself cannot be cashed out.
- Complexity: The terms and conditions associated with these bonuses might be somewhat more complicated.
Flexibility
- Example: A welcome bonus could be a 200% sticky bonus up to $1,000. So, if you deposit $500, you'll receive $1,000 in bonus funds for a total of $1,500 to play with. However, only your winnings can be cashed out, meaning if you end up with a total balance of $2,500 after completing the bonus conditions, you can only withdraw $1,500, leaving $1,000 (the bonus funds) in your account. maximum allowable win limit from the bonus.
- Phantom bonuses behave similarly to sticky bonuses but come with a significant distinction: once you request a withdrawal, the bonus amount disappears from your account. These bonuses serve to keep players engaged by offering a notable enhancement to their initial bankroll, but you will lose the bonus once you cash out.
Check For Exclusive Offers
- Generous Bonus Amounts: These can be quite substantial.
- Enhanced Betting Capability: They provide more resources for initial play.
New Casinos
Extraordinary Limited Time Offers
Bonus Disappearance: The bonus vanishes once you make a withdrawal. extraordinary bonus offers Potential Confusion: This can cause confusion for new players, and the varying rules from different casinos can further obfuscate the situation.
Conclusion
Examples: You might receive a 150% phantom bonus up to $750. If you deposit $500, you will obtain a $750 bonus. However, when you withdraw your funds, the $750 bonus will be deducted from your balance. Some casinos may retract the bonus as soon as you meet the wagering requirements, even if you continue to play.
Match bonuses are among the most prevalent types of offers. With a match bonus, the casino matches a certain percentage of your deposit. These bonuses can vary in their percentage and maximum limit, making them appealing and flexible for a variety of players. Welcome bonuses are typically match bonuses of at least 100%, sometimes complemented by additional free spins under separate stipulations. We will examine free spins in greater detail shortly. roulette Bankroll Enhancement: This can effectively double your bankroll or more.
Flexibility: Offers come in various percentages and amounts, making it crucial to understand their value before agreeing to the terms. These conditions can place limitations on your deposit and potential winnings until the wagering criteria are met.
Maximum Cashout Limit: Overly generous match bonuses may include max cashouts to reduce the operator's financial risk.