The operator's goal is your registration and verified identity, and the price it pays is small: typically a few units of bonus or spins. The terms do the containment: heavy rollover on any winnings, a maximum bet while wagering, and, decisively, a cap on what can be withdrawn, commonly a fixed amount or a multiple of the bonus.
Read as a free sample of the casino, it is exactly that, and there is nothing wrong with taking one. Read as money, the cap is the true size of the offer, and KYC will stand between any winnings and the exit, which is precisely the moment operators verify hardest.
Why it matters
No-deposit offers are the most advertised and least valuable items on the bonus menu; knowing the cap and the verification step turns them from bait into a costless way to inspect a lobby.
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