Crypto Casino No Deposit Bonus: What UK Players Actually Get in 2026

A crypto casino no deposit bonus looks like free money. Register, verify a wallet, and a balance appears before you have staked a single satoshi. That framing sells, and it is exactly why the offer exists. The mechanics underneath are less generous than the headline, and understanding them takes about ten minutes of reading.

This page breaks down how crypto no deposit bonuses are built, which operators in and around the UK market run them, what the wagering maths really costs you, and why offshore brands can afford to hand out £10 or 50 free spins while a UKGC-licensed operator legally cannot. Numbers first, marketing second.

How Crypto Casino No Deposit Bonuses Work in 2026

Strip away the landing page design and a no deposit bonus is a small, conditional credit. You get value up front; the operator gets a verified account, a deposit-ready user, and a shot at your first real top-up. The crypto element changes the plumbing, not the psychology.

Most crypto no deposit offers land in one of four formats: a fixed cash credit, free spins on named slots, a bonus on your first deposit that is triggered without a prior deposit, or a rakeback-style cashback drip. The last two are increasingly common because they cost the operator less per activated user.

What does a crypto no deposit bonus actually pay out?

Typical values sit between £5 and £20 equivalent in BTC, ETH, USDT or SOL, or 20 to 100 free spins. A handful of brands push higher, usually with a 40x to 60x wagering requirement attached. Anything advertised above £50 with no strings is almost always a deposit match mislabelled as no deposit.

Payout ceilings matter more than the headline figure. A £10 credit with a £50 maximum cashout is worth less than a £5 credit with no cap, because the first one caps your upside at 5x while the second scales with luck. Read the max conversion clause before you read the bonus amount.

Why do crypto casinos offer no deposit bonuses at all?

Acquisition cost. A UK-facing operator on a traditional affiliate deal pays £80 to £250 per depositing customer, depending on brand and traffic quality. A no deposit bonus that converts at 8% to 15% costs the operator £1 to £3 per registration in expected value, which is dramatically cheaper than buying the same player through paid search.

The crypto layer cuts costs further. No card processing fees, no chargeback exposure, near-instant settlement, and a player base that skews toward repeat deposits. For an offshore operator running on a Curaçao or Anjouan licence, the unit economics of a £10 freebie are comfortable.

Is a crypto no deposit bonus legal for UK players?

It is legal to claim, but the operator is almost certainly not UK-licensed. The Gambling Commission prohibits no deposit bonuses and free bets for new customers under its advertising rules, so any brand offering one to UK players sits outside the UKGC framework, usually on a Curaçao licence.

That distinction matters. If a dispute arises with an offshore operator, you have no recourse to the UKGC, no access to the UK ombudsman route, and no protection from the Financial Ombudsman Service. You are relying on the operator's own terms and whatever licensing authority issued its paperwork.

Top Crypto Casino No Deposit Bonus Operators Compared

The list below covers brands that either run crypto-friendly no deposit offers, crypto deposit rails, or both. Some are UKGC-licensed and cannot legally advertise a no deposit bonus, so their crypto angle is deposit speed rather than free credit. Others are offshore and lean hard into the freebie model.

Which UK-licensed brands come closest to a no deposit offer?

None, legally. The Gambling Commission's advertising rules, tightened in October 2022 and enforced since, ban bonuses that do not require a deposit. Bet365, William Hill, Sky Vegas, Ladbrokes, Paddy Power, Coral, Betfred, Betway, Unibet, 32Red, BetMGM and Midnite all run deposit-based welcome offers only.

What you can get from a UKGC brand is a matched deposit bonus, free spins on a first deposit, or a loyalty reward after real play. Those are conditional, transparent, and covered by UK consumer law. The trade-off is real: no free credit, but a regulator you can escalate to if the operator misbehaves.

Which offshore crypto casinos run genuine no deposit bonuses?

Roobet, Rainbet, Donbet, Mystake, NineWin, Velobet, Goldenbet and Rolletto are the names that appear most often in this space. All sit on Curaçao licences, all accept BTC, ETH, USDT, SOL and a spread of altcoins, and all run some form of signup credit or free spin bundle.

Gamdom takes a different route. Rather than a no deposit bonus, it runs a rakeback model that returns a percentage of house edge on every wager, which for a high-volume player beats a £10 freebie by a wide margin. If you plan to play more than a few hundred pounds, rakeback is usually the better structure.

What about MGA-licensed brands like Casumo and LeoVegas?

Casumo, LeoVegas, Betano, Mr Vegas and NYSpins hold Malta Gaming Authority licences alongside or instead of UKGC paperwork. The MGA permits no deposit bonuses, so these brands occasionally run free spin offers through their Maltese entity, though rarely for UK-registered users.

If you see a Casumo or LeoVegas no deposit offer advertised to a UK audience, check which entity is offering it. The terms will name the licence. If it is the MGA entity, you are outside UKGC protection for that specific promotion, even if the brand itself is familiar.

The Real Cost of a No Deposit Bonus: Wagering Maths

Free money is never free. Every no deposit bonus carries a wagering requirement, a maximum cashout, a game weighting table, and a time limit. Multiply those four together and the expected value usually drops below zero for the average player.

Here is the calculation that matters. Take a £10 bonus, apply a 40x wagering requirement, and you need to stake £400 before you can withdraw anything. On a typical slot with 96% RTP, the house edge is 4%, so your expected loss across £400 of staking is £16. You started with £10 and you are expected to finish with minus £6.

How does wagering requirement kill the value of a no deposit bonus?

Badly, in most cases. A 40x requirement on a £10 bonus means £400 of qualifying stakes. At a 4% house edge on slots, expected loss is £16. The bonus is worth £10. Net expected value: minus £6. That is before you factor in game weighting, where live dealer games often contribute 0% or 10%.

Push the wagering to 60x, common at some Curaçao brands, and you need £600 of stakes. Expected loss at 4% is £24 against a £10 starting balance. The maths only turns positive if you hit a large multiplier early, which is why operators cap cashouts.

What does the maximum cashout clause do to expected value?

It caps your upside. A £10 bonus with a £50 max cashout means that even if you run the balance to £500, you withdraw £50 and the rest is void. Effectively, the operator has bought an option on your variance for £10 and capped its own liability at £50.

Compare that to a £5 bonus with no cashout cap. Lower headline value, but the tail is uncapped. For a player chasing a big win, the uncapped small bonus is a better structure. For an operator, the capped larger bonus is cheaper per acquired user.

Why do offshore operators offer bigger bonuses than UK brands?

Because they can, and because their cost base is lower. A Curaçao-licensed operator pays a fraction of the UKGC licence fee, faces no mandatory contribution to GambleAware or research funding, and carries no advertising compliance overhead. Their bonus budget is therefore larger relative to revenue.

They also face no restriction on bonus size or structure. A UKGC brand cannot offer a no deposit bonus at all, so the comparison is not "small bonus versus big bonus" but "no free credit versus free credit with strings." The strings are the price of the free credit.

What is the actual acquisition cost per player?

Industry figures put UK-facing casino acquisition cost between £80 and £250 per depositing customer through traditional affiliate channels. A no deposit bonus that converts 10% of registrations to depositors costs the operator roughly £1 to £3 per registration in expected bonus liability.

That gap is the entire reason the model exists. The operator is not being generous. It is buying customers at a discount to the market rate, and it is using your registration data, wallet address, and play history as the asset it acquires.

How to Claim and Cash Out a Crypto No Deposit Bonus

Claiming is straightforward if you know the sequence. The friction is in verification and in the cashout terms, both of which are where most players lose the value they thought they had.

Expect to provide an email, a password, and in most cases a wallet address. Some brands require KYC before withdrawal, some only above a threshold, and a few require it before you can claim at all. Read the terms in that order: eligibility, wagering, cashout cap, KYC trigger.

What is the step-by-step claim process?

1. Register with an email and password at the operator's site.
2. Verify your email via the link sent to your inbox.
3. Open the bonus section and activate the no deposit offer.
4. Complete KYC if required (usually ID plus proof of address, 24 to 72 hours).
5. Play through the wagering requirement on qualifying games.
6. Request withdrawal to your crypto wallet or, if supported, to a bank account.

Timeframes vary. KYC at a well-run offshore operator clears in 24 to 48 hours. At a poorly staffed one, expect up to five working days. Crypto withdrawals themselves settle in minutes to an hour once approved, which is the one clear advantage over card-based payouts.

Which games count toward wagering?

Slots almost always count 100%. Live dealer tables typically count 0% to 10%. Video poker and table games sit in the middle, often 20% to 50%. Some operators exclude specific high-RTP slots entirely, which is where the effective house edge on your wagering can jump.

Check the weighting table before you start. A 40x requirement on a 100% weighted slot is one thing. The same 40x on a game weighted at 20% is effectively 200x, and the expected value collapses. This is the single most common trap in no deposit terms.

What are the common cashout blockers?

Four things stop most withdrawals: incomplete KYC, a max cashout clause, a maximum bet rule during wagering (usually £5 or equivalent per spin), and a time limit on the bonus (typically 7 to 30 days). Breach any one and the bonus and any winnings from it can be voided.

The maximum bet rule catches more players than anything else. Spin £10 on a slot during wagering when the cap is £5 and the operator can legitimately void the entire bonus balance. It is in the terms, it is enforceable, and it is applied.

Risks, Licensing and Responsible Gambling

Offshore does not mean unsafe, but it does mean unprotected. The distinction is important and often blurred by both operators and affiliates. A Curaçao-licensed casino can be well-run, pay out reliably, and treat players fairly. It can also do none of those things, and you have limited recourse when it does not.

The UKGC framework exists precisely because self-regulation failed. Licensing conditions, advertising rules, complaint escalation, and mandatory contributions to research and treatment are all part of the package. Step outside it and you trade those protections for access to bonuses UK operators cannot legally offer.

What licence does a crypto casino need to serve UK players?

Technically, a UKGC licence. Practically, most crypto casinos serving UK players hold Curaçao, Anjouan, or Comoros licences and operate outside the UKGC perimeter. The UKGC has no jurisdiction over them, and the Gambling Act 2005 makes it an offence for an unlicensed operator to advertise to UK consumers.

Enforcement is patchy. The Commission has taken action against unlicensed operators and against affiliates promoting them, but the volume of offshore traffic means the practical risk of action against any single player is effectively zero. The risk sits with the operator, not with you.

Is a crypto casino no deposit bonus safe to claim?

Claiming is low-risk if you use a fresh wallet, a dedicated email, and never deposit more than you are willing to lose. The real risk is behavioural: a free bonus is a low-friction entry point, and low-friction entry points convert casual curiosity into habitual play.

Set a hard limit before you claim. If the bonus is £10, treat £10 as your ceiling for any follow-up deposit. The operators know that free credit is the cheapest possible customer acquisition tool, and they are not running a charity.

What are the warning signs of a bad operator?

• No visible licence number or regulator named in the footer.
• Terms that change after you claim, or that are only visible after registration.
• Withdrawal delays beyond 72 hours with no explanation.
• KYC requests that escalate each time you request a payout.
• No published RTP figures for the slots you are wagering on.

Any one of these is a yellow flag. Two or more together is a pattern, and the pattern is usually deliberate. The operators worth your time publish their licence, their RTPs, and their terms in plain language before you sign up.

Responsible gambling: age, helpline and self-exclusion

Gambling in the UK is restricted to adults aged 18 or over. If you or someone you know is struggling with gambling, the National Gambling Helpline is available 24 hours a day on 0808 8020 133, operated by GamCare. Support is free and confidential.

Self-exclusion is available through GAMSTOP, the UK's national online self-exclusion scheme, which blocks you from all UKGC-licensed operators for a minimum of six months. Offshore crypto casinos sit outside GAMSTOP, so if you need a hard stop, the scheme will not cover them. Use your wallet software and device-level blocks instead.

Deposit limits, session timers, and reality checks are available at every UKGC-licensed operator and at most reputable offshore brands. Use them before you need them. A £10 no deposit bonus is not worth a habit you did not plan to build.

Frequently asked questions

Can UK players legally claim a crypto casino no deposit bonus?

Yes, claiming is legal. The operator is almost certainly not UKGC-licensed, since UK rules ban no deposit bonuses for new customers. You can register and play, but you have no recourse to the UKGC or the Financial Ombudsman if a dispute arises. Treat it as an offshore transaction.

What is a realistic value for a crypto no deposit bonus in 2026?

Between £5 and £20 equivalent, or 20 to 100 free spins. Anything above £50 with no deposit is either a mislabelled deposit match or carries wagering so high that the expected value is deeply negative. Check the cashout cap before the headline figure.

How much do I need to wager to cash out a £10 no deposit bonus?

At a 40x requirement, £400 in qualifying stakes. At 60x, £600. On a 96% RTP slot, expected loss across £400 of staking is £16 against a £10 bonus, so the net expected value is minus £6 before any cashout cap is applied.

Do crypto casinos report winnings to HMRC?

UK gambling winnings are not taxable for the player, and offshore operators do not report to HMRC. That does not make crypto gains tax-free in every case. If you trade or hold crypto as an investment, capital gains rules can apply separately from gambling income.

Which is better, a no deposit bonus or rakeback?

For most players, rakeback. A £10 no deposit bonus with 40x wagering has a negative expected value. A rakeback model that returns a percentage of house edge on every wager scales with volume and has no cashout cap. Gamdom is the clearest example of the model in this market.

What happens if I breach the maximum bet rule during wagering?

The operator can void the bonus and any winnings derived from it. Most caps sit at £5 or equivalent per spin. Breaching it is not always deliberate, which is why the rule catches so many players. Read the terms and set your stake below the cap from the first spin.

Are crypto no deposit bonuses available to players outside the UK?

Yes, and the offers are often larger. Players in jurisdictions without strict bonus advertising rules, or where the operator holds a local licence permitting no deposit credit, frequently see £20 to £50 equivalents. The UK is one of the more restrictive markets for this specific offer type.

How long do I have to meet the wagering requirement?

Typically 7 to 30 days from activation. Some operators run 72-hour windows on free spin bundles. Miss the deadline and the bonus and any accumulated winnings are removed. Set a calendar reminder the moment you claim, not the day before it expires.

The crypto casino no deposit bonus is a customer acquisition tool dressed as a gift, and the maths behind it is not complicated. A £10 credit with 40x wagering and a £50 cashout cap is worth less than the headline suggests, and the operator is buying your registration at a discount to what it would pay an affiliate. Claim one if you want, but go in knowing the cost, the licence, and the exit terms before you spin the first reel.

That is the whole point of the exercise. The bonus is not the product. You are.

Crypto Payment Rails and What They Change

Bitcoin, Ethereum, USDT and Solana move value without a bank in the middle. For a casino, that removes chargebacks, card scheme fees, and the 1% to 3% a payment processor takes on every deposit. Those savings are part of what funds the no deposit offer.

For you, the trade-off is different. Crypto deposits settle in minutes and withdrawals in under an hour at most operators, against 1 to 3 working days for a UK bank transfer. The cost is volatility, irreversibility, and a wallet address you need to manage carefully.

Which cryptocurrencies do crypto casinos actually accept?

BTC and ETH are near-universal. USDT on TRC-20 or ERC-20 is the most common stablecoin rail, which matters because it removes price movement between deposit and withdrawal. SOL, LTC, XRP, DOGE and BNB appear at most Curaçao-licensed brands.

Stablecoin rails are the pragmatic choice for bonus wagering. If you claim a £10 bonus in BTC and the price moves 8% during your £400 of staking, your effective bonus value shifts with it. USDT removes that variable entirely, and most operators treat it as a 1:1 GBP equivalent for bonus purposes.

What are the network fees on a typical claim?

Bitcoin mainnet fees swing between £0.50 and £8 depending on mempool congestion, which can eat a meaningful chunk of a £10 bonus. Ethereum gas has run from £1 to £20 in the same window. TRC-20 USDT transfers typically cost under £1.

Solana and Litecoin sit at the cheap end, usually under £0.10 per transfer. If you are claiming a small no deposit bonus, the network fee on withdrawal can be 5% to 20% of the bonus value. Factor that in before you assume the £10 is worth £10.

Do crypto casinos require KYC?

Most do, at least before a withdrawal. Standard requirements are a government ID, a selfie, and a proof of address dated within the last 90 days. Some offshore brands run no-KYC below a threshold, often £1,000 to £2,000 in lifetime withdrawals.

No-KYC does not mean anonymous. Blockchain analysis firms like Chainalysis and Elliptic map wallet clusters, and operators increasingly screen deposit addresses against sanctions and gambling-blocked lists. The privacy is real but narrower than the marketing implies.

Bonus Structures Compared: What Each Type Really Pays

Not all no deposit offers are built the same way. The format determines the expected value far more than the headline number does. A £5 credit with no cap beats a £20 credit with a £50 cap in almost every scenario.

Four structures dominate the market. Free spins on named slots, fixed cash credits, deposit-triggered bonuses mislabelled as no deposit, and rakeback or cashback models. Each has a different cost to the operator and a different value to you.

Are free spins better than a cash credit?

It depends on the spin value and the slot. 50 spins at £0.10 is £5 of stake, and if the slot has a 96% RTP the expected return is £4.80 before wagering. A £5 cash credit is worth £5 of stake on any qualifying game, which is more flexible.

The advantage of free spins is that winnings are often credited as cash rather than bonus, which can mean lower wagering. Read the terms carefully. Some operators credit spin winnings as bonus with full wagering attached, which erases the advantage.

How do rakeback models compare on expected value?

A 10% rakeback on a slot with 4% house edge returns 0.4% of every pound staked. Stake £10,000 over a month and you get £40 back. No wagering, no cap, no expiry. Compare that to a £10 no deposit bonus with negative expected value and the maths is not close.

Gamdom, Roobet and a handful of others run variations on this. The trade-off is that rakeback rewards volume, so it only makes sense if you are playing regularly and at meaningful stakes. For a one-off trial, the no deposit bonus is the lower-commitment entry.

What is the catch with deposit-triggered bonuses?

You have to deposit. A "£200 no deposit bonus" that requires a £20 deposit to activate is a 1000% match, not a no deposit offer. The distinction matters because the wagering is calculated on the bonus, and the cashout terms are usually stricter than the headline implies.

These offers are fine if you were going to deposit anyway. They are a poor reason to deposit if you were not. The operator is not giving you £200. It is lending you £200 against a wagering requirement you are statistically unlikely to clear.

Game Providers and RTP: Where the Wagering Goes

The provider behind the slot determines the RTP, and the RTP determines how much of your wagering you keep. Pragmatic Play, NetEnt, Microgaming, Evolution, Hacksaw Gaming, Play'n GO and Nolimit City dominate the crypto casino floor.

Pragmatic slots like Gates of Olympus and Sweet Bonanza run at 96.5% and 96.5% respectively in their highest-RTP configuration. NetEnt's Starburst sits at 96.1%. Hacksaw titles often run 96.3% to 96.5%. Those fractions matter across hundreds of pounds of wagering.

Does RTP actually change the value of a no deposit bonus?

Yes, materially. A 1% RTP difference across £400 of wagering is £4, which is 40% of a £10 bonus. On a 94% RTP slot, expected loss across £400 is £24 against a £10 bonus. On a 96.5% slot, it is £14. Same bonus, £10 difference in outcome.

Providers publish RTP in the game info panel. Check it before you start wagering. Some operators run lower-RTP configurations of the same slot, so the same game can pay differently across two brands. The number is in the help screen, not the marketing.

Which slots are best for clearing wagering?

High-RTP, medium-volatility slots with 100% weighting. Low volatility reduces the chance of busting out before you finish the requirement, but it also reduces the chance of a big enough win to make the exercise worthwhile. Medium volatility is the usual compromise.

Avoid jackpot slots and anything with a max win cap below 5,000x during wagering. High volatility can clear a requirement fast or wipe the balance in twenty spins. If the wagering is 40x, you need the balance to survive 400 spins at £1, and volatility decides whether it does.

Do live dealer games count toward wagering?

Rarely at full weight. Evolution and Pragmatic live tables typically count 0% to 10%. A few operators allow 20% on selected live blackjack or roulette. If live games are your preference, a no deposit bonus is close to useless unless the weighting is explicitly stated.

Check the weighting table before claiming, not after. A bonus that cannot be cleared on the games you actually play is not a bonus. It is a marketing asset you have agreed to hold for the operator.

Market Context: Why the UK Model Differs

The UKGC banned no deposit bonuses for new customers as part of its 2020 gambling review and enforced the change from October 2022. The rationale was that free credit lowers the barrier to entry for at-risk players and normalises gambling as a casual activity.

Whatever you think of the reasoning, the effect is clear. UK-licensed brands compete on product, odds, and loyalty rather than signup freebies. Offshore crypto brands compete on the freebie because it is the one lever UK operators cannot pull.

How does the UKGC approach differ from Curaçao?

The UKGC sets advertising rules, mandates safer gambling tools, requires contributions to research and treatment, and operates a formal complaints process. Curaçao issues licences with far lighter conditions and no equivalent player protection framework.

In practice, a UKGC licence costs an operator hundreds of thousands of pounds a year in fees, compliance staff, and mandatory contributions. A Curaçao licence costs a fraction. That cost difference is the budget that funds the larger no deposit offers.

What has changed in the crypto casino market since 2024?

Three things. Stablecoin rails have become the default for bonus wagering, because players do not want BTC volatility on a £10 credit. Rakeback models have grown at the expense of one-off no deposit offers. And KYC has tightened, with more operators screening wallets before payout.

The direction of travel is toward fewer, smaller no deposit bonuses and more volume-based rewards. If you want to claim a no deposit offer, the window is narrower than it was two years ago. The brands still running them are doing so because their unit economics still work.

Are crypto casinos growing or shrinking in the UK market?

Growing in traffic, shrinking in legitimacy per pound wagered. UKGC enforcement against unlicensed operators and their affiliates has increased, and payment processors have tightened. The result is a market that is larger in player numbers but more fragmented across jurisdictions.

For a UK player, this means more choice and less protection. The operators worth using are the ones that publish their licence, name their regulator, and process withdrawals within the stated window. The rest are a marketing exercise with a wallet attached.

Making the Decision: A Practical Framework

Work through four questions before you claim anything. What is the bonus worth after wagering? What is the cashout cap? Which games qualify at what weighting? What is the licence and who do I escalate to if it goes wrong?

If you cannot answer all four from the terms page before you register, you are not ready to claim. The information is there. The operators that hide it are the ones you should skip, and the ones that publish it clearly are the ones worth a £10 trial.

What is the break-even wagering requirement?

It depends on RTP and cashout cap. On a 96.5% slot with no cap, the bonus is roughly break-even at 30x wagering on a £10 credit. Add a £50 cap and the effective requirement rises, because your upside is truncated before the maths can work in your favour.

A rough rule: if the wagering requirement times the house edge exceeds the bonus value, the offer has negative expected value. £10 bonus, 40x wagering, 4% edge means £16 expected loss against £10 value. Negative. The same bonus at 20x wagering is £8 expected loss against £10 value. Marginally positive.

Should you claim a crypto no deposit bonus in 2026?

Claim it if you want a low-commitment look at a new operator and you accept the maths is against you. Skip it if you are looking for value, because rakeback and deposit matches are better structures for anyone playing more than a few hundred pounds.

The honest answer is that no deposit bonuses are a trial product, not a value product. They are designed to get you through the door, verified, and deposit-ready. Treat them as a free sample, not a strategy, and you will not be disappointed by the outcome.

What is the single most important term to read?

The maximum cashout clause. It caps your upside and determines whether the bonus is worth anything at all. A £10 bonus with a £50 cap has a hard ceiling. A £5 bonus with no cap has no ceiling. Read that line first, then read wagering, then weighting.

Everything else is secondary. Wagering determines the cost, weighting determines whether you can clear it on your games, and the cap determines the reward. Get those three numbers and you have the whole offer. The rest is landing page decoration.

How do you set a limit before claiming?

Decide a total spend ceiling before you register, and treat the bonus as part of it, not separate from it. If the ceiling is £50, the £10 bonus counts against it. Once you hit £50 in deposits plus bonus, you stop. That is the whole rule.

Use the deposit limit tools at the operator, even offshore ones. Most reputable Curaçao brands offer them. If an operator does not offer a deposit limit, that is a reason to skip it, not a reason to manage it manually. The tool exists because self-control fails under pressure.

What is the realistic outcome for the average player?

Most players clear part of the wagering, hit the cashout cap or bust out, and move on. A minority clear the requirement and withdraw £20 to £50. A smaller minority hit a large multiplier early, clear the requirement, and hit the cap. The distribution is heavily skewed toward the operator.

That is not a reason to avoid the offer. It is a reason to understand it. The bonus is a marketing cost the operator has already budgeted for. You are the acquisition. Knowing that changes how you play, and it should change how much you deposit afterwards.

Offshore crypto casinos will keep running no deposit bonuses as long as the acquisition maths works in their favour, and the maths works well at current conversion rates. UK-licensed brands will keep not running them, because the regulator will not allow it. Between those two facts sits the entire market for this offer type, and the choice of which side to play on is yours to make with the numbers in front of you.