Max Cashout
A cap on how much a player can withdraw from bonus winnings, usually expressed as a multiple of the bonus — the single biggest lever on promotional cost.
What it means
Max cashout limits withdrawable winnings derived from a bonus, typically as a multiple of the bonus amount: a 100 euro bonus with a 5x cap pays out at most 500 euros regardless of what the player actually won. Anything above the cap is forfeited when the balance converts to cash. The term applies most often to no-deposit and free-spin offers, where the operator has given money away outright.
Why it matters for operators
Promotional cost concentrates almost entirely in the minority of players who clear their wagering and withdraw. The average player loses the balance before converting, so the mean cost of a bonus is small — the real expense is the tail, and max cashout is what truncates it. A lucky run on a high-volatility slot can turn a small bonus into a four-figure withdrawal, and without a cap those rare outcomes dominate the cost line. Two operators running visually identical offers can see promotional costs differ several-fold based on this single term. Set it too tight, though, and the offer stops attracting informed players while generating complaints.
Example
Two casinos both advertise a 100 euro bonus at 35x wagering. One caps winnings at 5x, the other has no cap. The offers look the same in a comparison table, but the uncapped one carries an open-ended liability on every player who runs hot — and that liability, not the face value, is what the promotion actually costs.