No Minimum Deposit Casino Australia 2026: What the $1 Pitch Really Costs You

What "No Minimum Deposit" Actually Means in the Australian Market

The phrase "no minimum deposit casino Australia 2026" has a nice ring to it. It suggests you can walk in with a dollar coin, spin the reels, and walk out with something other than a receipt. The marketing pages pushing this angle lean hard into that fantasy. What they tend to bury is the fact that "no minimum" almost never means zero. It means the operator has set its floor lower than the AUD $20 to $30 that established offshore brands ask, usually somewhere between AUD $1 and AUD $10 depending on the payment rail you choose.

That distinction is not academic. A casino that advertises a "$1 deposit" may only honour it through a specific crypto network, while the same site charges a $20 minimum on Visa. A "$5 minimum deposit" page often means Neosurf vouchers only. And the genuine no-deposit bonus — the free credit handed over before you fund anything — is a separate product with its own wagering trap. Treating all three as one category is how players end up frustrated at the cashier screen.

The $1 myth vs. the $10 reality

Across the Australian-facing offshore market in 2026, the practical floor for a fiat deposit sits at AUD $10. PayID deposits at most operators start there, and a handful of crypto-friendly platforms will accept AUD $5 equivalent in Bitcoin, Litecoin, or Tether. The operators advertising $1 entries — Jupi Casino is the most frequently cited example — do exist, but the $1 figure usually applies to a narrow set of e-wallets or specific altcoin deposits, not to the card you probably have in your wallet. Slottica sits at $2 on select methods, which is closer to a genuine low floor but still not universal.

The number that matters is not the headline minimum. It is the minimum for the method you will actually use. A casino with a $1 crypto floor and a $20 card floor is a $20 casino for most people. Read the cashier page, not the landing page.

Why offshore operators set the floor, not the payment rail

PayID, the National Australia Bank-backed real-time payment system, has no functional minimum. You could technically send a single cent through the New Payments Platform. The AUD $10 floor at most casinos is a business decision, not a technical one. Casinos set it because acquiring a player costs money — affiliate commissions in the Australian market run somewhere between AUD $80 and $250 per funded account depending on the brand and traffic source — and a $1 deposit does not cover that acquisition cost. The low floor exists to widen the top of the funnel, not because the operator expects to make money on the first deposit itself.

Crypto rails change the arithmetic. A Bitcoin or Litecoin deposit costs the casino almost nothing to process compared with a card transaction, which carries interchange and chargeback risk. That is why the crypto floor drops to $5 or lower at operators like 7Bit and Bitstarz while the fiat floor stays at $10 to $20. The payment method is doing the discounting, not the casino's generosity.

The Legal Tightrope: ACMA, the IGA, and the 2026 Reform Bill

No Australian-licensed online casino exists. That sentence is the single most important piece of context for everything that follows. The Interactive Gambling Act 2001 (Cth) prohibits operators from offering online casino gaming — pokies, roulette, blackjack, the lot — to people physically located in Australia. The Australian Communications and Media Authority (ACMA) enforces the prohibition, and it has been busy. As of August 2026, the ACMA's blocking list covered 1,788 illegal gambling and affiliate websites accumulated since the first blocking request in November 2019.

What that means for you as a player is a jurisdictional split. Every operator in this guide holds a Curaçao licence, not an Australian one. You are not breaking Australian law by playing at an offshore casino — the IGA targets operators, not individual punters, and no Australian has been prosecuted for placing a bet at an offshore site — but you also have no recourse through the ACMA or any state regulator if the operator decides to stall your withdrawal or change its terms mid-session. The licence on the footer is the only regulator you have.

What the Interactive Gambling Act says about online casinos

The IGA bans "prohibited interactive gambling services," a category that explicitly includes online casinos and online poker. It also bans advertising those services to Australians, which is why you will not see a Bitstarz billboard on the Hume Highway. The Act was amended in 2017 to give the ACMA stronger enforcement tools, including the power to refer directors of offending companies to the Australian Border Force and to request website blocks through internet service providers. Since those reforms, more than 220 online gambling services have withdrawn from the Australian market, though the offshore low-deposit segment has proven stubbornly resilient.

The practical consequence is that the casino market available to Australians is entirely offshore, entirely Curaçao-licensed (with a few Anjouan and Kahnawake outliers), and entirely outside the BetStop self-exclusion register. BetStop, the National Self-Exclusion Register, covers Australian-licensed wagering services only — sports and racing betting, not offshore casinos. If you want a self-exclusion tool that covers the casino you are playing at, you have to use the operator's own responsible gambling settings, which vary in quality from genuinely functional to decorative.

The August 2026 amendments and what changes on 1 January 2027

On 19 August 2026, the Australian Parliament passed the Interactive Gambling Amendment (Gambling Reform) Bill 2026. The reforms include tighter restrictions on gambling advertising across TV, radio, online, and sports venues; a global opt-out register for gambling advertising; restrictions on direct marketing of inducements to new account holders for the first 14 days; and a ban on affiliate commissions based on customer activity. Most of these provisions commence on 1 January 2027, which means the 2026 landscape described in this guide is operating under the older rules for a few more months.

The affiliate commission ban is the one to watch if you rely on comparison sites. A significant chunk of the "best no minimum deposit casino" content you will find is monetised through revenue-share deals, where the reviewer gets a cut of the player's net losses. Banning that model in Australia-licensed wagering does not directly bind Curaçao operators, but it changes the economics of the affiliate sites that promote them. Some will adapt. Some will fold. The rankings may look different by mid-2027.

Why no Australian-licensed online casino exists

Australia licenses online wagering — sports and racing betting — through state and territory regulators, with the Northern Territory Racing and Wagering Commission issuing most corporate bookmaker licences. It does not license online casino gaming. The Northern Territory can issue an "internet gaming licence" for casino products, but the conditions restrict the operator to offering those products outside Australia, not to Australian residents. There is no legal pathway for a domestic online pokies licence, and no political appetite to create one. The land-based casino duopoly in Sydney and Melbourne, plus the pub and club pokie network, has every incentive to keep it that way.

That is why every "Australian online casino" you encounter is an offshore entity operating in a legal grey zone: prohibited from offering the service under Australian law, but practically accessible because enforcement targets operators rather than players. The grey zone is not a loophole you are exploiting. It is the entire market structure.

Top No Minimum Deposit Casinos for Australian Players in 2026

The six operators below are the ones that consistently come up in Australian-facing low-deposit searches, and they are the ones with enough of a track record to assess on more than marketing copy. They are not identical. Each has a different minimum, a different payment mix, and a different attitude toward the player who deposits $10 and expects to withdraw $50 without a three-day KYC saga.

1. Bitstarz — the crypto-first benchmark

Bitstarz has been running since 2014, which in offshore casino years makes it a pensioner. It holds a Curaçao licence, runs a 7,500-plus game library across Pragmatic Play, NetEnt, Microgaming, Evolution, and Hacksaw Gaming, and accepts AUD deposits with a minimum that sits at AU$20 for the welcome package trigger but drops to around AU$10 equivalent on crypto rails depending on the coin. The headline welcome offer is a four-deposit package worth up to AU$10,000 or 5 BTC plus 180 free spins, with a 40x wagering requirement on the bonus amount. That is a large theoretical number attached to a $20 entry, and the gap between the two is where the marketing lives.

What makes Bitstarz worth a look for low-stakes players is the withdrawal side. Crypto payouts clear in under an hour at the fast end, and the minimum withdrawal sits around AU$45 equivalent, which is high enough to be annoying if you deposited $10 but low enough to be reachable if you run a small balance up. The no-deposit offer — 50 free spins with code BTCWIN at the time of writing — is a genuine no-deposit product, though the 40x wagering and max cashout cap apply as they do everywhere.

2. 7Bit Casino — the low-fiat alternative

7Bit launched in 2014 as well and has built its reputation on crypto breadth: Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, and a long tail of altcoins. The minimum deposit is 0.0001 BTC, roughly AU$10 at 2026 prices, which is one of the lowest genuine crypto floors in the Australian-facing market. Fiat deposits through cards start at around AU$15, and some e-wallets sit at AU$20. The welcome package is up to 5 BTC plus 100 free spins across four deposits, with 40x wagering on the bonus.

The low crypto floor is the selling point, but the withdrawal minimum is the caveat. Crypto withdrawals start at around AU$20 equivalent, while fiat withdrawals sit closer to AU$50, which means a $10 crypto deposit that turns into a $40 win is withdrawable via crypto but stranded via card. If you are testing a casino with a tiny deposit, test the withdrawal route on the same rail you deposited on.

3. Hellspin — the PayID-friendly option

Hellspin's minimum deposit sits at AU$20 on most fiat rails, with crypto accepting lower amounts depending on the network. The PayID route is the one Australian players actually use, and Hellspin supports it with deposits credited in minutes and no casino-side fee. The welcome package is a multi-deposit match with 35x to 40x wagering, and the site runs daily tournaments that low-stakes players can enter without a separate buy-in.

The honest limitation is the minimum. Hellspin is not a "$1 casino" in any meaningful sense. It is a $20 casino with a crypto option that goes lower. For a player who wants to deposit $10 through PayID, it is not the right fit. For a player who wants a recognisable brand with a functioning AUD cashier and a reasonable game library, it is a solid mid-tier choice.

4. National Casino — the pokies loyalist

National Casino's minimum deposit is method-dependent: AU$10 via Neosurf, AU$20 via card, and roughly AU$10 equivalent via crypto. The Neosurf floor is the one that matters for low-stakes players, because Neosurf vouchers are sold in $10, $30, $50, and $100 denominations at Australian newsagents and petrol stations, which makes the $10 entry a practical cash-based option rather than a card-only fiction. The withdrawal minimum starts at AU$30 for crypto and AU$50 for bank transfer, which is a meaningful hurdle if you are playing with $10 at a time.

The game library leans hard into pokies from Pragmatic Play, with a welcome package spread across four deposits and free spins on selected titles. The 40x wagering is standard for the segment. What sets National apart is not the bonus math — it is the payment mix. Neosurf plus PayID plus crypto gives Australian players three distinct entry points at three different minimums, which is more flexibility than most of its direct competitors offer.

5. Rocket Casino — the $10 entry specialist

Rocket Casino advertises a $10 minimum, and it mostly delivers: crypto deposits start at AU$10, PayID clears at AU$20, and cards sit at AU$20. The welcome package is a multi-deposit match with 40x wagering, and the site supports PayID and crypto withdrawals with processing times in the one-to-24-hour band. The KYC trigger for small withdrawals sits around AU$1,000, which means most low-stakes players can cash out without sending a passport scan — a genuine advantage if privacy matters to you.

Rocket is not the cheapest casino on this list, and it is not the most established. It is the operator that has built its acquisition funnel around the $10 player, which means the cashier flow, the bonus terms, and the withdrawal thresholds are all designed with that player in mind. That coherence is worth something. A casino that expects $10 deposits is less likely to treat a $50 withdrawal as a suspicious event.

6. SkyCrown — the card-and-crypto hybrid

SkyCrown's minimum sits at AU$20 on cards and AU$30 on crypto, which makes it the most expensive entry on this list for the low-stakes player. It earns a place because the AUD cashier is well-built, the welcome package is competitive (up to AU$4,000 plus 400 free spins across four deposits), and the withdrawal processing is reliable. The 40x wagering and 30x bonus contribution rules apply as standard. If your definition of "low deposit" is $20 rather than $5, SkyCrown is a more polished product than several of the cheaper alternatives. If your definition is $5, look elsewhere.

Comparison Table: Minimums, Licences, and Payout Speeds

The pattern in that table is worth naming. The operators with the lowest floors are the crypto-first sites. The operators with the most convenient payment methods — PayID, cards — sit at AUD $20. There is no operator in the Australian-facing market in 2026 that combines a genuine $1 floor with a card deposit and a $20 withdrawal minimum. The low floor always comes with a trade-off: a crypto wallet, a Neosurf voucher, or a withdrawal threshold that is higher than the deposit threshold.

Payment Methods That Actually Support Tiny Deposits

The payment method decides your real minimum more than the casino's marketing does. A site that advertises a $1 floor may only honour it through a specific altcoin, while the same site charges $20 on the card you were planning to use. Matching the method to the floor is the whole game.

PayID and the $10 standard

PayID has become the default deposit rail for Australian online casino players, overtaking credit cards and Neosurf in 2026. It settles through the New Payments Platform in under 60 seconds, 24/7 including public holidays, and most casinos charge no fee on either end. The minimum sits at AUD $10 across most operators, with a handful of crypto-friendly platforms dropping to AUD $5. The $10 figure is not a PayID limitation — NPP Australia does not enforce a minimum — it is the casino's chosen floor.

The practical advantage of PayID for low-stakes players is that it uses the banking app you already have. There is no voucher to buy, no wallet to fund, no card number to expose. The practical disadvantage is that the $10 floor is higher than the crypto floor at the same casino. If your goal is the absolute lowest entry, PayID is not the cheapest rail. If your goal is the simplest rail, it is.

Crypto rails and the disappearing floor

Bitcoin, Litecoin, Tether, and the long tail of altcoins are where the floor drops below $10. 7Bit's 0.0001 BTC minimum is roughly AU$10 at 2026 prices; SkyCrown's Litecoin minimum of 0.01 LTC is about AU$2.90 at the time of writing, though SkyCrown's fiat minimum is AU$20 and the Litecoin route is not the headline product. The crypto floor is lower because the processing cost is lower: a $10 Litecoin transfer costs cents, while a $10 card deposit costs the casino interchange and carries chargeback risk.

The trade-off is volatility and irreversibility. A crypto deposit that sits in a pending state while the network confirms is still your money, but a crypto withdrawal sent to the wrong address is gone. For a $10 test deposit, the stakes are low enough that the risk is manageable. For a $200 withdrawal, the irreversible nature of crypto cuts both ways: it is fast, but there is no chargeback if the operator sends it to the wrong place. Use a wallet you control, not an exchange address you cannot verify.

Neosurf, cards, and the methods that won't budge

Neosurf is the classic low-floor fiat rail. Vouchers are sold at Australian newsagents and petrol stations in $10, $30, $50, and $100 denominations, which makes $10 the practical floor. National Casino accepts Neosurf at AU$10; several other operators set the Neosurf minimum at AU$20. The catch is that Neosurf is deposit-only at most casinos — you cannot withdraw back to a voucher — so you will need a bank account or crypto wallet for the payout side.

Cards and bank transfers are the least flexible rails for low-stakes players. Visa and Mastercard typically carry a AU$15 to AU$20 floor because of processing economics, and bank transfers sit at AU$20 to AU$30 because manual reconciliation costs the operator more. If you want to deposit $5, cards are not the route. If you want to deposit $20 and withdraw without touching crypto, cards are fine, just slower.

Pokies and Slots: Where Low-Stake Players Get the Most Run

The pokies lobby at a low-deposit casino is not meaningfully different from the lobby at a $50-minimum casino. The same Pragmatic Play, Hacksaw Gaming, NetEnt, and Relax titles appear across both. What changes is the bet-sizing reality: a $10 balance on a slot with a $0.20 minimum bet gives you 50 spins, and 50 spins on a high-volatility title is a coin flip on whether you see any return at all. The game choice matters more than the casino choice when the bankroll is small.

Volatility matters more than the spin price

A low-variance slot like Starburst or Blood Suckers will stretch a $10 balance across 100 or more spins with frequent small returns, which gives you more time at the machine but a lower ceiling. A high-variance title like Gates of Olympus or Wanted Dead or a Wild can eat 50 spins without a meaningful hit, but the bonus round can pay 100x or more. Neither is "better" in the abstract. They are different products for different bankroll strategies. With $10, low volatility is the rational choice if your goal is session length. High volatility is the rational choice if your goal is a lottery ticket.

The trap is the bonus wagering requirement. If you claim a welcome bonus on a $10 deposit, the 40x wagering applies to the bonus amount, and slot contributions usually count at 100% while table games count at 10% or less. A $10 deposit with a 100% match gives you a $10 bonus and a $400 wagering target. At $0.20 per spin, that is 2,000 spins before the bonus converts to withdrawable cash. The math is not impossible, but it is not the "free money" the landing page implies.

Providers that tolerate cent-sized bets

Pragmatic Play, Hacksaw Gaming, and Push Gaming all offer titles with minimum bets at or below $0.10, which is the practical range for a $10 balance. NetEnt's classic portfolio — Starburst, Twin Spin, Fruit Shop — sits in the same band. Microgaming's Mega Moolah network is technically accessible at low stakes, but the progressive jackpot contribution makes it a poor fit for a tiny bankroll unless you are treating it as a lottery ticket rather than a session game. The providers are not the differentiator at low stakes. The volatility profile is.

The Real Cost of a $5 Deposit: Wagering Math Nobody Shows You

A $5 deposit with a 100% match and 40x wagering sounds like a $5 path to a $5 bonus. The wagering requirement is calculated on the bonus amount, not the deposit, at most operators, so a $5 bonus at 40x is a $200 qualifying-bet target. At a 3% house edge on a mid-variance slot, the expected loss across $200 of wagering is $6. Your $5 bonus is worth less than the expected cost of clearing it. That is the arithmetic the "$5 deposit" pitch skips.

A worked example with 40x wagering

Take Rocket Casino's welcome offer as a template: a 100% match up to $500 plus 50 spins, with 40x wagering on the bonus. Deposit $10, get a $10 bonus, and the wagering target is $400. At $0.20 per spin, that is 2,000 spins. If the slot has a 96% RTP — a standard figure for Pragmatic Play titles — the expected loss across $400 of wagering is $16. The bonus is $10. The expected value of clearing it is negative $6 before you account for the max cashout cap, which is often set at $100 or less on low-deposit bonuses.

This is not a reason to avoid bonuses entirely. It is a reason to read the bonus terms as a cost calculation rather than a gift. A smaller bonus with a 20x wagering requirement can be worth more than a larger bonus at 40x. A bonus with no max cashout is worth more than a bonus with a $100 cap. The headline match percentage is the least useful number on the promotions page.

Why the bonus cap matters more than the match percentage

A 200% match sounds better than a 100% match until you read the cap. If the 200% match is capped at $20 and the 100% match is capped at $500, the 100% offer is worth more to anyone depositing more than $10. On a $10 deposit, both caps are irrelevant because the match is only $10 or $20. But on a $50 deposit, the $20 cap on the 200% offer means you get $20 instead of the $100 the percentage implies. The cap is the real bonus. The percentage is the marketing.

For low-stakes players specifically, the cap and the wagering requirement are the only numbers that matter. A $10 bonus at 40x with a $50 max cashout is a $10 lottery ticket with a $50 ceiling. A $5 bonus at 20x with no cap is a smaller ticket with a higher ceiling. Which one you prefer depends on whether you are playing for entertainment or for a shot at a meaningful withdrawal.

How We Ranked These Casinos (Methodology)

The rankings above are not based on affiliate payout rates. They are based on five criteria that matter to a low-stakes Australian player: the actual deposit floor on the payment method most people use, the licence and the dispute-resolution pathway it provides, the withdrawal minimum and processing speed, the transparency of the bonus terms, and the presence of functioning responsible-gambling tools.

Deposit floor carries the most weight because it is the promise the category is built on. An operator that advertises a $5 floor but only honours it through a specific altcoin on a Tuesday is ranked below an operator that charges $10 across every rail. Licence and dispute resolution carry the second-most weight. Every operator here holds a Curaçao licence, which is the baseline for the offshore market, but Curaçao's new Gaming Authority framework introduced in 2024 has raised compliance costs and improved player-complaint handling relative to the old master-licence system. It is not a strong regulator by Australian standards. It is the only regulator available to you.

Withdrawal minimum and speed are the criteria that separate a functional low-deposit casino from a marketing exercise. A $10 deposit with a $50 withdrawal minimum is a $50 commitment, not a $10 one. We weighted operators that keep the withdrawal threshold close to the deposit threshold — Bitstarz at $45 and 7Bit at $20 for crypto — above operators with a $10 deposit floor and a $50 payout floor. Bonus transparency and responsible-gambling tools were assessed qualitatively: are the wagering requirements visible before you opt in, and does the site link to an Australian support service rather than burying a generic "play responsibly" footer?

New and Emerging Low-Deposit Casinos to Watch

The low-deposit segment is crowded, and new brands appear with predictable regularity. The ones worth watching are the ones that do something structurally different rather than just undercutting the minimum by a dollar. Slottica's $2 floor is the lowest in the current comparison, but the operator's licence and withdrawal terms need closer scrutiny before it displaces a more established name. Jupi Casino's $1 entry is similarly aggressive on the deposit side, with a Curaçao licence and support for Neosurf, crypto, and cards, but the $1 floor is method-specific and the withdrawal minimum is higher than the deposit minimum, which is the standard low-deposit trade-off.

The more interesting development is the crypto-native operators that remove the floor entirely on certain networks. Thrill, for instance, states no minimum and no maximum deposit for supported coins, and minimum bets from one cent. That is a genuinely different product from a $10 fiat casino, not just a marketing variation. The catch is that a no-floor crypto casino is also a no-floor KYC casino until you withdraw, and the withdrawal is where the identity check arrives. The low deposit is real. The no-verification experience usually is not.

Watch the affiliate commission ban coming into effect in January 2027. If it reduces the volume of revenue-share-funded comparison content in the Australian market, the operators that rely on affiliate traffic rather than brand recognition may find their acquisition costs rising. That tends to push minimums up, not down. The 2026 low-deposit window may be as cheap as it gets for a while.

Responsible Gambling Tools for Small-Stakes Players

The low-deposit model has a responsible-gambling dimension that gets less attention than it should. A $5 deposit feels trivial, and that is the point. The player who would not risk $50 will risk $5, and the player who risks $5 on Monday may risk $5 again on Tuesday, and again on Wednesday. The low floor is an acquisition strategy, not a harm-reduction strategy.

Every operator in this guide offers some combination of deposit limits, loss limits, session timers, and self-exclusion. The quality varies. Hellspin links its self-exclusion option directly to the Australian Gambling Helpline, which is a better practice than the generic "set a limit" tool some competitors offer. BetStop, the National Self-Exclusion Register, does not cover offshore casinos, so the operator's own tool is the only formal exclusion mechanism available at these sites. If you need a register that covers every casino you might open, BetStop will not do it. You have to use each operator's tool individually, which is exactly as inconvenient as it sounds.

The practical advice for low-stakes players is to set a deposit limit before the first deposit, not after the first loss. A $20 monthly limit at a casino that accepts $5 deposits is a meaningful constraint. A $20 limit at a casino with a $20 minimum is a single deposit. The limit only works if the floor is lower than the limit.

Is there a genuinely no minimum deposit casino in Australia?

No. The lowest genuine floor in the Australian-facing market in 2026 is around AUD $1 to $2 on specific e-wallet or crypto methods at operators like Jupi and Slottica, with AUD $5 to $10 being the practical standard on PayID and Neosurf. A "no minimum" casino in the literal sense does not exist at a licensed offshore operator. The phrase is marketing shorthand for "lower than the $20 standard."

Can I withdraw winnings from a $5 deposit without sending ID?

Sometimes, but not reliably. Rocket Casino and National Casino process most cashouts under AU$500 without documents, with KYC typically triggering around the AU$1,000 mark. Bitstarz and 7Bit are similarly lenient on small crypto withdrawals. The threshold is operator-specific and can change without notice, so a no-ID withdrawal on a $50 win is a reasonable expectation and a guaranteed right is not.

Which payment method has the lowest casino minimum in Australia?

Crypto has the lowest floor, with 7Bit accepting 0.0001 BTC (roughly AU$10) and some altcoin routes going lower. PayID sits at AUD $10 at most operators and AUD $5 at a handful. Neosurf's floor is AUD $10 because that is the smallest voucher denomination. Cards and bank transfers are the most expensive entry points at AUD $15 to $30.

Are crypto casinos with no minimum deposit legal for Australians?

Playing at them is not a criminal offence for the player, but the operators are offering a prohibited service under the Interactive Gambling Act 2001. The ACMA blocks domains and issues warnings to unlicensed operators, and the IGA targets operators rather than punters. You are in a legal grey zone: not prosecuted, but not protected by Australian regulators either.

What is the minimum withdrawal at most Australian-facing casinos?

Minimum withdrawals typically sit at AUD $20 to $30 for crypto and AUD $30 to $50 for bank transfer or card. Bitstarz sets a crypto withdrawal minimum around AU$45 equivalent, 7Bit sits at AU$20 for crypto and AU$50 for fiat, and Rocket and National both start at AU$30. The withdrawal minimum is usually higher than the deposit minimum, which is the hidden cost of the low-deposit model.

Do low-deposit bonuses ever clear at 40x wagering?

They clear, but the expected value is usually negative after the house edge and the max cashout cap are accounted for. A $10 bonus at 40x requires $400 in qualifying bets, and at a 96% RTP slot the expected loss across that wagering is around $16 — more than the bonus itself. A smaller bonus at 20x with no cap is often worth more than a larger bonus at 40x with a $50 cap.