On games without raises or doubles, the expected loss while completing a wagering requirement is wagering requirement * house edge. This makes the expected gain of a cashable bonus equal to bonus - wagering requirement * house edge. House edge is defined in terms of initial bet, so the above equation does not apply to games with raises and doubles where the final bet size may be larger than the initial bet. The equation becomes bonus - wagering requirement * average loss per wager. WizardofOdds.com has proposed calling the latter average loss per wager variable "element of risk".[1] For a more precise estimate, one must also consider the benefit from being able to bet the bonus prior to completing the wagering requirement. This effect becomes noticeable when making large bets, such as betting the full balance (deposit and bonus) in a single bet. After considering this benefit and "element of risk", the formula for return becomes bonus - average wagering * element of risk.[2] If games without raises or doubles are played and the bonus is not given until completing wagering, then the formula can be simplified as bonus - wagering requirement * house edge.