Acquisition-led bonus wars defined the last decade of online gambling growth, and the economics behind them are starting to break down. A $500 welcome match sounds impressive on a landing page, but the marginal player it pulls in rarely sticks around long enough to justify the cost. Any mature, competitive market eventually reaches the point where public bonuses stop differentiating operators and start looking identical across the board. The marketing-label version just renames the same public bonus and adds a badge. The comparison rarely favors the public offer once wagering requirements, game weighting, and cashout speed are lined up side by side.