[FishHooks]

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Please explain how this can be -EV?

I get a $100 bonus which deducts $100 from my MGR. For that MGR I would have gotten $25 back. So I'm up $75.
What's wrong with my line of thought?

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You would've made 25% on whatever your MGR was over the hands it takes to clear the bonus.

In a majority of cases this is > $100.

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I'm not the best at math but here I go:

Lets say at a 1/2 game you roughly contribute 8cents per raked pot. So after 100 raked hands you would have contributed 8 dollars.

TImes that by 10 to bring the total to 80 dollars after 1000 raked hands.

Times that number by 2 and it brings you to the total of 2000 raked hands and 160 dollars we contribted to the rake.

And now we get 100 dollars kicked back to us.

With a 25% rake back deal you have 160*.25 = 40. So we would be receiving only 40 dollars back.

SO yes this bonus is better than a 25% rake back deal.

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You forgot to subract the $100 bonus from the MGR
(160-100)*.25= $10 in rakeback.

However thats not the point, the point is if you play limits of 3/6 and above you will make more money on rakeback. These people proboly dont have rakeback and multipoker (and neither do I) So $100 for about 3,000 hands isn't much.