For all of their promotion as free money, no deposit bonuses are not exactly that. In fact, the catch is that for most no deposit bonuses you encounter, you are going to have to put that money at risk before you can put it into your pocket.
There is always a chance that you’ll end up without a single cent of your bonus. On the other hand, most sites would never offer bonuses if there was no chance of getting the money back, so consider it the cost of doing business.
Plus, just because you might lose your bonus money doesn’t mean that you will.