Are wager-free bonuses even real at casinos not on gamstop?

Every time I scroll through promotional forums, I see banners advertising "100 Free Spins - Zero Wagering Required!" It sounds like free money on paper, but after digging through the general terms of service documentation this morning, I am thoroughly convinced that the concept is an absolute optical illusion. Are wager-free bonuses even real?

Here is what they hide in the fine print:

1. Maximum Payout Caps: Sure, you don't have to wager the winnings, but the maximum amount you can actually cash out from those spins is locked at a miserable $20. Anything over that is instantly confiscated by the system.
2. Forced Deposit Thresholds: To actually release the "wager-free" cash to your crypto wallet, you are required to make a real-money deposit first and roll that over 3 times to fulfill anti-money laundering clauses.

It’s completely disingenuous. They just replace the traditional "wagering requirement" fog with a "withdrawal restriction" barrier. Has anyone actually found a platform that gives true, un-capped, wager-free rewards?