If my calculations are correct, I would have to wager 200 times my deposit to release 100% of my bonus. Is that correct?
Not necessarily. Your bonus is a function of bet amount and the odds.
You can read the details on the website.
According to the website, every time you make a bet, a point is calculated and your point can be converted to BTC.
Your point is calculated as follows.
Point = B * 10,000 * (X0.5-1)B = bet amount (at BTC)
X = odds, if odds isn't bigger than 4.
X = 4, if odds is bigger than 4.
You can claim 0.001 BTC for every 400 points.
Assuming you bet your deposit 200 times, you can get 100% of your deposit as bonus, but the odds must be bigger than 1.44
Assuming the odds is 4, for getting 100% of your deposit as bonus, you only need to bet your deposit 40 times.