We still run 100% and upwards matches - although to be fair, the player lists are dynamic and are related to "total marketing cost"
When you think of "bonus is 25 B+D so its in the favour of casino" its not entirely true, due to
1) Game volatility. You are considering factory RTP of 96% however almost never does a player end up with perfect RTP. They are either winning (RTP 100+) or losing at various levels (RTP <100, and abysmal at times). So event the hardest bonuses have about 30% conversion ratio across the player base
2) Game provider cost. they charge us on bonuses lost as if its real money. most do anyway. So if you take a 20% game fee for example on a lost 100, plus a lost 100 bonus. thats 40% of earnings gone against the 100 you lost. The player sees their loses at 100, while the casino sees earnings of 60. The points of view start diverging there more rewards are thrown in... freebies, cashbacks, etc..
thats why you'd sometimes experience a bonus "cool-off" periods at casinos where it seems like things have dried up. take a look at your account and add up all the deposits made, against all the bonuses awarded in a period of time. If you are hitting 50-60% of bonuses against deposits, or more - there is a good chance the casino will cut the flow for a while for your real money deposits to catch up.
If for nothing else, to lower your "product" cost to the business. Players that ONLY play if there is a match become rapidly too expensive to maintain and that marketing budget is diverted to more balanced players.
Simmos and Bryans articles on the "slow death" of the bonus cover that from players ad casinos perspective quite well..
Once advice i'd give to players is to try and keep their bonus to deposit ratio to under 25% over any extended period of time. if you consider that on average, casino will keep between 20 and 30% of all deposits as revenue, and you are running at 80% bonus to deposit ratio, it doesn't take a rocket scientist to see why that's not good for the bottom line. In that case the budget is diverted to reward a more balanced customer... at least with operators that take their bottom line into consideration, or know how to
hope that helps.
EDIT
Also, playing with real money from time to time, gives you the absolute liberty to play however you wish. Which is liberating in its own right (directed at players who wouldn't deposit without a match). It also allows you to start reviewing your favourite places by some other metrics, which IMHO are far more important, like game selection, presentation, information, enjoyment of browsing or belonging to the culture of the site, ingenuity of engagement promotions which are not deposit match driven... and so on.
if your budget does not allow you to play without a bonus once in a while, then prepare to open many, many accounts to get the max offering around, but that will also reduce your loyalty rating and rewards that come from building your value with a few entities that you relaly enjoy.. its give and take, and its tailored to what you feel works for you the most
END EDIT