I stick up for Bovada often but I sadly feel you are correct here. I am sure these rules are not in-forced on 95% of accounts. But when a big win happens, they absolutely take a look at your account to see if any of the TOS have been violated.
I am speaking from experience here as my father actually had bonuses limited on his account after a 30K parlay win. He was hit with “bonus abuse”. They luckily let him keep the win, but he was no longer able to get bonuses or use match bonuses again and was warned that his account would be shut down if he did it again.
After digging, we learned that this was the result of him betting his whole deposit + bonus at once (ie. $100 bitcoin deposit, 50% match, total funds available $150). He would often make a deposit, use the weekly match, and then bet the full amount on a parlay.
Well, come to find out, TOS say you can only bet 50% of your deposit amount on a bet if there is a bonus tied to it. So in this case, him betting the full $150 is in violation, and according to TOS, a user is only eligible to bet 50% of the deposited amount. So in the case above, he is limited to betting no more than $50 at a time until the rollover is met.
That’s one of those scenarios where I believe people often are betting the full deposit + bonus at once, but it will rarely come up unless you win. It sucks, but it got me to read the full TOS front and back so that I know what not to do going forward in the event I win big lol.