It works like this:
1st Deposit = 50% Bonus - You'll get up to $50 FREE!
2nd Deposit = 25% Bonus - You'll get up to $200 FREE!
3rd Deposit = 20% Bonus - You'll get up to $600 FREE!
On making your first deposit to your real account you will receive the first welcome bonus. Subsequently, on making your second and third deposit you will receive the second and third offer respectively.