I can see where you might make a three or four thousand if you put in a boatload of time, but with more and more books limiting their bonuss to $250 per account, and with most places not allowing a re-up bonus to players who've gotten sign-up bonuses and are net withdrawers I've never been able to understand claims that bonus chasers can make a living even if they do grind the bonus out without juice.
To me "bonus whores" are people who open up multiple accounts by using friends and relatives to circumvent at least the spirit of the bonus rules. I think that is where the term comes from.
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