What is a Bonus Wagering Requirement?
Online Casinos offer extraordinary bonuses to new players. These bonuses can range from a few hundred dollars to a few thousand dollars. The incentive is extremely appealing and can make an enormous difference in the long run because, in the case of 100% match es, it effectively doubles the amount of money at the player’s disposal. Every online casino features some type of casino bonus, because they know that money is a powerful motivator. In this case, the motivation is to make sure players have an incentive to play.
The bonuses are varied and can take one of several forms. The most common by far are what are called match bonuses, which involve the casino matching the first cash deposits the player makes at a rate of one to one, or a percentage thereof. Other bonus types include no deposit bonuses, which are a monetary gift that doesn’t require a deposit to claim; sticky bonuses, which players can make use of but are not allowed to withdraw; and non sticky bonuses, which players are welcome to take home—usually only after certain requirements are met.
Casino bonuses are certainly tantalizing, but it pays to know how they work in order to avoid problems or disputes down the road. The truth of the matter is that although bonuses are marketed as free money, nothing is truly free in this world. Everything has a catch. Casinos don’t actually want to give their money away. They are businesses and often have to answer to shareholders. The corporate imperative is to keep making money, not giving it away. So what’s actually going on here?
In point of fact, it used to be true that online casino bonuses were free in the sense that if a player was crafty enough, it was possible to withdraw the money and walk away with a pile of extra cash. Casinos got smart fast. They devised a caveat known as a wagering requirement, also known as a play through requirement. You might be excused if you haven’t come across these terms. They are often buried deep inside pages of legal mumbo jumbo and fine print. To make a long story short, wagering requirements were set in place to make it very hard, yet not impossible, to withdraw the bonus money. That’s right. The casino will be hanging on to your bonus cash..
You might be asking yourself how this is possible? Isn’t the casino bound by contractual agreement to hand over the cash to you? It was promised to you and handed over willingly, after all. Simple, it is a mathematical trick. The requirement that needs to be fulfilled before withdrawing is that players wager a certain predefined number of times before they are eligible to withdraw the bonus cash. Of course, the house is betting against the player. They figure that over the course of those bets, the player will lose the entire bonus, and they will get to keep everything.
Remember, until the wagering requirement is met, the money cannot be withdrawn. This is extremely important to remember, and it can save many players a lot of grief. Since the wagering requirement is a multiplier of the deposit it means that a 20x wagering requirement asks that players place bets at the casino totaling 20 times the original deposit. On a $1,000 initial deposit with a 100% match, the $1,000 bonus is only eligible for withdrawal once the player has put a minimum of $20,000 on the line. Notice that I said on the line and not “lost.” This is an extremely important distinction to make. One of the online casinos with the fairest wagering requirements is no doubt the almost ancient Mr Green Casino.
Luckily, for players who cannot be bothered, there is often an opt in clause to bonuses, which means participation is not mandatory. Opting in to the bonus is tantamount to agreeing to the terms outlined in the contract. At the outset of the fits bet the contract is set in stone. Furthermore, not all games contribute equally toward the wagering requirement. This means that certain games will be fully counted, but other games will be counted as a proportion based on a schedule. For instance, while slots might contribute 100% of the wager toward the requirement, craps might contribute as little as 30% of each bet to the requirement.
So Why Take a Bonus?
Does this mean that bonuses are all bad? Absolutely not! Despite the fact that they are not meant to be withdrawn, bonuses provide a very specific service. They functionally double the amount of money at the player’s disposal. This means that players can make larger wagers than they would ordinarily be able to. Larger wagers means larger wins. The casino backed bonus is a personal bankroll the casino extends as a courtesy to new players, and it is invaluable. See this invaluable courtesy come to play at the best online casinos.
It is important to forget the notion of cashing out the bonus money. Instead, players can focus on cashing out the money they earn by using the bonus bankroll wisely. Any money won through a bonus is legitimately the player’s to keep. With wise and conscientious play, the bonus can help players rack up a significant amount of free cash that really is free because it was won fairly. There is no greater gift the casino can give than the assistance of the bonus to help make money.