Wagering Requirements: The Ugly Truth About Casino Bonuses
When you begin playing online and mobile casino games, you will be surprised by how much free money offers are splashed at you as sign-up and game play bonuses.
The $50 welcome bonus here and $25 No Deposit bonus there may appear as excellent deals you must take advantage of — after all, who doesn’t like free money? Yet, the question you must ask is, are these deals too good to be true or are online casinos really that generous?
As one would expect, there is always a catch before you can access or use these free bonus monies. The catch in this case are wagering restrictions, rules, and conditions that you must meet before playing the casino games.
If you have no idea what wagering requirements are or what it means, do not fear because this guide focuses on showing you everything you need to know about these tricky terms and conditions that are often included in the fine print of the offers casinos offer. Read on to find out.
What are wagering requirements?
Wagering requirements are basically part of the terms and conditions that are applied to bonuses and give aways by online and mobile casinos today. The term wagering is another word for betting. In a nutshell, wagering requirements refer to the conditions a player must meet in order to get an allocated bonus.
In exchange for bonus money, casinos make the player bet a certain number of times before they can cash out any money that they were given for free. The wagering requirement is often attached to particular promotions and bonus and is represented by a multiplier (X) meaning times, and a number e.g. 20X means 20 times.
The larger the bonus the casino offers the player, the more likely it is that a high the wagering requirement is imposed. Most casinos impose a wagering requirement of between 5X and 55X.
To put it in more practical terms, when a casino offers you $50 of free playing money with a 10X wagering requirement attached, it means that you must wager $50 x 10 = $500 in order to withdraw the free $20. As you can see, they really know how to make you work for your money.
It does not matter whether you win or lose when betting with $500, what counts is that you cannot withdraw the free money until you have placed at least 10 bets. You must weigh the pros and cons of every bonus you are offered to see whether it will benefit you in the long run before grabbing it.
Meeting the wagering requirements
Things get just a tad complicated at this point because often, wagering requirements rarely come on their own. They are often accompanied by other constraints and conditions such as maximum time requirement to use the bonus and the games that the bonus can be played with and those that do not qualify.
The time requirement is quite straightforward. When the wagering requirements include a 30-day time restriction, it means that you must wager the number of times within 30 days.
In some cases, casinos place different percentages on particular games that count towards the contribution as a part of the wagering requirements. This means that the casino will let you contribute towards the wagering requirement amount only when you play specific games e.g. slots.
Slot lovers will rejoice because slots often count for 100% of the wagering requirement bet value. Other games such as Roulette and Blackjack may count for a measly percentage e.g. 10 to 15 percent.
These percentages often vary and may not be consistent in the industry. Casinos impose this percentage requirement because it is easier to place more bets on certain games that have lower house edges than others.
Because the profit margins from Blackjack, Roulette, and other similar games are comparatively low for the casino, they try to mitigate their losses by imposing lower percentages.
For instance, when you receive a bonus of $100 with a 25X wagering requirement and slots count a 100%, video poker counts 75%, Roulette 25% and Blackjack 10%, your bet amounts on the games will be:
- £30 on slots– 100% of £30 = £30
- £20 on video poker– 75% of £20 = £15
- £20 on Roulette– 25% of £20 = £5
- £20 on Blackjack– 10% of £20 = £2
Many casinos lay out their terms and conditions very clearly,so it is important to go over the fine print carefully. You might want to wait a while before cashing out to avoid getting your account suspended as a result of breaching the terms of engagement.
Read also: How to Make Money with Online Casinos
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