With online gambling world facing fierce competition, it is no doubt that most casinos use clever marketing tactics to entice new players and maintain the loyalty of existing players. One common tactic is to offer a generous welcome package and enticing reload bonuses plus a ton of juicy free spins and promotions.
Sounds pretty good, right? But what’s the catch? Wagering requirements.
What are Wagering Requirements?
First, let’s start with the groundwork. A wager is a bet or cash you spend on either a casino game, an online slot, poker game, bingo game or table game. For an online casino bonus, the wager comes with a requirement attached to it.
Wagering requirements are also known as “play through” refers to the amount of cash you will need to stake to convert your bonus winnings into real money you can withdraw. It is virtually impossible to withdraw the bonus or the wins from the bonus in most casinos if you fail to comply with the wagering requirements.
You can identify the wagering requirements on a bonus by checking for the multiplier sign before the bonus. The wagering requirement is the number multiplied by the bonus and tells you how many times you have to play and how much you have to stake to convert your winnings into real cash.
If you’re given a £10 casino bonus with a 10X wagering requirement, it means you need to spend £100 (casino bonus X wagering requirement) on eligible games to withdraw your earnings.
What’s great is that casino wagering requirements are low for free bets and sports bonuses which are more favorable than other forms of online gambling such as casino, bingo or poker. But wagering requirements can be quite a pain for players after being promised tasty perks by the casino.
Why is Wagering Requirements Essential for Online Casinos?
Wagering requirements are essential to online casinos to entice newbies to join their platforms and to protect themselves financially. By the end of the day, casinos need to make a tidy profit.
Without online casino wagering requirements, fraudsters would be able to deposit and withdraw funds straightaway crippling the casinos. Also, wagering requirements are vital to enable casinos to comply with anti-money laundering regulations. As a player, do your homework and understand the T’s & C’s of the wagering requirements outlined by your casino.
So, how do Wagering Requirements work?
Wagering requirements feature as multipliers representing the number of times you have to play via your bonus to get your hands on your winnings. Let’s say you’re given a £30 casino bonus with a 20X wagering requirement. This means you need to spend £600 on eligible games to withdraw any winnings gained.
Wagering requirements come in two distinct varieties with regards to if the bonus is free bet or deposit bonus:
With free bets bonuses, the customer must stake a certain amount to trigger free bets. There is also a specified minimum odds the first bet need to attain to release the bonus (1.5 or 2.0). If you meet the initial wagering requirements, you are awarded the bonus. You can also access any winnings from the free bet stakes.
Deposit bonuses provide punters with free bet funds based on a certain percentage of their initial deposit with the specific provider. Punters must stake a specific total amount via their account before withdrawing any winnings earned from using their bonus funds. The amounts you need to bet to withdraw your winnings differ from one bonus to another depending on the wagering requirements.
Some casinos impose unfair wagering requirements making it quite impossible for their players to cash out their winnings but some online casinos offer reasonable and fair wagering requirements with some having no requirements at all. Such casinos include Jackpot Jones Casino, Casino.com, Party Casino and LeoVagas Casino among others.
How can you beat Wagering Requirements?
Here comes the boring part especially if you’re not a number guy but it is essential you understand how to beat wagering requirements to better pick a casino that fits best your budget.
Imagine you’re hunting for the best online casino and you land on one that piques your interest. On signing up, the casino rewards you with £50 welcome bonus when you make an online deposit of £30 with a wagering requirement of 10X.
So this is how it works:
£50 (casino bonus) X 10 (wagering requirement) = £500.
What this means is, for you to make a cash withdrawal you must wager £500 in total. Plus for you to meet the wagering requirement, you must make a deposit as well. This would work as follows:
£30 (deposit amount) + £50 (casino bonus) X 10 (wagering amount) = £800.
It is also essential you pick the right casino, preferably one with low or even no wagering requirements. This makes it hassle-free to withdraw your winnings and you also don’t end up burning your bank account to meet the casino’s terms.
Read the fine print carefully. Keep in mind, the devil is in the detail. Find out what the wagering requirements are and if you can comply with the terms. You can also speak to the customer support to find out what you’re signing up for before parting with your cash.
Best casinos with lowest wagering requirements:
We’ve compiled the best casino operators with decent and reasonable wagering requirements among a heap of free goodies we dig!
Why do wagering requirements exist?
Online casinos develop wagering requirements to lure in new players and also to protect themselves from fraudulent transactions. By the end of the day, casinos have to maintain the house edge or they risk bankruptcy.
Some of the casinos with wagerless bonuses include Jackpot Jones Casino, Betfair Casino, Paddy Power, and Volt Casino among others.
There is no free money and the casino has to protect its house edge. How? By creating rules that govern the free offers, bonuses and any real cash prizes. One way is by casinos imposing wagering requirements.
As a player, knowing what wagering requirements are will help you cash out your winnings from online casinos hassle-free.