Have you ever been in the position where you’ve been tempted by a brilliant casino bonus and decide to claim the bonus, but then you couldn’t quite work out how you withdraw your hard-earned winnings? No doubt you won’t be alone, as it’s a common mistake that players make when they first start playing slot games.
Welcome bonuses and sign up bonuses are extremely common – almost every casino offers a bonus or incentive of some form to new players to tempt them into signing up and depositing cash into their online accounts. This is because slots are not only a great way for players to make money while enjoying their favourite games, but they’re also a brilliant money-maker for online and land-based casinos, with over 60% of casinos profits being generated from slot games.
If you can’t seem to get your head around wagering requirements, you aren’t alone, it can seem daunting at first until you get to grips with what a wagering requirement is and how it impacts your ability to withdraw your winnings. Let’s delve a little deeper to learn more and have a look at what you can do to make sure that you will always know what the wagering requirements are before you accept a bonus to ensure you always know when you can withdraw your money, so there will be no unwelcome surprises!
First off, let’s get to grips with what a wagering requirement actually is and why it’s a necessary evil in the gambling world. By wager, we mean a bet/amount of money you stake/wager, so wagering requirements are also known as betting requirements. You’ll come across a wagering requirement when it comes to accepting casino bonuses, for example, a welcome bonus which offers you 100% of your deposit amount – deposit £10 and get £20 to play with. Each bonus will have a wagering requirement attached to it, which is ultimately the amount you will be required to bet before you’ll be able to withdraw any money from your online account once you’ve deposited your money. For example, some bonuses might come with a wagering requirement of 10 x your bet, which is a brilliant offer to take advantage of.
It’s very important to carefully read and ensure you understand the wagering requirements and all the conditions of play before you accept the slot bonus and play the game, especially as many bonuses have a minimum withdrawal limit, for example, you may need to withdraw a minimum of £100 or bet a certain amount before you can withdraw your winnings. If you don’t meet the wagering requirements, when it comes to withdrawing your winnings, you’ll find you won’t be able to which can be frustrating for players. It’s important to understand wagering requirements so you can select game and bonuses which you can comfortably meet all betting requirements so you can not only enjoy playing the game but benefits from the winnings!
They are a necessary evil in the casino industry and they need to be in place so that casinos comply with anti-money laundering laws and regulations. These are in place to stop criminal activities operating by “cleaning” their money through depositing money into an online casino and immediately withdrawing it.
It might seem a little daunting, but it’s good to know how to calculate wagering requirements as knowledge is power and being able to calculate wagering requirements will allow you to choose the best casino bonus which is in line with your budget and bankroll – and you certainly don’t need to be a mathematical whizz kid to do it!
So a new online casino has caught your eye with a generous welcome bonus and you sign up – the online casino is offering you £60 welcome bonus for signing up you deposit £20 and the wagering requirement is 5 x your deposit amount. This is how it is calculated:
£60 welcome bonus x 5 wagering requirement = £300. This means that if you wish to withdraw your money from your online casino account, you will need to bet a total of £300. It might also be the case that for you to meet the wagering requirement, you will have to also include your deposit amount in that, which would mean:
£20 deposit + £60 welcome bonus x 5 = £400, which would mean that the amount you would need to bet you be £400, so even a small detail can make a big different – so this is why it’s important to read the terms and conditions of the wagering requirements carefully before accepting any online slot bonuses.
Thankfully players are protected by regulations which make it a legal requirement for online casinos to clearly display wagering requirements and the terms and conditions so that you can clearly see them and are fully informed before accepting bonuses. Terms and conditions can usually be found in promotional e-mails or on the promotion page itself, but if you’re in any doubt, you can always contact the online casino for clarification.
As part of incentive sign up packages, some online casinos will also offer you extra spins, as well as a welcome bonus, to use on certain slot games on their site – which is brilliant news for players, as who doesn’t love extra spins!? Online casinos are also obliged by law to clearly state the terms and conditions of these extra spins, which slots they are available to be used on and the wagering requirements so players aren’t left confused and frustrated when they want to make a withdrawal.
In short, yes! And they are bonuses which don’t have any wagering requirements attached to them and although they are usually smaller bonuses, if you want a bonus without having to deposit any money, these are brilliant bonuses to take advantage of. They can either come as a zero deposit bonus offer or wager-free extra spins.