Are you new to the world of online casinos? Welcome! Today we are going to take a look at an important aspect of online gaming, terms you have no doubt come across already – bonuses and wagering requirements. We will explore how they function and how they can work in a player’s favour.
What are bonuses?
The concept of a bonus is pretty self-explanatory. Players are rewarded for doing something, which can be signing up to play, making a first deposit or playing a specific game. The reward can be bonus funds, free spins or loyalty points, at casinos that offer a loyalty program.
What are wagering requirements?
This term can be slightly trickier to understand. Wagering requirements are a way for casinos to give their players rewards and keep them playing longer, while at the same time protecting themselves and their bonuses from abuse. Let’s face it – if a casino just gave things away for free, it would never turn a profit and would most likely fall victim to players trying to game the system.
In a nutshell, wagering requirements are restrictions imposed on bonus funds, determining how much the player must wager before being allowed to withdraw any winnings they might accrue.
Let’s work with an example. Our imaginary player likes the look of a particular casino and signs up. They notice that the wagering requirements are 50x. The first deposit they decide to make it of a modest €5.
This means that before our player can withdraw any winnings, they must first deposit their €5 multiplied by the wagering requirements, so €5 x 50. The player must make €250 in bets before cashing out any winnings.
It’s important to keep in mind that casinos can have different rules for their wagering requirements – some apply the requirements to the bonus amount only, while some add on the deposit amount too, which makes a significant difference.
It is important to always read the fine print when signing up to a new casino. While some players may consider wagering requirements restrictive, most understand the need for them. To those playing for fun, not necessarily to win, wagering requirements are not that big an issue as they do not get in the way of their gaming experience.
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