What are Wagering Requirements?
Most online casinos set wagering requirements to ensure that players do not take advantage of casino bonuses. They limit the number of times you can wager what is given in the bonus before cashing out your winnings. Wagering requirements vary depending on the online casino, but they typically range between 10x and 100x the bonus amount.
Online Casino players will encounter any number of bonus offers when they sign up at a new Casino such as Casino Room, or take advantage of ongoing promotions at a casino they are already signed up with. These casino bonuses can include a welcome bonus, free spins, cash bonuses and even free bets. These offers seem like a good idea, and indeed they are, but they also come with certain strings attached, known as online casino wagering requirements. These requirements stipulate that you must wager a specific amount of cash before withdrawing as real money, the bonus or any winnings you may earn from it.
So, what is a wager?
Wagers are an online casino’s bread and butter. Without them, online gambling would be a pretty boring affair. So what are online casino wagers? Simply put, they’re the amount of money you spend on betting on your chance of winning something to make more money from it. For example, if you bet €1 on black in roulette so that if black wins, you’ll get back €2 for every dollar spent, that counts as a wager because you intend to profit from the game by spending less than you win.
How do wagering requirements work?
Wagering requirements are different depending on the bonus type. It’s important to understand what they are. As mentioned previously, you’ll have to wager through a set multiplier before you can withdraw any bonus cash and associated wins with a cash bonus.
Let’s assume you sign up for a cash-based casino bonus with a 30X wagering requirement. To complete wagering requirements, you need to bet your bonus amount thirty times before you can withdraw it and the winnings from those bets.
You will also have to meet certain, slightly different criteria when you get free spins as a bonus. Your multiplier will apply to any winnings you may earn from the free spins. The bonus will not be a cash amount but a set number of free spins. The casino will apply any cash amounts generated by these free spins to the wagering requirement multiplier.
Different types of wagering requirements
Welcome bonus wagering requirements
Welcome bonuses are given as a first deposit. These bonuses typically have a higher wagering requirement than a deposit match or free spin bonus. The numbers can be up to 100x, so make sure you check the terms for this type of bonus.
Deposit bonus wagering requirements
Deposit bonuses are a type of reward that matches your deposit. The casino determines the matching amount and can be up to a maximum amount. You could get a 100% matching bonus of up to a maximum of €100. Depending on the amount you need to wager, this type of bonus can be very expensive. So search for the lowest possible amounts.
Free Spins wagering requirements
The online casino wagering requirements for free spins differ from the online casino wagering requirements for other bonuses.
The wagering requirements for free spins refers to the total number of winnings that you accumulate. You will need to bet the bonus money you’ve won from your free spins the number of times specified by the wagering requirement. Sometimes wagering requirements vary and stipulate that you must wager both your deposit and online casino free spin winnings. Make sure to read the details to find out if this is a requirement.
How to work out wagering requirements.
To meet the online casino wagering requirements, you have to play online casino games. That is obvious, but it is also important when talking about wagering requirements in online casinos that you have a clear understanding of wagering terms if you want to be able to calculate wagering requirements:
Deposit amount – The amount required to be deposited by you in real moneyBonus amount – How much extra cash you will get in the form of a bonusDeposit + Bonus or Deposit only – Denotes if requirements mean only the deposit amount, or if the deposit and bonus amounts are combined.Game contribution – This is the percentage of the bets you place that will go toward meeting the requirements. Online Slots typically will make 100% of your bet available to meet the requirements. You may find that live dealer games, table games, or card games will contribute only 50% or even less. If you play the Slots, you’ll discover that you’ll be able to fulfil the wagering requirements quicker and easier.
When choosing a bonus in online casinos, it’s important to bear in mind the Wagering Requirements that come with it. Not all games you play will count towards meeting these requirements – so be sure to check which ones do before you start playing! If you want to clear the wagering requirement as quickly as possible, stick to the games that are listed as contributing.
Wagering requirements example
We will use the following example to illustrate casino bonus wagering requirements. If you use a common minimum deposit of €20, the online casino will give you a €20 bonus, equal to a 100% match deposit.
To meet the casino bonus wagering requirement of 10x, you would have to place bets equal to €200 if the wagering requirements were applicable to the bonus amount only (10 x €200).If the requirements stipulate they will apply to the deposit and bonus combined, (€20 + €20 x 10) you would have to place €400 in bets before being able to withdraw any winnings as real money.
So, as can be seen from the above examples, it is not just the wagering requirement multiplier that you should consider. But also, the amount, or combined amounts, the multiplier will be applied to. As always, the important thing to do is read the terms and conditions before committing to any of the licensed online casinos available.
Why do wagering requirements exist
Casinos put in wagering requirements to make sure that players don’t just take the free money and run. Essentially, it’s a way of making sure that players have to actually gamble with the bonus cash they’ve been given, rather than just withdrawing it all immediately.
There is also a sound legal basis for the existence of wagering requirements. They are not intended as a means to take advantage of new players. Online casino wagering requirements are also in place to prevent online money laundering and organised crime. They help casinos stop criminals from laundering dirty money by making it difficult or impossible to deposit and then withdraw money as clean and legal cash. This way, online casinos can help slow the tide of online money laundering.
Can wagering requirements be avoided?
In general, online casinos impose wager requirements to ensure that players don’t simply walk away with all of the money after playing a few games. However, there are ways to avoid these requirements if you’re smart about it.
Take Advantage of those Bonus Offers!
To entice you, several casinos provide wager-free spins or something similar. Taking these and using them allows you to withdraw all of your winnings at once. Keep in mind that some casinos ask you to deposit money in order to cash out your winnings. This does happen from time to time. Even though the potential winnings are little, they are generally going to be free, which eliminates the need for wager requirements and solves the problem.
Pick your Casino Carefully
Many websites today offer comprehensive casino reviews and ratings. So you’re not going to go wrong if you conduct some research and study first. Keep in mind that you should only choose casinos that are licensed and trusted. These will be sure to follow the law and not attempt to take advantage of anything like wagering requirements that can be abused.
The Fine Print
There’s no fun in reading terms and conditions. It’s so boring, yet it will save you a lot of headaches in this case. Everything you need to know will be available inside a reputable casinos terms and conditions. Customer service may also be a good place to start. It’s critical to note whether you’ll need to forgo your incentives in order to withdraw. It’s a big warning sign.
Ready to have some fun?
Hopefully, this has cleared up wagering requirements and shed some light on what you need to do to avoid or minimize their effect on your enjoyment and possible winnings. Just be cautious, and everything should go smoothly. And always remember to play within your limits. When the fun stops, STOP!
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