Whether you’re new to online casino games or an enthusiast, you must have come across wagering requirements at one casino or the other. The question now is, do you understand the concept of of it, and do you know the role/importance it holds in the world of online gambling?
Well, there’s no need to worry anymore as you’d find answers to all your questions in this article. And we will also discuss how to beat wagering requirements and withdraw your wins. So let’s begin.
What Is A Wagering Requirement?
Before we answer that, let us start by explaining what a wager means. A wager is the money or bets that players spend on either online slot, bingo, casino games, table games, and poker game. Whenever a casino offers its players a bonus, it usually comes with a wagering requirement.
So, a wagering requirement is the number of times you as a player would need to play the bonus money before you can make a cash withdrawal. Pretty simple right! For every bonus a casino offers its players, some specific rules and conditions must be satisfied by the player.
Some of these conditions include a withdrawal limit, betting on a particular game, a number of times the wagering is required, wagering casino bonus, and so on. Many newcomers have a hard time understanding this, so let’s consider another example.
Consider this analogy, when a player register on an online casino, the casino offers him bonuses. These bonuses usually are free spins or bonus money (could be £50, £100, 30 free spins or more) depending on the casino.
Now let’s say you’re offered £50 on sign up at this particular online casino and you’re required to fulfil a 20x wagering requirement. What this means is that you’d have to use this bonus money 20 times your bet to be able to cash out your profit. It is when you fulfil all the requirements that the bonus money will turn into real cash for withdrawal.
Usually, wagering requirements are attached to specific slot games, and rarely to other table games such as blackjack, roulette or baccarat. You should carefully read the terms and conditions of the offer/ bonus as it will mention which game(s) the requirement applies if any.
How To Calculate It?
This section of the article might be a tad more technical, but it’s essential for your understanding. Now, let’s imagine you found an online casino with exciting bonuses. But if you don’t understand what the wagering requirements mean and how it would impact your bankroll, you could run into problems.
Let’s imagine the casino promises to reward you £60 bonus money on your 1st deposit of £20 with a wagering requirement of 5x. And you’re wondering the £60 bonus makes sense for the £20 deposit, but what does the wagering requirements 5x imply. Well, here’s how it works:
£60 (bonus money) X 5 (wagering requirements) = £300
Now, what that calculation above means is that you’d have to use your £60 bonus money at least five times. Although you can use it more than five times if you wish and still attain a minimum bonus amount of £300 and meet the wagering requirements. And let’s also not forget you are depositing an initial £20 so the wagering requirements would affect that as well. So, using the same working principle above:
£20 (cash deposit) X 5 (wagering requirements) = £400
The above equation means that you’d have to use your cash deposit at least five times (it could be more) to get £400 and satisfy the wagering requirements. And on satisfying the wager, you can withdraw your funds.
Why Are There Such Requirements?
With this calculation above we’re pretty sure you’re wondering why there would be such terms and conditions on the bonus. You may already feel this is a ploy by casinos to get more money from its players. However, it is not a ploy; in fact, there’s a legitimate reason why casinos have wagering requirements.
The reason for wagering requirements at online casinos is because the casino needs to comply with anti-money laundering regulations. What this means is that, if online casinos didn’t have a wagering requirement, it would be an avenue for criminals to clean their illegal funds. That means a criminal could steal money from somewhere, deposits it in the casino and withdrawal it instantly, making it untraceable. The criminal would walk away with the money clean. But thanks to the wagering requirements, criminals depositing their money at online casinos would be a gamble.
What is Wager-Free Casino Bonus Offers?
Don’t feel all that discouraged about online casinos just yet. Not all bonus offers from online casinos have a wagering requirement. There are casino bonuses that are wager free, meaning there are no wagering requirements attached to the gift. The real enchantment about this offer is that players can snatch them right away with no delay. Although wager-free bonuses are usually on the smaller side, the bug advantage about it is that you don’t need to make a deposit prior. These wager-free bonuses come in different shapes and size like the wager-free free spins, no deposit bonus offer, and so on. The primary aim of the casinos who offer this type of bonuses is to lure players to the casino. So, whatever wins you make at this type of casinos can be withdrawn right away.
How to Beat Online Casino Wagering Requirements?
We have explained pretty much all you need to know about wagering requirements and how it is calculated. However, is it possible to beat the wagering requirements if it would be in your favour? Yes, it is ! Here is a checklist on what you need to do to achieve this aim:
✔ Do in-depth research on online casinos bonuses and pick the right casino that would favour you.
✔ Read the fine print and make sure the casino adheres to the conditions of gaming authorities.
✔ If you’re happy with the casino so far, sign up and have a test run