Most things in life come with a hidden agenda or cost and it’s fair to say that casino, bingo and slot sites are the same. For many of us the excitement of that welcome bonus is always overshadowed by the terms and conditions, more specifically the wagering requirements. There are only a handful of sites which actually offer wager free keep what you win bonuses, so if you’re an online gamer it’s really something you should be aware of and understand.
Most gaming sites use the same system, so if you understand it on one casino then it’ll be the same for another. The main difference is the multiplier, which on average is around 35x but can be as extreme as 75x or more.
The UK Gambling Commission has made it compulsory that basic terms and conditions are laid out somewhere on the casino, bingo or slot sites. You’ll tend to find a link at the bottom of each page, although it can be quite mind numbing when you see rafts and rafts of information. In addition, the gaming site has to add basic terms and conditions on any images they use to promote a bonus or offer, this includes wagering requirements. So, if you head to any of your favourite sites, you should see a X and then a number, this is your wagering requirement.
The Basics on Wagering Requirements
If you are feeling confused already then don’t worry, because we’ve got your back. This guide is perfect for any new players out there, or even those of you who are more experienced but are unsure of what a wagering requirement is.
A wagering requirement tends to be fixed to a welcome bonus or the regular promotions. If you were generally playing and not receiving any additional free credit, then this would not apply.
When you receive a bonus, it will tend to be a percentage of the money you credit to your account. For example, if a welcome bonus was 100% and you added £10, then you would get £10 free credit making a total of £20 to play with. Some bonuses require certain actions to trigger any restrictions, such as free spins for adding card details.
The wagering requirement is expressed as a multiplier, so for example 40x or 65x. This number is the amount you will need to wager before you can withdraw winnings from the site. Say you have received £10 in bonus credit due to your initial deposit and the wagering requirement is 65x, then you will need to wager and play through £650 worth of credit.
When we use the term wager, we simply mean playing games, so to get through your wagering requirements you just play your favourite casino, bingo or slots. Many of the sites will have a calculator to show how much you have used up of your wagering requirement and how much is left. This will help keep you on track and informed.
If you’re worried about your winnings then fear not because they will be retained in a pending balance. Funds cannot be withdrawn from the pending balance, but you can use it to work through the wagering requirement. Once you have met the wagering requirements then the funds from within the pending balance will be transferred to your main wallet. What you do with the funds is up to you, either use then to play more games or withdraw.
Why Have These Requirements?
The reasons behind wagering is so you don’t get the bonus credit and withdraw it straight away. Imagine if customers began depositing the maximum amounts and then withdrawing free credit, the gaming site wouldn’t be around for long. So, this is to make sure that you stick around and enjoy the site before you can actually withdraw.
There is also a legal reason and that is to ensure the site isn’t used for money laundering. This is why strict checks are conducted by the online sites when you register, especially if the amounts are above average.
Should I Stay Away from Wagering Restrictions?
This is a personal choice and completely dependent on whether you think you’ll stick with the new casino site. On most sites you do have the option of not accepting the welcome bonus or other promotions, as such you won’t be tied into those pesky terms and conditions; this is ideal for players who to play at fast withdrawal casino sites.
You also need to consider if you have the funds to fulfil the multiplier, because if for example you were to add £100 to a 100% deposit then you would enjoy a bonus of £100. But if alike the previous example the wagering requirement was 65x then that would total a colossal £6,500 you would need to wager and play through.
If you are planning on staying with the site anyway then you may want to add a little extra bonus credit to your wallet. Also, you may find that you work through the multiplied amount quite quickly, depending on wins etc. It’s all a matter of personal preference and luck, but we always recommend that our readers have a look at the terms and conditions before they register.
It’s worth noting that when you register with a Boku Casino, phone bill payments do not trigger welcome bonuses; so you won’t get caught out by any hidden terms and conditions.
The final thing to be aware of is that some games will have a different weighting. This means that the stake you put on one game may reduce your wagering requirement more than another game and others may only have a percentage contribution. For some sites you may reduce the wagering requirements quicker by playing bingo, but then it maybe slots on another site.
Again, check out the terms and conditions, especially if it is a promotion that specifies playing a certain casino or slot game. Casino games tend to be the ones which offer a lower than average weighting. Some sites such as Betfair actually have a list of the games which offer the most efficient way to fulfil your wagering requirements.
Hopefully this explains what we mean by wagering requirements, why they exist and whether as a player they are worth it. Essentially it is your choice, it just depends on how enticing that welcome or regular bonus really is.