For some reason, a player may not be allowed to claim a bonus that he has been given at an online casino. A common reason for this limitation is the player’s failure to meet the wagering requirement set by the casino. But why do some players make this mistake? In most cases, it is because they do not know about wagering requirements. Also, it could be because of a lack of understanding of this notion. Hence, we have written an article to explain everything you need to know about online casino wagering requirements.
What is a Wagering Requirement?
The term “wagering” is a derivate of the word “wager”. Now, any bet placed on online casino games is called a wager. Therefore, a wagering requirement is the total amount of real money that an online casino customer must use to bet on a qualifying real-money slot before he will be allowed to withdraw his winnings from his account. Usually, it is a multiple of the bonus amount, expressed as any multiplier between 1x and 50x, which means a wager of up to fifty times the win or bonus.
When you claim a casino bonus, you get paid in bonus money that is not yet real, that is, not cash. Normally, this bonus money is held in a different wallet and has a wagering requirement. You must meet the wagering requirements and any other terms associated with the bonus money before it will be converted to real money for withdrawal. If you don’t, you will have to forfeit your bonus money.
Why are Wagering Requirements Important?
Wagering requirements are important because they ensure that criminals do not deposit large sums of money and withdraw the cash to their bank accounts, claiming the funds to be winnings. Thus, online casinos are obligated to include limitations for wagering while offering slots to players, thus, complying with anti-money laundering standards.
How to Calculate Wagering Requirements
First, you need to have a good understanding of the way wagering requirements are used at online casinos.
Let’s assume you are interested in a new casino and have signed up for an account. And the casino offers new players a 100% match bonus of up to £100, with a wagering requirement of 30x. Calculating the wagering requirements would be as follows:
Example 1: £100 (bonus) multiplied by 30 (wagering requirements) equals £3000. In this instance, before a player can request for withdrawal, the player must risk £3000.
However, some casinos offer sticky bonuses, thereby adding your cash to the bonus amount. The wagering requirements in such a situation would be as shown below:
Example 2: £100 (deposit) + £100 (casino bonus) multiplied by 30 (wagering requirements) equals £6000. Here, the wagering is twice that of the other example. Nonetheless, there is an advantage to the sticky bonus — players can start wagering right away and with a much larger balance, which allows them to play online casino games more aggressively.
How to Meet and Exceed Your Wagering Requirements
To satisfy and surpass your wagering requirements, you must first understand how they function and then learn to play strategically. Thus, you must do the following:
1. Make the Right Choice of a Casino
Wagering requirements as high as 50X and even more are offered by some online slot casinos. But there are still some that provide wagering requirements lesser than 30X. There are also online casinos that place restrictions on how much money a player can receive via casino bonuses, so you should not hesitate to do your research and shop around.
However, it is better to select an online casino that has a good reputation among online casino fans and as well offers bonus terms you find suitable. You should also ensure that the casino is simple to use, officially licensed and regulated, and have a readily accessible customer care that can help in resolving any questions or problems with your bonus.
2. Check the Fine Print
The gaming authority has strict conditions that all legitimate online casinos must follow. One of such conditions is to ensure all applicable terms and conditions are shown clearly. Thus, all vital information about your bonus can be gotten here. The following are some things you should look into:
- The minimum deposit;
- The offer’s wagering requirement;
- The time limit;
- The bonus bet limit;
- The winning cap; and
- The qualifying games.
Note: You should endeavour not to sign up for any bonus except if you have carefully read or at worst glanced through the terms and conditions.
3. Play Games Properly
First, the variance and the RTP, which refers to the Return to Player Percentage, of online casino slots must be put into consideration. Slots with a low RTP have a high variance. Such kind of slots do not have frequent payouts, but when they do, the payouts are larger. So, you should begin with games like these if you desire to meet your wagering requirements. This will allow you to increase your bankroll quickly as well as protect against unexpected losses.
Conclusion
The simplicity or difficulty of a wagering requirement depends on how quickly the player can meet them and the amount of money to be spent. In addition, most casinos expect players to meet the requirements within 14 days of accepting the deal. Irrespective of that, you can still have all the fun you desire at your favourite online casinos. You can find the best ecoPayz, Skrill, and NETELLER online casinos on our website.
