Sign-up bonuses, referral bonuses, free spins; online casino offer incredible incentives to encourage you to play. However, it’s important to understand how all the bonuses work. Some online casino bonuses are a genuine win for you. Some have no value at all. Some are money-losers.
There are several types of online bonuses that may be offered to you: Restrictions on Winnings
Take Note: The cap on net bonus winnings is generally the maximum value of the bonus. Always look for bonuses without winnings restrictions.
Non-cashable bonuses often – but not always – come with caps on the total amount you can win from the bonus. These caps can be as low $50.
Non-cashable bonuses never let you withdraw the bonus itself, just the winnings. So the cap on bonus winnings is the maximum value of the bonus.
Chances are, though, you’ll lose the bonus without winning anything. So these caps are not an issue.
But suppose you get lucky? If you do get lucky with bonus money, anything you win over the winnings cap is a loss.
Let’s say you win $1,000 on a $2,000 bonus, but your winnings are capped at $100. The real value of the $2,000 bonus is $100 – the money you put in your bank. However, you have lost $900 by not wagering with your own money.
Wagering Requirements or Playthrough
Take Note: The value of a bonus is quickly eroded by wagering requirements.The lower the wagering requirement’s “multiple,” the higher the value of the bonus.
All non-cashable and most cashable bonuses require a minimum number of wagers that equals some multiple of the bonus amount, usually 30 to 40 times the bonus amount. Some bonus playthroughs are as low as 1x – that is, you have to wager an amount equal to the entire bonus. Some are as high as 60 times the bonus amount.
Any multiple below 15 times the bonus is a good deal. Take the bonus.
Any multiple above 25 times the bonus will probably mean you lose money. Unless you’re unusually lucky, use your own money.
Let’s calculate an example to demonstrate how this works.
If you don’t meet the wagering requirements, you will lose the bonus. Many online casinos will then take the original bonus money from your deposit.
Keep in mind that most online casinos have playthrough requirements for your deposit, as well. They are a small multiple of your deposit – usually 1x – to prevent money laundering.
Wagering requirements always come with time limits. You typically have 30 to 90 days to meet the wagering requirements or you lose your bonus and your winnings.
Game Restrictions
Take Note: Usually, the more restrictions placed on the games you can wager on, the lower the value of the bonus.
Many online casinos restrict which games you can play with the bonus. When they do, they restrict you to games with the highest house advantage, like slots. They may also not allow you to play high-jackpot games.
Online casinos may restrict games by discounting wagers made to high RTP games. For instance, a slots app with a low RTP might contribute 100% of every wager to the wager requirements. A video poker app with a high RTP might contribute 10% of every wager to the requirements. A live craps game might contribute 0%.
A 10% discount means that you will have to wager 10 times the wager requirement. So a 30x playthrough requirement will be a 300x requirement on a game discounted to 10%.
Bonus Abuse
Take Note: If you want to realize the full value of a bonus, you must thoroughly familiarize yourself with the site’s terms of conditions regarding bonus abuse.
The final consideration involves “bonus abuse,” the sometimes murky and often arbitrary set of rules that allows online casinos to revoke your bonus, take back your bonus winnings, take back all your winnings, or kick you off the site completely. Some of these rules are obvious, but some are so complex or vague that you may find yourself labeled an “abuser.”
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