What are Wagering Requirements?
Let’s start by explaining wagering requirements and its role in the online casino world. A wager is essentially a real money bet on either an online slot, table game or live dealer game.
When it comes to online casino bonuses, there is more often than not a wagering requirement attached to it.
As previously mentioned, a wagering requirement is the number of times a player must play the bonus money before being allowed to make a cash withdrawal.
This is always applied to the casinos bonus money and the player’s deposit.
When a new player signs up at an online casino and accepts the Welcome Bonus, you have to make a deposit, and there are wagering requirements that have to be fulfilled before any withdrawals are allowed.
If a player does not meet the wagering requirements, they lose any winnings and forfeit the Bonus.
How to calculate Bonus Wagering Requirements
It is essential to understand the meaning of Wagering Requirements and how to select a Casino Bonus that best suits your bankroll.
Let’s imagine you are signing up at an online casino and receiving a Bonus offer of 100% match bonus up to $500 (B) and you deposit $20 (D) with a wagering (W) requirement of 30x
Your wagering requirement is as follows:
$20 (B, 100% match) + $20 (D, your deposit) = $40 x 30 (W, wagering) = $1,200. Wagering turn over total = $1,200.00 before you can cash in any remaining winnings.
Further to this, lets assume you won $2000.00 total claiming your bonus offer on your first deposit of 100% match bonus.
Now you have met the wagering requirements of $1,200. Your wagering of $1,200 is deducted from the $2000.00 winnings:
$2000 – $1,200 = total winnings of $800.00, assuming there are no additional terms or maximum withdrawal amounts set out by the casino.
Why are there Wagering Requirements?
Wagering Requirements are the bane of many online casino players life. However, there is a legitimate reason for Wagering Requirements, and that’s to prevent money laundering.
If wagering requirements were not in place, it would be the most natural thing for criminals to deposit and withdraw their funds immediately.
Finally, with potentially 1000’s of players online at any one casino wagering requirements are in place so the casino does not have to pay out huge sums of money to players who have won on the casinos free bonus money.
Wagering Requirements are here to stay, and it is a player’s responsibility to select the casino bonuses carefully and read the Terms and Condition as specified by the provider.
There is nothing underhanded about wagering requirements and makes perfect sense for an online casino to have them. After all, they are in business to make money so winners can receive their winnings.