You’ve probably noticed that most online casino promotions offer a bonus or free money to get you to sign up and play. Nothing comes for free in our world, so before you start claiming this free money and becoming furious that you’ve been duped, I recommend you stay reading to understand how it all works.
First and foremost, you may wonder why online casinos provide this “free” money.
It’s a marketing and differentiation tactic for them. In a nutshell, online casinos are “skins” of a certain software provider, thus there isn’t much difference between, say, all Playtech-powered casinos and all Microgaming-powered casinos beneath the hood, except from the distinct owner, graphics, license, and so on.
So, if they’re largely the same below the hood, there has to be something that will persuade you to play at “X” online casino rather than “Y.” Aside from the graphics, license, support, and reputation, giving potential players something, in this case a bonus, is another approach to entice them.
1. Wagering requirements: Most bonuses include wagering or playthrough requirements, which means you must wager a specific amount before withdrawing your winnings. Wagering requirements range from 15 to 40 times on average, but pay attention to what you’re obliged to wager. In some circumstances, you’ll merely have to gamble the bonus X times, but in others, you’ll have to wager both the bonus and your deposit amount X times. By the way, the latter is more common.
Another thing to keep in mind about wagering requirements is that at most online casinos, if you seek a withdrawal before meeting the criteria, all of your previous earnings will be forfeited. This isn’t quite fair, but it’s the truth.
2. Games played: In this instance, make sure to read the terms and conditions. Due to the fact that slots games are the most profitable for online casinos, many bonuses are only applicable for slots games. Scratch cards and keno are usually exceptions to this rule.
In other circumstances, you’ll be able to use your bonus on any game you like, but not all games will count 100% toward meeting the playthrough criteria. Playing slots, for example, will count 100%, while roulette will only count 30%, implying that you will need to gamble over three times more to meet the wagering requirements and withdraw your winnings.
3. Minimum deposit: In most situations, you will be asked to make a minimum deposit in order to collect a bonus, which can vary. It’s usually a tiny sum that you’ll most likely deposit anyway. Usually, it isn’t much than $50.
Now that we’re all on the same page and speaking the same language, let’s go over the different types of bonuses that most online casinos offer.