Looking at the offers and bonuses, you would feel that the online casinos are giving away money. Yes, they can afford more than the land casinos because they don’t have any infrastructure cost but it is still a business. And they must make money. There is a lot of competition which is also one of the reasons they have such high bonuses. But they know how to protect their wealth. They use high wagering requirements and game restrictions to protect their bonus money.
High Wagering Requirements
A number and symbol x depict wagering requirement or play through. This means that you must bet your deposit or bonus plus deposit amount for x number of times for it to be converted to real cash. For example, if the wagering requirement is 40x, then you must wager and play your bonus amount 40 times before you can withdraw the amount. If you deposit £100 at 40x wagering requirement, you are wagering £4000 (£100*30=£4000). Without wagering £4000, your bonus amount does not become cashable. Many times, these bonuses have an expiry date post which the bonus amount will disappear from your account. Expiry dates can range from 24 hours to one month; seven days is common.
Usually, the online casinos don’t lose when they give out bonuses. Along with high wagering requirements, online casinos also restrict the slots and amount on which bonuses could be played. Games like blackjack have a very low casino margin, and that is why the bonus amount will not be allowed on it. Certain casinos allow bonus only on slot games, so when you play other games, it will not contribute to the wagering requirement.
Bonuses Are Not Bonuses
Casinos give out various types of bonuses at various times, and terms for all them are different. Certain UK online casino bonuses could be converted to cash while another bonus cannot. The cashable bonus is that which you could withdraw after you have completed the wagering requirements on the allowed games. But it is important to read the terms and conditions of the casino before you request for a withdrawal. It is because many casinos will void the bonus if you request the bonus without meeting the requirements. Not all casinos have cashable bonuses. Certain casinos have the requirement where you can wager the bonus but cannot withdraw it. You can only withdraw the winnings you make. One such casino is PlayOjo. They have a very generous 200% bonus, but you can only withdraw the amount you win from real cash.
Online casinos are not just what meets the eye at first glance. The bonuses are good if you meet their requirements. To increase your chances of winning you need to read the fine print. If you don’t read the terms and conditions carefully, you can end up losing money you won.