If you’re anything like us, you’re constantly eager to grab the biggest and best online slot bonuses whenever you can. However, does it not annoy you when you discover that restrictive conditions apply to these offers?
Occasionally, operators are guilty of luring players in with large cash bonuses and hundreds of free spins, only to shackle them with excessive wagering requirements. Have you ever wondered why casinos actually operate in this manner?
How do the wagering requirements work?
Before explaining why casinos impose wagering requirements on their bonuses, we must first define and describe wagering requirements.
Wagering requirements are a restriction placed on a bonus that requires players to wager their bonus a certain number of times before their winnings can be withdrawn. This prevents players from taking advantage of operators’ generosity by withdrawing bonus funds without incurring any risk.
In essence, the casino adds an additional element of risk to the players’ side, as there is no guarantee that bonus recipients will win any money. It is possible for players to run out of funds before reaching their wagering goal.
The difficulty of wagering requirements varies from casino to casino, but the vast majority of reputable casino sites will make their wagering requirements achievable (with a bit of luck). The wagering requirements are typically proportional to the size and value of the bonus.
For instance, if a casino offers players a £50 bonus with x30 wagering requirements, they must place £1,500 in bets before withdrawing any winnings. In other words, you are likely to lose a good chunk before the bonus is wagered.
Do no wagering bonuses exist?
Yes, they do exist, but they are not very common to find in online casinos. To save yourself some time searching, you can find the best casino sites no wagering requirements on this website.
Remember that very few online casinos offer a no-wagering welcome bonus to new players, as the player might withdraw the money immediately and never return. Instead, no wagering bonuses are more commonly given to loyal players as an incentive to keep them as customers.
Why do wagering requirements exist?
During the start of online casinos, operators were subject to few rules and regulations because nobody knew what to expect from online businesses. Back then, the Internet was comparable to the wild west, a place where money could be made by any means necessary, even if they were not entirely ethical.
As a result of the lawless playstyle, both players and operators were given carte blanche to act irresponsibly. Within the confines of private forums, players discussed which casinos offered bonuses that could be easily exploited for their own financial gain, employing a variety of low-risk strategies that virtually guaranteed profit.
It’s comparable to a fine jewellery store giving a free diamond ring with every purchase. They would have many customers while the offer lasts, but most likely bargain hunters and not loyal customers returning, so it’s unlikely to be worth the money.
In response to the abuse, online casinos added wagering requirements to all of their bonuses, many of which were extremely difficult, if not impossible, to meet, thereby consuming the deposits of both legitimate players and bonus hunters.
Even after scaring away bonus hunters, many operators continued to impose stringent wagering requirements. This was a problem because operators were not effectively communicating with players, failing to inform them that bonuses had wagering requirements, thereby deteriorating the relationship between operator and player as their funds were swept away.
To find a middle ground, operators imposed wagering requirements (between 30x and 50x wagering) that gave players much more hope and belief that they were receiving a fair offer and that they could be beaten.
In the end, however, it was the 2014 Gambling (Licensing and Advertising) Act that forced operators’ hands and ensured they would be much more transparent, leaving them with no choice but to reduce their wagering requirements to reasonable levels.
Is it possible to beat the wagering requirement?
As long as the online casino is offering a bonus with reasonable wagering requirements, they can be beaten; however, as with all forms of gambling, the players’ luck must be on their side. Ideally, luck would manifest as the activation of a bonus that pays out substantially more than the base game.
A player can meet the wagering requirements easier than initially anticipated after registering a sizeable win. Losses are inevitable in the pursuit of wagering requirements, but a win is a win, and any money earned is a bonus!
Are betting requirements reasonable?
Historically, the answer would have been no; wagering requirements are unfair. But now, in the year 2022, we must concede that wagering requirements are an unfortunate necessity.
As avid players, we’re very fortunate to have so many operators from which to choose when deciding where to play casino games. Still, the competition is so fierce that it’s inevitable that these sites will have to do something extra to win us over.
However, there is a limit to how generous a casino can be; they must also protect their interests to remain financially viable.
Extremely high wagering requirements have no place whatsoever in our industry, and we will remain steadfast on this point. We do not condone unattainable wagering requirements, nor believe they provide any value to the player!
There is a strong case for tighter regulation of wagering requirements, but it remains to be seen whether the UK Gambling Commission or the Betting and Gaming Council will take action in this regard.