- Understanding wagering terms
- Learning casino bonus types
- Collecting casino bonus
- Cashing out bonus earnings
The iGaming industry is becoming more saturated, and the pressure of facing a sea of competition has prompted online casinos to be creative with their exclusive bonuses and promotions. For gambling sites with a solid following, the challenge is to come up with incentive packages that will fuel the loyalty of their members. For other casinos, the challenge is devising attractive offers to establish their user base. Either way, all online casinos want to engage with more players by offering various promotions and special bonuses. If you are wondering how you can take advantage of these offers, you have come to the right place. Online Casino Doctor will teach you the importance of wagering through online casino bonuses.
Understanding Wagering Terms
Before you can fully take advantage of online casino bonuses, you first need to have a good understanding of wagering terms. These are the stipulations that set the boundaries and limitations for the use and disposal of casino bonuses. Basically, they define the different facts of every promotion offered by an online casino. All gambling sites have a section for terms and conditions. This section covers the wagering requirements that need to be met in order for a bonus or an incentive to take effect. The terms indicate how many times players need to wager through a bonus before they can withdraw any associated winnings.
Wagering terms are also commonly referred to as playthrough or rollover requirements. Technically speaking, wagering is only applicable to sports betting. Meanwhile, playthrough and rollover (commonly used outside of the US) are applicable only to online casinos and poker sites. But through the years, the three terms have been used interchangeably. This explains why at the present time, many casinos use them interchangeably when talking about the different promotional programs and bonuses they offer.
A wagering requirement is how much a player needs to bet to withdraw all the funds from their account after redeeming a bonus for use when playing at the casino. For instance, if you have $100 in your account and half of that is bonus funds, you will be required to meet a wagering requirement to be allowed to cash out. Wagering requirements vary for every casino, so it is best to check with the cashier each time you avail a promo or claim free spins.
Casino Bonus Types
Aside from the wagering terms, you also need to learn the most common types of online casino bonuses. This will help you become well-versed when it comes to understanding the different promotions offered by casinos. It is important to verify the kind of bonus you are getting, so you won’t have a problem when it’s time for you to collect your winnings. For the most part, online gambling sites offer three common types of online casino bonuses. Learn about each of them below.
- Welcome bonus – This tends to be the most attractive bonus you can find on any casino. That’s because welcome bonuses are designed to attract new players and first-time punters. They can multiply your funds from 50% to more than 500% in a zap.
- No-deposit bonus – Aside from the standard sign-up package, this is the type of bonus that is favored by newcomers. For one, there is no need to make a deposit to claim this bonus. The downside is it tends to be pretty small compared to the welcome bonus.
- Refer-a-friend bonus – The third most common type of casino bonus is the referral rewards system. This is also another way of earning incentives without having to spend on the casino games. Just refer a friend and once that friend makes a deposit, you will get a commission.
All three types of casino bonuses have wagering requirements. This means, whether you like it or not, you need to meet the conditions assigned by the casino before you can request for a payout.
Collecting Casino Bonus
Once you have successfully fulfilled the wagering requirements, you can now let out a sigh of relief. Meeting the terms will enable you to collect your winnings or withdraw the funds you have accumulated from the bonuses you used. The next step you need to do is to head to the cashier and check how much funds are available for your withdrawal.
One thing you need to always remember when collecting casino bonuses is the fact that you would never be able to directly cash out the casino bonus you earned or claimed. You can only cash out the winnings you incurred after wagering the bonus money you claimed from any promotional event at the casino. There are gambling sites that offer very tricky bonuses wherein you won’t be able to withdraw any monetary value from your winnings because the winnings from the bonus money are exclusively “for gambling purposes only.” This would translate to longer playtime, but not so much on cashable prizes.
If you are part of a casino that gives real cash prizes for bonus winnings, then you are in luck. You can claim your winnings with peace of mind. Just see to it that you won’t exceed the maximum amount of earnings allowed. All bonuses have a maximum limit, Exceeding this might cause you your entire bonus money. Respect the bet limits of the casino, and always check the site’s terms and conditions for guidance.
Cashing Out Bonus Earnings
Cashing out bonus earnings gives players that sense of satisfaction and pride knowing that they are able to make money out of a bonus instead of their real money. But then again, online casinos do not just give out free cash. You can only withdraw your bonus earnings once you have fulfilled the terms and requirements involved in a bonus. Wagering requirements are put in place to ensure that you first play the bonus money back into the casino before earning anything.
When claiming your winnings, you should be careful not to go over the maximum cash-out amount. This is stipulated in the terms and conditions of every casino. Curious why this is so? Well, casinos, as previously mentioned, would never give something for nothing. So if you won $350 after using your bonus money and the maximum cash-out for that bonus is $100, you are only allowed to withdraw up to $100, forfeiting the rest of your winnings.
When claiming your bonus earnings, be sure that the account information you provide is correct. Any errors might lead you to lose your casino winnings. The withdrawal process to follow is the same one for standard withdrawal transactions. If you have already set up your casino profile, there’s a big chance that you have selected a withdrawal method of your choice. You can retrieve your bonus earnings through this method for easy collection.
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