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A promotion's wagering requirements are terms that limit how a player can use any wins they receive as a result of that campaign. Most commonly offered to new players, bonuses with wagering requirements are most commonly separated into cash bonuses and free spins bonuses. Join us as we learn what a wagering requirement is and how it works.
What does “Wager” Mean in Online Casinos?
To truly understand what a wagering requirement is at an online casino you first need to understand what a wager is. This is really straightforward; a wager is a bet that you make. In terms of an online casino, a wager is the amount of money that you choose to risk each time you spin the reels of a slot, turn the roulette wheel, place on a hand of cards, live sporting event, and so on. Your overall wager is the total amount of money that you have bet over a period of gaming. (Being aware of this number and recording it is part of healthy bankroll management).
What are Wagering Requirements?
Depending on the casino, you may receive welcome offers when you sign up. These promotions might include free spins or cash bonuses. Please note that all casinos will have their own terms and conditions regarding wagering requirements, so always read the fine print before agreeing to a welcome or bonus offer.
Your initial assumption that these are free funds is correct. With the help of these incentives, you may try out various online casino games without having to risk your hard-earned money. These bonuses do come with a small requirement, though: wagering requirements.
As any gamer would know, wagering entails gambling. It refers to the sum of money bet by players when engaging in a slot machine or table game action.
The total amount of money you must wager before you can withdraw your bonus or bonus wins is known as the wagering requirement. Your bonus funds cannot be converted to real money other than by meeting a wagering requirement.
How Do Wagering Requirements Work?
Depending on the bonus, the wagering requirements requested of the player may change. If the incentive is cash, you have to put the bonus through a certain multiplier. The casino and the bonus at play determine the multiplier, so once again, always read those T’s and C’s!
To keep our example straightforward, let's imagine you receive £100 as a welcome or deposit bonus with a 20x wagering requirement. To calculate the amount you need to wager to meet the wagering requirement, multiply the bonus amount by the necessary multiplier. This means that before you can request a withdrawal for your bonus amount, you must wager £200 on a certain set of games.
So, the first example is pretty straightforward, however, it gets a little more complex when it comes to free spin bonuses. These ‘free’ spins must first be used to play and win on the designated slots because they are not cash values. You will be required to wager the winnings from your bonus.
Assume a player receives 30 no-cost spins at £0.50 each. The gamer now has £6 to spend on slot machine games. There could be a 40x wagering requirement for this bonus amount.
If the player receives a £100 bonus, they must gamble that amount £40 times before they can withdraw it. So, as you can see, some bonuses aren’t as good as they seem at first glance, and some can be borderline predatory, which is why gaming with accredited and fair casinos is really important.
While you strive to fulfil the requirement, the money you earn is kept in a pending balance. Once you've met the conditions, the casino transfers your money to your primary user account so you can withdraw it. If a player is unable to fulfil the requirements, they lose the bonus, meaning they’ve likely wasted a lot of time, effort, and some of their hard-earned cash.
Sign up and Play Online Casino Games at Spin Genie
At Spin Genie we always ensure our casino bonuses come with clear terms and conditions and no funny business. Right now, we’re offering new players a massive 108 free spins to use on one of our most popular slots, THOR, as a small token of our appreciation for joining the site. All you have to do to get those free spins is make a deposit of at least £10.
Automatically credited upon deposit. Cancellation can be requested. First Deposit Only. Min. deposit: £10. Game: Thor (GVG), Spin Value: £0.1, Max Free Spins: 108. WR 60x free spin winnings amount (only Slots count) within 30 days. Max bet is 10% (min £0.10) of the free spin winnings amount or £5 (lowest amount applies). Spins must be used before using deposited funds. First Deposit/Welcome Bonus can only be claimed once every 72 hours across all Casinos. Bonus Policy applies.
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