What Are Wagering Requirements and Why It Matters
Most online casinos mention wagering requirements. However, if you’re new to the world of online gambling it may not be clear what they are. It is important, however, for every player to know what wagering requirements are and how to use them.
What is a wagering requirement?
When players first sign up to an online casino it’s likely they’ll be offered a few bonuses or promotions. Each of the bonuses and promotions comes with a few strings attached. In this case, the strings in question are known as wagering requirements.
Wagering requirements tell players how many times they need to wager money before it can be withdrawn or before they can collect the bonus.
Players who have not read the terms and conditions before they sign up to the site may be surprised. They may only learn about the wagering requirements when they see that the money is not in their accounts.
How do wagering requirements work?
There is no set way for wagering requirements to work. They all depend on the bonus or promotion in question. They also depend on the online casino they’ve logged into.
Wagering requirements work in this way: If a player was to receive a cash bonus they may have to wager the cash a specific number of times before they can withdraw it.
When a bonus has a wagering requirement of 25X, it means they have to bet the money they won 25 times before they can withdraw it. While this may not seem very fair, it’s something that all online casinos do. It’s also something that players are used to dealing with. However high the wagering requirement may seem, there is always a chance that you could still have money to withdraw.
If you are offered free spins as part of a promotion it’s likely that the winnings will also come with a multiplier.
Minimum deposit online casino amounts and wagering requirements
Every online casino will have a minimum deposit amount. This is the minimum amount that players can deposit into their accounts. The minimum deposit does not have an impact on the wagering requirements. However, the minimum withdrawal amount does affect it in a round-about way.
Let’s imagine you won some money on a game. You need to wager the winnings 35 times before you can withdraw them. After fulfilling the wagering requirements you have £10 left.
However, the minimum amount you can withdraw is £20. What this means is you have to wait until you have £20 in your account before you can withdraw anything. The good news is that you’ll already be halfway there.
Working out the wagering requirements
Working out the wagering requirements is fairly easy. The formula you could use can be found below:
(The amount won/received) X (The wagering requirement) = The total bet
Imagine you have deposited £50 into your account. You receive a deposit bonus of £50. The £50 comes with a wagering requirement of 30X. This means that:
- (£50) X (30) = £1,500.
However, if the wagering requirements include your initial deposit, the formula can look like this.
(Bonus ) + (The amount won/received) X (The wagering requirement) = The total bet. This means that:
- (£50) + (£50) X (30) = £3,000.
While this may seem like a lot to wager, the wagering requirements can be beaten. Players just have to be clever about the bets that they place when they play.
Beating the wagering requirements
Most players will want to beat the wagering requirements. They will do what they can to make sure they collect some winnings. Here’s how you can beat the wagering requirements.
- Choose the online casino carefully – Take a look at the wagering requirements set by the online casino in question. Some have wagering requirements as low as 15X, others have requirements of 50X or even more. Before you sign up to an online casino find out what the requirements are. If you choose to sign up to the casino in question you’re saying that you agree with the terms and conditions. Make sure you’re happy with them before you sign on the virtual dotted line.
- Read the terms and conditions – The terms and conditions should be read carefully. Yes, they may be a little dull but they’re important. The information about each bonus will be listed in the bonus’s terms and conditions. It’s likely that you will also have to make a minimum deposit before you receive the bonus. Every online casino will offer something different.
Online casino games and the wagering requirements
Before you choose to play an online casino game you should consider reading the wagering requirements. This is because different games will affect the wagering requirements. Some games will contribute as much as 100% of the bet to the wagering requirements. Other games may contribute just 70%.
The highest contributing games tend to be online slots. Card games and other table games can contribute as little as 50%. This is something you should consider when you’re betting at an online casino.
Not all games count
Players should be aware that not all games count towards a wagering requirement. Games that do not count towards the requirement usually mention this in the terms and conditions. Players should ideally take a look at the terms and conditions before they choose to play.
No-wager online casinos
Some online casinos come with no wagering requirements. However, this is quite rare. It’s likely that no wagering requirements will be offered as part of a bonus. If you find a legal and licensed online casino that offers no wagering the amount you win might not be high. However, the small amount of money you could win is better than none.
Wagering requirements can seem quite complicated; they may also seem a little unfair. However, it is possible for players to work their way around them. As soon as a player understands a wagering requirement they can beat them. The best way to do this might be by playing slots.
