How Wagering Requirements Work: Casino Myths Busted
Most reputable online casinos offer mouthwatering welcome bonuses that are supposed to make gambling an exciting and rewarding experience. But before you can enjoy winnings tied to them, you must fulfill Specific conditions known as wagering requirements. Failure to do so leads to nothing but frustration and disappointment.
With that in mind, before you interact with a Minimum Deposit Casino that offers bonuses, you must familiarize yourself with wagering requirements and how they work. Otherwise, you might spend a huge chunk of time wagering with your bonus, only to be prevented from cashing out because you failed to obey some terms.
We have covered the fundamentals of wagering requirements and debunked several myths associated with them below.
What Are Wagering Requirements?
Imagine someone offers you a pack of gum. But, before you can enjoy it, you have to count to 100. Casino wagering requirements work the same way. Basically, a gambling platform gives you bonuses but asks you to wager them a specific number of times before allowing you to withdraw the bonus funds and associated winnings.
If casinos didn’t have wagering requirements, they’d likely go broke quite fast. Many would sign up, claim their bonuses, and cash out without playing any casino games. That is why most, if not all, gambling companies have strict terms and conditions.
Wagering requirements vary depending on the involved bonuses. If you deposit $100 in a casino with a 100% match bonus, expect a $100 bonus. You have to wager the $100 bonus the stipulated number of times before you can enjoy subsequent winnings. On the other hand, if you get 20 free spins, you must bet the amount you win with them the mandated number of times before you can cash out.
Calculating wagering requirements is relatively easy. Here’s an example. Suppose you deposit $200 in a casino with 100% deposit match bonus and 30x wagering requirement. You will receive a $200 bonus, which, according to the platform’s stipulations, you must bet 30 times. So, $200 (the bonus) x 30 (the requirement) = $1500. You must bet a total of $1500 to be eligible to withdraw winnings tied to your bonus.
Common Myths About Wagering Requirements
It’s time to debunk common myths regarding wagering requirements. You must have heard countless people claiming that casinos set mandates that are impossible to beat because they want to prevent players from accessing their winnings. This is not true! The same applies to many other misconceptions, including the ones we’ve highlighted below.
Myth 1: Casinos Use Wagering Requirements to Avoid Payouts
The most common myth today is that casinos use strict wagering requirements to prevent players from cashing out the cash and winnings in their bonus accounts. This is 100% false, especially where reputable gambling sites are involved.
Strict and sometimes complex mandates have led many players to believe that casinos set wagering requirements to avoid payouts. However, reputable service providers use them to encourage new players to interact with their platforms and curb bonus abuse.
Reputable casinos provide transparent terms. Credible, licensed casinos adhere to regulations that require them to set and publish clear terms. You’ll have ample opportunity to review each gambling site’s promotional Ts and Cs before claiming and using available bonuses. The terms should be audited frequently by recognized authorities like eCOGRA, so don’t expect nasty surprises in the future.
Myth 2: All Bonuses Have Unfair Wagering Requirements
You must have heard this statement before: all online casinos have unfair wagering requirements. This often comes from newbies who feel that gambling companies set extreme terms for the sole purpose of making cashing out a nightmare. This is nothing but a myth for a couple of reasons.
First, online casinos don’t follow a specific framework when setting their wagering requirements. T&Cs vary from casino to casino. For instance, one provider might ask you to playthrough at least 10 times, while another might require you to bet 50 or more times. The claim that all of the 5,000+ online casinos available today have unfair wagering requirements is wrong and unsubstantiated.
Online casinos may have either low or high wagering requirements. Low wagering requirements involve a reasonably lower number of times you have to bet, like 10 or 20. The numbers are significantly higher for high wagering requirements, like 40 or 50.
If you want to cash out your winnings without putting in too much effort or waiting for too long, find a casino with lower wagering requirements.
Myth 3: Wagering Requirements Apply to Deposited Money
Chances are high you’ll come across wagering requirements for real money deposits and bonus funds while interacting with online casinos. These are different types of mandates that should never be confused.
Bonus wagering requirements are exclusively for the bonus funds and free spins you get from an online casino after signing up, making your first deposit, etc. On the other hand, real money wagering requirements apply to the total amount of money that you top up your gambling account.
Most sites don’t have the latter, so you will more often than not have the opportunity to withdraw winnings associated with your own money without having to meet certain requirements. However, note that some casinos have specific conditions for deposits. For instance, most $10 deposit casinos require you to deposit at least $10 to be considered eligible for the welcome package, which may include a deposit match bonus and free spins.
How to Calculate and Meet Wagering Requirements
Calculating wagering requirements might seem like a herculean puzzle, but it’s quite simple. All you have to do is multiply your bonus funds by the stipulated number of playthrough times. Suppose the bonus is $50 and the wagering requirement is 30x. The equation should be: $50 x 30= 1500. Therefore, you need to wager at least $1,500 before withdrawing winnings associated with the bonus. Here is a simplified formula:
Bonus Amount x Wagering Requirement = Total Wagering Amount
That said, note that the game you choose to play with your bonus will likely determine how fast you fulfill the stipulated requirements. That is because casinos have different contribution percentages for different games. Some contribute 0%, others 100%, and everything in between. Here’s an example of how this works.
Suppose you choose a game with 20% contribution with the same wagering requirements in the example above. In that case, you’ll have to wager a total of $7,500 before you can cash out. For this reason, you should prioritize playing high-contribution games with your bonus. And if your bonus is limited, try to stretch it out by wagering lower amounts each time.
Are Wagering Requirements a Dealbreaker?
Understanding wagering requirements is the key to increasing your odds of walking away with juicy winnings from casino bonuses. If you don’t understand these elements, chances are high that you will make mistakes and void your bonuses or have to forfeit your winnings.
Also, while vetting online casinos, you should factor in wagering requirements. For the best experiences, pick sites with lower requirements. The provider you pick should be transparent; avoid casinos with confusing terms and conditions.
Last but not least, prioritize responsible gambling at all times. Before opening an online casino account, budget and set aside a reasonable amount of money for your gambling escapades. Stick to your budget and avoid risking what you can’t lose. And since casino gaming is fun and you can get carried away, you should know when to stop and take frequent breaks.
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