What are casino bonus wagering requirements?
Whether you are an avid gambler or a casual player just starting out at online gambling, you might have come across the term ‘wagering requirement/s’. It also goes under the moniker of ‘playthroughs’.
Wagering requirements go hand-in-hand with the online casino experience, especially where casino bonuses are available. Many players might not pay attention to some terms depicted in the terms and conditions, and sadly, it can cost them big in the long run. In fact, wagering requirements affect the way you play and the choice of games available.
As such, if you are looking to play for fun, wagering requirements might not play such an important role, but if you are looking to win and possible cash out, knowledge is power here.
What are wagering requirements?
Wagering requirements, which also go by the name of playthroughs, entail the number of times you would have to wager your bonus before your bonus cash turns into withdrawable real money.
When you claim an online casino bonus, be it free spins or a match deposit bonus, they come with wagering requirements attached. Of course, there are some casinos that offer bonuses that are wager-free, but those are quite hard to come by these days.
Here’s how it works. If you make a deposit of £10 and you are claiming a 100% match deposit bonus up to £100, you get £20 to play with. This amount is automatically converted into bonus money, which you cannot cash out.
Unless otherwise stated, your bonus comes with wagering requirements attached. Let’s use the same example. If your bonus comes with a 10x wagering requirement, you would need to wager your bonus 10x, meaning that you would have to bet a total of £200.
It is important that when you are shopping around for casino bonuses, you don’t settle for the flashiest or the biggest bonus available out there. Careful attention must be paid to the wagering requirements.
The truth of the matter is that in many circumstances smaller bonuses have fairer wagering requirements. In the gambling industry, a wagering requirement of 35x is considered average. Anything higher than that reduces your chances of meeting the playthroughs and converting your winnings into real withdrawable money.
Can I cash out my winnings right away?
Well, yes and no. If you have met the wagering requirements, you can cash out. In most cases, the casino will require you to submit your verification documentation for its Know Your Customer (KYC) procedures.
If you want to avoid the playthroughs, the best recommendation would be to not claim a casino bonus. Even so, the casino might still impose wagering requirements on money deposited. This is rare, but it is very evident across casinos licensed in Curacao, for example.
If you are signing up to a UK casino, licensed by the UK Gambling Commission, then the playthroughs don’t apply. It is of crucial importance that you read the terms and conditions, regardless of whether you are claiming a bonus or not.
There is also the possibility of claiming a wager-free casino bonus, in which case, your bonus will be free of such restrictions. You might still want to pay attention and read thoroughly the fine print. In most cases, there are caps on winnings when it comes to most bonuses.
Caps on winnings state the maximum amount you can cash out once you have claimed a bonus. Overall, knowing the various terms in casino terminology should save you the hassle later. You would be able to better manage your bankroll and make smarter decisions on claiming the best bonus that suits your interests.