Online casino bonuses are a popular way for casinos to attract new players and retain existing ones. These bonuses come in various forms and sizes, and they can be a great way to boost your bankroll and increase your chances of winning.
However, many players are confused about how these bonuses work and how to take advantage of them. In this article, we will explore how they work, so you can make informed decisions when choosing an online casino to play at.
How Do Online Casino Bonuses Work?
Most amateurs wonder why not sign up, earn a signup bonus, and cash out. Well, casinos are not really in business to give money away. Like all business establishments, they strive to make profits.
Hence, they initiate specific wagering requirements that require you to gamble a certain amount before you can cash out. You need to bet a multiple of your deposit plus bonus before you are eligible for a cashout. 30x the deposit plus bonus is a standard wagering requirement in most online casinos.
Let us operate on the notion that you made a $1,000 deposit and got a 250% bonus of $2,500. This puts $3,500 in your account as soon as you sign up. At a 30x wagering requirement, you need to place bets equal to $105,000 before you can cash out your winnings.
Why Should You Skip The Bonuses?
If you despise slot machines but favor advantage play, bonuses may be a good deal for you. However, we advise all betting enthusiasts to skip taking bonuses entirely and wager with your deposit amount only.
At this rate, you might win nothing but will at least have the option to cash out whenever you want. Here are four good reasons why you should skip taking the bonuses:
1. Large wagering requirement
As stated above, wagering or clearing requirements are a tool employed by online casinos to control when you can cash out. Most casinos have a betting maximum. However, even meeting the maximum wagering limit with each bet can take up a considerable amount of time before you satisfy the clearing requirements.
Hence, this is just a way to make you keep your deposit longer as it expedites the chance of you losing it in its entirety.
2. House edges
The whole mechanics of casinos setting up bonus money is to make a profit on their part ultimately. All casinos rig games to win small percentages on each bet on average, which is known as the house edge. Let us take the hypothesis provided above and calculate it with a house edge of 5%.
You need to bet place bets equal to $105,000 before you can cash out, and your expected loss is $5,250. So you start with $3,500 and will already lose $5,250 before you can cash out. Hence, in all probability, you will lose all your money before you can meet the clearing requirements.
3. Terms and conditions
Most betting enthusiasts tend to skip reading the terms and conditions of online bonuses before availing them. In the process, they do not know that these bonuses are not for all the games the online casinos offer.
As a result, you might make a deposit, get a bonus, and play long enough to meet the wagering requirement. Then you find out that the bonus is not applicable to the game you are playing and hence cannot cash out.
4. Delayed cashout
Most online casinos usually offer fast cashout options once you meet the clearing requirements.
However, bonuses make the process more complex, and they tend to lock up your deposits for too long. The terms have specific requirements and conditions that you have to meet before you can cash out your winnings.
Conclusion
In summary, online casino bonuses come with wagering requirements that players must fulfill before they can cash out their winnings. However, there are several reasons why players should skip these bonuses, including the large wagering requirements, the house edges, the terms and conditions, and the delayed cashout process.
While bonuses can be a great way to boost your bankroll, it’s important to understand how they work and make informed decisions when choosing whether to take them or not. As the saying goes, sometimes it’s better to skip the bonus and play it safe.
Sign up now at Game Ape and play our amazing online casino games. Enjoy playing!
More articles here.