The fact that you’re here implies you either have tried to withdraw your winnings from an online casino, but you failed due to the wagering requirements, or you’re new to this concept and desire to learn more. It doesn’t matter which category you fall in, this comprehensive guide has everything you need to know about wagering requirements.
From what is wagering, to how it works, to how to withdraw your winnings, you’re going to be covered up with everything in this guide. What’s more, there’s a bonus tip for you in the end so make sure you stick with us.
Coming back, before hopping on to wagering requirements. It will be fair for you to get familiar with the term “wager”, what it is, and its role in wagering requirements.
So let’s start with the basics!
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What does wager mean?
The concept of wager is pretty simple. Simply put, a wager is a bet. But in online casinos wager is more than just a bet. It’s the total amount you bet on during any specific period of time or in any game. So, wager here refers to the total sum of money you use to place a bet.
What are wagering requirements?
We’re sure you must have gotten a bonus in any online casino. But, when you tried to claim it, you didn’t get real money out of it. That’s because the bonuses you get are paid in the form of “Bonus money” which is stored separately in your account and comes with some tagged conditions as well.
These conditions are supposed to be the wagering requirements. Similar to this, when you get free bets or free spins, the amount to be paid is also stored as bonus money.
What’s that? And how can you use it? Let’s figure it out!
So if you want to withdraw the bonuses, you first have to meet the wagering requirements. Here’s the simple explanation of wagering requirements, wagering requirement is the amount of money that the players are required to use for betting if they want to withdraw the bonus. It’s simply a multiple of the bonus you receive, such as 30X, 50X, etc.
You’ll get a feel of it with the help of this example, let’s assume you received a bonus with the wagering requirement of 40X. Now, if you want to claim the bonus and convert it into real money to withdraw it, you are required to bet on forty times the bonus. As simple as that!
However, beating the wagering requirements couldn’t be so easy. But the players’ urge to beat them is real. No worries, there are some tips to beat wagering requirements.
Other T&Cs associated with wagering requirements
The following additional terms and conditions are frequently linked to wagering requirements:
Minimum Odds: Eligible bets usually come with odds of -300 to -250 or higher. So, while a line with -200 odds would count toward the wagering requirement, one with -350 odds would not.
Only Winnings Are Paid: If you place a real-money wager and win, you will receive both your wager and your winnings. When you bet with bonus credits, however, you only get your winnings and the wager is lost. So, if you bet $10 in bonus credits on a +100 line, the total payout would be $10.
Time Limits: Most introductory offers last between seven and ninety days. If the wagering requirements aren’t met within that timeframe, the remaining bonus credits will be revoked by the sportsbook.
Why do you need to care about wagering requirements?
The logic is simple, if you don’t complete the wager requirements your bonus would never turn into real money. Players who get enticed by the bonuses and rewards would love to care about it.
Just to let you know, bonuses are a great thing to take advantage of. But, each bonus comes with distinct wagering conditions. With every cash bonus, comes a certain condition or wagering requirement.
The same applies in the case of free spins as well. There’s a slight difference that being when you get free spins there’s no bonus involved, so the wagering requirements apply to the amount you win through them.
Can you manage to skip wagering requirements?
It’s a good question if players can bypass the wagering requirements. But sadly, there’s no way to avoid wagering requirements in the long run. Bonuses are always a good concept to get the most out of your money in online casinos. It can boost up your bankroll to thrice or even more rolls. Players can easily beat the wagering requirements provided they know the game well and can easily yield a lot more through this.
Bonus Tip: Still if you don’t want to get trapped by bonuses, you can either choose to re-announce your bonus (which is not a good idea though) or you can use online casino bonuses without wagering requirements.
To your surprise, these online casinos without wagering requirements are becoming so popular these days. No wagering requirements are attached with wager-free casinos allowing you to withdraw your bonuses right away without any further delay.
However, with no-wager games, you’ve to compromise a little on the amount. It is slightly reduced from what you get in wager casinos. Further, players are asked to deposit some amount in the first place. No wonder, the advantageous element is the immediate claims you get. And that too of real money.
How to calculate the wagering requirements?
Many players have a hard time calculating the wagering requirements. But it’s necessarily the most important element when it comes to benefiting from bonuses. We are going to delve into the mathematical calculation of wagering requirements. It will enable you to understand which casino to pick and which to avoid.
For instance, you’ve come through a casino that catches your interest. You’ll sign up and receive your free bonuses. Here’s how you’ll determine if it’s worth giving a try or not, and how many bets you would need to place to withdraw the bonuses.
The mathematical formula is relatively simple. Just multiply your bonus amount with the wagering requirements, it will give the number of bets you’re required to place.
Bonus × Wagering requirements = Amount of bet
Following two are the possible cases of the former:
Wagering Requirements on Free Spins
Let us suppose you got 10 free spins that come with a wagering requirement of 10X. We are assuming that you made $5 playing with the 10 free spins.
The wagering requirement melts down to 5$ (Free spin wins) × 10 (wagering requirement) = 50$. Implying you would need to bet on 50$ if you want to claim or withdraw your bonus money.
Wagering Requirements on Deposits
- Excluding deposit
If the player has gotten a claim of a 300% deposit bonus excluding your deposit. Then on every $20, you’ll get a bonus of $60, and let’s assume the wagering requirement is 5X.
Mathematically, 60$ (Bonus received) × 5 (Wagering requirement) = $300
- Including deposit
If you’re required to count your deposit for the wagering requirement, then using the same example we have,
60$ (Bonus) + 20$ (Your deposit) × 5 (Wagering requirement) = 400$
Why do wagering requirements even exist?
Some people assume that wagering requirements are there to entice the players more into gambling and get more money from them. But, that’s not the reason. Online sites use wagering requirements to meet specific standards of anti-money laundry regulations.
If wagering requirements wouldn’t be there, frauds would be able to easily withdraw free bonus money from the online site and run away.
Imagine if an online casino offered a $100 bonus to every new customer who signed up. It’d be a free-for-all, and imagine the chaos if a bookmaker offering new customers $50 in free bets with no strings attached. They’d be on the verge of losing tens of thousands of dollars.
As a result, the primary motivation for companies to include wagering requirements in their terms and conditions is to protect themselves from financial collapse.
We hope that our comprehensive guide could be of help to you. While online casino wager seems a daunting concept to many, we’ve tried to make it simpler for you. You must try your hands on it once. Happy Gambling!