The Novice Guide To Bonus Terms and Conditions That Even Experts Should Read
Are you an avid bettor but a novice in online casinos? Or have you been playing at online casinos for months or years but have never really paid attention to how casino bonuses work?
There is no need to read the long and drawn out terms and conditions of your favorite online casino, because we have taken the liberty of collecting and defining the most important terms and clauses that govern the relationship between a player and an online casino when a player claims any kind of bonus.
A casino bonus is any type of incentive offered by online casinos to encourage players to make real-world cash deposits or play specific games.
Bonuses are governed by two entities, specifically: the gambling authority that gave the license for the online casino to operate, and the real money online casino itself.
It’s important to note early on that all bonuses, no matter how glittery, big, or exciting they may be, are governed by terms and conditions, and no bonus is essentially free.
The additional terms and conditions that govern bonuses exist to ensure that the operator (the casino) is able to profit from players even if they claim the bonuses.
The United Kingdom Gambling Commission is very specific about the type of bonuses that online operators can use to calculate their GGY or gross gambling yield.
If the bonus cannot be wagered in an unrestricted manner by the player or if the bonus, reward or prize cannot be converted to cash for unrestricted use, then these cannot be reported as part of the GGY.
Any payouts from VIP or loyalty systems are also excluded from the computation and should be tagged as merely expenses in conducting business.
What’s a wagering requirement?
A wagering requirement is how much you have to bet on a particular game or in the casino in general in order to claim a bonus as real money. This is what you shouldn’t miss if you do not want to be disappointed when claiming bonuses.
Always take into consideration two things:
- The actual wagering requirement
- How long you’ve got to complete the wagering requirement
Some wagering requirements have no deadlines, but most of them do. Here’s a scenario: let's say that you signed up for a new casino and you claimed a deposit that states "100% match up to $500."
The bonus terms and conditions state that this welcome bonus can be claimed in three months, and has a 20x wagering requirement.
You deposit $500 and expect your $500 bonus money to end up in your account’s fund. But instead, you see it in your bonus account, and the clock’s ticking.
Let's do the math: a 20x wagering requirement means: $500 x 20 = $10,000.
$10,000 is the amount that you need to gamble on the casino or in a specific game in order to bring that $500 bonus cash from the bonus balance to you real-world cash balance. It sounds a bit disappointing, but this is how it works throughout the industry.
Bonus Money: Factors To Consider
Gamblers should strike a balance between enjoying themselves and protecting themselves from unscrupulous practices, too.
Whenever you are claiming bonus money or any kind of bonus from an online casino, consider the following first:
- How much money do you have to deposit or spend to get the bonus?
- How much cash do you need to wager before you can get the bonus?
- Are you limited to specific games in fulfilling the wagering requirement?
We’re not saying that you shouldn’t claim bonuses, but not all bonuses are good deals and ultimately, the gambler should have at least a slight advantage over the casino, even if the advantage is in claiming worthy bonuses.
- Claiming bonuses is definitely one great way of enjoying your stay at an online casino more. If you are wagering a lot of money as it is, bonus cash is probably just the cherry on top of the larger gambling cake.
- But as with all things, moderation is key, and it would be ill-advised to focus on reaching wagering requirements just because you want to get much-coveted bonus money. The mathematics of such a move will inevitably show lots of losses on your end, and that’s just not something that gamblers do if they can do something about it.
- Another thing that you should think about is the casino that you are playing at itself: how trustworthy is the casino when it comes to withdrawals? Because eventually, any bonus money that you get from the casino will be withdrawn. Here at Australian Casino Club, you can rest assured that we recommend only the best online casinos for you.
- Observe the casino’s policy on withdrawing funds and make sure that you read the terms and conditions on withdrawal closely, because this varies from casino to casino. It would help a lot if you continued reading on the latest trends in online casinos (like what you are doing right now) to enhance your advantage.
- We always want to deal with casinos that are fair to its players not just in the probability of winning any of the games, but also with the processing of payments, especially bonus money, should you complete the wagering requirements of any bonus that you have claimed from your favorite casino. If a casino is flashy but fails to treat its players right, there are so many other reputable casinos that you can choose from.