Several conditions apply to no wagering casino bonuses and establish rules on how they can be used. A wagering requirement is one of these conditions. This requirement sets the number of times a player must play bonus money before they can make a withdrawal of their winnings. Other conditions might include a minimum withdrawal. In case you need additional advice after this article, check out our wagering requirement FAQ.
How do Wagering Requirements Work?
When you open a player account you might receive a bonus with an online casino. This bonus money can be used to make wagers, although there are conditions set such as a wagering requirement. You will often be asked to fulfill this requirement before you can make a cash withdrawal. If you don’t, bonus money will not be converted into actual money that you can withdraw.
It is important to read the terms and conditions when a casino offers a bonus. Wagering requirements and other conditions can restrict how you make withdrawals, so it is helpful to read the fine print or speak to a customer support agent to get clarification. This will help you understand how a bonus works before you make a deposit.
Why do wagering requirements exist?
A wagering requirement can be frustrating for a player, but they exist for a reason. They are not simply a way for an online casino to simply get money from its customers. You should see this type of requirement as an important way to protect you and others from illegal activity such as fraud and money laundering.
Criminals seek out ways of cleaning or laundering illicit sources of funds to make them appear legal. This process is one way to move money without catching the attention of authorities, including the police or tax collectors. Someone engaged in illegal activity could launder money using an online casino if a wagering requirement was not in place. For example, they could deposit funds from illegal sources or activities into a player account and withdraw them immediately.
Prior to having wagering requirements in place, it was easier for criminals to use online casinos to make transactions without playing. Having a wagering requirement ensures that player accounts are being used for their intended purpose rather than moving or cleaning illegal money. The requirement is also in place to help casinos meet requirements set out in anti-money laundering laws and regulations. If an online casino fails to meet these and other rules, they could lose their licence.
Getting around wagering requirements
There is no way to ‘beat’ a wagering requirement. At the same time, knowing how they work and how to calculate the impact of a wagering requirement helps you make an informed choice about which casino bonus is better for you.
For example, a casino might offer a £50 bonus when you make a deposit of £20. The wagering requirement might be set at 5x. To calculate how much you need to wager, you multiply the casino bonus by the wagering requirement (that is, £50 x 5 = £250). To make a withdrawal from your winnings in this example you would have to wager a total of £250. In some cases, you will also have to add the money you originally deposited, so the actual amount you would have to wager would be £270.
Some new online casinos may let you forfeit your bonus in order to make a withdrawal. They might also cap the amount of winnings. This is another reason you should read and understand the casino’s terms and conditions before opening a player account.
If this type of requirement is an issue for you, you should research which casino offers lower wager requirements. You can also opt for no-deposit or wager-free bonus offers that might be available. Even with these offers, you will generally be restricted on how you can use the bonus or how quickly you can make a withdrawal.
Benefits of wagering requirements
In addition to acting an important tool to combat illegal activity and money laundering, bonus with a wagering requirement also provides players with benefits. Your bonus will let you increase your bankroll, sometimes by two or three times. This will give you more time to play a game and increase your chances of winning.
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