Seven Things to Know Before Accepting Bonus Money From Online Casinos
- on Nov 28, 2022
Casinos are popping up almost daily on the internet today, and all of them are offering some sort of incentives to sign on new players. Bonuses for new depositing players, daily bonuses, money back on losses incurred, monthly promotions, and compensatory rewards are just a few examples of what is now being offered. Before opting in for these bonuses, however, you should learn more about the requirements and restrictions that have been established by the casino. After gathering all of this information, you can make a much better decision about whether or not you want to take advantage of the bonuses offered.
1) First and foremost, you will need to look closely at the types of bonuses that your casino is offering. Almost all of the casinos, such as Lucky Live Casino, have some sort of “Initial Deposit Bonus”, which will pay a percentage of your first deposit, up to a pre-set amount. For example, Smart Live Casino is offering 150% on an initial deposit, up to £300, or Lucky Live Casino is offering 100% on the initial deposit up to 100. You will also find bonuses that are Bonus web3 paid for deposits made by existing players, or monthly promotion bonuses that offer a larger bonus for a specified amount of time. Most casinos also offer a “friend” bonus, like “Refer a Friend” which pays for each player that you bring to the casino, or Comp Rewards for players who frequent the casino on a regular basis. One of the newer bonuses that is becoming popular is one in which a player is reimbursed for a percentage of the losses that they incur during a period of time.
2) Some of the bonuses might sound pretty good, but you will find that you may be limited in the number of times that they can be claimed. A good example of this is the Sign-On Bonus, which is only offered when a player is making their first deposit at a casino. After that first deposit is made, this bonus will no longer be available, even if you should change your mind. At this point, your best bet will be to look into a “second deposit bonus” or a “Comp Point” reward program. These bonus offers are normally available for many, or all, subsequent deposits. The Refer a Friend Bonus is virtually unlimited, and will be paid for each of the players that you actually send. Monthly promotions or drawings are only good for the specified amount of time and have a definite end day and time. Most drawings will have a minimum deposit amount to be eligible.
3) Wagering Requirements are almost always attached to a bonus, to prevent players from simply collecting the bonus money and then cashing out. In a nutshell, a Wagering Requirement can be described as the amount of money that needs to be wagered before a player can make a withdrawal from their players account, in the event that they agree to accept the bonus money. Most casinos will require the wagers to equal the amount of the qualifying deposit plus the amount of the bonus, multiplied a certain number of times. A good example of this is at Circus Casino, where the wagering requirement for the Initial Deposit Bonus is 25 times. If you make an initial deposit of 150 and your bonus money equals 150, your wagering requirement will be 25 times 150 plus 150, or 7500. You will find that some casinos have a higher wagering requirement, while some casinos are lower. There are usually other restrictions attached, so don’t just look at the amount to decide which bonus is best.
4) One of the restrictions that you might find in the “fine print” would be the limitations on the games that are eligible towards the wagering requirements. In some casinos, for example, all of the wagering placed on the Slots games are applied towards the wagering requirements, but none of the wagers on live dealer roulette are counted, and live blackjack is only partially applied. These restrictions are usually spelled out in the terms and conditions of the bonus in question. You might have to delve a bit further to find these, but it is definitely in your best interest to find this information before you make any commitments.
5) Another factor that you need to look at is how the bonus in question is paid out. While most are paid out as a cash deposit into your players account, you will find that some of the bonuses are paid out in prizes, or entries for a prize drawing, or even as points that you can convert to either cash or prize.
6) One of the most important, and tedious, fact finding that you need to do is in checking out the section that describes the terms and conditions. These are very precise, and while they don’t make for exciting reading, this information is very important for you to have before you start to play. If you really want to play live dealer games, then you want to find the bonuses that encourage live dealer games and will pay you for playing them. It doesn’t do you any good to accept a bonus that will keep you from playing the games that you enjoy the most.
7) Last, but certainly not least, you will need to find out what the penalties are for making a withdrawal before meeting the wagering requirements. Most of the casinos will not allow you to withdraw any bonus money, or the winnings that you have as a result of using this bonus, until the wagering requirements are met. When you make a deposit and accept the bonus that is offered, there will actually be two separate deposits made into your account, one for your initial deposit and one for your bonus. The wagers that you then make will be taken from your “bonus pool” until you meet your wagering requirement or the balance zeros out. Once the wagering requirement is made, the money from the “bonus pool” will be transferred into your player’s account, which is then yours to withdraw as you wish. If you try to make a withdrawal prior to that, you will forfeit your bonus money and any of the winnings that are tied to it. For this reason, you need to be absolutely sure that you are willing to meet any and all of the requirements attached to any bonus before you opt to accept it.
As you can see, on the surface most bonuses look very tempting and enticing, which is what they are supposed to do. However, you need to understand the terms of each bonus so there aren’t any surprises or disappointments down the road for you. Most reputable casinos are very upfront and honest about their bonus programs, and to be honest, most of those bonus programs are pretty good. They are not for everyone, though, so make sure that you have all of the information that you need in order to make an educated decision. Whether you enjoy playing live dealer games, or RNG games, playing should be fun for you, and this can only happen if you truly understand exactly what you are getting yourself into. So, arm yourself with information and go have a great time! Good luck to you!