Whether you are new to online casino gaming or an experienced gamer, the platform that you decide to play casinos games on most likely have a bonus and promotions scheme in place. In an increasingly competitive online gaming ecosystem, platforms seek to entice new players and retain existing ones by offering them various different types of bonuses.
This article will delve more deeply into the different types of bonuses that online casinos offer to new and existing players with an overview of the typical terms and conditions that are usually associated with each one.
What Are The Different Types of Welcome Bonuses and How Do They Work?
Welcome bonuses are one of the most effective marketing tools that are used by online casinos to attract new players. After players have created their account and it has been successfully verified, they can choose from different welcome bonus offers that are designed to increase the amount of funds, offer free spins, or other incentives that encourage them to explore casino features and games.
When comparing online casino welcome bonus offers, it is important to understand what they actually entail and what requirements must be met before the bonus money can be claimed.
Deposit Match
The casino offers a 100% match on the first deposit that a player makes.
Multi Deposit
These welcome bonuses match a percentage of the deposit over several deposits which encourages players to top up their accounts regularly in order to potentially receive more bonus funds. For example:
A 100% match on the first deposit up to the sum of $1,000.00. If a player deposits $500.00 then the casino will match those funds with an additional $500.00 = $1,500.00
The next two deposits may offer a 50% match up to $500.00 which means that if the player deposits $500 each time over these two deposits they can potentially end up with $500.00 extra money to play with = $1,500.00 and a total of $1,000.00 in bonus funds.
The casino may advertise as follows – 100% deposit match bonus up to $2,500.00. The goal of welcome bonuses is to provide additional value to the bankroll of new gamers.
No Deposit
Players do not have to deposit their own funds to start gaming and these types of offers are particularly attractive but often have very high wagering requirements and stricter withdrawal terms.
Free Spins
Free spins are often part of welcome packages and can be used to access a selection of slot games that are chosen by the platform without spending their own money. A casino might offer spins on a popular slot game that they are trying to increase traffic on. However there are often strict withdrawal requirements so always check what these are before accepting the spins.
How Wagering Requirements Impact The Value of A Bonus
This is where wagering requirements come into play. In order to claim the bonus funds advertised, players must fulfill the wagering requirement, a sum of money that must be bet before bonus money can be withdrawn.
Wagering requirements work as follows:
If you receive a $100.00 bonus and it has a 20X wagering requirement then you must spend $100.00 x 20 = $2,000.00) before you can claim the bonus money. Different bonuses have different wagering requirements which are indicated by 20x, 30x, or other numbers followed by the X.
The formula that players need to use to understand how much money they need to spend before they can claim their bonus is as follows:
Bonus amount x wagering multiplier = the total amount of money that must be wagered.
Players must also be careful and ensure that they play games that count toward the wagering requirement and also understand what percentage of their wager on the game will contribute to meeting the requirement.
Slot games are one of the primary games that casinos offer to players to fulfil the wagering requirement and usually 100% of the wager, while most table games only contribute 10% of the wager, and live dealer games often contribute between 10-20% of the wager to meet the requirement.
Common Mistakes That Players Make When Claiming Welcome Bonuses
There are several common mistakes that players make when they claim a welcome bonus that can be easily avoided.
Failure to verify their account information which can lead to delays when trying to make a withdrawal. Players should complete the KYC (know your customer) verification when they are setting up their player account in order to avoid unnecessary delays and hassle further down the line.
All bonuses have expiration dates and if players miss the cut off they will be unable to claim their bonus. Always verify the length of the validity of an offer and decide whether you can meet the eligibility criteria within the established time period of the bonus offer.
Only certain games qualify toward meeting the wagering requirement, players often spend money playing ineligible games only to discover that they cannot claim their bonus.
There are deposit requirements for different bonuses and players often do not deposit the required sum of money. Always check to ensure that you have deposited at least the minimum sum required to qualify for the bonus.
Every bonus comes with a wagering requirement and players often overlook this crucial part of the terms and conditions which results in forfeiture of any bonus funds.
If you want to meet the wagering requirements then carefully read the terms and conditions, understand what games are eligible and what percentage they contribute to meeting the requirement and then decide if your bankroll is actually gaining value with the bonus money. As yourself, is it worth spending $500 to earn $10.00?
Ongoing Casino Bonuses For Existing Players
Once an online casino has captured the attention of a new player, they must continue to add value to their online gaming experience by providing ongoing bonuses and promotions which are an effective retention tool.
- Cashback offers return a percentage of a player’s losses over a specific period of time that are usually 5-10% of the amount of money wagered.
- Free Spins are perfect for slot enthusiasts and are often an ongoing promotion for various popular titles but as mentioned before they often come with wagering requirements and strict withdrawal terms.
Some casinos offer VIP tiered programmes where they invite players to special tournaments or access to exclusive game content which can offer different benefits and rewards such as jackpots or bonuses.
Bonus FAQ’s
Is cashback paid in cash?
No, most have wagering requirements that must be met
Are All Welcome Bonuses The Same?
No, they vary from casino to casino and offer to offer
Can Money be Withdrawn Immediately?
In most cases no, as there bonus criteria that must first be met
Should I Always Accept Casino Bonuses?
Not necessarily, if the wagering requirements are high or there are many restrictions associated it is not always a good idea.
Conclusion
Casino bonuses have now become an integral part of the user experience and platforms leverage them to attract gamers. They can offer additional opportunities to play different games and stretch your money with welcome bonuses, free spins, cashback offers, and wagering requirements to make informed choices and choose or avoid bonus offers.
Remember there is no such thing as “free money”. Always read the terms and conditions carefully which will enable you to make well informed decisions that will aid you in effectively maximising your bankroll.