Online casino games have become a major source of entertainment for millions around the globe. Among these, slot games hold a special place, offering a blend of thrill, convenience, and the opportunity for exciting payouts.
However, there's a particular aspect of online slots that often leaves newcomers perplexed - the concept of 'wagering'. In this article, we'll unravel the mystery behind wagering on slots, its requirements, and how it shapes your online casino experience.
What Does Wagering Mean On Slots?
Wagering, in the context of online slots, refers to the act of placing bets on specific slot games. If you sign up with an online casino and opt to play slots, you're essentially 'wagering' or betting money on the outcome of each spin. But the term 'wagering' takes on a deeper meaning when we introduce the phrase 'wagering requirements'.
Wagering requirements are conditions set by online casinos on their bonus offers, including free spins, deposit matches, or cash rewards. These requirements specify the number of times a player needs to wager the potential bonus amount before they can withdraw any winnings derived from it, and this is the definition of wagering we shall be focusing on in this blog post.
How Does Wagering Work On Slots?
To better understand 'wagering', as in 'wagering requirements', let's consider an example.
Suppose you receive a promotional offer of 10 free spins on a specific slot game from an online casino. You use these spins on the slot game, and any winnings you get from these spins constitute your 'bonus' - let's say you win £7 by the end of the 10 spins. If the casino has a 30x wagering requirement on this offer, you'll need to wager £210 (£7 x 30) before you can withdraw any winnings stemming from the bonus funds.
Wagering requirements are typically represented as a multiplier, like 10x, 20x, or 40x. This multiplier indicates the number of times you have to bet, or 'wager', the potential bonus amount. For instance, if you receive a 100 % deposit match bonus for £10 that is subject to a 20x wagering requirement, you'll need to place bets totalling £200 (£10 x 20) before you can make a withdrawal of any funds generated from the bonus funds.
The primary purpose here is to ensure that players use their bonuses to wager on games rather than withdraw them immediately; otherwise, the casino would be leaving itself vulnerable to exploitation and basically be giving away free money.
How Do You Meet Wagering Requirements?
Meeting wagering requirements involves placing bets on eligible games until you've wagered a value equivalent to the specified multiple of the bonus amount. The process can vary depending on the type of bonus.
Deposit Bonus
A deposit bonus is a common type of bonus offered by online casinos. For instance, a casino might offer a 100% deposit match bonus of up to £50 with a 35x wagering requirement. If you deposit £20, you receive an additional £20 as a bonus, giving you £40 in your account. To meet the wagering requirements, you must place bets worth £700 (£20 (bonus funds) x 35) before you can make withdrawals on the bonus funds or any winnings you receive through using them.
Free Spins Bonus
Free spins bonuses work a little differently. Suppose a casino offers 20 free spins on a specific slot game with a 30x wagering requirement. If you win £10 after using your free spins, you will have to place bets worth £300 (£10 x 30) to meet the wagering requirements on this promotional bonus.
Promotions and Terms & Conditions
Online casinos often run promotions to attract new players and retain existing ones. These promotions, however, come with specific terms and conditions. One crucial aspect of these terms is the wagering requirements that we've discussed in this blog post. Therefore, it's essential to read the fine print of any promotional offer before claiming it.
Conclusion
To summarise, understanding wagering requirements is crucial for any online casino player. They form a key part of online casino bonuses' functioning, ensuring that bonuses are used as intended and not exploited. A thorough understanding of how these requirements work, how to meet them, and the implications of not meeting them can help you navigate the world of online casinos more efficiently.
Remember to gamble responsibly and always read through the terms and conditions before claiming any promotional bonuses so you know what you're signing up for.