Wagering Requirements in Online Gambling: What They Involve
The term “wagering requirements” is a common one found in the world of online gambling. It’s a very small turn of phrase, yet it carries a big influence. Wagering requirements are part of the terms and conditions of a betting bonus.
Big wagering requirements are less commonly found in sports betting offers of sportsbooks listed here, than compared to casino offers. But what are they exactly? In simple terms, wagering requirements tell players that they have to bet a certain amount of money before they can withdraw any winnings they’ve earned using bonus funds.
If you’re a fan of online gambling and are ready for a deeper dive into what wagering requirements are and what they involve, then read on.
The Conditions Of Wagering Requirements
Wagering requirements (sometimes called playthrough requirements), are conditions that are set out and attached to bonuses in online gambling. Again, this is usually linked to casino offers, where a player is offered bonus cash.
As an example, let’s say that there is an online casino that you register with and they have a matched deposit bonus of £50 with a 30x wagering requirement. You make the first deposit and claim a maximum of £50 in bonuses.
This doesn’t mean that you suddenly have £50 in free money to go gambling with. The wagering requirements lock that down. Instead in this instance, with the 30x wagering requirement, it means that you would need to bet with real money, 30 x £50 before any winnings from the bonus are released.
Potential Cons of Wagering Requirements
On the surface of things, a lot of customers will see an opportunity to get a nice lump sum of bonus cash through a welcome offer. That sum is available, but only with a usually strict caveat of needing to come up with a lot of cash to actually claim it.
Sports welcome bonuses differ greatly from this. It’s usually a free bet collected when the first wager on a new account has been settled. Free sports bets, in most instances, just don’t come with the restrictions, often inhibitive ones, that casino bonuses can come with.
It’s having that massive playthrough requirement that can make a lot of bonus offers unattainable for players. So it’s best to either just target a smaller bonus amount to start with or look around for lower wagering requirements.
Why Do They Exist?
Wagering requirements can vary widely depending on the casino or bookmaker. Depending on the offer, they can range from as low as 10x to as high as 50x or more. But why do they even exist? What is their purpose?
It’s for the operator’s benefit. They can’t just go throwing a free £50 worth of bonus play for every customer that signs up, without restrictions. That would be an unsustainable model for the casino because they could stand to lose a lot through the likes of big jackpot slot payouts which the bonus funds were used to play with.
They need to make sure that they are covering their expenses and so want to see some qualifying betting action happening first.
What Are Contributions?
The fulfilment of wagering requirements generally has to happen within a set period. It could be seven days from receiving the bonus that you have to do all the playthrough betting. What happens if you don’t complete it in time? The bonus is gone.
Another interesting aspect of this is the contributions towards fulfilling wagering requirements. It is worth noting that not all games contribute equally to meeting them. For example, a casino may state that bets on slots contribute 100% towards the requirement, while bets on table games like blackjack or roulette only contribute 10%.
So for fulfilment of the wagering requirements, you would want to focus on playing something like slots in that instance, so that you can hit the wagering requirement more quickly.
Further Limitations
The limitations of the wagering requirements may not just stop at a time limit and the contribution terms of certain games. It’s more than possible that additional rules and conditions will be attached to their bonuses and promotions. For example, they may have minimum or maximum bet sizes or restrictions on the types of bets that can be placed.
In Conclusion
This isn’t to paint a picture that bonuses with wagering requirements are bad. It’s just to explain that there may be some hoops to jump through to claim a bonus in full before it can be collected as withdrawable cash. So basically don’t go into any offer blinkered. Whether it’s a casino offer or a sports betting promotion, it is important to read the terms and conditions carefully. Do your due diligence to inform yourself of everything you need to do.