Having to work through wagering requirements once you’ve claimed your casino bonus can be off-putting. This is because some casinos can get a bit unreasonable at times, which makes it difficult for you to complete the wagering term, and thus cash out.
But, dealing with the various terms and conditions is made more bearable when you know what wagering requirements are, and the reason behind its existence. In this guide, we explain exactly what a casino wagering requirement is. We also teach you how to calculate the expected wagering requirement for any given bonus, along with other tips.
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What Are Wagering Requirements?
Simply put, a wagering requirement is the sum of money that you need to play through before you can cashout at a casino. This amount is usually a multiple of the bonus amount. For example, a deposit bonus might have a wagering requirement of 35x. This means that you have to play through the bonus amount at least 35x before you can withdraw.
So, let’s start at the beginning. What are wagering requirements, and why does it matter? A wager is just another name for a bet which you place when you play casino games like pokies, blackjack, roulette, and video poker. When you sign up at a casino you become eligible for a welcome bonus, but there are various other bonuses that you can claim along the way. When you claim these bonuses, you receive bonus money from the casino, not real cash. And, any winnings that you accrue while using the bonus are also paid out in bonus money, not real cash. All bonus money given to you is kept in a separate wallet with all kinds of wagering requirements attached to it.
Casinos don’t allow you to withdraw bonuses. This is why you need to complete the wagering requirements for the bonus, along with all other terms and conditions before you will be allowed to cash out.
Once you’ve completed the wagering requirements, your bonus money will be converted into real cash which can be withdrawn. If you don’t complete the wagering requirements within the stipulated time your bonus won’t be converted into cash and you will therefore not be able to withdraw.
If you are part of the inquisitive bunch and would like to know how wagering requirements are calculated, here’s how.
Let’s imagine you signed up at one of our online casinos, have received your welcome bonus, and would like to calculate the wagering requirements attached to the bonus. The first thing you do is look at the type of bonus offered, is it a free spins bonus, a deposit match bonus, or a combination of both? You must also find out if your deposit money is included or excluded in the wagering requirements.
Calculating Wagering Requirements for Free Spins
When you’ve claimed a free spins bonus, you can only calculate how much you will have to play through once you’ve received your winnings. So, if you have been given 20 free spins with a 10x wagering requirement and you manage to win $5 you will have to play through the following amount:
$5 (your winnings) x 10 (wagering requirement) = $50. Therefore, before you can cashout, you will need to complete the $50 wager requirement.
Calculating Wagering Requirements with Match Bonuses
Casinos usually keep your actual money and your bonus money separate, so in this example, we’ll assume that the bonus amount is excluded in the wagering requirements.
Imagine you receive a $60 bonus from the casino with a wagering requirement of 5x. Here’s how much you’ll have to play through before you can withdraw:
$60 (bonus money) x 5 (wagering requirement) = $300. Therefore, you will have to play through $300 before you can cash out.
We know that wagering requirements aren’t always great or reasonable. But, they are here to stay. We have a few tips for making wagering requirements more bearable, though. See our top tips below.
- Choose a casino that has reasonable or fairly low wagering requirements. These casinos do exist, you just need to find one. Read the fine print of every casino before you create an account.
- Next, stick to casino games that pay well and offer good odds. Also, look at the minimum and maximum betting limits because that will give you a good indication of what you’ll eventually have to pay back.
- Casinos usually have a time limit for the validity of these bonuses. Make sure you meet the wagering requirements before the time runs out. Otherwise, you don’t get to withdraw anything.
- Always read the fine print to avoid unwanted surprises. This way you know exactly what the terms are, and can decide then and there If this is something you are willing to do.