When I started playing online slot machines regularly a few years back, I came to know about wagering requirements. It took me a while to understand it fully because it is rather a complex idea and every casino has their own rules about it but with a little research and a lot of asking around my other gambler friends, I think I fully understand that concept now.
It seems that this is one major way that casinos make a profit.
Wagering requirements are most commonly associated with bonuses and free spins. Players who receive bonuses for free spins should make sure they know the wagering requirement that is stipulated so they know how to use the bonus and how to withdraw any further winnings.
How Wagering Requirements Work
A wager is another term for your bet, while a wager requirement is an amount you will have to bet for you to claim any winnings you have accumulated.
In the case of bonuses or free spins in slot machines, players won’t be able to claim any winnings they receive until they complete the wagering requirement stipulated under the Terms & Conditions.
A $10 dollar bonus with 10x wager requirement means a player will need to stake a total of $100 before any winnings can be transferred into their account or withdrawn from the casino.
Let’s say an online casino, as part of their promotion and in order for me keep playing, gave me a bonus of $15 with a wager requirement of $300 (15 times 20). So in order for me to wager my bonus, I will have to play for a total of $300. If I spin at a slot machine that’s worth $3, then I will only have $297 left for my wager requirement.
Once I complete that requirement, any potential winnings I gain from using the bonus can now be converted into cash or deposited in my account.
Where to See
Because of certain laws that online and land-based casinos are subject to, wager requirements should be available for public viewing. Any casino that offers players free spins and bonuses should display the wagering requirement attached or any other pertinent information that could prevent players from getting their winnings. That is why it’s very important that players read the fine print of any online website or promos they receive before playing in any slot machines.
Why They Exist
There are two main reasons why wager requirements exist in casinos. First is for casinos to make a profit.
Because of their need to attract more players into their doors, casinos are always offering freebies to players, but, being a business, they should also turn a profit. The second reason is to prevent money laundering. Without wager requirements, it would be quite easy for criminals to deposit dirty and illegal money into casinos then withdrawing it right away. Anti-money laundering laws are in place to prevent such happening and casinos are required to comply with this.