The concept of wagering requirements can prove to be tricky and difficult for some players. especially those new to online casinos. However, with a bit of understanding, it’s not a difficult concept to grasp as we point out below.
Wagering is another formal term for betting. It simply means the process in which a player bets a certain amount of money on casino games such as online slots.
Players may of course, wager with either real money or bonus funds, however online casinos usually have processes in place for each. To understand what these are, let's delve a bit deeper into the concepts of wagering requirements and the minimum withdrawal limits.
ImportantIt is extremely important to understand the wagering requirements each casino imposes so please read the terms carefully before depositing your money.
Wagering requirements are simply the number of times players need to bet before the casino allows any withdrawals to take place. They also act as restrictions imposed by online casinos to eliminate bonus abuse or irregular gameplay. Wagering requirements are mostly applicable to casino bonuses, however they may be associated with real money funds as well.
What's interesting to note is that some online casinos games contribute a certain percentage towards meeting the wagering requirements. Players who wager on slots for example may easily fulfill wagering requirements, thereby enabling them cash out quicker. Online slots are known to contribute the most to wagering as a percentage. For example, slots may have a 100% contribution as opposed to table games that has a 10% contribution.
Minimum withdrawal limits specify the amount players can withdraw per day, week or month and tie in with meeting wagering requirements. As mentioned before, and in most cases, players may only withdraw funds if these requirements are met.
For clarity sake, let's say a player deposits CA$ 20 and receives a welcome bonus of CA$ 20 (100% deposit bonus). Now let's imagine the casino has a 35x (35 times) wagering requirement attached to the bonus funds only. What this means is that the casino requires a total of CA$ 20 to be played through at least 35 times before any cash outs can take place. However, if the casino imposed this wagering requirement on both the real money plus bonus funds, then there's a playthrough of 35 times on the total (CA $20 + CA$ 20).
To calculate the wagering requirement as per our example above, simply multiply the casino bonus (CA $20) by the playthrough requirement (35x) = CA $ 700. What this means is that players will have to wager a total of CA$300 to withdraw any winnings.
To calculate the wagering requirement on both the deposit and bonus funds, first add the deposit amount (CA$ 20) and the casino bonus (CA$ 20) then multiply by the playthrough requirement (35) = CA$ 1400. In this case, players need to wager CA$ 1400 to withdraw any winnings.
No matter where an online casino is registered, there are laws in place with regards to wagering requirements. Every online casino has to display this information in the terms and conditions section.
Many would think that wagering requirements exist as a method to inflate casino profit. However, this is not the case, as wagering requirements only came to the fore after casinos realised that players were ripping them off. In a nutshell, we can say that it acts as a safeguard from bonus abuse as well as a method to ensure that no free money is withdrawn.