What are Casino Wagering Requirements?
Many of the best casino sites in the UK will offer you bonuses either to join their site or in return for being loyal. And it’s well and good taking advantage of these bonuses, but if you’re not aware of the wagering requirements you could end up finding yourself disappointed. You may not be able to withdraw your winnings. So that you’re better prepared to understand the wagering requirements used by the best casino sites in the UK, today we’re going to run through what wagering requirements are. We’re also going to run through why they’re in place and the different types of wagering requirements and so after reading this you’ll be able to know exactly what you’re getting yourself into.
To put it in the simplest terms, a wagering requirement is something that must be fulfilled before you can withdraw any funds won as a result of your bonus. It’s simply a multiplier that is there to represent how many times you have to play through that particular bonus before withdrawal. Let’s have a look at an example:
If you have a £10 bonus on one of the best casino sites in the UK, have a look in the terms and conditions and look for the wagering requirement. If it says 10x it would be as follows: £10 bonus x10 = £100. Meaning you’d have to play through £100 of money (for example 100 x £1 spins) to be able to have met the wagering requirement and to withdraw your money.
It is also crucial to look through the terms and conditions – we know it’s not the most exciting thing to do but it will always be in the small print what the exact wagering requirements are. Typically, the wagering requirements for the best casino sites in the UK tend to not be too bad, although they are higher than their sporting counterparts. Casino bonuses on the best casino or bingo sites in the UK tend to on average be between 20x and 50x.
Knowing exactly what the wagering requirement is as well will help you to better know how to play through your bonus funds. For example, if the wagering requirement is low, you can be a bit riskier when it comes to playing through your bonus, whereas, if your wagering requirement is high, you might want to play it a bit safer when playing through your bonus.
What Are Tiered Casino Waging Requirements?
Sometimes some of the best online casinos in the UK will have what is called tiered wagering requirements. The simplest way to explain is that the payments that you’d usually have to meet as a once-off for you to meet the requirements is spaced out.
For example, you may have to bet £20 of your bonus money within 7 days to receive a £20 bonus. Next, over 14 days, the next requirement may be to bet £250 overall to receive a £30 bonus. And so forth.
What’s the Point in Casino Wagering Requirements?
From an online casinos point of view, it makes full business sense to have these wagering requirements in place. It acts almost like an insurance policy. It works very well as it allows to casinos to entice new players in with these attractive offers but stops them getting taking advantage of financially at the same time. At the same time, it helps online casinos to comply with regulations concerning anti-money laundering. To briefly explain why this is, if these requirements weren’t in place, criminals such as drug dealers or thieves could simply deposit money and then withdraw, essentially making their ill-gotten gains clean.
One of the biggest complaints from players is that they didn’t know about the wagering requirements and simply expect to be able to withdraw their winnings straight away. That’s why you don’t want to rush in straight away without reading the terms and conditions – make sure you know what you’re getting yourself into.
All of the best online casinos in the UK are required by law to display the wagering requirements in the terms and conditions of the offer and so if they haven’t been listed but you then find out that these requirements are in place, they are essentially breaking the law. There are also limitations when it comes to the amount of time you’ve got to meet these requirements, which is also in the terms and conditions, so it’s advised the read the fine print.
These regulations also stop players abusing these bonus offers – as most of the time if they were able to they would simply take the money and run and not be a returning customer to the casino which holds almost no value at all to the online casino. Not only the lack of value but at the same time the casino will continuously be losing money which isn’t good for business whatsoever and could even put the entire future of the online casino at risk.
Are Casino Wagering Requirements Here to Stay?
Yes, indeed it looks that way. Despite wanting to stay competitive every casino, as we’ve discussed already have a legal obligation to have these wagering requirements in place. However, to stay competitive the best online casinos in the UK are forever coming up with more innovative ways to entice players in with these bonus offers whilst at the same time having wagering requirements in place.
It might seem easy to just suggest lowering the wagering requirements for an online casino to beat the rest of the competition. However, as we’ve touched upon today, this could open them to financial losses. And so, they need to maintain a fine balance between making an attractive offer that entices the customer in, whilst at the same time ensuring that they’re protected financially.
Feel free to check our website to find out some of the best bonus offers available from the best online casinos in the UK. You can take advantage of these offers properly now you’re fully informed on what wagering requirements are and why they’re in place.