Understanding The Disadvantages of Welcome Bonuses
While signing up with a new casino can be lucrative and beneficial, the disadvantages of Welcome Bonuses should not be overlooked. For most players, there is very little harm in accepting a reward, as you stand to gain something out of the deal. However, this is not always the case and sometimes, promotional deals can actually be harmful to your bankroll and put you off gambling for good.
As such, it is important to understand how bonuses work, when to use them, and when to avoid them.
What You Need To Know
Online casino bonuses are offered to new players when they first sign up and make a deposit into their account. While there are many different types of promotions available, the most popular is the welcome cash match deposit, which is usually given as a 100% match. This means that for every dollar you deposit, the site will match your deposit amount up to a certain cash limit. On the surface, it may seem like you are getting free money, but this is not the case. Casinos are not in the habit of just handing out cash. They plan on making it back and then some! They are a business after all, and need to generate an income too.
Unrealistic Wagering Requirements
Every bonus no matter how big or small will come with some sort of wagering requirements. Online casino Canada sites will have these in fine print in the terms and conditions section of the promotions tab. Before signing up and accepting any type of reward, always read the fine print. In some cases, the wagering requirements can be quite lenient and simple to meet, and in other cases, it may be almost impossible to get through the requirements in the time limit provided.
In most cases, the requirements come in the form of rollover amounts. This is usually expressed as a multiplication, such as 10x, 30x or 40x. This means you will be required to wager 10 times or 30 times your total awarded amount before you can cash out any winnings. If you were awarded $100, you may have to wager up to $3000 for a 30x restriction if you want to complete your requirements. When shopping around, always look for the lowest rollover amounts and not the highest match percentage.
Some restrictions apply to both the deposit amount and the bonus amount. In such cases, if your deposit is $100 and your reward is $100, then you are liable for $200 at 30x wagering or $6000 worth of real money wagers before you can cash out.
The disadvantages of Welcome Bonuses extends when you include the time factor. While you are trying to clear your requirements by wagering with real money, you will also a specific time limit to do this. Depending on the site, you may have 7 days, or you may have 14 days in which to clear your requirements. If you fail to do so, the consequences can be dire.
If you go past your time limit, the promotion can expire, and you will not get your “free money” which you may have already spent. While this might not sound too bad, you also lose any winnings you may have incurred during the time you have been using your free funds.
Some sites go even further and retain your restrictions even after expiration. This means you still have strict table limits on games and you will not be able to cash out any winnings until all your online casino bonuses and associated wagering requirements are met.
Generally, if you are well informed the disadvantages of Welcome Bonuses can be avoided, and you can reap the maximum benefit from any promotional deal that comes your way.