Casino bonuses are actually a comprehensive marketing tool used by online casinos to attract more and more customers.
These bonuses come in a variety of forms and are given to both new and existing players. If you do a quick search for online casinos, you will find yourself deluged with some fantastic sign-up bonus packages offering hundreds of pounds to beginners.
However, it has been observed that many players do not bother to read the small print and end up losing their bonuses as quickly as they are earned.
The purpose of this guide is to help you know how to successfully turn your casino bonuses into cash.
Different types of casino bonuses
Basically, there are five main types of casino bonuses. No Deposit Bonus – some online casinos allow you to receive instant cash without the need to make a deposit. Match Bonus – in this type, some casinos will match your first deposit with a specific percentage and add it to your account.
Cashback – you can get a fixed percentage back of your deposit or loss. Reload Bonus – this bonus is sometimes offered to existing players when they make further cash deposits into their accounts.
Loyalty Bonus – a loyalty bonus may be given in the form of free spins, gifts, real money or free play. Or you might earn loyalty points that can be redeemed at certain milestones.
Bonus percentages and maximum amounts
You should always check the bonus percentage and the maximum amount offered. Many online casinos will offer a welcome bonus that matches your first deposit by a set percentage, usually around 100%, but these offers can vary widely. There will also usually be a cap or maximum amount set on the match, for example, 100% match up to £150.
If you take both the maximum amount and the bonus percentage into account, it will be easy for you to calculate the optimal deposit amount. For instance, in our example, to get the full £150 bonus, you’ll need to deposit £150, meaning you’ll have a healthy £300 in total in your casino account with which to start playing.
Wagering requirements
However, one of the most important things you should bear in mind are the terms and conditions attached to any bonus. Casinos aren’t in the business of handing out free money, so bonus offers usually come with strings attached.
The most common is a wagering requirement. This is the total number of times you have to wager the bonus amount before you’ll be able to withdraw any winnings made.
For example, the casino offers a 200% match bonus up to £200 with a 35x-wagering requirement. You deposit £100, claim the £200 bonus and have a total of £300, which must then be played through 35x. So you’ll need to wager £10,500 in total to claim any winnings.
Stick to the rules
Online casinos want their new players to stick with them. They hate bonus abusers and implement additional rules to shake off players who just want to grab the bonus and run. One such rule relates to the maximum stake allowed when using a bonus, which is usually set at a few pounds only.
If you ignore this and make bigger bets, the casino will void your winnings. We recommend sticking to the rules and gaining experience and a feel for the games and site itself. It may take you a little longer to fulfill the wagering requirements but at the end of the day you won’t have forfeited your bonus.
Final thoughts
You’ve claimed your bonus cash and are sticking to the bet limits. There’s usually one more string attached and that’s the time limit that your bonus is valid for. This can vary from a few days upwards.
If you haven’t met the wagering requirements within the allotted time, then you’ll forfeit your bonus along with any winnings made. We can’t stress enough how important those terms and conditions are. What’s more they don’t just apply to free cash. Other bonuses like free spins will have strings attached too.
Finally, if you decide to forfeit a cash bonus and want to withdraw your own funds, trustworthy casinos will allow this if you contact their customer support.