If you have signed up to receive a bonus, players may have come across the wagering terms/requirements – click to visit slotsuk.co.uk. This is a very important aspect of the bonus as failure to meet them will result in the player not being able to withdraw their winnings!
What is the Wagering Requirement?
The wagering requirement is a requirement that is placed on every deal or bonus that the player signs up to receive from an online casino. This wagering requirement is essentially the amount of money that a player must bet before they can withdraw their winnings from the casino site, this amount of money is usually a multiple of the bonus amount that they signed up for. Failing to meet the desired wagering requirement before the allotted time given results in the players current winnings being removed from their account. To find the details of a wagering requirement, players need to look at the terms and conditions of the deal the casino is offering. This will inform players of the amount they need to reach and the time they have to do it in.
Calculating the Wagering Requirement
It is imperative that players are aware of the wagering requirement and how it works, there is no way that they can cheat it. Calculating the slots wagering requirement is important as this can affect which casino bonus a player will ultimately pick.
- If a casino offers players a £50 bonus for making an online deposit of £20 and there is a wagering requirement of 5, the sum of 50 x 5 will work out the overall wagering requirement. In this case it would be £250.
- This means that a player would have to wager at least £250 before the end of the time limit in order to claim their winnings from the bonus.
Why do Casinos use the Wagering Requirement
The wagering requirement may seem a little unfair to players, especially as it is not always the most easy thing to find. Believe it or not but online casinos actually have a few legitimate reasons as to why they have to implement the wagering requirement.
- Legal requirement. It is actually considered a legal requirement for online casinos to have a wagering requirement as it is considered an anti money laundering regulation. Without the requirement, criminals could easily deposit and withdraw cash from online casinos.
- Minimise risk. Online casinos want a good bonus to attract new customers but they use a high wagering requirement as a way of reducing risk for themselves. A bonus with a high wagering requirement isn’t going to have as many players claim their winnings, thus losing the casino less money.
- Add another element to the bonus. The wagering requirement adds urgency to a bonus and encourages a player to use the online casino site regularly and consistently in order to surpass it.
The wagering requirement can sometimes be a frustrating aspect of a bonus. It is a good way for casinos to reduce the amount of money that they will lose through offering the bonus.