If you have been gambling online, you might have heard stuff like – ‘You cannot beat the wagering requirements or heard complaints like ‘wagering requirements are too high at that casino.’ So, it is obvious to wonder what is the need to wager.’
In a general sense, we all know what wagering requirements are. But this article will delve deeper into the details of those betting requirements so that in the next sports betting wager, you aren’t confused.
The next obvious question that will pop into your head is – can you beat the wagering requirements? Online casinos are quite generous while offering bonuses to their users. But they come with an obnoxious tag of wagering requirements.
Meanwhile, a few newbies have not had their minds wrapped around the concept of wagering. In any case, we are about to satisfy all your queries regarding the requirements!
Let us see what wagers are first. Wagers can be easily translated as ‘bets’ that you make. So, it is ultimately the money you spend on casino games.
But when you claim an offer or bonus at online casinos, they are accompanied by wagering requirements. This is also called ‘play through,’ which means it is the number of times you have to play to withdraw the winnings. Minimum withdrawal limits and some other conditions tag along with the playthrough.
Typically, you are gifted a sign-up bonus or bonus on deposits. But before you can claim your winnings through these bonuses, you have to fulfill the wagering requirements that come free with free bonuses.
Now it is obvious to wonder what would happen if you don’t meet the conditions? Your bonus winnings won’t get you any real money.
Note that wagering requirements are higher for some games like pokies. In comparison, games like roulette or blackjack have lower requirements.
How to Calculate the Wagering Requirements attached to a Bonus?
We all hate math and terms like ’20x wagering requirement’ sound overwhelming. But a quick calculation can save your money and help you determine if the bonus is worth it or not.
And we will make then numbers less scary for you with an example. Let us assume that you decide to register at a casino. The casino offers you a $50 bonus when you deposit $10, and the wagering requirement is set at 2x.
Formula to calculate wagering requirement
So, this is how you can calculate (and mostly, you won’t need a calculator) –
$50 (the bonus) multiplied by 2x (wagering requirement), which equals $100. To make any withdrawals, you will have to bet $100.
Well, what about the $10 that you deposited? Of course, you will have to add that to the above equation. It will look something like this –
$10 (deposit) + $50 (bonus) multiplied by 2x = $120. Here, $120 is the casino wagering requirement attached to the bonus.
Why are wagering requirements applied to bonuses?
At first glance, many of us will assume that the casinos invent wagering requirements to burn a hole in gamblers’ pockets. But surprisingly, that is not the case.
The casino wagering requirements are a part of anti-money laundering laws. And the casinos have to abide by these to operate. Without these laws, it would be effortless for criminals to deposit money and carry out illicit transactions.
Wagering requirements also maintain a house edge that prevents the casino from going bankrupt.