Today, nearly every online casino offers bonuses, with hundreds of thousands of dollars for taking on some sites. This has given rewards a lot of attention from enthusiastic gamblers. But even if you are going for the smallest prize, you have every reason to become skeptical.
The good news is that online casino bonuses are real. But as you know, there are terms and conditions you have to meet when claiming these bonuses.
It is good to know how online casino bonuses work before using them at any online casino.
Understanding terms and conditions
Although there are many different bonuses, the most common type will give you free money when depositing.
A good example is the 100% deposit bonus, which doubles your deposited amount. That means that when you deposit $100, you will have $200 in your account to play with.
But before you get full access to the extra $100, you must meet the wagering requirements that have been put in place. Every game at the casino has a house edge and contribution rate that every player must consider.
Bonus wagering requirements
Wagering requirements refer to the amount you will have to wager to get your bonus released. You will generally be required to wager 20-40 times the amount you have deposited plus the bonus.
So, if you deposit $100 and receive a $100 bonus in a casino with 20x wagering requirements, you must bet $4,000 to clear the bonus.
That is not as bad as it sounds, considering you will likely win many bets as you try to meet the requirements.
Contribution rate
Not every single game satisfies the bonus wagering requirements at the same rates.
Slots are one game where you might meet the requirements fully. But Roulette may contribute only 50% towards the wagering requirements. The contribution percentage depends on where you choose to play; sometimes, the games don’t satisfy the requirements. It is always important to check the casino’s terms and conditions for game contribution rates and bonus requirements.
House edge
You probably know that every game favors the casino in one way or another. Casinos usually make more money than players over time.
House edge is the casino’s advantage, but it differs for every game. For example, America Roulette has a house edge of 5.2%, but you may also find video poker with a 0.46% house edge or less.
How to take advantage of no-deposit bonuses
Most online casinos have only one option: no deposit bonus, but many offer a wide range that features different amounts, maximum cashouts, or playthroughs. Here are a few tips to help you get the most from the no-deposit bonus:
The maximum cash out determines how much you can withdraw using your bonus. It would help if you considered this. As a rule of thumb, the top money out should be five times the bonus amount; however, don’t hesitate to go for it if you bump into something better.
Bonus amount: With a higher bonus amount, you get a higher maximum cash out.
Wagering requirements refer to the number of bets you are required to make before making a withdrawal. With lower wagering requirements, the odds of clearing the bonus will be better.
Why you should use the no-deposit bonus
Choose an online casino that offers the largest bonuses. Although no deposit bonus won’t make you a millionaire instantly, it is the best way of checking out the casino, and most importantly, it is free! Of course, you can still make money if you meet the requirements. Follow these tips to help you make the most of the no-deposit-bonus:
- Under the terms and conditions of bonuses
- Use the bonus cash to play your favorite slots.
- Gather your winnings
Learn how to play online casino games that you can play with real money in the future.
How to avoid the bonus trap
Looking deeper, you will realize that some bonuses are not what they seem.
You may find yourself in a situation where game contribution, house edge, and wagering requirements are stacked against you. If the expected loss is higher than the bonus amount, it is recommended to skip the bonus or find another online casino.
You should think twice if the possibility of burning through your bankroll is higher than unlocking the bonus.
The good news is that there is a formula that you can use to determine if a bonus is worth taking. First, you must consider the expected loss if you don’t take the prize. Use this equation
Expected loss = amount wagered X house edge.
Let us look at a real example. If you play American Roulette, which has a house edge of 5.2%, you will lose $52.6
When trying to meet the bonus’s wagering requirements, the amount you are expected to lose can be determined by multiplying the house edge by the amount you want to stake.
Use this formula to calculate the amount you must bet:
Amount to bet=wagering requirements X (deposit + bonus) X (100/game contribution %)
After that, you can use the figure you get here to calculate the expected loss using the formula:
Expected loss = amount wagered X house edge.
