Today, nearly every online casino offers bonuses, with hundreds of thousands of dollars for the taking on some sites. This has given bonuses a lot of attention from enthusiastic gamblers. But even if you are going for the smallest bonus, you have every reason become skeptical.
The good news is that online casinos bonuses are real. But as you know, there are terms and condition you have to meet when claiming these bonuses.
It is a good idea to know how online casinos bonuses work before using them at any online casino.
Understanding terms and conditions
Although there are many different types of bonuses, the most common type will give you free money when you make a deposit.
A good example is the 100% deposit bonus which doubles the amount you have deposited. 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 play must consider.
Bonus wagering requirements
Wagering requirements refers to the amount you will have to wager to get your bonus released. Generally, you will be required to wager 20-40 times the amount you have deposited plus the bonus.
So, if you make a deposit of $100 and receive $100 bonus in a casino with 20x wagering requirements, you will be required to bet $4,000 to clear the bonus.
Actually, that is not as bad as it sounds considering that you are likely to win many bets as try to meet the requirements.
Not every single game satisfies the bonus wagering requirements at the same rates.
Slots is one game where you might meet the requirements fully. But Roulette may contribute only 50% towards the wagering requirements. Basically, the contribution percentage depends on where you choose to play, and in some cases, the games don’t satisfy the requirements at all. It is always important that you check the terms and conditions of the casino for game contribution rates and bonus requirements.
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 advantage that the casino has, but it is different for every game. For example, the 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 of no deposit bonus, but many offer a wide range that features different amounts, maximum cash outs or playthrough. Here are a few tips to help you get the most from the no deposit bonus:
Maximum cash out-This determines how much you can withdraw using your bonus. You need to consider this. As a rule of thumb, the maximum cash out should be 5 times the bonus amount; however, if you bump into something better, don’t hesitate to go for it.
Bonus amount-With a higher bonus amount, you get higher maximum cash out
Wagering requirements-This refers to the number of bets you are require 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
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:
- Choose an online casino that offers the largest bonuses
- Under the terms and condition 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
When you look deeper, you will realize that some bonuses are not what they seem to be.
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.
If the possibility of burning through your bankroll is higher than unlocking the bonus, then you should think twice.
The good news is that there is a formula that you can use to determine if a bonus is worth taking. First, you will need to consider the expect loss if you don’t take the bonus. 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 wagering requirements of the bonus, 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 expected loss using the formula:
Expected loss = amount wagered X house edge