Are Online Casino Bonuses Worth It?
Almost every online casino will offer bonuses of some kind. Whether welcome packages, no deposit bonuses, cashback deals, free spins, or some other special kind of bonus, online casinos always offer something of value to their new or existing members. Now, while that sounds great, and in many cases, it really is, you'll often find a catch. Most online casinos are not just going to give out free money without making it a challenge for you to convert it into real money and withdraw. In this guide, we take you through the different types of online casino bonuses, what you need to do to wager them, and any pitfalls you may face. By using our tips, you will establish whether a casino bonus is even worth the hassle.
Different Types of Casino Bonuses - Benefits and Potential Pitfalls
Before we get into the potential pitfalls of bonus offers at online casinos and the reasons some are not worth claiming, let's take a look at some of the bonuses these online casinos offer. Well, you will find that online casinos offer a range of bonuses for new players and existing players. Below, we will take you through the most common bonuses that gaming sites offer.
Welcome Bonuses: The most well-known and usually bigger type of online casino bonuses come in the form of welcome bonuses. A welcome bonus is what online casinos offer to attract new players to their platforms. As online casinos compete for players, they often make these bonuses as attractive as possible. The problem is, while these can look good from the outside, once you dig into the bonus terms and conditions, many are not as good as they seem. Some will have high wagering requirements and a short expiry, which means you have virtually zero chance of converting the bonus cash into withdrawable real money.
- Tip: Avoid welcome bonuses with 50x or more wagering requirements or those that give you less than a week to wager.
Reload Bonuses: Reload bonuses work in the same way as welcome bonuses in most cases. The difference is, these are bonuses offered to all players and not just new players. For that reason, as the players already play at an online casino, a reload bonus is usually smaller as they're not designed to attract players but to keep current players satisfied. Again, these typically offer some bonus money, free spins, or a combination of both on top of your deposit money.
- The Catch: They also have the same catch - so make sure you check the terms and conditions to make sure the bonus is worth claiming!
No Deposit Bonuses: Another way online casinos attract new players is through no deposit bonuses. These are great, as you can receive some bonus cash or free spins without even needing to make a deposit. An online casino will ask for nothing more than your registration. You will not receive as much as you would from a deposit bonus, but you often get €/$5 - €/$20 of bonus cash of a bunch of free spins ranging anywhere between 10 and 50.
- Watch Out: These often have even bigger wagering requirements than deposit bonuses. After all, this is free cash without the need for a deposit. For that reason, the casino wants to make it as difficult as possible for you to keep it.
What are the Potential Downsides of Online Casino Bonuses?
So, what should you look out for before deciding whether an online casino bonus is worth claiming? There's actually quite a lot, and sometimes, once you delve into the bonus terms and conditions, you will quickly see plenty of offputting terms.
Among the potential downsides of casino bonuses are the following:
- Unclear Terms and Conditions: If it is unclear what is needed to wager a casino bonus, you're better off avoiding it. The T&Cs should clearly state the wagering requirements, game restrictions, game weights towards those requirements, and all the other rules related to the bonus. If the T&Cs are unclear or ambiguous, you're likely to make some sort of mistake that forfeits your bonus. The casino could twist its ambiguity to ensure you do not receive your winnings from a bonus.
- Unfavorable Bonus Terms and Conditions: This is similar to the above but without ambiguity. Rather than unclear T&Cs, you get clear T&Cs that are designed to make it as difficult as possible for you to make any money from the bonus. So difficult that it is unfair, in fact. The bonus might have high wagering requirements combined with a short bonus expiry. Essentially, you're not going to have the time to wager a bonus with high playthrough requirements. Go for bonuses with 20x-40x wagering requirements and a bonus expiration of a few weeks to a month.
- Having to Play Using Real Money First: Another common pitfall with casino bonuses is that the T&Cs state you must use your real money first. That means you cannot even use your bonus cash until you have burned through your deposit. We suggest you look for bonus offers that let you use the bonus cash first.
Negative Expectation Propositions
While you might think an online casino just thinks up a number/value to give players via bonuses, a lot more thought than you think goes into the creation of a bonus. Most thought goes into the underlying mathematics that determines the chances of a player profiting from the bonus. Essentially, a bonus is designed in such a way the casino is almost guaranteed to profit in the long term. Sure, some players might get lucky and turn the bonus into profit - but these are more than offset by those that don't.
All players face what is called a negative expectation when they claim a bonus. Essentially, this means the odds are firmly against you winning any profit.
Here is a quick example:
- You claim a bonus worth $200
- The wagering requirement is 40x
- That requires you to bet $200 x 40 = $8,000 before the bonus is wagered, and you can withdraw
- The T&Cs state you cannot play any games with an RTP higher than 97% (essentially a 3% house edge for the casino)
- You play a casino game with a 97% RTP
- $8,000 x 0.03 = $240 in theoretical losses (most players lose their $200 bonus cash)
- $240 - $200 = $40 in total theoretical losses
As you can see, on average, the casino will profit from a bonus such as the one used in the above example. Most players will not complete the wagering requirements and will have used their deposit. Many will deposit more, and the casino has won a new player that is happy to spend money. The term 'bonus', in many cases, is not the right word. Perhaps 'opportunity' is the better term.
Recommended Online Casinos with Fair Bonus Conditions
There are a handful of online casinos known for their fair bonus conditions. These include:
Conclusion: Are Online Casino Bonuses Still Worthwhile?
Look, we do not want to put hate on all casino bonuses, as there are plenty out there that offer terms and conditions we'd label as fair enough. It is understandable that casinos want to make it difficult to convert free bonus money into real cash.
However, in cases when those terms and conditions make wagering a bonus practically impossible is when a bonus is not even worth claiming in the first place. This is why we strongly suggest you go through the bonus terms and conditions with a fine tooth comb. Don't just accept a bonus at face value, as you might find you're left wasting your time with impossible wagering requirements.
If you have been through the terms and conditions and feel a bonus is worth it, go ahead and claim it. Obviously, if you have 50x wagering requirements and just a few days to complete them, you're probably going to start playing elsewhere.
