What is Wagering?
The short definition for Wagering is simply another word for betting. A wager is any amount of money or in some rare situations, an item or service, which the bettor stakes on the possible outcome. This can be either against another player or against the house and sometimes both. The wager/bet can be placed on sports matches, entertainment events, roulette spins or a dice roll among other expected outcomes. If the picked competitor wins, the bet/wager and the winning stake are all returned to the player. Wagering is mostly done in formal casino or bookmaker settings, but can also take place in an informal way. For example, in a friends` challenge with a reward or a forfeit.
Though wagers can be any amounts, some games like slots and poker have a set minimum and maximum wagers for every turn. After each wager, the odds of events against which the wager was placed against will determine the amount the player gets in return. As a result, the odds usually vary dramatically and this is why various players design different wagering strategies while considering things such as statistical analysis and the betting systems.
Online Casino Wagering Requirements
Almost all online casinos these days offer their new players various kinds of bonuses when they join the casino and deposit money that is intended to be used for playing in the casino account. The most popular types of bonuses are the No Deposit Bonuses in which the player receives free cash to play at the casino and the Match Bonus in which the player is rewarded with a double of the amount they deposit into the casino account. All these bonuses are tactics used to encourage players to gamble and participate in all the games on offer.
However, during the older days of online casinos, there was widespread abuse of these bonuses and this ended up costing the casino industry large amounts of money. A lot of players would fraudulently open many accounts to acquire the signup bonuses would then cash them out immediately. In order to offset the big financial risk that these casinos were going through while offering bonuses to their players, they had to introduce a set of rules dubbed Wagering or Playthrough Requirements. Online casino wagering requirements may not be popular, but they serve a major purpose in protecting casinos from fraudsters. These requirements have no effect on genuine players visiting the casinos for fun.
Generally, the online casino wagering requirements are the restrictions and circles that every player has to jump through to get their hands on the bonus awarded, this includes all the winnings that come from the bonus. The playthrough will dictate the amount of money you have to stake for the bonus and profits gained to be activated. The good thing is that the wagering requirements are usually lower for free bets and sports bonuses. Moreover, most of the wagering requirements are usually accompanied by the terms & conditions list. It is therefore important for a player to be acquainted with both the conditions and requirements since they offer an exact outline of what is needed for one to secure their free bets or bonus.
The most famous Playthrough or Wagering calculation used in bonuses involves a multiple of the first amount of money deposited being played through or wagered before the player cashes out their winnings. The multiple used varies from one casino to the other. This, therefore, means that the players have to read and understand the wagering requirements of every casino to understand how they work, especially when looking for the best bonuses.
An Example of Wagering Calculation
Let`s say, for example, that you choose a deposit bonus granting you a 100% welcome bonus of up to £200. Take note, however, that the phrase “up to” means that it could be less. The amount offered relies on your initial amount deposited, therefore, if you fund your account with £100, you get a £100 bonus. This and other details are exactly what you will find outlined in the terms and conditions section.
So, in the next example, the following would be the requirements for withdrawing the bonus if you deposited a sum of £500:
You are given a £500 bonus.
The condition is 3x deposit and the bonus amount wagering requirements are listed in the T&C’s.
This means you have to stake £3000 to unleash your bonus money.
All the winnings plus the bonus will then be relocated to your account balance of which you will have the option to continue betting or withdraw.
Tiered wagering requirements
A gambling site may put in place the tiered wagering requirement – the wagering requirement which consists of a staggering collection of payments. A good example is as follows:
- Time Limit – 5 Days, Requirements – £20, The Bonus – £20
- Time Limit – 20 Days, Requirements – £250, The Bonus – £30
- Time Limit – 30 Days, Requirements – £500, The Bonus – £50
The tiered wagering requirement makes it seem a little different, but the eventual bottom line is that the player has to wager a principal total of £500 in one month of opening their account before accessing the £100 worth of bonuses in total. This might be easier for you to work on since you play in small amounts but at the end, the financials remain the same.
No Wagering Casinos and No Wagering Slots
Even though most casinos it is a common requirement to place wagering requirements, some casinos have none. No wagering casinos, also called wagerless casinos are online casinos that usually offer customers different bonuses and promotions among other offers without the need for any wagering requirements before the player withdraws their casino winnings. No wagering slots work the same way.