Free Spins Wagering Requirements
Every time you spin a video slot machine, place a bet, or play a hand of blackjack, you are ‘wagering’ it basically means to place a cash stake at the casino. Every single free spin bonus offer at online casino comes with terms and conditions as well as wagering requirements. These are a set of non-negotiable conditions or criteria that must be met by players when using free bonus cash or free spins bonuses before they can cash out any winnings derived from them.
Wagering requirements dictate the number of times free spins winnings and/or bonus cash must be wagered or played-through before it can be banked and/or cashed out, like 20x, 30x or 40x for instance. They also highlight the bonus maximum winnings withdrawal limit. This means any amount exceeding the bonus cash out cap is automatically forfeited.
They also explain that any winnings derived from no deposit free spins will be converted to regular casino bonus cash which is then subject to the casino’s regular or general bonus terms and conditions. Only once the wagering requirements in the terms and conditions have been met will players be permitted to make a withdrawal request, and not before.
Where are Bonus Wagering Requirements Listed?
In some instances, they may be listed under an online casino’s regular terms and conditions under a heading such as Free Spins Bonus or Non-Deposit Bonus or similar. This is without exception because to keep players happy and returning to play and deposit, all top online casinos ensure their T&Cs and wagering requirements are easily accessible and are clear and concise to avoid any misunderstandings down the line. If players cannot locate the wagering requirements, they must ask casino support for their on-site location.
How are Free Spins Wagering Requirements Calculated?
For example, in the case of a free spins bonus with a 20x wagering requirement, this is how easy it is to work out:
- Players must play their free spins and take note of their balance (winnings) once their free spins have ended. For example, if a player racks up $30 in winnings from 20 free spins and the bonus has a 20x wagering requirement, the online or mobile casino will require them to make at least $600 in bets (20 x $30 = &600) before they can make a withdrawal.
- Continuing with the above example, if the same bonus has a maximum withdrawal limit of $100, the player will have to forfeit $500 and only be allowed to withdraw $100. The reason for these limits is to prevent online casinos from being bankrupted as a result of having to pay out huge free bonus play winnings to players who haven’t deposited a cent.
Many online players believe bonus wagering requirements are in place to ‘trap’ them and make it impossible to cash out their winnings. This is simply not true, however. Wagering requirements are not a trap so much as an important safe guard put in place by casinos to protect both themselves and players, and to maintain the integrity of their bonuses.
Another reason online casinos attach wagering requirements to their free spins bonuses is to limit their financial liability. In other words, while most players use up their free spins and resulting winnings with nothing left to withdraw, others rack up enormous winnings which, if uncapped, could cost casinos millions in the long term and affect their profitability.