It is important to understand the different types of bonuses on offer from online casinos, and also why they are being offered to you. In the following article I will try and explain in simple terms the different types of casino bonuses, as well as explain why they are being offered to you.
So firstly why do online casino’s offer their customers bonuses? The answer to this is really simple, competition. Another factor is that online casino’s do not have overheads anything like actual casino’s have. Bonuses are used to get the customer to deposit funds into their casino, which in term gives you extra funds than your bankroll to use on casino games.
Surely they lose money? Not true. Every online casino bonus will have wagering requirements. These can be found in their terms and conditions. Always read the terms and conditions before opting into a bonus and depositing funds. Every bonus will have a different value to the customer and will come with restrictions. If you do not read or understand the terms and conditions it can be a very costly error if you carry on regardless.
What are wagering requirements?
Wagering requirements are how the bookmakers protect their bonuses. Essentially a wagering requirement is a playthrough requirement, which tells you how many times you need to play through your deposit amount. This will always be available in the terms and conditions on an offer. The wagering requirement will always be displayed with a number that is followed immediately by an ‘x’. That explains the number of times you must play through your deposit amount. So for example if you deposited £100 and had a wagering requirement that reads ‘10 x’ you would need to stake £1,000 in total before you have completed the wagering requirements.
As well as wagering requirements online casinos will also put restrictions on what games are valid for the bonus. Again this is to add further protection to the bonus so they do not stand to lose a lot of money. Games such as blackjack for example will not be allowed as it has a very low house edge (small profit margins for the casino).
Types of bonuses
Welcome Bonuses – Typically the most common bonus that casino’s offer to customers. As the term ‘welcome’ suggests this is only available to new customers. These may me be referred to as 1st deposit bonuses or new player bonuses by some online casino’s/bookmakers. Welcome bonuses are generally the most lucrative of all bonuses, this is where bookmakers really try and entice new customers to their site and get them depositing. A promotion most commonly used is the 100% deposit bonus. All this means is that whatever you deposit, the casino will match it, therefore you have double the funds to play with. As mentioned above read the terms and conditions as there will be wagering requirements and restrictions.
No Deposit Bonuses – Generally used by new bookmakers who want their customers to play a new casino game with no risk involved. These are great offers for customers but again it is important to check the terms and conditions of the offer. No deposit bonuses often come with very high wagering requirements. There are often other restrictions put in place, such as players actually having to deposit funds to withdraw their bonus and winnings. There will also be restrictions put in place on the games that are valid for the offer.
Monthly deposit/reload Bonus – Often referred to as loyalty bonuses. This bonus is used to keep customers playing in the casino and depositing money. For example the 1st of every month the casino may offer customers a 100% deposit bonus of up to £50. Other examples of reload offers are monthly bonuses, which are often given if you have had high levels of activity in the previous month. The value of these are likely to vary in accordance to account activity in the previous month.
Payment Method Bonus – A strange concept but some casinos offer players bonuses on certain payment methods. For example customers who deposit using an e-wallet system can receive additional bonuses. It is not often you will see these types of bonus however.
Refer A Friend Casino Bonus – A bonus that I am sure you will be familiar with if you have a contract phone or gym membership for example. This is a tool used by many companies to gain new customers. Not so easy to come across these offers as perhaps a few years ago, customers are rewarded for their referrals. General restrictions on these offers are that you only gain points for your referral, based on how much your referred customer wagers. These points can only be used in their casino’s, therefore you have to gamble your reward before you can withdraw it.
High Roller Casino Bonus – I am sure you have all come across the term high roller before, and are familiar with the concept. These are people who spend large amounts of money on various products and have the funding to do so. Obviously these are the types of customer a casino wants to have playing with them. With this in mind different incentives are offered to ‘high rollers’ to push their services on to them. High rollers will get the usual offers such as welcome bonuses but are also likely to receive additional bonuses for larger deposits. As well as that they can be offered incentives in the way of tickets to events and holidays.