What are Wagering Requirements?
Casino Wagering Requirement
When you play at online casinos in India, there’s a fair chance you might be confused by some of the terms. Wagering requirements is certainly one of them. What are they? To put it simply, these are requirements attached to bonuses you must complete to get your winnings out. What, you thought that all that extra cash is free?
Although they can be hard to complete, thanks to LCG’s guides it can be done on time.
What are wagering requirements?
Land-based casinos offer complimentary gifts to keep players in the game. Since you can’t get a free drink online, online casinos use bonuses. These come with certain strings attached – wagering requirements. You get the money for free, but you must complete the wagering to convert a bonus into real money.
Simple, right? Well, it is in theory. For example, a 10x wagering on a ₹8,000 bonus means you must wager ₹80,000 (8,000×10) to convert the bonus to real money. And yes, wagering is usually time-restricted to 60 days.
How do I convert bonus money to real money?
Just like we mentioned, you must wager the bonus funds a certain number of times before you’re able to cash your winnings. This will effectively turn your bonus funds to real money you can cash in later.
Of course, in order to wager the bonus, you’ll need to win. Otherwise, you’ll run out of extra cash to play with. This is why you must be careful about what games you spend your not-so-hard-earned bonus on.
Why do wagering requirements exist?
To prevent casinos from going bankrupt. Imagine if they didn’t – players would claim free bonuses and never spend a Rupee from their wallets. With wagering requirements, a casino ensures that money is spent in the casino. Remember – it’s a business, not a charity.
Wagering requirements also exist to prevent bonus abuse. It has happened in the past and run many early online casinos to the ground. Thanks to wagering requirements, though, it rarely happens anymore.
How to calculate the wagering requirement?
Well, using the aforementioned example, the formula is simple. All you need to know is the amount of the bonus and the wagering requirements.
- A ₹10,000 bonus that should be wagered 50 times means that you must spend ₹500,000 to get your winnings out.
- A ₹5,000 bonus with 35x wagering means you need to spend ₹175,000 (5,000×35)
You get the idea, right? Here at LCG, we want to keep our guides simple. If you’re still confused about how wagering requirements work, look at the examples. Better yet, adjust the amounts yourself and practice.
Strategy for completing the wagering requirement
Although there are no recommended strategies you can use to complete wagering requirements, you can apply a ‘strategy’ to complete them faster. Most wagering requirements say that all bets on slots count toward the wagering.
Knowing this, you can spend the bonus on low-volatility slots. If you want to test your luck for life-changing wins, high volatility slots are better.
- Low Volatility Slots – low-variance slots promise more frequent wins.
- Medium Volatility Slots – medium-variance slots walk the fine line between small and big wins.
- High Volatility Slots – high-variance slots don’t promise regular wins, but when you win, you win big.
Rules for wagering a casino bonus
Every online casino has terms and conditions attached to the bonus. Apart from the fact that you’ll need to wager the amount a certain number of times, there’s also time restriction, maximum bets, and maximum wins imposed on the bonus.
You’ll need to complete the wagering in a certain period and you’ll need to wager it on certain games. You can’t just spend the whole amount at once – there’s a limit to the maximum bet you can wager as well.
The time restriction imposed on the wagering is usually 60 days. That’s the time frame you must complete the wagering in. After the period has passed, the bonus will be forfeited. It’s simple – you don’t wager the bonus a certain number of times in that frame and you lose the extra cash.
You’ll have to work fast to wager the bonus, especially if the period is shorter than 60 days. That depends on the casino – some allow 30 days, while some allow the wagering to be completed in more time.
Spending the bonus money is also restricted in terms of maximum bets. As mentioned, you can’t use 100% and be done with it. Online casinos usually have a set max bonus money bet limit. It is usually at around ₹400 but can be lower or higher.
This means that when you’re using the bonus funds, you can’t place a bet higher than the amount indicated. For example, you can’t place a bet with the bonus on slots higher than ₹400 (or the amount indicated).
Online casinos also have a maximum win indicated when you’re using the bonus funds. This means that you can’t win a life-changing amount using these funds. It depends on the casino itself and the amount of bonus you receive.
The higher the bonus is, the lower the maximum win amount may be. Of course, this varies from online casino to online casino. When you claim a bonus, you’ll need to read the T&Cs carefully.