What Are Wagering Requirements?
Throughout our review and news sections you will come across the term "wagering requirement" - this is actually a very important part of online bingo and gambling and is something players who actively seek bonus money or free money need to be very aware of. When a bingo site offers you a bonus - whether from no deposit, free spins, newbie room wins, first deposit or reloads - it will usually have some terms attached to it. These are the wagering requirements. The wagering requirement is simply the amount of money you need to spend before a bingo or gaming site will allow you to withdraw any winnings. Withdrawing winnings is often one of the biggest headaches for bingo players. Quite often they're required to jump through hoops including sending in proof of identity. This is standard practice. However the wagering requirement hurdle is one element that a lot of players get confused about. The reason for this is that it varies from site to site.
The Difference Kind Of Bonus Offers
Many bingo sites will require you to spend a fixed amount before you can withdraw - provided you've taken up their welcome offer. Typically a bingo bonus comes with a x4 wagering requirement. What this means is that if you receive £10 in bonus money then you'll be expected to play £40 before being able to take money out your account. Wagering terms are especially important when it comes to side games. Most sites on the Virtue Fusion Network will offer a bingo and a games bonus. The bingo bonus typically comes with a x2/x4 requirement. However, the games element is usually higher at x10 upwards. This means a £20 bonus for slots/instants will require you spending £200 before being able to go on and withdraw. Some casinos will have higher requirements as well as limitations on which games contribute to paying back the wagering requirement. For example Jumpman brands have a x65 wagering term but the bonus is for slots only. It's perhaps no wonder things got very confusing.
What Are No Wagering Terms?
In 2017 all free bonus money dished out by operators became taxable and this led to many no deposit bonuses being dropped as the incentive no longer was viable. It also saw the launch of no wagering sites. A no wagering site is one where you don't need to worry about wagering terms as everything is done in cash. No wagering sites such as PlayOJO and Heart Bingo still offer bonuses to players - such as free spins or free bingo tickets - but any wins are paid as cash. This cash can then be easily withdrawn provided withdrawal terms have been met. Whilst some brands have embraced no wagering terms others haven't done so well. Bgo.com tried to switch to no wagering terms as did the bingo brands under Ignite but they soon switched back to more traditional bonuses. Under UKGC guidance the bonus strategy on sites has had to be made a lot clearer so players can see how much is in their cash wallet, bonus wallet and any necessary wagering required. Furthermore there are now better terms with respect to withdrawals.
Other Terms To Consider
Whilst the clarity over wagering terms has improved it still pays to really check the details. For example you might be attracted to a site that has no wagering terms that is offering free bingo tickets and spins when you deposit £10. However in the small print it says that wins are capped at £1 or that in order to receive the spins you might need to wager first. In these cases you might want to calculate whether the bonus is as attractive as it initially sounds. In terms of bonuses with wagering terms you should also check to see if the terms apply to the bonus only or bonus + deposit. If it's the latter this essentially doubles the term! Away from bonuses and wagering terms another issue that can effect players is withdrawal fees. Jumpman for example charge players £2.50 to take out their winnings. This is "OK" if you're taking out £100 but less great if you're taking out a tenner.
Bonus Hints & Tips
As with all things though there are further terms and restrictions. For example some sites may limit you to the amounts you can withdraw, when you can withdraw and how frequent you can withdraw winnings. Bonus money doesn't have to be used though and our advice is always make sure you're aware. If you're not a slots player then pass over the £20 games offer from Virtue Fusion sites. Likewise be wary of big welcome offers as these can bog you down. Some sites now offer a 500% bonus, but that equates to £200 of requirements on a £10 deposit (£10 deposit, £50 bonus, £200 at x4 requirement). The main thing to remember is that bingo and gaming sites don't give away bonuses for the good of their health. They do so in order to make you feel rewarded and keep you interested in playing. The wagering terms are not unusual, but players should consider them when making decisions where to play. A site that makes it easy for you to access winnings will perhaps be a better option than one that is loading you up with freebies which ultimately makes taking out winnings incredibly hard.
- Always read the small print - yes it's boring but it's essential.
- You don't have to accept or use the bonus.
- Watch out for games/slot bonuses with high wagering terms.
- Don't be seduced by "win up to £6000 bonuses" or "up to 1000%" headlines.
- Decide how important bonuses are to you.
- Keep your first deposit to a minimum.
- Look for brands who offer no wagering terms and pay all bonus wins in cash.