Online casinos have tons of advantages over land-based casinos and they are the main reason why millions of players are now favouring these online platforms over brick-and-mortar facilities. Experts believe that by 2025, the global revenue of online casinos is likely to exceed $100 billion and that would make them the highest profit earners in the gambling industry.
Some of the advantages that casino sites have are impeccable security, easy access, 24/7 availability, thousands of quality games, numerous accepted payment methods, as well as the main topic of this article – bonuses and promotions.
As the term itself suggests, bonuses and promotions are used to attract players to a certain online casino and provide them with extra rewards while playing. We are going to take a deeper look into this feature and explain everything there is to know about them. Without any further ado, let’s start breaking down the details.
Deposit vs No Deposit Bonuses
There are two main types of casino bonuses – deposit and no deposit. As the names suggest, if you wish to claim a deposit bonus, you need to transfer funds to your casino account. The welcome bonus is the most popular deposit bonus.
In most cases, deposit bonuses will provide you with a match bonus. Let’s say that you have a welcome offer that comes with a 100% match bonus. That means that if you deposit $20, the casino will top the deposit with another $20 (100% of the deposit). Of course, each deposit bonus has a minimum deposit requirement.
On the other hand, no deposit bonuses are players’ favourites. They do not require you to make any type of deposit to reap their benefits. There are three main types of no deposit bonuses:
- Free spins
- Cashbacks
- Free play
Free spins and cashbacks will allow you to play selected games and win real money rewards, while free play does not include any rewards. Free spins can only be used on slots, while cashbacks represent the amount that the casino redeems to you. It is based on the losses that you had over a certain period.
Other Promotions at Online Casinos
Apart from the regular deposit and no deposit bonuses, online casinos feature a few extra promotions that are worth mentioning. First, we have the well-known tournaments in which the top-ranked players receive cash rewards and/or free spins.
Then, we have loyalty programs, which are designed to thank loyal players for their continuous support. Members of these programs need to collect comp points by wagering real money on the games. The higher they are on the loyalty program scale, the more benefits they will enjoy. Some of those benefits include personal account managers, higher withdrawal limits, faster withdrawals, exclusive bonuses, higher cashbacks, priority customer support, etc.
Terms and Conditions Are a Must-Read
Now, when claiming both deposit and no deposit bonuses, it is vital to know that there are terms and conditions that you need to meet in order to be able to withdraw any winnings from the bonuses. First of all, deposit bonuses come with a minimum deposit amount. All bonuses also have a maximum bonus amount that you can receive.
Not only that, but each bonus has a pre-determined validity period in which all terms and conditions need to be met. Market restrictions in terms of available games on which the bonuses can be used and countries from which they can be claimed are also available. Free spins bonuses usually have a maximum bet and maximum win that you withdraw.
Finally, some online casinos are known to restrict the number of payment methods that you can use to claim the featured bonuses. While this is a rare case, if you happen to come across restrictions of this type, chances are that Neteller and Skrill are the ineligible payment methods.
Wagering Requirements
Wagering requirements are the single most important T&C which is why it deserves a sub-heading of its own. We often say that it is not about how rewarding the bonus is, it is about how high the wagering requirements are.
In layman’s terms, wagering requirements set the amount that you need to roll over before you can withdraw winnings from bonuses and promotions. They need to be met before the bonus expires, otherwise, you won’t be able to get your money.
Here’s how wagering requirements work. Let’s say that you have a match deposit bonus with wagering requirements set at x30. The minimum deposit for the bonus is $20, which is the amount that you choose to deposit. That means that if you want to withdraw the winnings from the bonus, you will have to wager a total of $600 – the deposit amount, multiplied by the wagering requirements.
The general rule with wagering requirements is the following: the lower they are, the easier it will be to claim the bonus and reap its benefits.