What are Wagering Requirements?
In short, what does wagering requirement mean? When an online casino in Canada gives you a bonus, the amount deposited needs to be wagered a number of time in order to be claimed.
Casinos give players money, you ask? Big Yes. Particularly when players join the casino for the first time. Known as ‘Welcome Bonuses,’ most casinos offer new players a cash match bonus to be spent on gambling.
If your initial deposit is $20, a casino may match, double or triple that amount and credit it to your account, but… you need to wager those funds before you can withdraw them.
Why? Because they’re casinos, not ATMs. And in most cases, they don’t have a choice…
Why do Canadian casinos have wagering requirements?
In Canada, and most other countries where online and land-based casinos operate, the wagering requirement is mandated by law, or a condition the wagering requirement casino needs to meet to acquire a license.
Why? Anti-money laundering legislation.
To recap; wagering requirements are there to give the casinos a chance to win their money back and keep crooks out. Simple right? But as always, the Devil is in the details…
To keep the casino’s money, players can expect to jump through a few hoops.
If the wagering requirement casino gave you a minimum deposit of $20, they expect you to wager that $20 perhaps ten, twenty or fifty times before you can withdraw it, and the wagering requirement varies between casinos.
We put together this short animated video to further explain how exactly the terms of a casino bonus work, including wagering requirements! Check it out below.
Games contribution to wagering requirements
How to wager $20 of bonus money ten times, like the equivalent of two-hundred bucks?
Pick a game, any game, bet on it, and that will contribute to your wagering requirement. But choose wisely Grasshopper. Not all games are created, or Weighted, equally.
Game Weighting? The amount a particular game contributes to a player’s wager requirement.
Slots are usually weighted at 100%: bet a dollar, and a dollar of the wagering requirement is met.
Roulette? That could be 25%. Bet a dollar and 0.25¢ is met. So you would need to bet on eight-hundred spins of the wheel to meet a $20 X10 wagering requirement.
How do you find out how each game is weighted? Read the terms and conditions for the bonus!
Wagering of bonus money only / including deposit
Another hoop? You guessed it.
Some casinos give you bonus cash and apply the wagering requirement.
Others give you the bonus cash and apply the wagering requirement casino to your initial deposit as well.
So the $20 bonus is added to your $20 deposit and the wagering requirement applies to $40.
At X10, a two-hundred-dollar wagering requirement just became four-hundred before you can withdraw cash winnings.
Worry not! This hoop is casino-specific to how bonuses are offered, and therefore optional. Shop around and as always, be sure to read the fine print.
How to benefit despite wagering requirements
Wagering requirements are there to give the casino the opportunity to win its bonus money back.
On the flip side, players have the potential to accrue decent winnings meeting the wagering requirements, especially by improving the odds.
How so?
Look for casinos that offer the lowest wagering requirements for their bonuses.
It’s clearly stated in the terms and conditions. Also, look for the games that provide the greatest weighting, usually slots.
Slots are typically weighted at 100% and – depending on the individual game volatility – payout consistently.
Do your homework, and casino wagering requirements could fatten your bankroll!
Canadian Casinos with no wagering requirements
If wagering requirements sound like a headache, players can opt out of taking the casino bonus on offer OR, look for a casino with no wagering requirements.
Online casinos offering no wagering casino bonuses are out there and growing in popularity, however, don’t expect to see big dollar value bonuses on offer.
Most offer free spins and token amounts of bonus cash to entice players to join. If wagering requirements seem too complicated to bother with, this is a great option.
Casinos with low wagering requirements in Canada
It’s who you know!
Shop around and you’re bound to eventually run into a casino that offers low wagering requirements.
These operators take a longer view in terms of customer retention and client relations.
The minimal wagering requirements are in place primarily to meet regulations and the casinos want players to be well satisfied with their overall experience, and keep coming back.
Conclusion
Bonus or bogus? For better or worse, wagering requirements are a part of the casino landscape.
The value of bonuses and the specific wagering requirements attached to them vary widely between operators, giving players the advantage of choice.
Players can also opt not to accept bonuses that come with strings attached, eliminating the wagering requirement issue altogether.
The combination of high bonus values and low wagering requirements is ideal for most players.
Others may see the wagering requirements as an added opportunity to accrue winnings.
Finally, some may consider low bonus values and no wagering requirements as the preferred choice.
The who, what, and where of wagering requirements – simplified.