Types of Online Casino Bonuses Mines Games on Lucky Cola
If a gaming site imposes a $1,000 cap on the maximum withdrawable winnings from a bonus but a player happens to win $10,000 on a lucky spin of the reels, the casino will pay only 10% of their bonus winnings. Gambling businesses usually impose such caps on promotional offers that do not require players to fund their accounts with real-money deposits. The two most commonly available promotions of this type are the no deposit bonus and the free spins bonus.
No Deposit Bonus
Free Spins Bonus
TERMS AND CONDITIONS – THE CAVEAT OF ONLINE CASINO BONUSES
Terms and conditions are a standard addition to all giveaways and casino bonuses are no exception. Sometimes said terms are so confusing that even experienced players might get a bit lost when perusing through them.
Even if the casino bonus you are eyeing has no restrictions on the maximum cashable winnings, reading the attached terms is an absolute must. Violating a promotional rule will most likely result in the confiscation of your bonus credits and any associated profits. Here are several common catches you have to beware of when redeeming online casino bonuses.
2. Minimum Deposit Requirements
Minimum deposit requirements are often imposed on offers that require you to transfer money to your balance when opting in for the respective bonus. If you deposit less than the specified amount, the casino will not credit the bonus funds or free spins to your account.
3. Wagering Requirements
Wagering requirements are attached to almost every casino promotion and are among the most important terms to watch out for. At most gambling sites, your balance is divided into bonus credits and real money. When this is the case, the casino will originally credit the bonus to your bonus balance where it remains locked.
To convert it into actual cash and transfer it to your real-money balance, you must play it through the designated number of times. For instance, let’s assume the wagering requirement for a free spins promotion is 20x. You win $20 with your free spins so you have to wager 20 x $20 = $400 to release the profits from your bonus balance.
4. Maximum Bet Restrictions
Maximum bet restrictions are often in place when one bets with bonus credits. Casinos impose them as a form of damage control to prevent players from winning massive amounts risk-free. Low-risk betting and hedging are also commonly against the rules. Players who exceed the maximum bet allowed have their bonuses voided – a widespread penalty for violating the promotional terms.
5. Game Restrictions
Game restrictions are another thing you must double-check. More often than not, games with very low house edges are not eligible for participation in casino promotions or have lower contributions toward the wagering requirements. Some casinos completely exclude games like baccarat or blackjack from bonus participation and wagering. In the same vein, free spins are often available for use on one or more qualifying slots. Many casinos altogether exclude slots with progressive jackpots from bonus play. You should keep your eyes peeled for all these little details unless you want your bonus voided.
6. One Bonus Per Account
One bonus per player, account, and household is a common rule at most online casinos. Customers can opt in for certain promotions no more than once. Creating multiple accounts to redeem the same bonus several times will more likely than not get you permanently banned from the casino. Players Have a Limited Time to Use Their Bonuses
Players have a limited time to use their bonuses and clear the attached wagering. All promotions come with time restrictions but the exact time you have to put your bonus to good use depends on where you play. Some gambling operators give players a month while others void their bonuses one week after redemption. As a rule of thumb, the smaller the bonus, the less time you have to use and wager it.
We cannot emphasize enough the importance of carefully reading all promotional terms in advance. A combination of steep wagering requirements, short expiration times, lots of game restrictions, and a low cap on the withdrawable winnings can turn a seemingly great bonus into a useless offer with little to no value for players.