Is taking advantage of an online casino bonus worth it?
Every online casino bonus you come across seems to be bigger and better than the last. In this highly competitive industry, casinos are constantly re-thinking and re-inventing themselves to lure new players to their website whilst keeping existing players loyal.
In this article, we are going to go over the various types of online casino bonuses available and whether taking them up is worth your time and effort. Plenty of casino players can’t fully comprehend the cost of casino bonuses and often end up frustrated with online casinos, when really there is no industry malpractice in place when it comes to casino bonus offers.
It is always vital to keep in mind that whatever casino bonus is on offer, be it a normal welcome deposit bonus, free play or free spins, as a player you always want to convert your bonus money into real money.
In order to be able to cash out any bonus, you will first have to meet the wagering requirements attached to your bonus, which ultimately dictates the bonus plus the deposit to be wagered a number of times. All of this is mentioned in the terms and conditions.
Casino bonuses with an extra oomph
Understanding the cost of a casino bonus
When conjuring the cost of the bonus, there are a number of factors to take into consideration to understand the cost of the bonus. These include:
- The wagering requirement
- The wagering percentage that a specific game contributes towards fulfilling the wagering requirements
- The house edge
The wagering requirement and wagering percentage
The wagering requirement is the number of times a bonus or deposit plus bonus, needs to be wagering before the bonus can be withdrawn. Wagering requirements tend to vary from one bonus to another and similarly between one casino and another. The majority of wagering requirements are 35 times the bonus plus deposit, but there have been cases where some bonuses carry a lower or a higher than normal wagering requirement.
When it comes to the wagering percentage, it dictates the percentage a specific casino game contributes towards the wagering requirement. For example, table games such as online blackjack and online roulette contribute a lower percentage than online slots towards a wagering requirement.
Understanding the house edge
The house edge is the percentage of the total bets that the online casino expects to retain over a period of time. This means that if a casino game has a 5% house edge, the casino is making a profit of 5% from the game over a period of time.
Some casino games have a lower house edge than others such as online blackjack while others have a higher house edge with bad odds.
The house edge for a specific game will affect the time you need to play this game before you can expect to make a profit.
Key points of online casino bonuses
One of the most important decisions you make when it comes to casino bonuses will lead to either walking away from the casino session with a profit or a loss. This isn’t about how much you want to bet or whether you should be betting on red or black in roulette. This important choice is one that most players give very little thought but is of crucial importance.
- Deposit bonuses: Bonuses are used to encourage new players to join the casino with terms and conditions.
- Terms and conditions vary: Bonuses can very between one and the other. Even if they state the same amount such as a ‘100% match bonus’, you need to take into consideration the wagering requirements. If the wagering requirement of one bonus offer is significantly higher than the other, you might want to reconsider your option.
- Bonus offers tie to your real money deposit: If you made a deposit of €100 with a 100% match bonus, your balance would be €200 in total. Even if you have to wager this amount and win, the casino will not let you make a withdrawal until the wagering requirement of the bonus has been met.
So should you take up that bonus?
It depends on a number of factors, namely:
- Which casino games you are playing
- The house edge of those casino games
- The wagering requirement
So, imagine you have come across a casino bonus of 100% with a low wagering requirement of 10x and no game restrictions. This is an excellent offer and one you could meet, so let’s say, you make a deposit of €250. With a 10x wagering requirement, you would need to bet a total of €2,500 before you can make a withdrawal.
If you play a low house edge game such as online blackjack, it would be incredibly easy to meet this requirement and also making a profit.
If your main goal is to make risk-free profits, going after casino bonuses can still give extra value. With more bonus money to play for, you increase your overall chance of winning. With plenty of online casinos to choose from, there is a lot of value for you to take advantage of.
It is of vital importance though that you understand which casino bonuses offer the best value. The biggest bonus does not mean that it’s the best and some bonuses with a lower value give you the best possible opportunity of meeting the requirements.
With a bit of luck on your side, you can easily come out ahead. With the benefit of extra bonus money to play, this is a more likely scenario. Even if you end up losing, you have still got more time to play and a bigger chance of winning.