The online casino market is getting more competitive by the day as more operators set up business. With the stiff competition, online casinos are left no option but to attract new players with generous and lucrative bonuses.
Online casinos also use bonuses to encourage loyalty among the existing customer base. There are numerous types of online casino bonuses. Different casinos offer different bonuses. Due to the wide range of bonus types, players often get confused.
This article highlights everything that you need to know about online casino bonuses. Read on to find out more.
The Different Types of Casino Bonuses
Casinos offer a variety of bonuses to both new and regular players. Below are the best bonuses for online casinos:
This online casino bonus is pretty straightforward. As the name suggests, it is a bonus awarded to new players for signing up with the casinos. Welcome bonuses can be considered as part of a larger marketing strategy.
Most reputable online casinos offer generous and lucrative welcome bonuses to stay ahead of their competition. Some casinos offer it as a welcome package comprised of many offers.
If you are just getting started with online casinos, it is advisable to look for trusted casinos with profitable welcome bonuses. A welcome bonus allows you a chance to get started with your online casino experience without risking your money.
Cashable Casino Bonuses
These are bonuses that you can cash out in real money upon meeting the playthrough requirement. This is the ideal bonus type among players, but some operators are switching to non-cashable bonuses.
Non-Cashable Casino Bonuses
Also known as play-only bonuses, these are bonus offers that you can only use to wager or play on casino games but can’t cash them out in real money. You will receive the bonus amount, and you can use it to play until it depletes.
If there were winning arising from the bonus, you could cash out those winnings upon meeting the wagering requirement.
No Deposit Bonuses
These bonus offers are often extended to new players after creating accounts with the casino. As the name connotes, you do not have to make a deposit to claim and use the bonus.
No deposit bonus rewards new players from signing up with the online casino. To take advantage of a no deposit bonus, all you have to do is to set up a real money account, verify the account, and claim the bonus.
In most cases, the no deposit offer will be in the form of a small cash token or free spins. Casinos are also incorporating a new form of no deposit bonus known as the free-to-play bonus.
This is another broad category of online casino bonuses. In most cases, a deposit bonus will match your deposit amount to a set percentage. For instance, a casino can offer a 100% deposit bonus.
If you deposit $50 in that case, the casino will match that 100% by offering you an extra $50 – making a total of $100.
Deposit bonuses come with strict wagering requirements that you must meet before claiming any winnings accruing from the bonus.
We have already established that the online casino market is pretty competitive. For that reason, casino operators often offer promotional bonuses to keep regulars hooked. These are special bonuses extended to regular players.
Promotional offers come in different shapes and sizes. They could be in the form of free spins, weekly bonuses, cashback offers, and more.
If you are looking to grow your bankroll without risking much of your own money, be on the lookout for promotional offers.
Online casinos are fond of rewarding loyalty. Virtually every casino has a VIP program that serves to encourage loyalty. Most loyalty programs are tiered, and players earn points for every wager that they place with the casino.
Your loyalty program tier depends on the number of points you have accumulated. Each tier has its bonus package, and the deal gets sweeter as you climb up the ladder.
Understanding Wagering Requirements
Do not be mistaken to think that online casino bonuses are entirely free. These bonuses come with stringent terms and conditions. You cannot claim your winnings without first meeting all the attached terms and conditions.
Wagering or playthrough requirements are some of the most prevalent online casino bonus terms and conditions. When an online casino attaches a playthrough requirement to a bonus, it means that you must wager the bonus amount multiple times before claiming any cashout.
Example: A casino offers a deposit bonus of $100 with a 30X wagering requirement. To cash out winnings arising from the bonus, you will have to wager a total of ($100 x 30) = $3000.
You can see that you will end up spending more than what the casino offered. Remember that the casino is in the business of making profits, and they cannot afford to aimlessly give out “free money”. In other words, most casino bonuses act as bait.
Before claiming any casino bonus, it is important that you read its terms and conditions. Avoid redeeming bonuses with hefty playthrough requirements.
Other Bonus Terms and Conditions
Casino bonuses will often come with a host of other terms and conditions. Below are the most common T&Cs:
Time Frames: some online casinos will place expiry dates to their bonus. You must claim and use the bonus within the stipulated timeframe.
Game Restrictions: Some bonuses will be restricted to specific games. This means that you can only use the bonus to play the eligible games. Any attempt to use the bonus amount on other games might lead to penalties.
Maximum Winning: This is when winnings from the bonus in question are capped at a specific amount. For instance, the casino can state that you can only cash out up to $100 of your winning. If your bonus wins you more than $100, you must forfeit everything in excess.
General Terms: In some instances, the bonus will not be available to players from specific countries. The bonus amount can also vary from one currency to another.