New online casino players get that intense adrenaline rush when they receive their welcome bonus. However, that incredible feeling disappears when players realize they cannot take out their free money.
This article will guide you on withdrawing your casino bonus and help you avoid the pitfalls of handling this free cash.
Online Casino Bonus Basic
Casino bonuses are promotional tools that encourage visitors to spend money on their website, such as BetMGM's match deposit offer. To obtain this "free money", you need to deposit a minimum amount to your account. You will receive an in-house currency equal to or twice the amount you deposited, depending on the offer. This currency can be used on nearly any game within the website, such as online slots, table games, and video poker.
Certain online casino bonuses may include free spins for specific slot games. All winnings you receive from these free spins are counted as bonus credits for the casino, which you can use on the other games within the site.
Bonuses are not just restricted to new players. Existing players can obtain free casino currency through reloading bonuses that are offered during specific days of the week or on special occasions. Gambling sites such as Caesars Casino may have them to celebrate holidays or events. While these offers are usually not as large as the ones given to newcomers, there are special promotions for holidays or events that have a 200% deposit bonus.
How to Withdraw Your Online Casino Bonus
Before you can take out your casino bonuses, there are two important obstacles to clear.
Complete the Wagering Requirement
To turn your in-house casino currency into real money, you need to clear the wagering requirement of the site. This requirement is the set amount of bet you need to put your bonus through. If a site has a requirement of 25x and you got a $500 bonus, you need to bet this bonus up to $12,500.
Wagering requirements are why operators can afford to give new and existing casino players bonuses. Even free spin winnings go through the same requirement. If there are no obstacles in the way, every player will walk away with the bonus. Casino players will never think about wagering their bonus on any game because of the risk if they can take home the bonus right away.
Some people attempt to cheat the system by creating multiple accounts, giving them numerous shots at clearing the casino bonus wagering requirements. Unfortunately, for these people, online casino security has been improving over the years and is capable of finding players using multiple accounts and limiting or banning them. In the end, you still need to clear the wagering requirement if you want to turn your bonus into actual money.
For those thinking of "no wagering casino bonuses," these are incredibly rare offers in the iGaming industry. Bonuses that do not have any wagering requirement may come with heavy restrictions such as limited withdrawal options, while other promotions only provide a very small in-house credit. Be wary of gambling websites offering a staggering amount of casino bonuses with no wagering requirements, as they could be rogue operators.
Complete the KYC Process
Every licensed online casino requires you to go through their KYC process, which involves providing them with a government issue ID and other documents to confirm your identity. You cannot withdraw your online casino bonus if you did not clear this process. Players also risk having their account locked if they fail to provide the proper KYC documents while continuing to process a withdrawal from the site.
Know Your Customer (KYC) policy is an anti-money laundering law set by the government and regulators in various jurisdictions. Casino operators must have a KYC policy in place for their patrons. Online gambling sites that are not following this policy are risking their license. The KYC policy is intended to deter criminals looking to take advantage of online casinos for their illegal activities.
Documents you can provide to an online casino include a valid driver's license or passport. If the site requires you to verify your address, you can provide them with your recent utility bills that have your current address. KYC processes usually take one or two days to complete as certain sites manually review all documents.
Make sure your documents or ID are still valid or are under your name before submitting them to an online casino. Modern online casinos utilize advanced verification systems that can check on all documents. In addition, only use a credit card or payment option under your name. Accounts inconsistent with their personal information can get red-flagged by an operator, which lowers their chance of withdrawing their online casino bonus.
Tips on Withdrawing Your Online Casino Bonus
Clearing the wagering requirement is your primary goal to withdraw your bonus. Below are ways you can increase your odds of completing the requirement while keeping your free currency intact.
Know Which Games Offer 100% Contribution
Not all casino games contribute fully to the requirement. Table games such as blackjack may only contribute 10% to the requirement, so you need to wager more when betting your bonus on this type of software.
Always check on the bonus terms & conditions page to know which games have a 100% contribution to the wagering requirement. Almost every online casino slot can fully contribute to the requirement. Take note that certain casinos may have a number of their slot games and not have a 100% contribution. Going through the casino's terms or policy on bonuses helps you avoid games that partially contribute to the requirement.
Play High RTP Games with Low Variance
RTP is considered the player's edge, where a higher rate of 98% or higher means a better return on your wager. Variance is a measure of a game's risk, and a lower-rated one means you have less chance of losing most of your money.
You have a better chance at clearing the wagering requirement by playing high RTP and low variance casino games. Online casino directories and review sites can help you find these slots or games.
Clearing the wagering requirement and completing the KYC process allows you to withdraw your online casino bonus. Playing games with a high RTP and low variance makes it easy to take out your bonus money.
This article was published on June 24, 2022, and last updated on June 14, 2022.