Many online casinos reward new players with an incentive for registering at their site. The most common you’ll see is a welcome bonus or deposit bonus. Online casinos are now launching at an alarming rate so competition is fierce. For this reason alone, the more casinos hit the scene, the more lucrative incentives become.
What is a deposit bonus?
Often a deposit bonus will be advertised as a percentage bonus. For example, a 200% bonus means that if you deposit £10, you’ll be given £20 free so you will have £30 to play with. Alternatively, you may be presented with a monetary value. An example of this would be ‘Deposit £10, play with £30’, which amounts to the same thing.
Many online casinos reward loyalty with deposit bonuses on second and third deposits. You’ll usually find these amounts are less than the welcome bonus but they are still worthwhile. Also, keep an eye out for ongoing deposit bonus offers where any deposit made qualifies for a bonus, often around 10%.
Most online gaming sites operate an upper limit on the amount of free cash they give away on a deposit bonus. This can range from under £50 up to £500 or even more depending on how big the site is.
Check out the wagering requirements
However, as with everything that comes for free, there is a catch. Almost all companies will have wagering requirements on a deposit bonus as part of their terms and conditions. Each site’s requirements will be different but generally, you need to play through a certain amount of money before you can withdraw any winnings from your bonus. You should expect to have to play through 10-40 times your bonus before you can withdraw winnings.
While this may at first seem like a lot there is a very good reason why sites operate these rules. If they didn’t, people would just play their deposit bonus, immediately withdraw their winnings and move onto a new site to claim another welcome bonus. This way sites know that players will be loyal at least until they’ve met their wagering requirements. Any site not using wagering requirements would soon find itself out of business!
If you’d prefer not to commit to one site through a wagering requirement then simply decline the welcome bonus. This means you are free to withdraw winnings at any time but you won’t get the extra free play. Most people do take advantage of deposit bonuses as they usually offer good value for money. You just need to read the terms and conditions of any site you sign up with. By reading terms and conditions you’ll be clear on how much money you need to play through before making a withdrawal.