Often when on the lookout for the best new bingo sites many people do a very good job of taking in to account things like promotional offers, prizes and, of course, welcome bonuses. However, whilst a big welcome bonus might be very attractive, many people forget to take into account the wagering requirements on a site, which can end up with you making a loss on your bonus if they are particularly high.
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Here is a run-down of what wagering requirements are, and what you need to be aware of with regards to how they might affect your bonus and your profits.
What are wagering requirements?
Wagering requirements are quite simply a minimum amount of money which you need to have wagered on a site before you are able to withdraw any winnings. The purpose of wagering requirements is to ensure that players do not simply sign up to a new site, claim their bonus, make their wins and run away with the profits.
The amount that you need to wager is usually a multiplication of your bonus and deposited amount added together. For example, if you deposited £10, and got another £10 on top of it in bonus, then you would have £20. If the wagering requirement was 4x this, then in order to withdraw any winnings on the site you would first need to wager an additional £80.
Note: there are wagering requirements involved even when you play on bingo sites with no card details required. The trick is to find the ones with the lowest wagering requirements, like the sites on this page.
Are there sites that have no wagering requirements?
In general, you want to be on the lookout for bingo sites with low wagering requirements anyway, and there are many sites to be found online which offer very reasonable rates. There are others which offer quite high rates which can dent your profits.
However, some sites actually offer no deposit bonuses with no wagering requirements. These are also known as a “Keep what you win” policy. Whilst there aren’t many sites which offer this policy, allowing you instant access to any of your wins, when you do find one it is a great treat.
Some things to consider…
For most players, a site with no wagering requirements is a dream come true. Here are some other aspects that could have an effect on what you win:
- Welcome Package and Deposit Bonuses – While you may have lower wagering requirements on a site, you won’t want this to negatively affect the bonuses that you can get. Take both factors into account when you pick a new site, as you still want to be rewarded for playing.
- Cashback on Losses – These can also be subject to wagering requirements, so the lower the site’s bonus policy is on the whole, the better. Cashback bonuses are usually calculated using your losses, rather than being determined by your wagers as a whole.
- Return to Player – If you’re stuck picking between sites or games, check their return to player (RTP) percentage. If a site has a higher payout rate and low wagering requirements then you’ll be onto a winner.
Wagering requirements are based on the amount that you wager, so meeting these on larger ticket games is often easier. For example, if you were wagering through a bonus on penny games at a 100x requirement this would take a lot longer than if you were playing on £1 games.
There are lots of ways to wager your cash and have fun on a bingo site, but if you play strategically you will be more likely to turn your bonus funds into cash. Follow our insider tips for more information on how to do just that.
Are there typical T & Cs to be aware of?
In general, if you see a bonus or a promotion on a bingo site, you should definitely check out the T&Cs. We’re all guilty of skipping this, but looking over Terms and Conditions can help you to work out if a promotion is actually a good deal, here are some things to check out:
- Wagering Requirements on Different Games – Not all games make the same contributions to your wagering requirements. Generally, bingo will contribute more than slot or casino games, as these will only contribute a smaller percentage. This would mean you’d have to wager a lot more on these games than you would on bingo.
- Minimum Withdrawal Limits on Bingo Sites – There are so many caps and terms that can be applied to your winnings. Sites can specify that you must deposit before you withdraw or that you can only win a set amount from your bonus.
Playing on low wagering requirements sites can be great, just make sure you look into each aspect of the site before you get playing. Terms and conditions are your friends so make sure you know all about them!