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.
Here’s a quick table to get you to grips with the maths:
|Amount Deposited||Bonus||Wagering Requirements||How much would I have to wager in order to withdraw?|
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.
- Excluded Games – Not all games are able to be played with bonus funds, as some of them require you to play with real cash. These include progressive jackpots, with which you will need to pay real money to play with.
- Expiry Dates – If you use a bonus, then you want to ensure that you know all of the fine print regarding them, including when they expire. If you’re not aware of this then your bonus could disappear overnight without your knowledge.
- Limitations on your Win – There are also some caps regarding what you can win from bingo sites too. When you use bonus funds, there may be a limitations as to the total amount that you are able to win. This could be an overall cap on how much you can win from a bonus or each £1 or spin of it.
- How the Winnings are Paid Out – The way that your jackpot is paid out is definitely something that you would want to pay attention to also. Some sites dictate that jackpots won with bonus funds are paid out as bonuses – this could seriously cramp your shopping spree!
These are some common terms that you’ll come up against on all sorts of bingo sites, make sure understand fully before you check that box!
Additional Withdrawal Conditions
There can be additional withdrawal conditions when you use bonus funds, which can be found within the fine print of the site. These can include:
- Minimum Deposit Required – Sites may specify that you must have deposited a minimum amount before you are able to withdraw. If you’re playing on a no deposit site then this means that you will have to spend money before you can withdraw it – even if you have cash in your account that you’ve won. Look for the lowest minimum withdrawal limits on bingo sites for easy withdrawals.
- Bonus Abuse – If you claim a lot of deposit bonuses from all sorts of different sites, then you may find your accounts are banned at some point. This is known as bonus abuse, when you claim the same welcome offers over and again. In the T&Cs this will be set out and it means you could lose your account with any cash you have in it.
- ID Checks – Some sites only conduct ID checks when you attempt to withdraw, rather than when you sign up. You may be asked to submit a copy of your ID before they allow the withdrawal to happen. All of the details, like your name and birthday, on your account must match up with the ID you provide.
- Publicity Agreements – If you really strike it lucky, then some sites will want to publish information about you as a publicity exercise. For those that don’t want other people knowing about their win, this may lead to a period prior to withdrawal in which you must tell the site you want to remain anonymous.
These kinds of conditions will all be found in the overall T&Cs of the site. Not every site will use all of these conditions and there may even be some more obscure ones we’ve not mentioned. You should always read into these in order to know exactly what to expect when you choose to withdraw.
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!