The iGaming industry is very competitive. Casinos need something to stand out from the crowd. They routinely compete in areas like their game libraries or supported payment methods. But bonuses are the main weapon for the players’ attention in their war.
Casino bonuses are designed to be flashy and attractive. They sometimes feel like they are too good to be true. But behind the flashy exterior is some mighty fine print that you’d better know before you redeem any of them.
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What Bonuses Can You Claim At Casinos?
While the amounts and percentages differ from casino to casino, casino bonuses fit into a handful of categories. The 8,888 rands offered by the SilverSands Casino is the same as DraftKings’ $2,000.
You can redeem three main bonuses at a casino: deposit matches, free spins or free chips, and cashbacks. Let’s dive a bit into their upsides and downsides.
Deposit Matches
A “deposit match” is exactly what it sounds like the casino matches a certain percentage of a deposit you make into your account. Deposit matches are usually expressed as a percentage (e.g. 50% of your deposit) and with a maximum amount specified ($2,0000).
These are the most common casino bonuses to extend play time and incentivize you to make subsequent deposits.
Pros
- Extended playtime: More money in your account means you can play more
- An opportunity to explorethe workings of an online casino for real money
- Increased bankrolland a bigger potential for wins
Cons
- Wagering requirements: This is the big downside of a deposit match: the casino will require you to play through the amount you get several times. Casinos usually ask for a 30x to 50x playthrough.
- Time limits: Bonuses, not just deposit matches, routinely come with time limits. For example, you’ll have a week to complete the playthrough requirements, and after that, the bonus and any winnings from it will be forfeit
- Withdrawal limits: casinos routinely limit how much money you win using a bonus you can withdraw. All these details can be found in the casino’s T&C.
Free Spins and Free Chips
Free spins usually refer to no-cost spins you get as a bonus, spins you can use on a slot machine. “Free chips” is usually used for other games – roulette, baccarat, and their like. They usually have a relatively small value compared to deposit matches. Also, they are often not tied to deposits.
Pros
- Risk-free play:you can try slot machines and other games with no risk to your own funds
- You may win: if you are lucky – or play right – you could end up winning money from a free bonus
Cons
- Wagering requirements, time limits, and withdrawal limits apply
- The bonuses usually only apply to specific games or game types
- Potentially misleading terms – always read and understand them before you opt-in.
Cashbacks
Cashbacks are rebates you receive from an online casino based on your activity. They are usually calculated over a specific amount of time and as a percentage of the money you spend playing.
Pros
- Cashbacks reduce your risk, even if only by a small percentage
- Less stringent requirements: usually, cashbacks have wagering requirements that are more lax than deposit bonuses or free spins
- They reward regular play: the more you play, the more money you get back
Cons
- Small percentages: expect small returns, usually 10% or below
- Wagering requirements still apply, even if they are less stringent
- Limitations can apply: some cashbacks are reserved for players who spend over a minimum amount, lose more than a specific amount or play specific games
While casino bonuses offer exciting opportunities and added value for players, it's crucial to understand their accompanying terms and conditions. These conditions can determine how beneficial a bonus truly is.
So, the next time you're tempted by a generous offer, remember to read the fine print. This way, you can understand what you're signing up for and make informed decisions that improve your experience and reduce risks.