Disadvantages of Welcome Bonuses
While everyone is eager to get the biggest casino bonus possible, few people think about the possible disadvantages of Welcome Bonuses. Even if you have been gambling online for some time, it may be in your best interest to find out exactly how these rewards work and what the hidden risks are when you don’t read the fine print. In most cases, bonuses are great, and they have fairly simple wagering restrictions. However, this is not always the case, and some need to be avoided altogether.
How Welcome Bonuses Work
All top-rated online casino Canada sites offer some sort of incentive when you first sign up. You can think of them as a type of reward for choosing to play at a particular site, and for being loyal. While the size and details of a promotional deal may differ, most welcome offers come in the form of a 100% cash match offer, which is given to you when you sign up and make your first deposit. This is usually restricted to a certain cash amount such as $200. What this means is that when you make your first deposit, it will be matched amount dollar for dollar, up to a maximum of $200. So, if you deposited $60, your account will reflect $120.
At first glance, this seems like a great deal. You are getting free cash for simply putting money into your casino app account. But the truth is that casinos are not in the habit of just handing out free cash, and this can be the root of the disadvantages of Welcome Bonuses. They intend to make back the money by instituting wagering restrictions and rollover requirements.
Wagering restrictions apply to all bonuses whether you are using a casino app or playing on your desktop. If you read the terms and conditions of the promotion when you sign up, you will see exactly what restrictions apply. In most cases, restrictions come in the form of a rollover amount. This is expressed in the form of a multiplication such as 5x or 10x and applies directly to the total reward amount received. For example, if you have a rollover of 15x and your bonus was $60, you will need to wager 15x $60 or $900 in real money before you can cash out your winnings. The higher the rollover amount, the more you have to spend to clear your requirements.
What to Look Out For
It is not unusual to find wagering restrictions as high as 40x on some casino apps. The disadvantages of Welcome Bonuses are more pronounced when the restrictions apply to both your deposit amount and the bonus amount. In the above example, instead of your restrictions applying to just your $60 reward, it would also apply to your $60 deposit. If this is the case, you will have to place $1800 worth of real money bets to cash out any winnings.
The Problem with Lapsed Promotions
If you have downloaded an online casino app and you have forgotten about a promotional deal that you opted in for, you may find that it has already lapsed. It is important to remember that wagering requirements also have a time limit. Usually this is one or two weeks from the date the incentive was awarded.
If you fail to clear the requirements in this time, you forfeit your reward. While this may not seem like a big deal, some sites still retain your restrictions even though you lose your incentive. This means you cannot bet full amounts and you still can’t withdraw your winnings. You also lose any winnings you may have incurred when the promotion was still active.
Now that you understand more about the disadvantages of Welcome Bonuses, you know what to look out for and can reap the richest rewards at the top rated online casino Canada sites we suggest you sign up with.