How To Make Money from Online Casino Bonuses
There is no doubt that online gambling is popular. Around 1.6 billion people from all over the world gamble online and a lot of that wagering is done at online casinos. The internet gambling business is quite competitive and the majority of online casinos offer bonuses to attract new players and ensure they keep returning. Players can find online casino no deposit bonus codes and a variety of promotions on many different online casino sites.
Many people like gambling at online casinos for the entertainment value. However, most would agree that gambling is more entertaining when you win. Bonuses such as no deposit bonuses can work to a player’s advantage if used correctly. Today we are going to look at how players can make money using bonuses from online casinos.
Not All Bonuses Work to a Player’s Advantage
Just because a gambling site offers a bonus, it doesn’t mean it will necessarily benefit the player. Many bonuses offered by sites look good on the surface but when you dig a little deeper actually make it more difficult to win. So how do you tell which bonuses are good and which are not?
Type of Bonuses
Online casinos have a lot of different names for bonuses but when you boil everything down, there are two basic types of casino bonuses that are offered.
- No Deposit Bonuses: No deposit bonuses are bonuses that are awarded without the player having to deposit any money to the site. You can’t really go wrong with a no deposit bonus because you didn’t have to invest anything to get it.
- Deposit Bonus: This is a bonus that is awarded when a player deposits money to a gambling site. For example, an online casino may offer a 100% matching deposit bonus. This means that if a player deposits $100 to a site, the casino will match that deposit with $100, so the player has $200 to gamble with.
Sounds pretty good. You have extra money to gamble with which has got to improve your chances of coming out ahead and making some money, right? Not necessarily.
Selecting the Right Bonus
All bonuses come with some terms and conditions attached, and it is these that determine how good a bonus is and whether there is a chance you are going to make any money off it. Some of the major T&Cs that affect the bonus include.
- Wagering Requirements: Wagering requirement is the number of times the player has to bet the amount of the bonus before they are allowed to withdraw any winnings. For example, a $100 bonus with a 25x wagering requirement means you have to bet 25 times $100 or $2500 before you can withdraw any winnings. It is seldom you will find a bonus with no wagering requirements. Typically, they range from 15x to 50x but some may be 75x or higher. The lower the wagering requirement, the better your chance of winning so don’t waste your time on bonuses with ridiculously high wagering requirements
- Game Restrictions: Online casinos often restrict the games you can play using bonus funds. Either they won’t let you play some games at all, or they only allow a certain percentage of the money wagered to contribute to the wagering requirements. Restricted games will usually be those with a high Return to Player (RTP) such as Blackjack, Baccarat and Roulette which are often completely prohibited or only 5% to 10% of money bet contributes to wagering requirements. When selecting a game to play with bonus funds, choose one with a high RTP where 100% of money you bet contributes to the wagering requirement.
- Maximum Allowed Bet: Some sites restrict the amount of bonus money you can bet on a single play. This can greatly decrease the chances of a player meeting wagering requirements. As an example, take a new player excited about a site’s 400% matching bonus which has a wagering requirement of 30x. They deposit $200 and the casino graciously matches it with $800. However, the maximum allowed bet is $1 and the player must gamble $24,000 (30 x $800) to meet the wagering requirements. That means placing 24,000 bets which is going to take a long time assuming the funds aren’t lost first.
Now, knowing what you do about bonus T&Cs, look for bonuses with low wagering requirements. Select games with a high RTP where 100% of bets contributes to wagering requirement and make sure that the maximum allowed bet isn’t so small that it requires an inordinate number of bets to meet requirements.
Checking the terms and conditions for bonuses takes a little effort but it can pay off in the long run. Luck always helps, but if you want to make money from online casino bonuses, selecting the right bonus is the key.