Wagering requirements are something that can cause confusion among players in the wider online gambling industry and not just in online bingo, however, they mean the same thing. Over the years, there has been much confusion around these and as a result, they can be hard to understand what they are all about.
In this guide, we are going to look at some of the most important aspects of wagering requirements in online bingo and what they involve so that when you have read this, you do not need to worry about being unsure about them again!
- 1 What is a wagering requirement in online bingo?
- 2 The best way to understand an online bingo wagering requirement
- 3 What is the reason for online bingo sites to have wagering requirements?
- 4 What is the best way to find out what the designated wagering requirement is?
- 5 What is spend order in online bingo?
- 6 What are win caps and max convertibles in online bingo?
- 7 Is it still possible to win in online bingo with wagering requirements?
- 8 Final thoughts about wagering requirements in online bingo
What is a wagering requirement in online bingo?
Essentially a wagering requirement in online bingo refers to the minimum wagering condition that is tied to a player when a player signs up to a welcome offer at a bingo site where there is a bonus available. It is effectively a contractual term of receiving the bonus.
What is often the case, is that the minimum spend is usually a multiple of the actual sign up bonus or this can even include the bonus as well as the deposit that was associated with it. While some bingo sites now offer slots, a bingo bonus wagering requirement often needs the player to wager this on just bingo tickets.
The best way to understand an online bingo wagering requirement
In online bingo, one of the most common wagering requirements is a 4x your allocated bonus. This means that if you made a deposit of £10 and got a 300 percent bonus, which would give you an initial £40 to play with at first, it means that a 4x wagering requirement on this would work out at £120 (4 x £30). This basically means that it would be required for you to purchase £120 of bingo tickets (which is classed as part of the initial deposit and bonus as well as £80 in winnings).
It is sometimes the case that wagering requirements in online bingo include the original deposit in the multiple. However, in the majority of instances, those sites which have the best welcome offers have the highest wagering requirements associated to them, which means that if they also offer a reload bonus (common in online bingo), there are further wagering requirements attached. As a result, these can often take a while to use.
What is the reason for online bingo sites to have wagering requirements?
One of the biggest reasons for having wagering requirements is actually a legal precaution in conjunction with the UKGC (UK Gambling Commission), because it helps to prevent money laundering (depositing money into a site and taking the equivalent amount back out again), so as a result, you are required to at least play through once.
Furthermore, the bingo site is keen to make sure that you stay on the site for a while, hence the generous welcome bonus, because this helps to keep the bingo rooms busy and make them seem popular as a way of keeping more new players, while also retaining current ones.
Another reason is that as an example of a brand that provides players with reload bonuses without wagering requirements, it would mean that they would not be able to do anything to prevent players from withdrawing funds on a regular basis and then making deposits straight after in order to accumulate a series of deposit bonuses.
What is the best way to find out what the designated wagering requirement is?
In accordance to strict legislation laid down by the UKGC License Conditions and Codes of Practice (LCCP), it is stipulated that the specific wagering requirements of the bonus must be stated clearly in language that is easy to understand, near the actual offer itself so that you do not have to worry about being tripped up. Until 2015, many players were caught off-guard by these as they were buried deep in the terms and conditions, however, this was met with a significant amount of opposition with claims that it flouted advertising laws, so the UKGC put a stop to it.
What is spend order in online bingo?
This relates to exactly what plays out once you have purchased your bingo tickets when your account has both cash and also bonus funds. At bingo sites which have a Cash First spend order, this means that you will not begin to play with your bonus until there is zero cash in your bingo account and as such, there could be three possible occurrences
- You had a win while playing with your deposit and as a result, made a withdrawal straight away which means your bonus is subsequently irretrievable and you will not get to use it.
- You have wagered all of your cash with no success so you now get to play with your bonus
- You had a win from your deposit, however, you chose not to make a withdrawal and instead carried on playing with these winnings in order to complete the wagering requirement, which means you get to keep your bonus if you make a withdrawal, though as long as you still have funds in your account, you still don’t wager it.
The third instance is somewhat of a rare occurrence, due to the fact that many bingo sites do not have a cash first spend order because they do not include any cash play towards your wagering requirements.
Usually, the majority of the best bingo sites still stipulate having a Bonus First spend order, which they know works out a lot better for players; with the goal being on the longer-term – attracting the player, retaining the player and making sure they become a loyal customer.
Generally, the deposit has to be played through once in order for it to trigger the bonus, however, once it has done so it, therefore, means that stakes will be taken out of any winnings which are pending first before the bonus follows. Also, any winnings in cash that the player wins from the first deposit and then any further deposits would not be committed based on the stipulation that the bonus stays available. It is likely on most sites that there is a time limit involved, however.
What are win caps and max convertibles in online bingo?
These are essential requirements which have been put in place by bingo sites in order to put a threshold on their liability in connection to bonus play, instead of, or usually in addition to a wagering requirement.
- Win Cap: this relates to a limit being placed on the first amount that can be won with a bonus or a number of slot spins notwithstanding whether a wagering requirement is needed to be filled or not.
- Max Convertible: this is connected to a limit being placed on the number of bonus winnings which can be converted into cash that can be withdrawn after a wagering requirement has been honoured.
Is it still possible to win in online bingo with wagering requirements?
Effectively having a wagering requirement imposed in online bingo should not prevent you from winning, however, this depends on whether you want to gain an actual advantage and emerge with your bonus intact and have won a vast amount when playing through your wagering requirements.
While favourable outcomes in online gambling have very high odds indeed, nothing is impossible and bingo especially is one of those games whereby you could very well win a substantial amount, especially if you are playing a game which has very few players and a particularly large jackpot.
Should this happen, then it would be safe to say that the odds stack up in your favour though depending on the size of the winnings, this might affect your decision to lose your bonus funds. Ultimately, it is possible to win in online bingo when wagering requirements are applied.
Final thoughts about wagering requirements in online bingo
The most important thing to remember about wagering requirements in online bingo is to carefully read the terms and conditions of the welcome offer of the site that you signed up to which will help to give you a good understanding, however, if you are still unsure you can always contact customer service via Live Chat.
Many online bingo players may assume that they have to play through the wagering requirements in order to keep being a member on a particular site, however, this is not the case. What is important to keep in mind is that there is no pressure to use your wagering requirements, especially if there is a deadline involved.
If you just simply want to enjoy playing bingo online for fun and at your own pace then the best thing to do is not even sign up to the welcome offer (these usually have a minimum deposit upwards of £10), and just make an initial £5 deposit. You are highly unlikely to receive any free credit, though you will be free from the constraints of any wagering requirements and you will be able to enjoy the games at your own pace!