A common practice of gambling sites is to offer large bonuses for deposits. Some bonus offers are for first-time depositors. But most sites offer ongoing deposit bonuses to entice existing players to redeposit.
Most of the time these bonuses hurt you more than they help. There are a few exceptions of course, but they are rare.
To understand the problem with online gambling bonuses, you have to first understand the history of bonus offers. You see, bonuses were not always a bad bet. In fact, at one time taking advantage of bonus offers would actually give you an edge over the casino or sportsbook. Once word spread, a whole new group of players emerged called “bonus hunters”. These players made a hobby of finding bonus deals, completing the wagering requirements as efficiently as possible, and then cashing out.
It didn’t take long for gambling sites to see what was going on and make changes to their bonus wagering requirements. Before, you might find a 100% up to $100 bonus with 10x wagering requirement and no game restrictions. That meant that you could deposit $100, get another $100 free, and all you had to do wager a total of $1000 ($100 x 10) to cash out. So players would play blackjack and flat bet $1 per hand for 1000 hands. Following a basic strategy chart, you could easily cash out the majority of the bonus.
Now, you’re more likely to see a 100% up to $100 bonus with a 25x wagering requirement and most games except for slots and keno restricted – meaning if you play those games while clearing the bonus, you run the risk of having your bonus and any winnings voided (ouch). Not only that, most bonuses are now “for wagering purposes only”. So when you cash out the bonus money is deducted from your balance. Doesn’t sound too player-friendly to me.
Sometimes the requirements aren’t that bad with poker rooms, bingo, and sports betting bonuses. And sometimes even with casinos you may want to claim the bonus money if all you play are slot machines. That’s because you’re usually playing for large wins that could more than cover the amount of the bonus money when you cash out.
Personally, I believe bonuses (especially casino bonuses) haven’t gotten so bad that most are not worth the hassle. However, the main lesson here is this; if you plan to bet money online and are considering taking a bonus, be sure to read and understand the terms and conditions.