Explained – How do Wagering Requirements Work at Online Betting Sites?
Posted by Harry Kane on Tuesday, July 16, 2024
The online casino and remote betting market remains big business across the globe, hitting a cumulative value of $54.56 billion in 2023. What’s more, the market is projected to peak at a value of $142.56 billion by the year 2032. These are impressive numbers, while they highlight the growing number of active iGaming accounts in the UK.
Of course, some sportsbooks are better at incentivising players and converting open accounts into actionable revenue than their rivals. They often achieve this through generous and targeted bonus offers, but there’s often more to these promotions than initially meets the eye. After all, the vast majority of free bet and deposit match bonuses are subject to wagering requirements. But how do these work, and how are they imposed online?
Getting Started – What Exactly are Wagering Requirements?
In laymen terms, wagering requirements compel you to play through a finite amount of cash before you’re able to withdraw any bonus winnings. They’re laid out in the terms and conditions associated with any welcome or reload bonus (or free bet offer), while they ensure that betting brands can recoup money when incentivising player.
On a fundamental level, this means that bonus offers and free bets never really offer ‘free’ play. Unless they take the form of no-deposit matches or eschew wagering requirements completely, you’ll have to play through a predetermined amount of cash (based on your initial commitment) to be eligible to make a withdrawal.
To provide some context, let’s say that you choose to register here with an online casino of your choice. In this instance, you may be able to access 100% first deposit match up to the value of $180. However, the combined value of your deposit and bonus will be subject to wagering requirements of 35x, creating a clear context in which the offer should be evaluated.
In this case, let’s say that you opt in at the minimum deposit level of $10. In this case, you’ll receive an additional $10 in bonus free play, creating a total commitment of $20. You’ll then have to multiply this by the wagering requirements of 35x, creating a total playthrough amount of $700.
Understanding Timeframes and Fixed Odds Requirements
This is a sizable amount, especially given the relatively low deposit value. Another key consideration is the timeframe permitted by operators, as online sportsbooks will usually require you to fulfil the wagering requirements within a specified period of time. Failing to do so will result in any bonus funds and winnings being forfeited.
For example, you may have to play through the $700 within 14 days. This is a significant commitment, and you’ll have to ensure that you can fulfil such a requirement without wagering outside of your means. Obviously, a period of 30 days makes the bonus much more affordable, but some timeframes can be as short as seven days.
Ultimately, you’ll need to calculate an average daily spend that’s required prior to participating in a particular bonus. For example, a $700 wagering requirement that must be fulfilled within 14 days requires you to bet $50 during each 24-hour period. However, this drops to just $23.33 during a wagering period of 30 days.
Another key consideration here is odds restrictions. When deploying free bet offers, your qualifying and complimentary wagers will often have to be wagered at minimum odds, such as 1.80 or 2.00. Failing to meet such requirements can render the bonus void, while this will also impact your choice of betting lines and markets.
How are Wagering Requirements Imposed by Betting Sites?
Online sportsbooks will note the terms of your bonus and track the fulfilment of your wagering requirements in real-time. So, every bet that’s staked in line with the terms and conditions will immediately count towards your wagering requirements and the total playthrough amount will be removed accordingly.
They’ll also factor in minimum odds requirements and (in the case of online casino bonuses) game weighting restrictions. Money that’s wagered compliantly will be deducted from the playthrough amount, while you’ll have to ensure that the full amount is committed prior to the expiry of the bonus.
You can also track your progress through your account page and history online. This enables you to see how close you are to fulfilling your wagering requirements in full in real-time. Similarly, you can monitor your own account and betting history in full, taking care to ensure that you aren’t wagering outside of your means.
Ultimately, we’d urge you to read each bonus’s terms and conditions in full before committing your hard-earned cash. This way, you can make the most informed decisions while also ensuring that you’re able to gamble responsibly and within your means at all times! This is key to staying safe and solvent when betting online.
The Last Word
As you can see a great deal goes into wagering requirements, whether you access a generous free bet offer or opt in to receive a 100% deposit match up to a specified value. Understanding these requirements in full is key, as they go a long way towards determining the value of a particular bonus and how viable it is in relation to your finances.
If you fail to heed the bonus and wagering requirements, you may opt into a promotion that requires you to wager outside of your financial means. At the same time, you may opt into a bonus that requires you to wager at a rate that’s disproportionate to the amount you receive, especially if you’re unlucky enough to stumble on a rogue operator or black-market bookie.