Guide to Wagering Requirements
Before you sign up and make your first deposit at any online bingo site, it is vital that you are aware of the wagering requirements.
Wagering requirements are what determine when you can make withdrawals and so are extremely important, especially when you are taking advantage of bonus cash that the site has to offer. Each site has a different set of wagering requirements, so you must understand them fully as you don’t want to be caught out when trying to withdraw bonus money.
BingoSites.Net has all the information you need to know about wagering requirements. Carry on reading to find out more about what exactly wagering requirements are, how they work, why bingo sites have them, where you can find them on bingo sites and more.
- What are Online Bingo Wagering Requirements?
- How Do I Meet Bingo Wagering Requirements?
- Why Do Online Bingo Sites have Wagering Requirements?
- Where Can I Find the Wagering Requirements?
- Are there Conditions Attached to Wagering Requirements?
- What are Online Bingo Win Caps and Max Convertibles?
- Are Bingo or Slot Site Wagering Requirements Better?
- Can I Play at No Wagering Bingo Sites?
What are Online Bingo Wagering Requirements?
The first thing to understand is what exactly online bingo wagering requirements are. For new players, they can appear daunting and difficult to understand, particularly for those who aren’t good at maths. However, once you understand what they are they become much easier to navigate.
When you join an online bingo site, it is the standard to be met with some sort of welcome offer. These promotions can be for bonus cash, free spins, free bingo tickets and more. Each welcome offer will be subject to terms and conditions and players must meet these wagering requirements if they want to be able to withdraw winnings.
Wagering requirements are the amount of money you must wager to get a bonus.
How do they work?
For example, if you are taking advantage of a welcome offer deposit match bonus, this would be a bonus of 100%. When players deposit £10, they would then receive a further £10 in bonus cash. This money will then need to be wagered a set number of times before you are able to take out your winnings. So, if the wagering requirements at a site are 40x, this then means that players must spend £400 to hit those requirements.
How Do I Meet Bingo Wagering Requirements?
This is the best part, as the way in which you meet bingo wagering requirements is to simply play the eligible games on the site. Different games will contribute varying amounts towards your wagering requirements but for most bingo sites, this will mean playing in their exciting bingo rooms and enjoying the range of games that they have to offer. You can have maximum fun while paying down your wagering requirements, so it’s not all bad!
Why Do Online Bingo Sites have Wagering Requirements?
Wagering requirements are not something that players love to see at bingo sites but they are necessary for gambling sites. If there were no wagering requirements attached, the bingo site’s players wouldn't be able to make a profit and stay in business. No wagering requirements would mean that players could imply withdrawal bonus cash without having to spend any money or time on the site, which wouldn’t be a viable business model for any industry.
Where Can I Find the Wagering Requirements?
There are a number of different ways in which you can find a bingo site’s wagering requirements.
- Terms and conditions - Usually, the easiest way is to check out their terms and conditions. This will normally be found at the bottom of the page and you can click on this tab to see the site’s full terms and conditions.
- Promotion fine print - Another quick way to check the wagering requirements is to look at the small print underneath advertised promotions. This will be a smaller, more condensed version of the terms and conditions and will let you know the most important information about the wagering requirements of that promo.
- Customer Support – Still struggling to find the information you’re looking for about a site’s wagering requirements? Then get in touch with their customer support team who can help you with any of your queries. Three common ways to get in touch with the team are by live chat, email and telephone. Live chat or telephone will get you the answer you need in the shortest amount of time so you can get started playing.
Remember, knowing the wagering requirements of a bingo site and its promotions is vital as you are solely responsible should you deposit and play with them. The bingo site will not take responsibility if you have made a mistake and not read them beforehand.
Are there Conditions Attached to Wagering Requirements?
There can sometimes be additional conditions attached to wagering requirements and these will be detailed in the terms and conditions. This is why it is so important to read the fine print as these conditions will differ from site to site.
A common condition attached to most wagering requirements is a time limit. If you don’t meet the wagering requirements within this time frame, then the bonus will become void. For example, if you sign up and make a deposit for a welcome offer bonus, it may have a time limit attached such as 7, 14 or 28 days. Check this before signing up and also take this consideration for larger bonuses as you will want to make sure that you can easily meet these requirements before the time runs out.
Not all games will contribute exactly the same to the wagering requirements and this will be detailed in the fine print. You will find that when playing at online bingo sites, it is either only or predominantly bingo tickets that will contribute to the wagering requirements. This means that if you’re thinking of spinning slots too, you can still do so, but they won’t contribute to the wagering requirements. This also applies to casino games. It will be displayed as a percentage how much certain games contribute to the wagering requirements. For instance, this could be 100% for bingo, 20% for roulette, 10% for blackjack but 0% for slots.
If you don’t meet the wagering requirements, you won’t be able to make withdrawals and this is the standard for the majority of bingo sites. If you decide to make a withdrawal without meeting these wagering requirements, you will forfeit your bonus and any winnings that you have generated.
What are Online Bingo Win Caps and Max Convertibles?
Win caps and max convertibles are commonly found in the terms and conditions of promotions and relate to the wagering requirements of a game. They are usually an addition to the wagering requirements but can also be used instead of them.
- Win Caps – A win cap will put a limit, known as a cap, on the amount you can win using your bonus from the site. This is usually a requirement you’ll find with free spins and any winnings you can get will be capped at a small amount.
- Max Convertible – Winnings from bonuses can be converted into cash that you can withdraw from your account after the wagering requirements have been met. With max convertibles, there will be a limit placed on the number of times that players can do with this.
Are Bingo or Slot Site Wagering Requirements Better?
If you prefer bingo games to slots, the good news is that the wagering requirements at bingo sites, on the whole, are much better and more favourable to players than at slot sites. Good online bingo sites will tend to have wagering requirements for their bingo bonuses set to as little as 2x or 4x, whereas for slot sites this can rise to a massive 40x, 50x or even 80x as we have seen at some. This is incredibly high for wagering requirements and when you check the terms and conditions before you start playing, if the wagering requirements are this high, you may want to reconsider whether it is the right online casino for you.
Can I Play at No Wagering Bingo Sites?
While the majority of bingo sites have wagering requirements in place to use their promotions, there is a limited number that has no wagering requirements. This can make these sites very attractive to play at but there are some pros and cons. Of course, the major pro is that there is no wagering requirement to worry about and any winnings that you make are solely yours, however, these welcome offers usually come in the form of bingo tickets of free pins. With the pre-purchased bingo tickets, you won’t get the same choice of where to spend them on the site as you would with other bonuses and with free spins, the wins are usually capped at quite a lot.
Now you know all the important aspects of wagering requirements, it’s time to get started playing! At BingoSites.net, we have a wide range of incredible bingo sites for you to choose from that have big welcome bonuses and small wagering requirements. Check out our bingo site review today to choose the right one for you.