Maximum Bet in Wagering RequirementsBy: Rick Balding, Tuesday November 23rd 2010
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All online casinos offer bonuses to draw new customers and to retain the existing ones. Players need to be clear up front that bonuses are not funds that they can take home. Bonuses are meant for wagering at the online casino and players can only take home what they win from wagering the bonuses. Therefore the online casinos impose wagering requirements. The main wagering requirement stipulates how many times the bonus and deposit need to be wagered before requesting a withdrawal. But there are a number of other conditions that are attached to the wagering requirements in fine print. This article discusses one of them.
One condition imposes a maximum value on the wager placed while the wagering requirements are in effect. For example, Omni Casino says, "A maximum wager of $6 per slot machine spin is enforced until you meet the wagering requirements. Winnings gained with wagers of $6 or more per slot spin will be voided." What this says is that before completing the wagering requirements if the player places a total bet of $10 and spins the reel then the following two things will happen. The $10 wager will not count towards fulfilling the wagering requirements and the wagering requirements will stand where they were before the $10 wager. If the player wins $20 from the wager the winnings will be voided and there will be no credit added to the player's balance.
This condition is not a perverse condition intended to harass the player. It is very much consistent with the intent of the wagering requirements. Let us examine the effect of the condition. Suppose that the bonus was a 100% deposit bonus and that the player had deposited $100. Therefore he would get a $100 bonus. Suppose the main wagering requirements stipulated a wagering of 15 times the deposit and the bonus. Then the total amount to be wagered would work out to $3,000. If there was no maximum limit on the bet, the player could have wagered $200 per spin and completed the wagering requirements in 15 spins. But because there is a maximum bet limit of $6 per wager the player will have to make at least 500 spins in order to complete the wagering requirements.
The question that needs to be answered is what difference it makes whether the player completes the wagering requirements in 15 spins or in 500 spins. For this one needs to understand the concept of average return to the player. For online slot games the average return to the player is about 95%. In the long run for every $100 wagered players will recover $95 and lose $5 to the online casino. This is borne out by the payout ratio reports revealed at some online casinos. Yet online casinos routinely report big wins running into many thousands of dollars from very small wagers. Online slot games will result in wins for some players over short wagering spans, but in the long run the player would be expected to make a loss of 5%. What the maximum limit on the bet during wagering requirements does is takes the player out from the realm of short term wagering and puts him into the realm of long term wagering. Therefore most players would not end up winning after the completion of the wagering requirements. But some of the luckier ones would take home winnings from free bonuses.
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