If you’ve ever visited any online casino, then you have likely stumbled upon the term ‘wagering’. It tends to create some confusion as it can be used in different contexts.
So what does wagering mean on slots?
Fortunately, you’ve come to the right place. In this post, we will answer this question and cover what wagering means, wagering requirements, and how it affects players.
What Does Wagering Mean On Slots?
A ‘wager’ is another term for a bet you place during a casino game.
A ‘wagering requirement’ is an amount you have to bet (wager) before you can convert bonus funds into real cash that you are able to withdraw.
Many online casinos offer bonuses, such as welcome bonuses; these are often bonus spins and/or cash amounts to be used on slots and live casino games. Wagering requirements refer to using this bonus and having to bet a stipulated amount before being able to withdraw the bonus, plus any winnings earned from it.
They are a necessary security measure to ensure the casino can offer incentives to its customers without being exploited.
How Do Wagering Requirements Work?
Wagering requirements are in place to ensure people do not just claim the bonus money and withdraw it immediately without playing, as the casino would be giving out free money if that were the case.
They are usually found in the terms & conditions of the bonus offer. They have to be shown, or at least linked to, wherever the bonus is mentioned.
Wagering requirements appear as a multiple (e.g. 20x, 30x, 60x etc.); this is the amount you need to bet in order to be able to withdraw any winnings earned from using the bonus.
For bonus spins, the wagering requirement will apply to the winnings earned from using the bonus spins.
It is also important to note that different slot games online can have different wagering contributions. That is to say that the stakes can contribute in varying amounts; for example, if a slot contributes 50% to the wagering requirement, then for every £1 staked, 50p goes towards fulfilling the requirement.
Some games may contribute more, some less, and some may not contribute to wagering requirements at all. This can vary per offer and will be different for different casinos. Therefore, it is always best to check the T&Cs and the casino’s policies on wagering to find this information.
How Do You Meet Wagering Requirements?
To meet wagering requirements, you have to bet a specific amount before you can withdraw. This ultimately depends upon the bonus and the conditions placed upon it; these may vary from casino to casino, as well as from bonus to bonus. Not to mention you have to factor in wagering contributions to ensure you are actually working towards meeting the requirements.
How wagering requirements are applied depends on whether the bonus on offer is a deposit bonus or a free spins bonus.
A deposit bonus may look like the following:
100% Deposit Match Bonus up to £50
This would mean that if you deposit an amount, the casino will match it and give it to you as a bonus, up to the amount of £50.
Suppose the site offering this bonus has a 35x wagering requirement. To calculate the amount you need to wager before you can withdraw the bonus and any earned winnings, you simply do the following:
£50 (bonus amount) x 35 (wagering requirement) = £1,750
So for this offer, you would have to wager £1,750 before you can withdraw.
Free Spins Bonus
A free spins bonus’ wagering requirements work much like a deposit bonus, except there isn’t a given amount that has to be wagered. Instead, this is calculated once the spins have been used.
Let’s say a site offers the following bonus:
20 Free Spins on Starburst
Suppose the bonus came with a 30x wagering requirement. First, you would play Starburst and use the 20 free spins; your winnings from these 20 spins would then be totalled. Let’s say you win £7 from these spins; this is the amount subject to the wagering requirement.
To calculate what this would come to, you do the same as before:
£7 (free spins winnings) x 30 (wagering requirement) = £210
So for this offer, you would have to wager £210 before you can withdraw.
Promotions and Terms & Conditions
Ultimately, you should always read the T&Cs of each offer to ensure you are aware of the wagering requirements placed upon it. They will tell you how much you need to wager to be able to withdraw as well as what games contribute to meeting the requirements.
The T&Cs can also help to make an informed decision to ensure responsible gambling. You can find Wizard Slots’ full terms and conditions by clicking here.
You can find promotions being run here on Wizard Slots by visiting our slots promotions page. Then, simply click ‘read more’ located under each offer to read the full terms and conditions for that promotion.