The welcome bonus is used as both a sign-up bonus and sometimes its the name for the deposit bonus. What’s common in both cases is that you need to be a new registered customer to have the right to get the bonus. The welcome bonus is either free money or free spins and always comes with terms and conditions. These can be winning cap or wagering requirements. Its also pretty standard that the bonus credit only can be used at specific slot machine games.
Welcome bonuses often differ in many ways from one casino to another. The actual amount is the sole factor which guides potential customers in most cases. However, there are attached terms to every bonus. These terms are what a customer should consider before taking up a bonus.
The 'wagering requirement' is the most dangerous trap a potential casino client should be aware of. It refers to the amount of your actual money which you need to use, to be able to withdraw any winnings. If you receive a 10x welcome bonus of $100, you will need to bet $100 of your money.
Welcome bonuses, no matter the terms attached, are an excellent way to get yourself accustomed to a casino. They give you the confidence to try out risky bets without fear of loss. This gives you a good chance to understand how different play models in the casino work.
Always use welcome bonuses to bet on outcomes you wouldn't place your real money on. In many ways, losing your bonus is better than winning, especially if the wagering requirement is high. On the other hand, placing a risky bet, could see you win big, so you don't mind investing to release your winnings.
You might have heard some seasoned players say that it is better to sign-up in a casino which does not have bonuses. This is because, the real money you win using bonuses, might not be readily convertible into cash that you can withdraw.
That said, you could still use your bonus to make intelligent bets. Risky bets, as earlier mentioned, present you with the chance to land crazy winnings. All you need to do is verse yourself with the games which casinos allow you to take part in using a bonus, then go for the risky bet.
The devil, as you may have heard, is always in the detail. While casinos will entice you with welcome bonuses as absurd as a 500% boost, they have a hidden feature you won't love; the wagering requirement. It is meant to ensure you don't get any freebies.
When you win playing with a bonus, you cannot withdraw that money until you meet the wagering requirements. This is the multiple of the bonus which you must use to activate winnings. If you receive a $100 bonus with a 20x wagering requirement, you have to use your own $2000 in the house to activate winnings.