Wagering Bingo Requirements: Meaning & Examples
Published on Thursday, June 23rd, 2022, Updated on Monday, June 27th, 2022
Anyone who has ever played online bingo and used a free offer, a welcome bonus, or any promotional deal has met the term wagering requirements in the terms and conditions section. That is the topic of our article here, and we’ll talk much more about the wagering requirements and what these entail.
The lucrative and appealing bonuses on all bingo betting platforms are almost always related to a wagering requirement. These can be a severe obstacle in acquiring the winnings, but the bingo betting platforms consider them a necessity. Without them, the bingo platforms will not be able to enable such prizes and jackpots.
The online bingo platforms often have such high wagering requirements that it can often seem foolish to accept the bonus deal. Read on as I delve into the details on wagering requirements and tell you whether there is a way around the wagering requirements on a bingo site.
What Do Wagering Requirements Mean?
A wager is any real money bet risked on an event with an uncertain outcome. It includes betting on online slots, bingo games, poker, casino games, live gambling games, sports events, and more. The terms and conditions of all of these games have something called wagering requirements, and this is a figure that shows how much money you need to bet on a game before you are eligible to withdraw your real money winnings.
The wagering requirement is often presented as a multiplier number, and in many cases, it ranges from 1X to 100X. You can indeed note that the bigger the related bonus, the higher the wagering requirement multiplier.
For example, if your chosen online bingo platform has a bonus with a 10x wagering requirement, it means that you need to bet ten times the deposit and bonus amount before you can withdraw your winnings. The same goes for 20x, 30x, 40x, or any other multiplier. Some online platforms have stipulations that only the bonus sums fall under the wagering requirements, while others stipulate that the deposit and the bonus together fall under the wagering requirement.
Here is an explanation in number values: if you deposit $10 (or £10) on a site and get a 300% bonus up to $50 (or £50), you’ll get an extra $30 in bonuses. It will give you a total of $40 (or £40) in playing funds. If the bingo platform has a 40x wagering requirement, it means that you’ll need to bet an overall of $1,600 (or £1,600) (40×40) before your winnings are considered real money and can be withdrawn as winnings.
Types of Bingo Games with Wagering Requirements
Every bingo game that comes with any bonus is subjected to wagering requirements. Also, many of the promotional deals that come with free money are not exactly free – these also can have wagering requirements.
However, some games come with bonuses without wagering requirements. Before you go and accept any bonus on your chosen online bingo betting platform, you need to check if there are wagering terms attached to it. Here is what games you can find without wagering requirements:
Slots No Wagering Requirements
Many online bingo platforms have bonuses in the form of free spins on select slots games that come with no wagering requirements. These are usually the less popular slots games with lower prizes, and the free spins are available for a limited time only. It means that whatever you win will get paid as real cash to you, and it is up to you to decide to withdraw it or spend it on other games.
Why Do Websites Use Wagering Requirements?
The reason behind the wagering requirements is actually very simple. The main goal of online casinos and betting platforms is to make money. There is no way for these platforms to make a genuine revenue if they rely solely on the players’ deposits. Of course, in the case of no wagering requirements, the players could enter the site and withdraw the bonus without spending time and money on the site.
The wagering requirements help the bingo and online casinos turn a profit. The wagering requirements help prevent bonus abuse and allow the bingo platforms and casinos to offer bonuses and promotions to their members.
Another reason why the wagering requirements are in place is to help prevent money laundering. Without wagering requirements in place, a criminal could deposit money on the site and withdraw it instantly, getting clean proof of funds.
Where to Check the Bingo Site’s Wagering Requirements?
To see what wagering requirements your chosen online bingo platform has in place, you need to check the Terms & Conditions related to the bonus offer. Every bingo platform with a bonus offer has a fine print usually found at the bottom of the advert. I always advise my readers to read the fine print before accepting a bonus.
Suppose you can’t find any detailed explanation about the wagering requirements related to the specific bonus. In that case, you should check the Terms & Conditions page on the platform or contact their customer support. You can always check with the bingo chat host and ask them what the site’s current wagering requirements are. Always, and I strongly emphasize the word always, check the wagering requirements before accepting a bonus.
Here are some screenshots from different bingo sites’ promo and bonus offers to show you where the wagering requirement info is usually found. The images are zoomed to clearly show you the fine print you need to keep track of to see the wagering requirements.
No Wagering Bonuses Explained
Some online bingo platforms have no wagering bonuses. These are highly coveted, as the no-wager requirements mean that they get to keep any winnings the players get. There are no other conditions related to these, and the players are free to keep all the won money. However, these are rarely found on popular bingo platforms, or if they are found, the bonuses are very small amounts, unlike those with attached wagering requirements.
Can You Beat Wagering Requirements
Theoretically and practically speaking, no, wagering requirements are avoidable if you accept a bonus. If you happen to accept a bonus promo deal without being aware of the wagering requirements, you can renounce the bonus. However, this is not a highly recommended course of action, as you can run into problems and lose some privileges you may have.
When you accept a bonus with wagering requirements, your account funds will increase significantly, and you can play more games and get more chances to win. Another thing you need to note here is that casinos and bingo platforms usually start you with playing with your deposited money first and then use the bonus money later. In such a case, if you win an appealing prize using your deposit, you can forfeit the bonus to avoid the wagering requirements and withdraw your winnings.
A limiting factor that affects the wagering requirements is that the players are not allowed to place big bets to fulfill the wagering requirements quickly. Check the terms and conditions carefully, and you will often find that there are limits to the maximum amounts you can spend, usually a smaller amount of $5-$10.
The wagering requirements are related to an expiry date, and if you fail to meet the wagering requirements, you will probably lose the bonus money and any winnings you’ve won with these funds.
While it is not exactly beating the wagering requirements, many online bingo platforms have Loyalty Programs that bring prizes, treats, perks, and bonus bingo bucks unrelated to wagering requirements. Depending on the platform you opt to play online bingo, there are various programs with different perks and deals.
Wagering Requirements Calculator
There are several ways to learn how to calculate the wagering requirements. Several factors affect the wagering requirements, and it is vital to understand these before you decide on accepting a bonus. The calculation depends on factors like:
- If the deposit amount is included in the wagering requirements or not
- If the welcome bonus can be used to play bingo or to play slots
What does the 10x wagering requirement mean?
The 10x wagering requirement means that the related welcome bonus offer requires the player to wager ten times the welcome offer and/or the deposit offer before being eligible to withdraw any winnings.
What is a 40x wagering requirement?
The 40x wagering requirement means that should the player accept the welcome bonus; they’ll need to wager 40 times the welcome offer and/or the deposit offer before they can withdraw any winnings.
What sites have no wagering requirements?
All the sites have no wagering requirements should the players forgo the welcome bonus. To do this, the players need to opt out of the bonus offer, in which case, they’ll play only with their initial deposit. There are, however, online bingo platforms that have no wagering requirements related to their bonuses and promo deals, but these usually have minimal bonuses. Here are several online bingo platforms that don’t enforce wagering requirements:
- Heart Bingo
- Duck Duck Bingo
- Bingo Storm