What are Forfeitable Casino Bonuses?
While online casinos have helped to make gambling more approachable to the masses there’s still room for a lot of confusion. Casinos are after all delicate transactions of money and this means that there’s a lot of small print to read through.
Perhaps the most confusing aspect for new players is the idea of bonuses and wagering requirements. Casinos make sure to advertise bonus cash every time they can and for good reason, it gets players invested. But the bonus money online casinos offer have a lot of conditions at play, and this is where the idea of forfeitable casino bonuses comes in.
Today we’ll answer what exactly is a forfeitable bonus and explain what this means for you as a player. So stick with us and you’ll have a clearer idea of how online casinos make their bonuses work.
What are Wagering Requirements?
The first thing we need to understand to be able to explain the difference between forfeitable and non-forfeitable bonuses is the idea of wagering requirements. Casinos are first and foremost businesses, so even if registering and playing is easy it doesn’t mean withdrawing money is as straightforward.
If a casino offers bonus money to its players it usually comes with a set of conditions for withdrawal, this is what we call “wagering requirements”. In short, there’s a set amount of money that you must bet before you are allowed to withdraw any money you’ve made from that bonus. Ultimately this is a measure to ensure that the Casino doesn’t suffer losses from any “free money” they are giving out. But this can prove to be confusing for anybody new to the casino world.
Wagering requirements don’t have an industry standard, but more often than not it’s based on the amount of the bonus. So for a bonus of £100, the wagering requirements can amount to wagering 1ox, 20x or even 40x that amount of money. This means that anybody looking to withdraw money is in for the long run.
Forfeitable and Non-Forfeitable Bonuses
The difference between a forfeitable and non-forfeitable bonus lies solely in how they interact with the wagering requirements set in place by the casino. Both kinds of bonuses have wagering requirements but they can interact with these rules.
A non-forfeitable bonus is more or less the standard. You get this bonus credit for registering or depositing and you need to meet its requirements to withdraw money. You are using the bonus money to play and will need to wager a fixed amount to get back any earnings.
Now, with a forfeitable casino bonus, the way you approach the wagering requirements changes notoriously. Forfeitable bonuses almost always are granted when you deposit money, and this is because they require real money to be at play. With these bonuses, you will start playing with the real money, and the bonus won’t be used until all your paid credits are used. While this might sound counter-intuitive it comes with an advantage. Any amount you win while using that money can be withdrawn without fulfilling the wagering requirements. However, to do so you need to give up the bonus money. That’s why it’s called a “forfeitable” bonus because you have the option of giving it up.
To Sum It Up
A forfeitable bonus is free credit that you can choose to use or not. All casino bonuses will have wagering requirements, this is the way they ensure they still make an earning. But unlike traditional bonuses, with forfeitable ones you can simply pot out from this extra credit and withdraw your money without any further issue.
There’s a delicate balance at play in regards to which kind of bonus is a better fit for each person. Non-forfeitable bonuses make you play in the long run. If you are a dedicated gambler this won’t bother you as much, and the extra credit will be a good aid for your funds. Forfeitable bonuses on the other hand can be useful for people who just want to try out casinos for the first time. You can cut your spending early and still walk out with any money you’ve earned. But this means completely giving up on the bonus credit, which oftentimes is the reason people register in the first place. At the end of the day, it’s up to you to figure out which kind of bonus works for your interests.