Bingo sites are businesses and they need a way to protect their offers and, of course, their money. While most sites do offer players a deposit bonus to entice them to the site, minimum wagering requirements aren’t always clearly displayed. Sometimes you have to do a bit of searching to find out exactly what these requirements are.
Wagering requirements work like this: you deposit X amount of money and the site usually doubles or trebles this money so players have more money to play with; some sites even multiply the initial amount of money by more than three.
Minimum wagering requirements are there to ensure players have wagered a certain amount of money before they’re allowed to withdraw their winnings. Sites display all information about minimum wagering requirements in their terms and conditions; these requirements are completely fair and are easy to understand.
There’s no single wagering requirement common to all bingo sites because the bonuses offered by different sites vary so greatly. The requirements you’ll have to meet depend on the site itself, as well as what bonuses you’re receiving.
More often than not you’ll find that you need to have wagered a certain amount before you can withdraw your winnings. This usually means any bonus you’ve received for joining the site and making your first deposit has to be wagered and completely spent before you can withdraw your winnings. By doing this, bingo sites ensure you can’t withdraw your bonus money without wagering anything.
For example, if you deposit £10 and receive £20 free, you have to wager the £20 bonus in order to withdraw the initial £10 deposit and any extra winnings you may have received. A lot of bingo sites think this is too easy because you’re basically wagering with free money before you can withdraw, so they ask you to wager twice or even thrice the bonus amount – this cuts into your initial deposit money.
Some bingo sites have a different method of deciding their minimum wagering requirements. The way they do this is to divide your bonus and deposit into two different funds. The two amounts of money are therefore completely separate, meaning you can’t withdraw your bonus or even use it on any side-games the site might have on offer. With this method, you can only use your bonus money to pay for bingo games; a lot of sites prefer this method because players can only use bonus money for what it was originally intended. A lot of players, too, prefer this because having the bonus money separate makes things easier. It also means you don’t have to read the T&Cs on bonuses and everything they win on side games will have been won from their own money so they’ll be able to withdraw it. If players want to withdraw winnings won from using bonus money, they will still need to have spent their bonus money – this works similarly to the minimum wagering requirements mentioned above.
You’ll find that minimum wagering requirements can also apply to any bonuses you want to withdraw. Lots of sites only let you claim bonuses once you’ve wagered a certain amount of money on bingo games and tickets. Measures like this are put in place by bingo sites to ensure that people can’t just withdraw bonus money without having spent any money on the site’s games. Ultimately minimum wagering requirements are about keeping things fair for both the player and the site itself.