We all love free stuff. Whether it’s a free gift card for shopping at your favorite store, a free coffee on your 10th purchase, or some free spins on a new slot game — getting free stuff is just the best.
Playing slots for free is a fantastic way of dipping your feet into the online gambling scene, particularly if you’re a newbie and not quite sure how bonuses and depositing of funds work. Taking advantage of these freebies and bonuses is also a great way to try new games and new sites, and hone your gaming technique.
Loss Leader Strategy
Loss Leaders are a marketing strategy where a business sells a product at a loss. That may sound counterintuitive, but the purpose is to gain and retain customers. If done correctly, businesses may lose money on the initial offering but should make up the difference with new customers, brand loyalty, and sale of other more profitable goods and services.
There’s a reason you see a lot of casino bonuses targeted specifically at new players. They’re hoping that those players will use all the freebies to have fun, and then continue playing.
Depending upon the strategy the online casino is using or who the target players are, casinos could give freebies to new, inactive, or returning players to incentivize their return to their platform.
Wagering Requirements
Now that we know why casinos give away so many freebies, did you know that it can be rather difficult to actually cash them out? This is because of the and conditions that go along with the free bonuses, most notably the wagering requirements of the bonuses.
Wagering requirements are the conditions that need to be satisfied before the casino is legally obligated to cash out any portion of the bonus. Typically wagering requirements are shown as a multiplier.
For an example, let’s say that a casino offers you a $500 no deposit bonus. Your should be credited $500 for simply g up. Can you then immediately withdraw the $500 from your ?
Nope.
Let’s say that the same $500 bonus has a 10x wagering requirement. That means that players will need to bet 10 times the original bet before any remainder can be withdrawn.
500 x 10 = 5,000
With that original $500 bonus players will need to make $5,000 worth of bets before any remainder is able to be withdrawn. Most players won’t win enough to keep any remainder, and the casino just got a new player without actually having to pay anything out.
Wagering requirements prevent players from cashing out bonuses without actually playing at the online casino.
So, is it worth it? Absolutely. If you’re planning on playing at an online casino you might as well take advantage of the freebies. You still have a chance of winning, and more importantly, it gives players the chance to test out their platform, games, and customer service.
Types of Online Casino Bonuses
Here are some of the most common types of online casino bonuses that you’re likely to see as a new player starting out. Even if you’ve gambled online for a while, many of these bonuses will be open to veteran players who are trying out new sites.
Free Spins
Free spins are just what they sound like. You will get a certain number of free spins on online slot games. These types of bonuses usually require players to play a certain game, whether it be a new slot game or a reformatted game that operators are promoting.
No Deposit
No deposit bonuses allow players to start gambling without actually wagering any of their own funds. While the wagering requirements are much more strict on these types of bonuses, the opportunity to play without betting is a great deal.
Matching
Matching bonuses are a way for players to deposit a certain amount of money to start gambling while the casino “matches” the amount of money that a player deposits.
Welcome Bonuses
Welcome bonuses are some of the most lucrative bonus options available. These bonuses offer a combination of all of the above freebies, such as no deposit offers, free money to get started, and free spins for certain games.
The House Edge
As you can see, playing at online casinos is a win-win for both players and operators. Because of built-in safeguards like wagering requirements and loss limits, online casinos are protected from serious loss.
At the same time, however, players are given tons of bonus opportunities that allow them to play new games, try new sites, and gamble without wagering — even offering the possibility of big wins, along with playing fun games.