The terms and conditions should always be considered when signing up for welcome bonuses. All players should compare some main categories when deciding which welcome bonus to sign up for.
Most welcome bonuses (except no deposit bonuses) require an initial deposit to the live casino to activate the offer. This is where the players have to deposit a specific amount of money (or more) and after the deposit is complete, they receive their welcome bonus. If a deposit is made that doesn’t meet the minimum requirement, then the player’s welcome bonuses are not received.
For instance, if a live casino states that they will match any first deposits of $10 or more, any deposit under $10 will not trigger the welcome bonus.
The withdrawal limit of live casinos can differ greatly from one site to another. This is another important factor for the players to be aware of, as it can affect their ability to withdraw funds later, should they want to. Any amount of money that exceeds the withdrawal limit is forfeited by the player, so live casinos use withdrawal limits to control the amount of money that a player can win from the welcome bonus.
For instance, a player received a 100% match on their first $100 deposit, then they went and won $5,000 from that money. They even satisfied the wagering requirements and decided to withdraw their winnings. However, since the withdrawal limit of the live casino is $3,000, they will have to forfeit $2,000 of their money. This is why it is so important to read the terms and conditions.
Welcome Bonus Wagering Requirement
A wagering requirement for welcome bonuses is the amount of betting the player must do before they can consider withdrawing their funds. It is commonly shown as a multiple of the welcome bonus – for instance, x30 times the welcome bonus.
A wager is simply a bet on a casino game. When players claim a welcome bonus, they do not receive actual money but what is known as bonus money. This bonus money cannot be withdrawn. Instead, the player must complete all of the wagering requirements, effectively converting the bonus money to actual money, before they can consider withdrawing any funds. If wagering requirements are not met, the bonus money is forfeited and can never be withdrawn.
For example, if a player has received $25 as a welcome bonus, and the wagering requirement is x30 as specified above, the player has to bet $750 of their own money to withdraw the $20 bonus.
There are many restrictions that live casinos can enforce to control what live games can be played with bonus money. This is particularly relevant for free welcome bonuses, and live casinos typically have a list of games that can be played with the funds. For example, a player receives free spins when signing up to play a particular casino game. However, the free bonus can only be used with that specific game and not others.
Time Limits for Bonus
Welcome bonuses also come with a validity period or time limit. This represents an amount of time that can pass before a player can claim a bonus – for example, claiming a live casino welcome bonus within five days of signing up. Another type of time limit controls the amount of time a player has to complete the wagering requirements. Most wagering requirements have to be completed within 7 to 30 days.