Is there Wagering in Bingo Games?
According to the Cambridge Dictionary, a wager is a verb whereby a player risks money by guessing the result of something. Wagering is therefore the present participle of the verb wager. It is the act of actually placing a bet in real-time. Much of the present-day focus on wagering typically refers to sports betting, where money is bet on the outcome of a sports match. Yet, all forms of gambling are based on uncertain outcomes, and that’s precisely why the term wagering is apropos. In bingo like other online casino games, you are wagering on uncertain outcome since the numbers on your bingo cards may or may not match with the called bingo numbers before somebody else bingo’s. But the nomenclature actually refers to a slightly different concept known as Wagering Requirements. We tackle that topic in the next section.
What Are Wagering Requirements About?
If wagering is the present participle of placing a bet a.k.a. wager, then wagering requirements refers to the rules regarding how much a player must wager before he/she can clear the bonus that was offered to the player. As a new player at an online bingo room, you will invariably be offered a welcome bonus. In online bingo games, the bonuses can be a couple of quid, or pretty generous match deposit offers. For example, you may be offered a 100% match bonus up to £100, with a 5 X wagering requirement in place.
First of all, let’s break it down into its core components. If you deposit £100, that will be matched with a £100 bonus on the house. Unfortunately, you won’t be able to cash out that £100 bonus, or any winnings generated from that bonus until you meet the 5 X wagering requirement. Think of the bingo wagering requirement as a set of rules that must be satisfied before any winnings can be withdrawn. In this particular case, you would have to wager (bet) £500 on bingo games before you can cash out the winnings from that bonus.
In the absence of wagering requirements, online bingo rooms would go bankrupt. Players would attempt to open multiple accounts with different IPs and email addresses, and simply deposit, claim match deposit bonuses, and cash out. Needless to say, this was never a consideration with online bingo rooms and never will be. There are several rules in place – as part of the wagering requirements – that limit what players can do with the bonuses.
For one thing, the bonus cannot be cashed out on its own – it has to be used for playing bingo games, or online slot games/scratch card games, or other instant-win games at a bingo room. There is another important point to remember about wagering requirements: you cannot cash out any of your winnings generated from the bonus until you meet the wagering requirements. It’s worth pointing out that wagering requirements are also known as playthrough requirements. This term means that you have to play through the wagering rules before cashing out your winnings.
How Do Wagering Requirements Work in Bingo?
Suppose you’re ready to sign up at an online bingo room, and you want to take advantage of the bonus on offer. If the promotional offer is a 100% match bonus up to £100, with a 5X wagering requirement in place, this is the way it works in bingo:
- If the 5X wagering requirement is on the bonus, then you will have £100 in your account of your money and you will have to wager the £100 in bonus money 5X before you can cash out any winnings generated from the bonus. Your total wagering requirement is £500.
- If the 5X wagering requirement is on the deposit + bonus, then you will have to wager £200 (£100 plus £100) 5X for a grand total of £1000 in wagering requirements before you can cash out any winnings generated from the bonus.
Remember, not all wagering requirements in bingo are identical. It’s quite possible that the wagering requirement may be more or less than 5X. Try to read the terms and conditions listed under the ‘read more’ or ‘rules’ section before simply signing up willy-nilly for a bonus. The less you have to wager, preferably just a bonus, not the deposit plus the bonus, the better.
Are Bingo Wagering Requirements the Same as Casino Wagering Requirements?
Bingo wagering requirements work in a similar fashion to casino wagering requirements, but they are generally much more player friendly. In a casino, you may have to wager 35X – 45X the bonus, or the bonus + deposit amount before you can cash out any winnings from the bonus. Using the same 100% match bonus up to £100 offer, you would either have to wager £3500 – £4500 to clear your bonus, and withdraw your winnings, or you would have to wager £7000 – £9000 if it included your deposit plus bonus.
With online bingo rooms, the multiples are much lower. This benefits players in a big way. Statistics tend to suggest that online bingo wagering requirements range between 2X – 6X the bonus. By employing these figures, it is clear that the minimum requirement for a £100 bonus is £200, and the maximum would be £600. For an online casino bonus, the figures are substantially higher than that. The goal therefore is to seek out the biggest bingo bonus with the smallest wagering requirement. Fortunately, this is possible in bingo.
The Biggest Mistake Players Make with Wagering Requirements
What is a £100 prize worth to you? It seems like a silly question, right? The answer is £100 correct? You wouldn’t believe how many players scoop up bingo jackpots, or slots payouts, and are determined to secure the prize money at any cost. In order to clear a £100 bingo bonus, you would be required to wager £400 – £600 at the 4X or 6X wagering requirement figure for the bonus. This hardly seems like a fair trade, and indeed it isn’t. Unless you win a lot of money with a bonus, you may not always be able to cash out ahead.
Sometimes, it just doesn’t pay to chase down a small prize if you have to fork out substantially more than that. As a rule, the bigger the bonus, the greater the wagering requirement. Luckily, you are an online bingo player, not an online casino player – where the requirements are substantially greater. You could move from a multiple of 4X to 40X by simply playing slots games at an online casino, instead of an online bingo room featuring slots. The wagering requirements aren’t limited to the playthrough requirement alone. There are expiration dates on the wagering requirements to take into consideration. You may be given a certain time within which to wager your bonus + deposit before it expires and is invalidated.
There are different types of bonuses which you can be given and the requirements will vary from one to the next. There are sticky bonuses and real money bonuses. A sticky bonus remains in your account for playing purposes, or it may be removed when you cash out your winnings. A real money bonus is usually added to your account once you’ve met the playthrough requirements, and can be withdrawn in full. Players who don’t meet the wagering requirements in bingo won’t be able to cash out any winnings generated from their bonus until such time as the playthrough requirements have been met.
Ideally, you want to hit a big payday with your bonus. Let’s say you receive a £50 bonus with a 4X wagering requirement. If you happen to win £500, you could buy £200 worth of bingo tickets (possibly win nothing), and cash out with £300 in profit. Remember, you’ll have to play bingo games in order to satisfy the requirements of a bingo bonus. Instant win games and scratch card games are generally not applicable to meeting bingo bonus requirements. It gets a little tricky when you get into the fine print, to be sure to read the terms and conditions of all promotional offers before simply signing up.
- Online bingo bonuses come with wagering requirements. These wagering requirements state how much you have to play through your bonus or your bonus + your deposit before you can cash out your winnings.
- Ideally, you want to have the biggest possible bonus with the smallest playthrough requirements.
- Bingo wagering requirements are substantially less than online casino wagering requirements. It may even be better to see if your favourite casino games are available at an online bingo room, and compare the bonuses and promotional offers
- Naturally, you don’t ever want to chase down small winnings by attempting to meet the wagering requirements on your bonus if it is substantially greater than your take-home amount.