Despite the positive connotation of the word “Bonus”, not all casino bonuses are actually beneficial. “Not all” being an understatement. In fact, most bonuses serve as a honey trap for innocent players. Luckily, there are exceptions. Some of them you can find in our list of cashable casino bonuses.
Before we proceed with further explanations, if you know all you need to know about casino bonuses, then go ahead; pick one of the bonus offers listed below and get started. Otherwise, scroll down for more info, including examples of some ridiculous bonuses you can encounter online.
How to Choose a Casino Bonus
First you should know that there are some offers that are extremely beneficial. They can even give you an edge over the house. In order to be able to separate the good from the bad, there are few main terms which you need to know and evaluate.
Phantom vs. Cashable Bonus
We can split the offers into two types. The first one is usually referred to as Phantom or Sticky. What that means is that the bonus money cannot be withdrawn. You will get it upon your deposit, but when you decide to cashout your winnings, that amount will be deducted from your account.
On the other hand, there are the Cashable bonuses. Those are pretty much self-explanatory: the free money you receive can be withdrawn upon the completion of the wagering requirement.
As you might’ve guessed, casinos do not just give free money for you to withdraw it seconds later. The term that prevents you from doing so is called wagering requirements (WR), also referred as Play Through (PT).
So what is PT? Playthrough is the amount you need to bet before you can withdraw your winnings. Usually it is presented as a multiplier of the bonus your received or bonus + deposit.
For example: let’s say that you deposited $100 and received another $100, and the WR are 25x (b+d). That means that you will need to wager 25 x ($100+$100)= $5,000 in total. Only afterwards you will be able to withdraw your winnings.
Naturally, the lower the WR, the better. The average WR stand somewhere around 30 times b+d, but the number can vary tremendously. As you can see, the offers at the table above have much lower requirements. On the contrary, you can find casino bonus codes with x50 and even x100 PT.
Maximum Withdrawal Limit
This is a horrible rule and should be avoided at all costs. What it means is that the amount you can withdraw is limited to a certain cap. For example, 10 times your deposit. Meaning that even if you win $100,000 on a $100 deposit, you will be able to withdraw only $1,000.
If you are not new to gambling, then you know that one good run can compensate for a dozen of bad ones. Not to mention that the possibility of winning a life changing jackpot is one of the reasons gambling is so much fan. Therefore, unless the bonus is extremely beneficial or you play only low volatility games, such as classic blackjack – the moment you see a max winnings limit- run away.
The only exception here are No Deposit Bonuses – it is free money given to you and the always come with certain winning cap.
Besides the main three factors we explained above, there are some additional terms to consider:
In many cases, there are some games that do not count towards the completion of the WR. The common exceptions are Roulette, Craps and so on. That’s something very important for you to check, since if you place a bet on a restricted game, your winnings will be forfeited.
In other cases, certain games can contribute different amounts towards the play through. For example, each $1 bet you place will count just 20% towards the WR. Blackjack is a common example to that rule.
Max Bet Limit
Many casinos limit the maximum bet per spin or per hand while playing under bonus terms. The idea here is to prevent you from placing all your bonus money on Red + Black on one spin of the roulette and thus completing the WR. In most cases the limit is not low and won’t bother you, but still it’s something to be aware of.
Now, let’s look at some of the ridiculous offers you can find in online casinos, so you will know to steer clear when you see one.
Ridiculous Casino Bonuses to Avoid
Funny Math behind 1500% Bonus
Now take a look at this one. It’s not something you see every day. The site offers 500% on your first deposit, 600% on the second and 400% on the lost. On average that is a 500% bonus, but apparently, this gambling site is not bound by basic math rules and they try to trap players by advertising a 1500% bonus.
That’s not just a bad bonus. This is simply fraud (and a stupid one we might say).
This is how Honey Trap Looks Like
Now to more serious stuff. This casino offers a 5000% Match bonus with x99 (b+d) wagering requirements. The bonus is not cashable by the way. Before you continue reading you can test yourself by figuring out why there is simply no way to win using this promotion.
So let’s see how it goes: you deposit $10 and get another $500 to play with: $510 in total. So far, so good. But….you will need to bet an amount worth $50,490. Then, after you complete the wagering requirements, the original $500 will be deducted.
Actually, we assure you that in most cases, there will be nothing to deduct it from. Even if you play games with the highest winning odds, wagering $50K is quite costly. Even if you just play games with 99% payout still on average it will lower your balance by $500.
The bottom line is, you better just deposit $10 and play penny slots than redeeming this promotion.