Welcome to the thrilling world of online casinos, where exciting games, big wins, and generous bonuses are just the click of a button away. As you delve into this realm of probability and fortune, you’ll encounter a term that’s vital to understand – wagering requirements. But what are they, exactly? How do they work, and more importantly, what do they mean for you? In this guide, we will shed light on these questions and more, helping you navigate the sometimes complex landscape of wagering requirements in the UK.
Wagering Requirements in Preventing Money Laundering
While it may seem like an inconvenience, wagering requirements serve many purposes, the most critical one being to prevent money laundering. You may wonder how these connect, but that’s what we’re here to explain.
Money laundering, in its simplest terms, involves making illegally gained proceeds appear legal. It’s usually a complex process that involves three steps: placement, layering, and integration. In the context of online casinos, the prospect of using gambling activities to subvert financial controls and ‘clean’ money is a genuine risk.
The Role of Wagering Requirements
That’s where wagering requirements come in. They deter criminals who might want to use online casinos for money laundering. Depositing huge sums of money, betting minimally, and then making a withdrawal could essentially ‘clean’ money that’s been gained through illegal means.
By setting a requirement that deposited funds and bonuses need to be wagered a certain number of times before withdrawals are allowed, casinos make money laundering through their platforms significantly less attractive, if not impossible. On top of this, casinos usually place a cap on the amount that can be bet in one wager, further minimizing the risk.
The One to Two Times Mandatory Wagering
So why is there typically a 1-2 times wagering requirement on deposits in UK online casinos? Without any mandatory wagering, it would be all too simple for money launderers to deposit large sums, place a single bet, and then withdraw their money, having effectively ‘washed’ it. The mandatory wagering requirement, even as low as 1-2 times the deposit amount, is critical as it adds an extra layer of protection.
The fact that this adds a slight inconvenience for genuine players is regrettable, but it’s an essential step in the fight against financial crime. We all share the responsibility of preventing money laundering and as such, it’s really in our best interest to support such preventive measures. Had there been no such requirements, the risk of online casinos being used as instruments of financial crime could potentially be much higher.
So next time you’re grumbling about wagering requirements, remember what they’re protecting you, the other players, and the wider society from. Indeed, wagering requirements play a crucial role in the integrity and sustainability of the online casino industry.
Understanding Wagering Requirements with Bonuses
Wagering requirements might sound complex, but let’s break this down together, shall we? Simplified, wagering requirements are the conditions you must fulfill before you’re able to withdraw any winnings earned from a bonus at an online casino. They’re often represented as a multiple of the bonus or the bonus plus the deposit.
Typically most online casinos in the UK have at least some kind of wagering requirements. Seven out of ten casinos will typically require you to wager the bonus money before you’re eligible to withdraw any funds.
Bonus Wagering Requirements
For instance, let’s say you’ve made a deposit of £100 and gotten a 100% deposit bonus, leaving you with £200 to play. If the wagering requirement is 35x, you’ll need to stake a total of £3500 (35 times £100) before you can withdraw any winnings related to the bonus. Assuming the wagering is only for the bonus money.
In addition to the wagering requirements on deposits, when a bonus is claimed, additional wagering requirements come into play. In a bid to convert bonus money into real cash, you must first meet these specific wagering requirements or rules.
35 times wagering is a good standard
In the previous example, we mentioned the 35 times wagering, which is basically the industry standard. Especially for match-type bonuses such as the 100% casino bonus.
And this only concerns the bonus money. Not the money that you deposited. But you always wanna check what you need to wager. Bonus money or both bonus money and the deposit.
Wagering is not always mandatory
When it comes to wagering your deposit, it is always mandatory to wager the amount at least once in the games. But when it comes to casino bonuses, there are some casinos that don’t require any bonus wagering.
If you view the list of bank transfer casinos, you will see from the offers that there are some options without any wagering requirements on the bonus. Typically the bonus is free spins and you don’t need to wager any winnings made. They are real cash right away and you can withdraw your winnings if you wish to do so.