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Why casino bonuses AREN'T free
Casino bonuses are described as 'free' but they're really not. They're free in the sense that they're given to you but they're not a gift as you have to pay to receive them! There are three elements in determining how much a 'free' bonus will cost: the bonus's wagering requirement, the contributing percentage and the house edge of the game. The wagering requirement is the number of times the deposit and bonus amount has to be bet. It's different at different online casinos, but on average it's between 15 and 30 times. The contributing percentage is the amount that a game contributes to the wagering requirement. Slots games count 100%, so the overall wagering stays the same. But with games like Blackjack, Roulette or Baccarat, the casino will set the contributing percentage to something like 50% or even less. To understand this, if the game percentage is 10%, it means that the overall bonus wagering requirement is in fact 300x (100 / 10 x 30). In simple terms, the house edge is the percentage of total money bet the casino expects to win overall. If a game has a house edge of 1%, the casino would expect to make a profit of 1% on all bets taken over a long enough period. When you put all that together, you'll understand that the wagering requirement and game percentages are designed to make you gamble enough so that the house edge starts to work in the casino's favour. The basic equation you should always use to work out the actual cost of gambling is this:
Your expected loss = Amount you wagered x House edge (so if you bet 1000 units on a game with a house edge of 2% house edge, you should expect an overall loss of 20 units)
Normally, you can control the amount you bet. If you're trying to redeem a bonus, though, the amount you have to bet is dictated by the bonus's wagering requirement and the percentage of the game you choose to play. In that case, the equation can be refined to this: Amount wagered = (Deposit + Bonus) x Wagering requirement x (100 / Game percentage)
So your expected loss = ((Deposit + Bonus) x Wagering requirement x (100 / Game %)) x House edge
If your chosen game was Baccarat (House edge 1.5%, game % 50) and you were trying to redeem a £50 100% matching bonus with a wagering requirement of 30, the equation would give: ((50+50) x 30 x (100 / 50)) x 0.015 which equals 90. In other words, the amount you have to bet to redeem the bonus 50 will, on average, result in a net loss of 90! D'oh! Bonuses are used to bring in new players. It's not compulsory to take up a bonus offer at an online casino, but if you want to, run the figures through this equation and know what’s expected of you – before you sign up! |
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