By Shaan Khan
It can be enticing seeing all the online bingo sites to choose from, which all come with their own unique themes and features; it could also be a way to meet new people who play bingo elsewhere.
The biggest drawback to being adventurous in this online world is the bonus wagering requirements tied to all bingo websites, where you must spend up to a minimum cash point or play on their sites for a set amount of hours before withdrawing your winnings.
So while you might be lucky signing up to multiple bingo websites and winning games on them in your first week of playing, you will still be locked out from your rewards, but for how long?
Most bonus wagering requirements are set on the 4x bonus rule, where you must earn 4x more than the bonus amount through playing bingo before receiving your reward.
Example bonus wagering requirement
- Deposit £10
- Receive 200% bonus from bingo website
- Outcome of £30 held in bingo account
- Apply 4x wagering requirement to bonus amount (£20 x 4 = £80)
- You must deposit, spend or win up to £80 before withdrawing money
Bonus wagering requirements are in place for multiple reasons. The main one is to make money since they are a business after all. The business model is to counteract the saturated online bingo market. Without bonus wagering requirements, users will feel more inclined to hop between websites while spending little time on yours because their time spent there doesn’t impact the chance of making money.
Online bingo websites & apps must create significant profits to fuel a sizeable percentage into the ongoing prize pools. Hence, a consistent flow of players adding to the pot makes profitable sense, and a bonus wagering requirement is a way to keep the players returning.
Even without the business-savvy logic, there are laws in certain nations like the US that prohibit online bingo websites & apps from not using a bonus wagering requirement. The reason being, owners will be breaching money laundering regulations if they allow players to put money into their bingo account then take it right out, especially an increased amount in a short period of time if the player got lucky in their first game.
Another advantage for online bingo websites & apps to use bonus wagering requirements is getting players acclimated with the sites/apps features to become comfortable with visuals, themes, animation, and more importantly, the social features. Finding players on an online bingo website/app that you enjoy interacting with is a good way at keeping the player hooked onto the website/app.
In conclusion, bonus wagering requirements build players’ retention to continue using an online bingo website or app. It’s a means for online bingo owners to grow their businesses and operate their games financially. Online bingo sites & apps will differ in terms of their bonus wagering requirements, so it’s best to check them out before playing a game.
If you struggle to find the bonus wagering requirements of an online bingo website or app, make sure to search for the FAQ page, which would typically outline the bonus wagering requirements.
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