If you have never opened an account with an online casino,
poker room, or sports book you may be wondering if the bonus
offers are legitimate. We are all aware of the wisdom in the
sayings, “If an offer sounds too good to be true, it probably
is” or “There is no such thing as a free lunch”. So what’s the
catch? When a casino offers you $100-$1000 in free money should
you dismiss it, assuming that there are all sorts of strict
requirements, making it too difficult to achieve the pay-out?
The quick answer is no. These offers are for real and in most
cases the required terms and conditions to receive the pay-out
are typically quite easy to achieve. Some are as simple as
making small minimum deposit of $50 to $100. Some require, in
addition to minimum deposit, a minimum, but achievable, level of
play.
How are the online gambling sites able to give away free money
and remain in business? The answer is simple. In most cases they
get the entire bonus back and more. Casinos live by the odds
that all casino games are in their favor and that eventually
you’ll lose your original deposit and the bonus. Online poker
rooms, on the other hand, get the bonus back by taking a rake
(usually 5%) of every pot.
Let’s take a look at the various “free money” offers and the
requirements for full cash-out access to the money. The
requirements (the catch) are found in the terms and conditions
of the bonus offer on the site.
No Deposit Required! Some casinos and poker rooms offer free
money without any initial deposit requirements. These offers
legitimate and you will be able to play at all the real money
tables and slots. The typical catch is that you will need to
make at least one deposit before the bonus plus any winnings are
released. For example, if you receive a $10 bonus and have $50
in winnings from that bonus, you will have to make a small
deposit to your account before the $60 is released for
withdrawal.
First Deposit Bonus. To entice you to deposit real money into an
online gambling site, a first deposit bonus is almost always
offered. The interesting thing is not that they all do it, but
the very wide range of bonuses offered. You'll find one online
site offering a 10% bonus while one of its competitors offers
200%. All online gambling sites have a maximum bonus limit. So a
site that offers a measly 20% bonus could have their maximum
bonus set to $200 (deposit $1000) while the site that offers the
whopping 200% bonus could have a maximum bonus set to $100
(deposit $50).
Poker Room First Deposit Bonus. The catch for a poker room is
that you will have to play a minimum number of raked hands and
there may be a time limit. For example, to receive a $50 bonus
you may have to play 100 raked hands in 60 days. The raked hand
requirement is typically easy to achieve; however some of the
very large bonus offers are more difficult. Sometimes these
large bonuses are paid in installments. For example, to receive
a full $200 bonus the poker room might require 500 raked hands
with $20 released every 50 raked hands. If you're new to online
poker, don't be discouraged by the number of raked hands
required; a typical online table will play 50 to 100 games per
hour.
Casino First Deposit Bonus. The catch for an online casino is
that you will have to wager a required amount before the bonus
is released for cash-out. The typical online casino will deposit
the bonus into your account soon after you make your initial
deposit. Some deposit bonuses are instantly deposited at the
same time as your deposit. Some casinos require that you claim
your deposit bonus by filling in a simple form. In this case the
bonus may not get credited to your account for 1 to 3 days. Even
though the deposit bonus has been credited to your account and
you can use it to wager, you will not be able to withdraw the
bonus portion until you meet the wagering requirements. The
wagering requirements typically state that you must wager 10 to
20 times your deposit plus bonus to release the bonus for
cash-out. For example, you deposit $50 and receive a $10 bonus.
The casino has a wagering requirement of 10 times your deposit
plus bonus, which means that you will have to wager $600 (10 x
$60) for the $10 bonus to be released for cash-out.
Sports Book First Deposit Bonus. The catch for an online sports
book is that you will have to wager a required amount before the
bonus is released for cash-out. The typical online book will
deposit the bonus into your account soon after you make your
initial deposit. Some deposit bonuses are instantly deposited at
the same time as your deposit. Some books require that you claim
your deposit bonus by filling in a simple form or sending an
email. Even though the deposit bonus has been credited to your
account and you can use it to wager, you will not be able to
withdraw the bonus portion until you meet the wagering
requirements. The wagering requirements typically state that you
must wager 3 times your deposit plus bonus to release the bonus
for cash-out. For example, you deposit $100 and receive a $20
bonus. The online sports book has a wagering requirement of 3
times your deposit plus bonus, which means that you will have to
wager $360 (3 x $120) for the $20 bonus to be released for
cash-out.
Reload Bonuses. Reload bonuses are very typical for online
sports books, but occasionally you will see them offered in
online casinos and poker rooms. The reload bonus simply offers a
bonus on deposits made after your initial deposit. The
requirements are generally the same as the first deposit bonus
requirements.
Before making a deposit at an online gambling site, be sure that
you understand the requirements for the bonus to be released for
cash-out. You may have to drill down a page or two to get the
information. If the bonus requirements seem difficult to achieve
then consider another gambling site.
© 2004 by Michael Hellmer http://www.mollyspoker.com
Permission is granted to distribute and publish this article.
This notice and the web site link above must be included.
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