The online gambling market was valued at over $44 billion by the end of 2019. Does this growth have anything to do with online casino bonuses?
The online gambling market was valued at over $44 billion by the end of 2019. Analysts predict that it will continue to grow a CAGR of 7.13%, to reach $67 billion in 2025. Does this growth have anything to do with online casino bonuses?
Many incentives drive players to online casinos than to brick and mortar businesses. However, it’s the many bonuses that stand out the most. While those bonuses come with many restrictions, many players find them hard to resist. So, why do players find them so irresistible?
Read on to discover why online casino bonuses are so popular and the various types of casino bonuses.
Online Casino Bonuses Are Irresistible
Well, to start with, bonuses allow players to give players a chance to gamble just as they would with their money. Unlike free trial wagers that won’t result in actual winnings, the ability to withdraw winnings you get from bonus wagers makes online casino bonuses irresistible.
Thrill and Fun of Gambling
Because you can withdraw any winnings you get from wagering bonus funds, bonus funds have the same thrill effect as real money. It’s just like when playing cards with friends. It’s just more fun if you are playing for money than when winnings give you a mere emotional satisfaction.
When you play with bonus funds, you get some mental pressure. Moreover, you get to track how your strategy increases or reduces your bonus funds. That makes it easy to learn or develop the right gaming strategy.
That is something you don’t get when playing in a traditional brick-and-mortar casino.
When you play with bonus funds, it is akin to a casino giving your wagering credit so that you play and win real money. However, you aren’t obligated to continue playing if you wager and lose the bonus funds.
Moreover, since many online casinos are a few clicks away, new players can get multiple bonuses before choosing their best online casino.
Top Online Casino Bonuses and Their Features
We have seen why players find online casino bonuses to be irresistible. Now, let us look at some of the bonus offers in various online casinos. However, we must point out that most casinos will have different conditions you must observe to use the bonuses.
Otherwise, many casinos may not allow you to wager the bonus funds or even withdraw the bonus winnings.
Virtually all online casinos offer a welcome bonus. Even those casinos that offer few bonuses, a welcome bonus is usually among them. However, casinos offer welcome bonuses and to new players only.
To get a welcome bonus, you need to sign up for an account. You can do that on a casino website or mobile gaming app. However, you should not sign up on both the website and mobile as a different person.
Most casinos will not ask for any verification document once you sign up and activate your welcome bonus. That can ask for your identification and address verification documents later on.
Often, that happens when you decide to withdraw your winnings or activate your welcome bonus funds. The information on the documents must match the data you provided when you signed up for your account.
Some casinos may require you to deposit some funds to qualify for a minimum bonus. The welcome bonus can be as high as $12,500 or as little as $10. Moreover, it’s often a multiple of the customer’s first deposit. Some casinos give as much as 250% welcome bonuses.
However, you cannot withdraw those bonus funds immediately. Most casinos require you to wager the bonus funds and your initial deposit multiple times.
Some casinos may offer you free spins on selected slots instead of a welcome bonus. Others may also give additional welcome bonuses in the second, third, and fourth initial deposits. Others may also limit the games that you can play with these bonuses.
After you meet the wagering and verification requirements, you can withdraw your bonus winnings. Overall, you can benefit more from welcome bonuses if you take your time to read through wagering requirements.
Casinos like it when you top up your account balance often and with significant amounts. And to encourage you to do it, they may offer a reload bonus if you meet certain conditions when you top up your account balance.
For instance, you may have to top mid-week, use a particular payment processor, and deposit a certain minimum amount. Other casinos may restrict you from playing certain games using reload bonus funds. Overall, the terms for a reload bonus are lenient compared to those of the welcome bonus.
Most casinos credit your account with this bonus instantly upon receiving your reload funds. Often, this bonus ranges from 5% to 20% of the amount you deposit. If you want to take advantage of this bonus, make sure you understand the terms of wagering it first.
Online casinos have to comply with Know Your Customer (KYC) regulations. To do that, they ask for personal details such as your date of birth. You then have to confirm those details with a photo ID. Naturally, when your birthday comes around, they reward you with a birthday bonus.
They do that to cheer you up, and of course, to encourage you to wager on your birthday. Chances are, if you wager the birthday bonus, you will wager some of your money too. Other online casinos may give you free spins instead of a cash bonus.
Either way, you get to play some games for free during your birthday.
We all know it feels great to get favorable treatment once in a while. To capitalize on that, many online casinos have VIP programs for their loyal customers. Some of the benefits of these programs include higher deposit bonuses, fast processing of withdrawals, and higher deposit limits.
The exact amounts of the deposit funds will differ from one VIP level to another. Moreover, different casinos have different VIP qualifications and VIP bonuses. A few casinos do not have a VIP reward system, while others give each active account holder a VIP status.
Wheel of Fortune
The Wheel of Fortune bonus is similar to the game with that title. However, you do not have to play the game to get this bonus. Instead, you get invited to spin a wheel to select your bonus item. To turn the wheel, you click/tap a button.
The wheel spins, and when it stops, its pin will point at a random sector, which determines the gift you will get. You get this bonus after wagering a certain amount on the casino, actively playing for a certain period, or achieving similar milestones that qualify you as a loyal customer.
To get invited, you need to meet one or more qualifications. That can be being an active member for a certain period, wagering above certain limits, or other similar achievements. Overall, the more you spend, the greater the chances you may receive this bonus.
App Installation Bonus
A few casinos will reward you with a bonus for installing their app. This bonus is popular with casinos that have just launched their app. It does not matter whether you have an account with them or not. Once you install their app, the casinos will credit it instantly to your wagering account.
The App installation bonus is often around $5 to $10 and is limited to a select few games. These games tend to be those that have low odds. If you enjoy gaming from your mobile device, you should not skip this bonus.
Casinos issue holiday bonuses to cash in from the spending mood we all experience during holidays. Most casinos offer holiday bonuses on Black Friday, Christmas, and New Year holidays. The holiday bonuses are only valid during their respective holiday periods.
Some casinos choose to offer a bonus cash reward, while others ease wagering requirements for existing bonuses. For instance, if the casino requires you to wager the bonus plus your funds 20x to withdraw your winnings, that requirement will drop to 10x temporarily.
Conclusion – Online Casino Bonuses
Online casino bonuses offer players a chance to play and learn new games. And even when the bonuses apply to popular casino games, they still offer players a chance to play and win some money. However, bonus funds may have restrictions that players must meet to withdraw bonus winnings.
In that regard, we recommend that you take some time to read through a casino’s terms and conditions on how to withdraw on bonus winnings. Overall, if used wisely, online casino bonuses can help you win big occasionally.