With online gambling expected to generate some $500 billion in action this year, most online casinos are offering generous bonuses to lure new players.
Problem is, many of those bonuses are just hooks with no real chance of paying out. Here’s how to watch for casino bonus scams and find the best bonuses for you.
Online casinos are located in many different locales around the globe. That means not all online casinos are regulated the same. That level of uncertainty is largely why online gambling is illegal in the U.S. outside of Nevada and Atlantic City, even with a former casino owner as President.
Just like online casinos undergo differing levels of regulatory oversight, the bonuses offered by them can vary from being bettor-friendly to virtually a waste of time for bettors looking to win and cash out fast.
Most online casino bonuses are of three types — free plays, free credits and deposit multipliers. On the surface, each looks great. But, when bettors read the bonus offer’s details, they find hidden restrictions in many.
Those restrictions can mean the difference between cashing out with real money in your pocket or wasting time playing online casino games with no real chance of growing your bankroll. The restrictions typically require you to wager the value of your free plays and bonuses several times over before you can withdraw you winnings.
In some instances, you might have to place 25 to 250 times the value of your winnings from free plays and bonuses before you can withdraw a cent. That’s no good, and a perfect example of how many online casino bonuses can wind up being nothing more than scams designed to frustrate bettors into depositing more money into their betting accounts.
You can avoid the casino bonus scams by reading the fine print and ensuring you fully understand all terms and conditions of the bonus. A worthwhile casino bonus will let you withdraw at least some of the winnings from bonuses right away.
If you can’t withdraw at least some of the winnings right away, it’s a good idea to look for a different casino bonus that will let you withdraw some of the winnings without additional restrictions.
When bettors are forced to continue rolling over any winnings from bonuses and keep wagering many times over, it’s nearly impossible to withdraw any of the winnings. That makes many bonuses virtually worthless, and a waste of time for most bettors.