Reliable online casinos have many benefits over their land-based counterparts, including sign up bonuses, loyalty packages, matched-deposit bonuses, and weekly and monthly promotions. However, one major drawback is we can often miss the underlying terms and conditions that come with these bonuses, and as such we can succumb to many disadvantages associated with opting in for a certain bonus. Therefore, we take a look at each of these bonuses and their potential drawbacks.
Sign up bonuses
Sign up bonuses for online casinos are a one time thing only, as you can only access them when you sign up to the Internet gaming establishment (as per their name). Players register and create a username and/or a password, and, here, players can opt in or out for the sign up bonus, which can include free spins on slots, free cash, and more.
Some Web casinos will require you to make a deposit to gain access to the sign up bonus, while others will provide a free cash bonus or free spins just for signing up.
Drawbacks of sign up bonuses: As we noted in our explanation of sign up bonuses, these are only available when you sign up. If you are found to have created multiple accounts to abuse this, you will be penalised and potentially blocked from the online casino.
Other drawbacks of sign up bonuses include wagering requirements on any winnings or bonuses, or it can be quite small if it doesn’t have any conditions attached.
However, generally many sign up bonuses that include wager free cash or free spins should be taken advantage of as they are risk free and don’t see players spending more money than expected.
Loyalty packages
Just as loyal players can sign up for a loyalty card at a land-based casino, so to can players online – only all you have to do to sign up is make a deposit and you are instantly signed up for the loyalty program online.
The way loyalty bonuses work is that you do need to play quite regularly in order to accrue points and you can go from a certain level such as a Silver level up to a Gold or Platinum level as you accrue more points.
Each level will have different rewards and bonuses, and the more points accrued the better the rewards.
Drawbacks of loyalty packages: The most prominent drawback of loyalty packages is that you do have to wager a large amount of money in a certain period of time to reap the best benefits. For example, to become a Diamond member at Royal Vegas (which is the best member level) you have to accrue 75,000 points in a month. Slots are worth 1 credit per point, while table games such as roulette are worth 5 credits per point, and blackjack is worth 100 credits per point. If you are a blackjack player it will cost you 7.5 million credits in one month to get to the Diamond status.
Casinos will regularly put on promotions where you can multiply your reward points so keep an eye out for these and perhaps only aim for the the high levels if you are a slots player or a high roller (though you will generally be contacted for your own special rewards).
Matched-deposit bonuses
Matched-deposit bonuses can pop up randomly at online casinos or they can be attached to welcome bonuses when you sign up online.
Regardless of how they are offered, matched-deposit bonuses involve players depositing a certain amount and having it matched by a certain percentage. For example, Slots Million’s matched-deposit bonus involves depositing up to $100 and receiving 100% of it matched. So you can deposit $100 and receive $100 to play with.
Additionally, many casinos feature tiered matched-deposits, where you are required to deposit a certain amount a certain number of times in order to access the bonus money.
Drawbacks of matched-deposit bonuses: There are a few covert drawbacks to matched-deposit bonuses, which can be ignored primarily due to the fact the online casino is offering free money. Predominantly, as with all promotions and bonuses, it is very important that you read the terms and conditions of the matched-deposit.
Many online casinos will require this money to be wagered a certain number of times before it can be released as real cash, and therefore you will need to put this through a number of times and if you aren’t lucky you will lose it all and then some. They also specify in the T&Cs the minimum stake per bet to count towards the wagering requirement, so be sure to check this too.
Additionally, most online casinos with tiered match-deposits will not release the bonus if you make a withdrawal before you have completed all of the required number of deposits. This means if you win big, you won’t be able to make a withdrawal before you complete the bonus money, or the bonus will be taken off you.
Weekly and monthly bonuses
Weekly and monthly bonuses can be matched-deposits, free spins, trips to Bali, cruise vouchers, the latest gadgets, and many more exciting promotions that pop up for a certain period of time.
You generally have a certain amount of time to make a deposit to take advantage of the bonus, or you are required play a certain title to earn a ticket into a prize draw. A random raffle is then drawn and a winner or winners are notified.
Drawbacks of weekly and monthly bonuses: Players with smaller bankrolls won’t get the same opportunity with weekly and monthly bonuses that require you to deposit a certain amount in order to earn a ticket. This is because there is generally an unlimited amount of tickets available to earn, and those with big bankrolls can deposit larger amounts and earn more tickets to give them a better chance, while those with a smaller bankroll can only earn limited tickets.
Many online casinos also operate on different timezones so players can miss out on the promotional periods due to not looking up the time difference. Be sure to do this by performing a simple Google search with the Internet casino’s timezone and your own timezone.
Should you decline a casino bonus?
At the end of the day, whether you decline a bonus or not is entirely up to you and your personal preferences. What you must do is read the terms and conditions outlined at our reliable online casinos to ensure you have all the details.
If you find there are no terms and conditions (you won’t find this at any of our recommended Internet casinos) then you should avoid this bonus, and ultimately this online casino.
Overall, opt in for the bonus if you know about the wagering requirements and are happy with them, or you can afford to make the deposits and earn the points. If not, you will still have an enjoyable time playing online with your own money.