The online gambling industry is one of the fastest-growing markets. According to a report by Fortune Business Insights, the industry was worth around USD 66.72 billion in 2020. Interestingly, it is expected to witness an 11.4% Compound Annual Growth Rate (CAGR) to hit a whopping USD 158.20 billion by 2028.
Several factors have contributed to the exponential growth of online gambling. First among them is the convenience offered by online gambling sites. Gamblers don’t have to hit the brick-and-mortar casinos to get in the game. The advancements in online payment methods and mobile payments have also contributed to the growth of the industry.
But one of the biggest players in the growth of online gambling is the bonuses offered by gambling operators. This article examines whether the bonuses offered by gambling operators are legit or not.
What are Online Gambling Bonuses?
Gambling bonuses are incentives that gambling operators offer to new players, existing players, or both. They include deposit bonuses and no-deposit bonuses.
Deposit bonuses are offers that players can claim after making a deposit. It could be a welcome deposit bonus offered after the initial bonus or a reload bonus offered when players make subsequent deposits. A deposit bonus can be in the form of a matchup on the deposit amount only, free spins applicable to specific slot games only, or both. A good example is a 200% casino bonus where players eligible for the offer get a 200% matchup on their deposit. Such an offer could be accompanied by free spins, depending on the casino.
On the other hand, no-deposit bonuses are offers where players claim free money or free spins without depositing any money. This is the most lucrative bonus as players can get in the game without spending their money. Many gambling operators don’t offer no-deposit bonuses, but most new gambling sites have these bonuses.
Are Online Gambling Bonuses Legit?
Now, the elephant in the room is, are these bonuses legit? Who could be dishing out free money to players?
The truth of the matter is that most of the bonuses offered by online gambling operators are legit. But of course, some are not legit. Players are always advised to look for sites operated by trusted, licensed, and regulated gambling operators. Some gambling operators use these bonuses to deceive players in what is known as false advertising. But licensed sites can’t risk misleading players as they may have their licenses revoked.
Bonuses are a win-win for both the operators and players. For operators, bonuses are a marketing strategy to win customers, and importantly, for customer retention. In a flooded market, gambling operators need to offer these incentives to stay afloat. As for the players, these bonuses are a good deal as they let you get in the game without spending any money. This is the case for the no-deposit bonuses. On the other hand, deposit bonuses increase gamblers’ bankrolls.
Wagering Requirements; the Deal Breaker
In as much as bonuses are a win-win for players and gambling operators, there are restrictions that are in place. These restrictions make it hard for players to get the most out of these bonuses. The restrictions are known as wagering requirements or playthrough requirements.
For starters, wagering requirements are a multiplier of the number of times gamblers have to play through bonus offers before they can withdraw the money. As you may be aware, the more you play, the higher the chances of losing the money. That’s the catch with these bonuses.
While playthrough requirements make it hard for players to win and withdraw money, gamblers can still beat the wagering requirements. With the right strategy, you can even beat a 40x wagering requirement.
Besides the wagering requirements, gambling operators allow players to use bonuses on select games only. That means you can’t use the bonuses to play the games you prefer. This complicates the matter further.
Wrapping Up
There you have it, folks, a candid discussion on how legitimate bonuses from gambling operators are. While these bonuses are legitimate, they are bound by strict wagering requirements, making it almost impossible to win real money. But all said and done, these bonuses are worth trying out.
