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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.
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About
The Author
Mike
Hellmer is a poker enthusiast and the
webmaster of Molly''s Poker and Gambling
Portal (http://www.mollyspoker.com). |
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