While there are many perks to gambling online, casino sign-up bonuses are probably the best of the lot. Available to all new members, a sign-up bonus is like getting free cash just for creating a new account and making a deposit. You can use your reward to play slots, table games, scratch cards or live dealer games without spending your own money. But, before running out and grabbing the biggest casino bonus you can find, you should be aware of the wagering and playthrough restrictions and how they actually work.
What Are Sign Up Bonuses?
All top-rated online casino Canada sites offer promotions or incentives of some form or another. These monetary incentives have been around almost since the dawn of the online gambling industry. They were developed as a digital alternative to land-based perks. When you play at a land-based venue, you are often rewarded with free drinks, meal vouchers, entertainment vouchers, and sometimes even cash back on your playing card. Since online gaming sites cannot offer the same perks, they do the next best thing. They give you free spins and credits to use on your favourite games.
The Welcome Bonus
A casino bonus can take many forms, from free spins to a cash match. The most popular is the Welcome Bonus, which is initiated when you sign up for a new account and make your first deposit. You are then rewarded with a cash match amount on your deposit. This is usually 100% of your deposit amount, but can go as high as 300%. What this means is that for every dollar you deposit, the casino will match it up to a certain cash limit. Deposit $150 and you get $300 in your account. Some deals throw in free spins that you can use on selected slots games without paying for each spin.
If do a quick search, you will find all online casinos in Canada generally offer a Welcome Bonus between 100% and 200%. Some casino sign-up bonuses restrict you to $200, while others can match your deposit up to $500 or more. Instead of looking at the size of the reward, you should always read the terms and conditions and find out what wagering restrictions apply.
Casinos are not in the habit of just giving away free cash. You can be sure they have a system in place to get their money back, and then some. This is where wagering restrictions come in. They are specific restrictions that apply to the incentive awarded and all winnings associated. Wagering restrictions are displayed as a playthrough amount such as 15x, 20x or 30x. This indicated the total multiple amount you must wager in real money to clear your reward. Only then can you cash out any winnings.
With casino sign-up bonuses, the higher the playthrough requirements, the more you have to spend to clear them. For example, if you have been awarded $150 and you have a 20x playthrough, you will need to wager 20x $150, or $3000 in real money before you can cash out. If the same incentive has a 30x playthrough, you will have to spend $4500 to clear it. Some sites are sneaky and apply restrictions to both your deposit and reward amount. This effectively doubles the amount you have to bet to clear your restrictions.
Most promotions at online casinos in Canada also have a time restriction such as 1 or 2 weeks in which get all this done. After this time, they lapse and you lose any winnings you may have incurred. The key is to find a decent sized reward with the lowest playthrough requirement. Always read the fine print and make sure you understand the restrictions before you sign up and this way you’ll only claim rewards that add value.