There are a lot of things to take into consideration when picking a new bingo site to sign up to – including welcome bonuses, games and promotions. But one aspect which often gets overlooked is wagering requirements. This is particularly true of people who are new to online bingo, who might think that all you have to do is get money in your account and you can withdraw it more or less immediately. But as people who are familiar with the bingo industry know, it’s not actually that simple – and checking out the wagering requirements of a website can give you a good idea of the advantages and disadvantages of different sites.
1. What are wagering requirements?
Essentially, wagering requirements are the minimum amount which you are required to spend on an online bingo site before you are able to withdraw any cash which has been won through using a bonus of any kind. So, for example, if you sign up to a site and are given a £10 free bonus to spend, then you can’t withdraw any winnings which you might incur from this bonus until you have spent a certain amount of real cash on the site as well. Low wagering bingo sites are usually sites where this multiple is relatively low, giving you much faster access to your winnings.
2. Are there typical terms and conditions to be aware of?
Usually most sites will have their wagering requirements outlined in the terms and conditions of any bonus promotion they decide to run. How much you need to spend is a multiple of the bonus you’ve been granted, although if it’s a deposit bonus then it will probably be a multiple both of the bonus and of the deposit you’ve made. It is worth noting that usually these wagers are to be made on bingo only, and not on other games, across the sites, such as slots and casino games.
However, this may all be due to change, as in September 2013 the UK gambling commission published a consultation document proposing some changes to codes of practice within the gambling industry, saying that bonus offers could be potentially misleading or unfair. As a result, some sites have started getting rid of wagering requirements, instead offering bonuses which you can only get your hands on once you’ve spent through your first deposit.
3. What sites have the lowest wagering requirements?
If you want to play on low wager bingo sites, then luckily there are a few options available to allow you to do this. Here are a few of our favourite sites which offer low wagering requirements:
Bingo Diamond: After you’ve deposited and received your bonus, you are required to play 4x the amount of bonus value before you have the option of withdrawing any of your winnings. When you first sign up to the site, you receive £15 free in bonus, and if you then deposit £10 then you will get a bonus of £30, which altogether makes £10 from that deposit. That means that in total you have £55 in credits. You must wager 5x this amount to be able to withdraw from the site.
Then there is Glossy Bingo, a glamorous magazine themed site which offers players a fairly decent 250% bonus on their first deposit. The wagering requirements for this site are three times the total of your deposit plus your wagering requirement.
Bingo Hollywood: On this site, which as you might guess from the name is themed around the stars of tinseltown, bingo games and IG games have separate bonuses and wagering requirements. For Bing, players are required to wager 4x the total number of bingo Bonus Funds. Meanwhile, for IG games you must wager 40x the total amount of IG Bonus Funds. For full details of the different wagering requirements on Bingo Hollywood, check out their terms and conditions.
As you can see, if you shop around enough then there are plenty of options for low wagering requirements bingo games and sites. So before you sign up to a new bingo site, before you’re dazzled by the welcome bonus make sure you check out the T&Cs relating to how much you need to wager on the site.