With the long list of online casinos that have sprung up, there has been a sharp increase in the types of bonuses offered by these casinos as they try to woo gamblers to their sites.
These bonuses are very welcome and, as a gambler, you can take advantage of them to play for real money games.
The most common types of bonuses are the deposit bonus. They can come in the form o free spins or cash but this again depends on the casino.
For the free spins, they are a great addition to your gameplay as you can be able to play and win money without using any of your cash.
However, they say that all that glitters is not gold, and the free spins have their fair share of troubles.
Below, I have put a comprehensive list on the drawbacks that come with the free spins;
Online casinos are in the business to make money, that is why their offers look like they are very profitable but in the real sense, most are not.
It’s normal to find casinos offering between 20-200 spins depending on the offer.
These inceptive is enough trap for many gamblers because they come with better chances to make money. However, no one will tell you that, these free spins are extremely low in value, as the average spin is worth $0.10. There are a few that are up to $0.25, but these are quite rare.
Assuming you receive 25 free spins and each has a value of $0.10, it means that the entire batch is worth only $2.50.
Online slots have the allure that even with very small bets; you can win large amounts of cash. If you have been n this institution for long, by now you know that most slot machines don’t pay out very frequently.
Actually, the opposite is the truth. In gambling, slots remain the most volatile games across the board. You can make a deposit of $50 and lose it within minutes of spinning the reels.
Now, imagine how fast it is to lose $2.50 or $10 that is the value on most free spins.
Well, I’m not against receiving free spins; neither I’m I saying that it’s impossible to win any money with them. But on most days, you will make very little with them.
Most online casinos place a cap on the winnings that come as a result of the free spins. Although this may look unfair to gamblers, it is very fair for the casino.
A casino is simply using the free spins as a hook so that you can try them out, however, the gaming site is giving you free spins as an incentive for you to try them out.
However, they also know that they are in business, and, so they will not allow themselves to get burned if you happen to win a huge jackpot.
That is the reason they cap winnings on the free spins. Often time, the winnings are capped at between 100 and $250.
This gives you a fair chance to take some winnings while protecting the casino from the massive jackpot.
You will accumulate some winnings while using the free spins, however, you will not be able to get and keep the money. This is not until you meet the casino’s terms and conditions (T&Cs) that often come attached to these freebies.
One of the most important terms is rollover (play-through). This is simply the amount of time that you are required to wager prior to cashing out your winnings.
Depending on the casino, this rollover on free spins could be anything between 25xs to 80 xs. To get an easier time with the wagering requirements, opt for the lower end of the spectrum.
Let’s take a small example of play through with free spins:
With the help of free spins, you are able to earn $10
The Rollover is placed at 50xs
50 x 10 = $500: this is the amount you will need to wager before you can be able to cash out your winnings
There are other casinos that place game restrictions, the amount of time to meet rollover, certain territories (countries), deposit stipulations (payment options like Neteller and Skrill often don’t qualify for casino bonuses).
When playing to meet the rollover required, it is important to note that there are some games that do not qualify for playthrough. Others only make a small contribution.
Take the example below on what happens when a slot reduces its contributions towards a rollover.
Let’s say a game has an RTP of 98%
Given its high RTP, such a game can only make a contribution of up to 20%.
Such a game will require wagering of 5 xs as much for it to satisfy the rollover.
As we have already discussed, the best thing is to start off by taking a deep look at the terms and conditions that are attached to the free spins.
Now, let’s assume that it’s your lucky day and after a couple of spins, you are able to meet the playthrough and so far, you have no losses. These funds are now yours; however, there could be a reason why you cannot cash the money.
By now, you may be aware that most, if not all online casinos have a minimum and maximum withdrawal limit. If your earnings are not enough to reach this limit, you will not be allowed to cash it out.
When compared to free spins, deposit bonuses are much better in terms of profits. A deposit bonus simply refers to the amount you are awarded after you make a deposit.
This is a good example :
A certain casino gives you a 100% match bonus that is worth as much as $500
If you make a deposit of $300
300 x 1.0 = $300 is the bonus that you will be awarded
From the example above, it is clear that deposits bonuses offer much more profits as compared to the free spins. In fact, after meeting all the wagering requirements, you can walk home with hundreds if not thousands of dollars.
Free spins come in handy, and especially for those gamblers working with a small bankroll.
With the free spins, you get the opportunity to sample a number of slots. This can be a lot of fun. However, they also boost your chances of winning extra profits at the online casinos.
Although a casino may offer you 100 spins that may sound like a lot, their value is way too low. With each spin having a value of about $0.10 or less, trying to win large amounts of cash will not be an easy undertaking. This is even worsened by the high volatility that is witnesses in most slots.
Terms and conditions are other prohibitive things that you will need to deal with when working with free spins. You’ll be required to meet the rollover terms and any other terms prior to making a withdrawal.
However, free spins are not bad; after all, they give gamblers an opportunity to enjoy the free world, while generating additional income.
Free spins have remained the most popular forms of bonuses that are awarded by online casinos. However, these types of bonuses are a far cry from their counterparts, the likes of deposit bonuses and the reload bonuses.
They have every low earning potential that is made more complicated by the capping that is common on many of these offers.
If you are dreaming of buying a Lamborghini with earnings from the free spins, I’m sorry to burst your bubble. Your online casino will not allow you, and you can confirm this by checking their terms and conditions.
Play through is another challenge that you have to contend with. Some casinos are known to impose a rollover of as much as 80xs.
On the flipside, free spins are not as worthless as they may seem. With them, you have a chance to win up to $100 and even more depending on the casino.
If you seriously want to take advantage of the free bonuses offered by online casinos, you will find success quickly with the help of other types of bonuses like the deposit bonus. With them, you have a better chance where you stand to win up to a few thousands of dollars.
However, just like is the case with many other industries, you need to be dedicated and serious with your gambling, so as to meet the wagering requirements imposed on the deposit bonuses.
Look out for valuable free spins and other forms of deposits only from the most reputable online casinos.