To Start: If you do not want restrictions on your game play, do not accept a free bonus chip. Simply deposit, find your favorite game, win big and request your money! I don’t think many people realize that accepting a free bonus chip when playing on an online casino sites comes with some requirements before you are able to withdraw your winnings.
For this example I will be talking about playing on Casino Extreme that offers a free $50 chip (link). This is general information and is not specific to every single online casino but for the most part the terms work the same way regardless of which site you play on. You will have to read the terms and conditions on each casino’s website to get a full understanding of their individual terms.
If you deposit money and do not take advantage of any bonuses, your money is free and clear with no wagering/playthrough requirements and will not have a cash out limit. (Always check the terms!)
HOW TO GET THE $50 CHIP FOR FREE
- Register an Account and Login.
- Visit the Cashier Section
- Click on the Redeem Coupons tab.
- Select Available Coupons tab.
- Click on 50 Sign-up Bonus Redeem Coupon button.
- If Any issues, just reach out to Live Chat and they can help.
Stick With Me Here…
The casino in this example offers a FREE $50 sign up bonus. This means you do not have to deposit any of your money to get the $50 added to your bank to play with. They state that the bonus ($50) has to be wagered 30 times before a withdrawal will be authorized. This means you have to take that $50 and bet it 30 times the amount of $50 (which is $1,500). You didn’t really think they were giving away free money, did you?
Let’s say you are betting $1.00 each spin, each time and no other denominations. This means you would have to hit that spin button 1,500 times before you have reached your wagering requirement of $1,500. If you bet $2.00 a spin each time with no other denominations, then you would spin 750 times before you reach the requirement. Whatever is left after doing this will be the amount that you will be able to cash out.
Max Cash Out or Withdrawal Limit
This particular casino has a withdrawal limit of $100 on this free $50. So let’s say you are on your way to completing the requirement and you have $300 in your balance, only $100 of that can be withdrawn for cash. The rest would be automatically removed from your balance as soon as you meet the playthrough or wagering requirements so pay attention when playing.
Casino Extreme also offers a 100% boost on your first six deposits (up to $500). Think of this as a match bonus (you can use coupon code EXTREME up to six times if you are a new user). This means if you deposit $100 not only will you have your $1oo to play with, but they will add 100% of that amount to your balance to play with. ( $100 of your money + $100 bonus money = $200 in your bank to play with).
They state that the deposit amount and bonus amount must be wagered 15 times before a withdrawal will be authorized. Notice the difference here. This means you have to wager 15 times both your deposit and bonus amount to meet the wagering requirement. ($200 x 15 = $3000). Yes, you would have to wager $3000 before a withdrawal would be authorized.
Your maximum withdrawal is set to 30 times the amount of the qualifying deposit. The bonus amount is Non-Withdrawable. So 30 times your deposit of $100 has a max withdrawal limit of $3000 all yours to keep!
I know that sounds ridiculous, but hey.. they are in the business of making money and the free welcome bonus allows you to get use to and experiment with different machines to see which ones are worthy of your time. No business can literally give away free money! However you will be quite surprised at how fast you can meet the playthrough and wagering requirements when you choose an online casino that has a great RTP percentage like Casino Extreme does (and all the casinos I promote on here). I personally love games like Vegas Lux with 720 pay lines (more chances to win). If you are a high roller like me who normally plays $2.50 and up, you will playthrough in no time.
For this particular sign up boost bonus of 100%, wagering on all casino games (excluding 777, Pontoon Blackjack, Baccarat, Craps, Multi hand Video Poker, Progressive Slots, Roulette, Sic Bo, PaiGow, Red Dog) will contribute towards meeting your requirements for withdrawal.
Important things to note: On these bonuses, a lot of times you are only able to bet a certain amount per spin depending on their restrictions. Using this deposit bonus example of 100%, they enforce a limit of $10/spin. If you go over that amount per spin, that spin will not be counted towards your wagering requirement.
TERMS & CONDITIONS Direct From Their Website
- Wager your bonus 30x.
Wagering is open for all *non-progressive* casino games excluding 777, Baccarat, Craps, Roulette, Sic Bo, PaiGow, Red Dog, live dealer games and War In some cases the value per $1 wagered may vary from game to game. Please make sure that you check in the cashier – ‘redeem coupon’ section the wagering on each game before you start your promotion game play.
- Your maximum withdrawal is set to $/€ 100.
No exception will be made for an amount more than the set maximum withdrawal limit.
- Verification deposit is needed prior to any withdrawal been processed from the New Signup Bonus.
If verification deposit is not made within 7 days from the date the New Signup Bonus has been received, all winnings and bonus amount will be removed with no prior notice.
- This promotion is reserved for players from following countries only: United States, Canada, Finland, Italy, New Zealand, Norway and Sweden.
- If your country isn’t listed above, you can still claim 50 FREE SPINS by clicking on the same redeem coupon red button and claim your spins. If you still do not see the promotion in your Active Promotions tab in the cashier, your country is prohibited from claiming free promotions.
- Any other issues or attempt at taking an unfair advantage of the promotion will also void the promotion and all winnings and bonus will be removed from the account.
- Terms of the promotion are in effect until a withdrawal is made from the promotion.
Notice that you must make a verification deposit within 7 days from the date the bonus has been received if you wish to cash out any winnings that are eligible. My suggestion since these types of sites require a good amount of information for the verification process is to use Bitcoin to make your deposits/withdrawals (or any other payment method other than a credit card).
The reason for this is because Bitcoin is pretty much anonymous and the only verification you would have to do is basic.
For example if you use a credit card, you have to not only verify your identity but you also have to verify that you are the owner of the credit card you use and this causes more paperwork. If you use Bitcoin to instantly deposit/withdraw only, there are less steps to complete. Casino Extreme is the KING of instant deposits and withdrawals so that makes my suggestion even sweeter! THIS IS A ONE-TIME VERIFICATION PROCESS UNLESS YOU ADD ADDITIONAL PAYMENT METHODS TO YOUR ACCOUNT. COMPLETE VERIFICATION ONCE AND YOU ARE FREE TO CASH OUT WITHOUT SUBMITTING ANYMORE DOCUMENTATION.
Don’t let the wagering playthrough requirements deter you from your next big win. Remember that you do not have to redeem a bonus but it is NOT impossible to win if you happen to take one. You have to be IN it to WIN it! More Deposit Bonuses can be found here.
What are your thoughts?