The online casino market makes an estimated profit of $40 – $50 billion a year, with the average online casino gambler being worth roughly $10,000. It is easy to understand why there is absolutely nothing more valuable to a casino than a new customer.
There are hundreds of online casinos needing new players, which means it is a highly competitive market. Because of this, casinos want to attract as many people as they can, and one way they do this is by using welcome bonuses. Welcome bonuses come in many different shapes and forms, the most popular being free chips to gamble with or free money to be used on playing games, but they are all designed to entice you into registering with the site.
These bonuses aren’t only for new players but are offered to returning players as well, in order for you to keep playing. Since casinos will eventually make more money from you than you will from them, welcome bonuses are seen primarily as a marketing cost.
However, this doesn’t mean that you can’t make money from these great offers if you know how to use them to your advantage.
Explore different promotions
It is very important for you to spend some time looking around at the different promotions offered by various online casinos, as they all differ.
Some casinos might offer 20 free spins while others offer 50, so comparing might be very beneficial. Other promotions may include no deposit bonuses and bonus spins. Take for example Vera & John, they’re currently offering a 100% matching bonus on your first deposit up to a maximum of $500 for new players.
If you want to get more up to date information on Vera & John’s promotions Japan 101 has a comprehensive article, you can read more here.
One thing to keep in mind when comparing varying casinos is the wagering requirement. This is something that you might overlook during the elation of an opportunity to make free money. The wagering requirement is essentially how many times you have to wager before being able to withdraw money made from the welcome bonus.
For example, if the casino is offering you a $40 casino bonus when you make an online deposit of $10 with a wagering requirement of 5x, you will need to wager $200 before being able to receive any winnings gained.
It is also crucial to understand that not all of the casino games contribute the same amount to the wagering requirement. Some games may only contribute 10%, however, in most cases, slots tend to contribute 100% to the wagering requirement.
So, doing some research into that may help you to spend less money than necessary.
Choose your game wisely
When it comes to the games that you choose to play, knowing which games require luck and which games require skill will increase your chances of winning.
One way to easily identify between the two is games of luck are usually you against the house. Examples of these include slots, roulette, craps, and Sic Bo. The preferred game of luck would be slots, since these online machines have an average payback percentage of 92-97%, which means you have the chance of winning 92-97% of some of the bets you make.
Always choose slots with the highest payback percentage, but keep in mind that you might not reach those percentages until after thousands of spins. Roulette on the other hand generally has the lowest house edge, meaning you will be losing the least amount of money per bet compared to other games.
Skills-based games are you against other players, so if you know that you aren’t the best at poker, baccarat or blackjack, then it would be a good idea to steer clear of those games unless you want to practice if the site has offered free money to play with.
Know the terms and conditions
Before agreeing to the terms of conditions when registering, read through them to find out what is needed to be done before being able to cash out your winnings.
We have gone over the wagering requirement, but another standard condition is needing to use your free spins within 7 days. Another condition might be that the bonuses are only valid for certain games and some online casinos don’t allow you to withdraw over a certain amount of money even if you have earned it through your bonus spins or credit since they use predetermined max withdrawal amounts.
And lastly, always use your real name in case the casino takes legal action against you on the account of fraud.