With more online casinos popping up daily, the competition is great. While some try to differentiate themselves and attract customers by having a variety of online casino games, others use methods like “No Deposit” bonuses. Unlike your typical bonuses that you might see on a sportsbook or online casino – these do not require the player to deposit any money. That may seem like it’s too good to be true because in many ways it is.
Before getting yourself too deep into a “No Deposit” bonus, here are some things you should know.
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No Deposit Bonuses: What to Watch Out For
Why Do Casinos Offer No Deposit Bonuses?
The answer to this question is quite simple – player acquisition.
Online casinos pay large money advertising to pull in new customers. Each new account created gives them a chance to make money and expand their market share. By offering players some small token just for signing up, they get them into their online casino. Additionally, it allows them to showcase what they have for options. With free play options, players get a chance to explore the games they offer, mobile compatibility and overall user experience. If that is a fit for the player, the online casino can find a player for life.
Types of “No Deposit” Bonuses
When online casinos offer “No Deposit” bonuses, they typically come in three different forms. Each come in different forms and have their own benefits and drawbacks.
Free Cash
Free cash is one of the least common examples that you see in online casinos. That’s because it has the lowest number of restrictions on how you play it. By giving a player free cash, they can wager the entire sum in one roulette spin or one hand of blackjack. While that may be enticing to a player, it doesn’t encourage exposure to the entire site, which is part of what the online casino is looking for.
Free Spins
This is one of the more common examples with online casinos. Not only do some use this to draw in new players, but others give them to current players to get them to explore the slots portion of their site. The benefits of this is that the player can get a sense of how different slots might play on the site. However, it is limited to just slots, which again limits how much of the site they see.
Free Chips
Perhaps the most popular option, some online casinos lean into free chips. These chips are often tied to certain types of games – for example table games. This helps them bolster attention in a targeted manner. It also allows some freedom to the player, which can be a draw, while also limiting how quickly they can dispose of the bonus.
The Catch
Like with any offer for something free, there is typically a catch. In the world of “No Deposit” bonuses, that catch is often mult-faceted.
Rollover
The first way that online casinos limit the damage done by “No Deposit” bonuses is by having rollover mandates. These rollovers come amounts typically ranging from 10x to 25x – but occasionally as high as 50x – that force the winner to play a certain amount of money before taking any out. In the case of a 10x rollover, if the bonus is set at $25, the player cannot take any money out until they have reached $250 worth of wagers. This stops the player from taking it out quickly after a big win or laying just one wager and winning.
The additional drawback to this is that it can sometimes even slow down your other withdrawals – such as if they have a connected sportbooks. That’s why it’s always important to read the fine print when accepting a “No Deposit” bonus.
Withdrawal Limits
In addition to needing to rollover the amount a sufficient number of times, many of these online casinos also put a maximum withdrawal limit on the bonuses. You may find yourself ecstatic having turned a $25 in free chips into $400 – having easily met the rollover – but are unable to access that total amount. That’s because the fine print has set the maximum withdrawal on the bonus at just $100. While the $100 is still a nice win, it can be frustrating if you were not aware that the entire total was not eligible to come out.
Some online casinos allow you to chase the rest of the bonus, but require a deposit to do so. That portion allows them to get you committed to play on the site.
Time Limits
The final catch when it comes to “No Deposit” bonuses is time limits. Often these free amounts need to be rolled over and/or withdrawn within a set amount of time. Online casinos do this to promote a committed devotion to the games and consistent early play. Players must go right to play on these games or risk losing their amounts.
Conclusion
While free money always seems like a good thing, it’s always important to know the parameters of what the online casino is offering. There is typically no harm in taking a look at these offers, but do so with caution and with full knowledge of what the offer is. This can prevent you from becoming stuck in a situation or disappointed when it wasn’t as good as you imagined.
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If you’d like even more info on online casino games, be sure to check out the Sports Gambling Podcast and all of the casino articles over on SGPN.
