7 Types of Online Casino Bonuses and How They Work
There’s a lot of competition in the online casino industry. Many gamblers around the globe have watched the evolution of systems, code, graphics, software providers, and payment methods. These competitors utilize these features to compete with each other in the market. For example, crypto-based casinos make use of blockchain technology, security, provably fair, anonymity, and transaction fees to challenge the market share of fiat-currency-based casinos.
Among these different tactics we see in online gambling, pricing and payment methods are the most prominent. Casinos use bonuses, promotions, bet values, and deposit thresholds to invite more players to gamble on their platform, and gamblers can leverage these features to play and win games. Let’s explore the different types of online casino bonuses players might see across platforms.
What are online casino bonuses and how do they work?
Assuming that there are new gamblers in the market who have recently adopted online casino gambling, it is safe to explore a summarized 101 on this topic.
In the online casino industry, every player matters, and this is because players hold the buying power and thus influence the size of a casino’s membership or amount of users. These players use their buying power to deposit funds into their casino cashiers/wallets to get gaming credits. The gaming credits are, therefore, used to bet in games to get returns upon wins.
A bonus or promotion in this context then refers to the additional credit a casino gives to a player to increase the number of bets they can make in games. For example, a casino may offer players 100% up to their deposit valued at 1BTC: this means that players will get an extra 1BTC from the casino when they deposit 1BTC, resulting in players having 2BTC to play games. Some of these bonuses may come as free spins, wherein players get additional gaming credits to play slot and jackpot games.
These are the different bonuses and promotions players look for in casinos
1. Welcome Bonuses and Promotions
Getting players to onboard in an online casino is difficult. Most players have casinos they are loyal to and therefore are less likely to terminate their membership: This is where welcome bonuses and promotions come in. While these players enjoy playing on their casinos, bonuses and promotions may influence the choice to switch platforms to leverage higher percentage bonuses. Based on the offer, new players tend to use their buying power to choose one casino over other
A welcome bonus is a reward that online casinos offer players upon signup or first deposit. These refer to the additional credits discussed earlier, where casinos give a few percentages up to a player's deposit with free spins. For example, BetChain offers players 225% up to BTC deposits, with 220 free spins in welcome bonuses.
2. Re-Deposit Bonuses (second & third)
The second and third deposits are always the kingmakers. These deposits determine whether or not a player has found a new gaming center to sustain membership with. Although the second and third deposit bonuses are slightly lower than the welcome deposit, most online casinos (especially those that use Bitcoin) understand that having them increases retention. Equally, casino gamblers tend to deposit for the second time based on their experience with the first deposit.
Re-deposit bonuses are rewarded to players when they make a second, third, and sometimes even fourth deposit. The casino essentially sees the player as a loyal member and thus rewards them for continuity. Players can get anything from a 5% to a 100% bonus up to their deposit. It is worth mentioning that these deposits and bonuses all have a wagering requirement, which we will explore later.
3. VIP Club bonuses
Sequentially, the more a player bets in a casino, and deposits funds, they stand to qualify for VIP Club memberships. These clubs have coveted benefits for players, which comprise weekly rewards. An example of such membership is CryptoWild’s VIP Club, where players have different statuses in the VIP club: Silver, Gold, and Platinum. The casino offers players weekly cash-back bonuses of between 25% to 50% and up to 40 free spins upon deposit. Players can use these exclusive bonuses to bet on more games.
Every deposit and bonus has a wagering requirement. The wagering requirement describes the condition a gambling site places upon bets to better manage bonuses and promotions. For players to cash out bonuses, they’d have to fulfill a wager: This means that if a player deposits $50 and gets %50 in bonuses, the casino might place a 10x wager, which would require the player to make bets worth up to $1000 to qualify for withdrawals on their winnings: These bets can be made with winnings from bonuses.
4. Weekday/Weekend themed promotions
Weekdays and weekends are full of special days in online casinos. Most casinos have Monday, Wednesday, Friday, and Sunday rewards: On these different days, players qualify for bonuses, free spins, and cash-backs to multiply their chances of winning upon their deposits. These are usually days when casinos have a lot more traffic.
5. Cashback bonuses
So you’ve been playing a casino game and making losses. But now, you want to try again. However, your funds are almost depleted, and you are up for a re-deposit. Cashback bonuses solve these problems. With Cashback bonuses, players get a percentage return on their lost money in blackjack, poker, and dice games; These bonuses could be awarded to players daily, weekly, or monthly, depending on the casino. Cashbacks also apply to deposits and Bets made by the player.
6. Reload bonuses
When players redeposit into a casino, they get bonus rewards for their loyalty. Although the second and third deposit bonuses count as reload bonuses, continuity in a player’s loyalty to a casino is not dismissed or underrated.
Reload bonuses can be rewarded as a percentage up to a player’s deposit, free spins, and sometimes cash backs. This is a way for casinos to show appreciation to the gambling community.
7. HighRoller bonuses
If you’ve ever wanted to instantly acquire high status in a casino’s VIP club, becoming a high roller is the key to success. Casinos give exclusive rewards to players who make deposits above the threshold of median player deposits: This helps qualify players for 50%+ up to their deposits. For example, if a player’s first deposit is 3BTC, a casino may instantly give them a Diamond status in their VIP club, wherein the player will receive a bonus of 1.5 BTC and other rewards like thirty (30) free spins every Friday, 50% bonus every Sunday and more.
How do you compare casino bonuses?
Comparing online casino bonuses is simple: the player has to look at the percentage bonuses, number of free spins, rewards, and other cashback bonuses first. Then, the player has to understand the wagering requirement. Once this information has been gathered, the user can, therefore, choose the best option. It is important to highlight that the higher the percentage bonus, the higher the wagering requirement could be, although in some cases, it is to the contrary.
Once you’ve established the best option for yourself, you too can join players on a global network of online casinos.