Bitcoin wagering requirements are essentially terms and conditions they gamblers must meet in order to get welcome bonuses, deposit bonuses and in game bonuses from the casino operators they are gambling with.
Learning how to hit those bonuses is the key to keeping a bankroll going for those that are still new to cryptocurrency and might be new to online gambling overall. Everybody wants to be the big winner of the day and be able to cash out quickly. But the reality is, making money off of casinos, poker rooms or sportsbooks takes a keen understanding of betting odds, proper bankroll management and patience. Gamblers also need to expose every opportunity they can to earn a bonus or capitalize on other promotions as a way of keeping that bankroll growing.
It’s time to learn how to calculate bonuses, understand what the thresholds are for earning them and understand any limitations that may come with wagering or getting free spins or free coins on different platforms.
Why Do Bitcoin Wagering Requirements Exist?
Bitcoin wagering requirements for bonuses exist for the same reason the bonuses themselves exist. Gambling is a competitive industry and operators need to do whatever they can to keep players throwing the chips down at their tables, and not that of their competitors. That’s true even if the site is crypto only. The name of the game is always the same.
Think about how easy it would be to cash in on bonuses if all a player had to do was win one big wager and cash out. Operators would go broke in a real hurry. On the other hand, loudly promoting a 100% or 200% deposit bonus or some kind of cash back reward on a particular table is a way to get people to walk in the door, and the Bitcoin wagering requirement is a way to make them stay and become loyal customers who get hooked on exciting games.
How to Cash in on the Most Popular Bitcoin Wagering Requirement
The most common Bitcoin wagering requirement involves the concept of rolling a bankroll over. In other words, players receiving a 100% deposit bonus on their crypto have to play many times the value of their bankroll in order to receive that 100% bonus. Go broke on the bankroll before hitting the threshold, and little-to-no bonus gets awarded.
Most casino operators, whether they operate in fiat money or Bitcoin, will demand that bettors wager anywhere between 35 times in 40 times their bankroll in order to cash out a bonus. That means although casinos are quick to promote bonuses and make them sound exciting, earning them is really a long-term game. Just to put it in perspective, let’s go with an actual example.
Let’s pretend we’re dealing with a high roller who got into Bitcoin early. This high roller decides to deposit a full Bitcoin and is hungry to earn 100% on that full Bitcoin. If the price of Bitcoin is $10,000 and the gambler has to play 40 times the bankroll to get their bonus that means players must wager $400,000 to double a $10,000 bankroll with bonus value.
How to Keep Track of Bitcoin Bonus Progress
No matter the size of the bankroll, it takes a while for the average player to gamble 40 times their welcome deposit. There are three key ways to track the progress towards those welcome bonuses:
- Just ask customer support through email or live chat. Most operators offer both.
- Track your own bets on Microsoft Excel spreadsheets. Use the sum formula to calculate your total wager value and just keep adding to that number as you place bets.
- Review the betting history. Pretty much all Bitcoin gambling sites will let users view a long list of their betting history for both sports bets and best at the tables.
- Some software has built-in tools that tracks wagering requirement progress for you.
Other Kinds of Bitcoin Betting Bonuses Requirements
Sometimes when a casino operator introduces a new slot machine or table game to the mix, they will give players an incentive to play those games. The incentives could be anything from covering the first few bets or spins for free, giving gamblers cash back on their bankroll, or covering loss best of the tables.
Certain bonuses might also be available on certain days of the week when perhaps the number of players on a given operator’s website is low and they want to drive traffic and take in some bets. There are usually also maximums imposed on most bonuses. Nobody wants players getting rich with free Bitcoin unless they are wagering a significant amount.
That’s the skinny on Bitcoin bonus requirements. There are always variations on the kinds of promotions that Bitcoin casinos, sportsbooks and poker rooms offer, but the goal is the same. Keep players excited and wagering!