Free cash from casinos is always appealing. You won't make money from online casino bonuses if you go into it blind. Some bonuses are designed to ensure the casino is getting more money from you than you are from them. If you're going to make money, there are several things you must know before you sign up and start playing casino games for real money.
Before you try to make money from online casino bonuses, you need to understand what is a casino bonus and how online casino bonuses work. You probably have an idea. It's free cash that the casino adds to your deposit. Bonuses vary from one casino to the next. If one is offering a 200 percent deposit bonus, it means they will add an additional 200 percent extra to the amount you deposit. If that deposit bonus is 50 percent, they'll add an extra 50 percent.
Once you understand how much extra cash you'll receive, you need to look at the terms and requirements. This is what matters. There are two numbers you really need to pay attention to. First is the playthrough or wager requirement and the second is the maximum withdrawal. To help you better understand this, we answer a few of the FAQs players often ask.
What Does Playthrough Bonus Mean?
Playthrough requirements are usually a required term of any bonus cash you get. It's the amount of money you promise to place in bets before you're allowed to cash out any winnings. If the wager requirement is high, it will be a while before you get to withdraw your winnings.
For example, let's say the terms are a 35x wager requirement. You deposited $50 and got $50 free with a 100 percent bonus. You cannot withdraw winnings until you have wagered 35 times the $50 you deposited plus $50 you got from the casino. That breaks down to 35 times $100 or $3,500. That's a lot of money to have to risk before you're able to withdraw.
You may see other terms like wager x3 or 5x wagering and wonder what do they mean. It's the same principle. You'll have to bet x3 (three times) or 5x (five times) your deposit and free cash before you can cash out.
What is a Maximum Withdrawal?
Sometimes bonuses have a maximum withdrawal in place. This is the amount you're allowed to cash out. If you accept a bonus with a maximum withdrawal of 10x on your bonus, it means you can only withdraw 10x of your deposit. If you deposited that same $50 and claimed a bonus, the most you could withdraw from any winnings gained with the deposit is going to be $50 times 10 or $500.
Can I Withdraw Free Bet Winnings?
This is a very common question with new players. Not every casino allows you to withdraw winnings you gain with free spins or no deposit bonus cash. That policy will vary. You need to carefully read the casino terms. If it does allow you to withdraw your winnings from free bets, you will still need to adhere to the maximum withdrawal and playthrough requirements.
How Do You Make Money Online Gambling?
With all the restrictions and gambling requirements, you may be starting to understand how it is hard to make money online gambling when you're using bonuses. It's almost certain that you will spend as much as you're gaining in free cash. There are still ways to make a living gambling. Here are the answers to questions about turning gambling into an income.
Can I Make Money Online Gambling?
If you're careful, you can make money online gambling. Read the terms of any bonuses you see. If the playthrough or maximum withdrawal requirements are high, it's best to bypass those and look for bonuses with more agreeable terms.
The other way is to look for online jobs testing casino games. These are hard to come by, but they exist. Companies need players to test and review games. Some sites also hire professional gamblers to test banking methods and customer support. Think of these jobs as being similar to the work mystery shoppers do.
Are you wondering what is a professional gambler? A professional gambler is a man or woman who makes a living gambling. Most specialize in poker and live casino games, sports betting, and horse racing.
There is a risk to being a professional gambler. Careful record keeping is essential for professional gamblers to never bet more than they earn in the long run. They need to be very careful and know when to stop for the day. Professional gamblers set a daily budget and stick to it. They never bet more than they'd planned, and they stick to games where they are more likely to win.
Can You Win Money with Online Casinos?
Yes, you can win money with online casinos. You can often win some of this with casino bonus money. You have to be very selective, however. Look for games where you have the best odds of winning. Don't spend more than you plan to spend. For example, if you promise yourself you will set 75 percent of your winnings and not touch them, stick to that. Don't cave to temptation and go over your limit.
Online slots are not usually money makers. Players who become wealthy playing online slots typically hit a randomly-awarded progressive jackpot. The odds of winning money on a progressive jackpot are similar to the odds of hitting a major lottery. It's not common. Can you win on online slots? You can. Payouts are more likely to happen on three-reel slots.
Check our list of what we feel are the best online casinos for real money. We keep track of the latest casino bonus offers, free spins deals, and other perks casinos are offering. When you find a deposit bonus of interest, don't forget to read the terms and conditions. If they're low enough, you can make decent money playing casino games.