Most online casinos give out bonuses to new customers when opening their accounts; this bonus is called a signup bonus. It is also referred to as a welcome bonus.
The welcome bonus is usually a substantial amount of money or chips meant for the new customer to place bets with. Some people believe that the welcome bonuses aren’t what they seem until they get one for themselves upon signing up.
However, don’t get carried away by the largest bonuses because the lesser bonuses might have more value in the end as the larger ones are mostly attached to near-impossible requirements.
You must always check through the terms and conditions before claiming any bonuses and also check the wagering requirements and the available games so you don’t end up losing the value.
This article explains all you need to know about online casinos’ welcome bonuses and how they work.
Why Online Casinos Offer Welcome Bonuses
At some point, you may have wondered why many online casinos give out so much as welcome bonuses when they ought to be making more money. You would understand their reasons better if you see it as what it is; a marketing strategy to attract more users and not just a mere give-away.
The fact is that there are so many gambling sites on the internet and they are all trying to get new customers to register with them, attracting new users with a nice welcome bonus is a great way to achieve this.
The welcome bonuses help customers notice new casinos, it is a smart move on the casino’s part as they know that they have an even greater chance of making more money as new customers use their platform. Thus the bonus works as an incentive, they know they will make the money back and even more.
Benefits of Welcome Bonuses
Welcome bonuses help you increase your chances of winning your first bet. Since there are no assurances that you would have won with your initial deposit, the extra chips give you an added advantage.
Types of Welcome Bonuses
According to Casinojinn.com, welcome bonuses in the popular UK casinos come in different types, three of which will be explained here:
Deposit and no-deposit
Deposit bonuses are earned after a customer makes their initial deposit; a percentage of the deposit is then awarded to the customer. They are also referred to as match bonuses.
No-deposit bonuses however do not require any form of deposit, they are awarded to the customer right after sign-up. They are not so common and are often smaller.
Non-stick or Sticky
Sticky bonuses cannot be withdrawn, they are always flanked by wagering requirements which you must meet, then you will be able to withdraw only the amount you won, the sticky bonus sticks to your account till you lose it.
Non-stick bonuses can be withdrawn with your winnings as long as you have fulfilled the requirements for wagering.
Like sticky bonuses, phantom bonuses also cannot be withdrawn; winnings can only be withdrawn when the wagering requirements are met. The phantom bonus is lost after the first withdrawal.
You should take advantage of your new knowledge of the various types of welcome bonuses available to evaluate the various casinos online. It is important, however, to go for one that aligns best with your betting style and principles. Always keep in mind that reading and understanding the terms and conditions are equally as important as the bonuses.