Since the online casino boom over a decade ago, the popularity of playing online casino games has gone through the roof. As a result, more gambling platforms have cropped up to create a rather competitive marketplace.
Since there are so many different options to choose from, casinos often try to persuade players to sign up with them instead of their competitors by offering rather interesting offers or a list of the best casino bonuses. If you can manage to dig deeper with a bit of strategy and thought, new player casino bonuses can easily be converted into risk free cash.
Before diving into how to make money from casino bonuses, it’s important to understand the concept of matched betting. Matched betting is a term used to describe making money from sportsbook bonuses. Matched betting is a simple system where the profit is completely tax and risk-free. It comes with an hourly rate rewarding system that is well worth anyone’s time.
A good idea is to read up on matched betting as it could be worth your time. The two reasons that make matched betting advantageous is that one it is easier and completely risk-free. Secondly, most sites that offer a casino and bookie option, tend to entice you to take the bookmaker bonus first. Don’t make the rookie mistake of trying to sign up and then forfeiting the easy profit from the bookie.
How casinos make money
Casino bonuses are different to matched betting in that casino bonuses are in no way completely risk-free. However, this doesn’t mean that there isn’t a way to profit from them or that they aren’t still worth your time. Before going any further, note that casino games may be based on chance which leaves leave your fate up to Lady Luck, but casinos always get something out of your bet. This return is known as the house edge. The house edge is a percentage or rather the difference between the RTP (return to player) and a total of 100, expressed as a percentage. For instance, a game could feature a 96% RTP which means that the house edge on any payout is 4%. The application of the house edge means that even if you won a jackpot, the casino wins in the long run through the steady returns it takes from any player winnings. This means that the longer you play, the more the casino wins. This is how casinos make money.
How casino bonuses work
Similarly to matched betting, the majority of online casinos out there strive to attract new players by offering a bonus incentive to get them to sign up as mentioned before. Unlike matched betting, however, there is no way of hedging out bets. This doesn’t mean that all hope is lost as the knowledge players have of the house edge can turn things in their favour. If there is a good bonus on offer, there’s a good chance to make some money.
An example of a £25 bonus is a good example of how this can be done. To receive the bonus £25, players would be required to deposit money into their casino account, another £25 for instance. Thereafter, there could be another requirement regarding a total value of bets that must be placed before the bonus is applied. If the total series of bets amount to a minimum of £200, then once you have reached the total, the customer service department usually needs to be contacted to have your £25 added to your account. This amount, as well as whatever is left of your initial deposit, is usually free to withdraw.
Don’t let the £200 bet total scare you off. Take the typical blackjack house edge of 0.5% (the smallest house edge in the casino) into consideration. The £200 stake if played slowly and steadily will result in loss amount of only £1. With such as house edge, it’s like flipping a coin. If you play 1,000 hands at £1 per bet, and if it comes to a total of £1 000 stakes, then a loss of just £5 can be expected.
You could also place your bets on a roulette table. You would do the same thing, slowly place £1 bet each spin (black or red) for 200 rounds. It is a good idea to monitor your number of bets on the side (perhaps in a notebook) to keep track of your progress. When you have reached 200 X £1 bets, you can consult with the customer service agents or launch a live chat function at a casino to collect your £25 bonus.
Here are the overall steps of the strategy:
- Deposit £25.
- Place 200 X £1 bets at the blackjack or roulette table. Leaving you with £24.
- Contact customer service to get your £25 added to your account.
- You can then withdraw the balance of your account, £49 (£25+£24).
- This makes your profit £24.
- Withdraw your money.
The risk in this strategy comes in with the chance of you losing more than just £1. You could even lose more than what the bonus is worth. If luck isn’t on your side, and you end up losing the £25, then another deposit would be required to finish the betting.
This was a rather simple casino bonus to profit from. There are more complicated bonuses where the knowledge of matched betting, house edge, etc. will come in handy to adapt and make higher profits. The terms and conditions vary from casino to casino and change depending on the bonus. This means that it is crucial to always read through them before anything else.