The gambling industry has experienced tremendous growth, with thousands of online casinos offering almost the same products. The competition is very stiff, even as new players register every day. Online casinos are promoting very attractive bonuses to attract new customers. The No-Deposit bonus is one of the most attractive lures out there. Who wouldn’t love to win without taking a risk? But are casinos that philanthropic to give away free money?
What Are No-Deposit Bonuses?
These are rewards that are given to new casino customers to use in assessing the experience of the new casino. The new customer can use the no-deposit bonus to learn new games or assess which games have better returns than others. You can find out more about no-deposit bonuses at https://www.casinoreviews.net.nz/leovegas/and also claim one yourself. LeoVegas online casino offers a generous no-deposit bonus.
There are usually restrictions on withdrawals when the no-deposit bonus is still active. There are different types of no-deposit bonuses which the new member is generally required to choose:
No-deposit cash bonus
This is the most common type of no-deposit bonus. It will reflect in your account balance when you redeem it. It is real money that you can use to stake and also win real money. But cash bonuses come with many wagering restrictions.
These restrictions limit you to use the cash on specific games. You will also be required to meet minimum odds. Some casinos will also require you to meet a minimum wagered amount, sometimes going up to 60 times the cash bonus.
No-deposit free spins
This bonus is offered to play slot games for free. You will usually redeem a promo code for the free spins to apply. But the winnings you get with these free spins are real money in your account. Free spins are not restricted by wagering requirements but are usually limited to specific slot games.
Time-specific free spins must be used up by a certain date or within a specified period. The casino withdrawals this offer after the lapse of this time. These free spins do not have wagering restrictions.
Some casinos offer no-deposit bonuses in the form of bonus codes which the player can use to redeem either a cash bonus or free spins. The wagering requirements that apply to these bonuses will then come into play when the bonus is redeemed. Some casinos allow sharing of their bonus codes.
Pros of no-deposit bonuses
The biggest advantage of a no-deposit bonus is that you can hit a big win for free. While this rarely happens, the money would be yours if it happened. You stand to benefit with no risk at all. The win is practically free money.
A no-deposit bonus is also useful when you are trying to learn a new game. Casinos do not have demo accounts; learning a new game requires money. This is also useful when you are trying out a new betting strategy, say in poker.
You can also use the bonus to assess the user experience of a new casino. It helps evaluate the mobile-friendliness of the casino, speeds in placing bets, the variety of betting markets, and other aspects of user experience.
Cons of a No-deposit Bonus
A no-deposit bonus is not entirely a free ride. There are wagering restrictions that apply to stipulate when the bonus is completely yours and can be withdrawn. These restrictions are often referred to as the Playthrough.
Casinos will often minimize chances of winning with the bonus by raising the Playthrough. If you have a bonus of $20, for example, with a playthrough of 20x, you have three options;
- Place a wager of $400 including the bonus
- Play odds that raise the potential wins to $400. In this case, the minimum odds would be 20 with the stake bonus of $20
- Play and repeatedly win with the $20 until you hit $400
You will likely lose before any of these scenarios materializes. This way, the casino is shielded from your bonus risks.
Minimum withdrawal restrictions are also often applied to no-deposits. The casino may offer a $20 no-deposit bonus, but then have a minimum withdrawal of $60 applied to winnings coming from the bonus. This effectively means you have to play with odds of 3.0 to redeem the bonus.
A no-deposit is not entirely useless if you are trying to get the feel of a game or a new casino. What you should realize as a player is that you should choose a new casino for more reasons than an attractive no-deposit bonus.
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