According to a report published by Grand View Research in 2020, the online gambling industry had an estimated value of $59.6 billion and is expected to grow at a CAGR of 11.5% by 2027. This jump in the market value is largely attributed to the convenience and huge bonus offers issued by online casino operators. In fact, you’ll be hard-pressed to find an online casino that doesn’t offer a free money offer to both new and existing players. But before you grab that screaming free money offer, it’s important to understand that not all are born equal, and sometimes, the biggest offer is not always the best. For this reason, it is important to start your search by comparing the different aspects of the free money offers to ensure you get the very best.
In this in-depth guide, we are going to explore the different free money offers, how they work, and how to choose the very best. You can also check out our list of free spins no deposit bonuses.
Different Types of Online Casino Free Money Offers
There are multiple free money offers that both new and existing players can take advantage of, all of which depend on your casino of choice. They include;
Free spins are by far the most popular free money casino bonuses you’ll encounter in the online gambling realm. As the name suggests, they allow you to play all or select slot games without risking your bankroll. Depending on the casino you choose, the free spin bonuses may come as standalone offers or even bundled together with another bonus.
A no-deposit bonus is exactly what it sounds like- the casino gives you free bonus cash to play popular games and potentially win without making a deposit. A no deposit bonus can come in the form of a free casino chip or free spins without needing to deposit money.
Some casino operators also offer special reward multipliers to promote new slots and engage new players. Basically, reward multipliers allow you to enjoy higher winnings for a limited period. For instance, if you play a select slot that has an active reward multiplier, your winnings will be multiplied up to a specified percentage. Depending on your casino of choice, you may come across a reward multiplier that doubles, triples, or even multiply your winnings by up to 100 times!
Occasionally, online casinos also reward their loyal customers through their loyalty programs. Typically, they’re granted after a player attains certain milestones when playing their favorite online casino games. For example, if you play a particular game and spend up to a certain amount, the casino may choose to double your winnings or even reimburse your losses up to a certain percentage.
If your family or friends are keen on online gambling, the refer-a-friend program is also another great chance to boost your bankroll. The casino may give you free bonus cash, chips, or spins for simply inviting your friends to sign up for the casino through a special link.
Factors To Consider When Choosing Your Casino Free Money Offer
There’s no doubt that free money offers are advantageous to both the gamblers and casinos themselves. For this reason, you need to take time comparing the different offers as no two bonuses are exactly the same. As a player, there are several things that you need to factor in including;
The Wagering Requirement
Wagering requirements refer to the number of times you need to reinvest your bonus before cashing it out. For example, if you receive a free money bonus of $200 with a 10x wagering requirement, you need to wager at least $2000 to cash out the bonus.
Unfortunately, many online casinos don’t include any of these details in their flashy adverts, which is why you need to carefully read the fine print before opting in on any offer. And while at it, ensure you choose an offer with the lowest wagering requirement, as it means it will reduce the time taken to start utilizing the bonus fully.
Some free money bonuses also come with a payout limit, which means you can only withdraw up to a certain amount. Furthermore, online casino bonuses can also be categorized as “sticky” or “non-sticky”. Sicky bonuses mean you can’t cash out your winnings, as it is strictly limited towards fulfilling the wagering requirements. Once you’ve met the wagering requirement, you can cash out the winnings and not the bonus.
Free money offers also do have expiration dates, and they can range from a few hours to several weeks or even months. A good bonus gives you sufficient time to complete the wagering requirement. Ideally, you should choose a bonus with reasonable expiration periods. Otherwise, short validity periods compel you to keep on increasing your bets, exposing you to greater risks of losing.
Picking a reputable online casino in this competitive market can be super-demanding. Just because a casino is offering the grandest bonus offer does not mean they are credible. As such, you should also consider other factors such as their reputation in paying out, their banking methods, licensing, charges, game quality, and customer support. Also read online reviews from past users before signing up, as it could save you a lot of trouble when claiming your bonus.
And that brings us to the end of this online casino’s free money offers. As you can see, there are plenty of bonuses that you can enjoy both as a new or existing player. And with the tips highlighted above, you shouldn’t have a problem knowing whether or not to grab the bonus being offered by your favorite online casino. Needless to say, most of these rewards are designed to encourage players to continue playing so you aren’t simply depositing, redeeming the bonus, and cashing out the money right away.