It’s no secret that the government is reviewing the appropriateness of the 2005 gambling act as the industry has been put in a heavy light after two turbulent years in which COVID-19 rocked the UK and the rest of the world.
The 2005 law was introduced by Tony Blair’s Labor government as a way to liberalize gambling, allowing old regulations from the 1960s to be replaced. However, 16 years is a very long time in terms of technological progress, and the 2005 law is already horribly outdated and is due for an update.
With big changes unavoidable on the way, we ask, should the Gambling Commission or the UK government seize this opportunity to enforce maximum wagering requirements?
But before we can even ask that question, we’d like to explain exactly what the wagering requirements are and why they were introduced in the first place.
What exactly are the wagering requirements?
Wagering requirements are a limitation that operators can place on a casino bonus that forces players to play with their bonus money a certain number of times before they can withdraw and enjoy their winnings.
So, if you were to get a bonus of £50 from a generous casino that states in the small version of their offer that it has a 20x wagering requirement, you will be tasked with placing a total of £1,000 (20 x 50) in bets before you can withdraw any money from the casino. reward.
The wagering requirement essentially adds an extra element of risk to players, however, and it’s a risk they must swallow if they have any ambition to reap the rewards. Unfortunately, like most things in life, (almost) nothing is really free, even if the show is mentioned Free spin or Free cash reward.
While wagering requirements have been introduced for good reason (which we will explain shortly), the problem at hand is that they are often greatly inflated by operators as a way of preventing players from making a profit at their expense, which is completely wrong.
Why were wagering requirements introduced in the first place?
The wagering requirement was first introduced in the early days of iGaming when casinos started to take a foothold in the public consciousness.
In the end, they came due to the fact that players were gathering together in shady forums sharing welcome bonuses that could be abused in order to profit thanks to low-risk betting strategies.
Tired of the constant cycle of abuse, operators responded by introducing wagering requirements, and these new restrictions stopped bounty hunters in their tracks because they were no longer able to sign up for new casinos, earn cash from their welcome bonus, and withdraw only to never be. seen again.
While the wagering requirement solved one problem, it created an entirely new one, this time for consumers. The operators realized that wagering requirements not only prevented players from getting away with cash, but were actually helping the casino win.
Most welcome offers require players to make an initial deposit upon registration, usually a small amount like £10, sometimes a multiple deposit over a set period of time, but it is ultimately this deposit that unlocks the bonus itself.
Since wagering requirements were causing players to run out of money long before they could win and withdraw any money, players were earning more and more money by offering attractive bonuses that were basically unobtainable (in 99% of the cases) due to the high wagering requirements. At the time, most players didn’t realize it, and they deposited their money blindly.
When was the last time the wagering requirements were investigated and why?
Over time, complaints to the regulator (the Gambling Commission) started pouring in from angry customers who were upset that their deposits were swallowed up as a result of bonuses that required a 100x bet, which is frankly ridiculous.
There were two problems, firstly, the fact that the wagering requirements were disgustingly high, and secondly the fact that such wagering requirements you were not It is connected correctly. Players were participating in the casinos Not Knowing that they were in their place.
In the end, this was enough and changes had to be made. The Gambling (Licensing and Advertising) Act 2014 was introduced and operators had to be more transparent about their wagering requirements, meaning they either had to display their ridiculously high numbers, or had to lower them to a level that would appease players.
In the first few years, this proved to be a huge success. Transparency forced competition between operators who were fighting for the title of the fairest, and thus the no-bet casino was born. Leading operators including PlayOJO, Paddy Power and BGO have all started offering players welcome bonuses, promotions and other bonuses with no wagering requirements whatsoever – a truly rare and very welcome sight.
Frustratingly, while quite a few of these casinos have remained consistent in their no-bet approach over the years, many operators are slowly beginning to return to the old methods, and those who have never implemented betting bonuses are raising the requirements to sloppy levels.
Should there be a maximum wagering requirement?
With wagering requirements re-emerging and operators cementing it as a norm in this day and age, we wonder should there be a maximum wagering requirement?
The answer to this is a resounding yes! Casino betting bonuses have long been proven successful not only in increasing customer confidence (and satisfaction) but also in making casino brands more profitable in the long run.
No Bet Casino, PlayOJO, who have always prided themselves on “no bet, ever” reported that they Constantly outperforming 39 sister brandsAll have welcome bonuses that have wagering requirements imposed on them.
In addition to this, other bookmakers such as PlayOJO, Paddy Power and Betfair have continued to thrive thanks to their generous no-bet approach.
There are absolutely no negative repercussions that can occur as a result of lower wagering requirements, players are happier, operators pick up a whole host of new players who are tempted by lower (or non-existent) wagering requirements and organizers are happy to have unfair or unscrupulous practices not occur.
If there is ever a time by the government or the Gambling Commission to put an end to the ridiculous limits on wagering requirements, it is time for a new gambling law to be loomed.