Should Crypto Casinos Follow the UK's 10x Bonus Wagering Limit?

[Gozie51]

So this is the kind of player protection that shows the regulator is concerned about gamblers and wants the rules to be fair, do you think other regulators overseeing crypto casinos should implement a similar rule?

I think consumer protection is very important in gambling and to ensure that gamblers are not extorted. Like the UK has done, other jurisdiction can do the same thing and look critically to even mandate the registration and licencing board that casinos are under, to show fairness. Most casinos don't desire that gamblers should win using the bonus they have. So they increase the wagering numbers to exhaust the bonus first and require deposit to start a new game. So many casinos just give bonuses but the conditions are just so that the bonus don't become useful. So, it is important for other countries legislation to beam search light on what is happening in casino business.

[9ja Amaka]

I saw a topic discussing the 40x wagering requirement, which many believe is too high and unrealistic, but did you know that the UK Gambling Commission has already recognized this concern, and they now have a regulation that took effect earlier this year requiring casinos under its regulation to impose a maximum wagering requirement of 10x?

They should, but I doubt how many of these casinos would be willing to operate in jurisdictions with such regulations. Wagering requirements are usually put in place to make it very difficult for players to unlock their bonuses and actually benefit from them. Even if you manage to meet the requirements without losing all your money, you might just be lucky not to end up on their bad side. I've received so many bonuses with ridiculously high wagering requirements, but I don't think I've ever managed to unlock any of them. The chances of winning are still very low, even when you place the smallest bets. So, what's the point of offering a bonus if I cannot withdraw my winnings after meeting the requirements?

40x wagering requirement is ridiculously high. Casinos that set the wagering target to 30x and above, particularly 40x, don't want gamblers to win. I've been given a bonus before with a wagering requirement up to 60x. I managed to reach 30x before the bonus got exhausted. The UK Gambling Commission has solved a big problem for players if this is true. It will be a lot easier to wager 10x and even a 20x wagering requirement because, with fewer bets placed, they have a chance of winning.

[Orpichukwu]

Bonus wagering requirements requiring a 10x or even 40x win are almost equally unrealistic. Even 10x is difficult to achieve in practice, so I believe casino marketing based on bonuses is not very beneficial for the player, but beneficial for the casino. On the other hand, we understand that casinos can't give away free money, as that goes against the very idea of ​​business. Businesses shouldn't be involved in charity, and it would be strange if casinos imposed "realistic" wagering requirements to receive a bonus.

Anything above 2x wager is a stress, no doubt, but it’s nothing compared to the 40x wager that comes with some bonuses. The UK 10X is fair enough, as it reduces the kind of stress the player will undergo just by trying to clear the role, which most of the time ends up all in vain. Casinos offer us bonuses not for free, but making it a bit redeemable is fair enough, which is where 10X comes into the picture.

[Odogwu-Blockchain]

These rules are not going to be implemented but just a news that will fade away sooner, casinos never set what wouldn't favour them no matter how it seems to favor players in the public.

Remember this wagering requirement set by regulatory body is a suggestion not a standpoint agreement.

So many casinos can only reduce from 40% percent to 37% for their own benefits and not totally 10% as suggested by regulatory department.

[lombok]

I think consumer protection is very important in gambling and to ensure that gamblers are not extorted. Like the UK has done, other jurisdiction can do the same thing and look critically to even mandate the registration and licencing board that casinos are under, to show fairness. Most casinos don't desire that gamblers should win using the bonus they have. So they increase the wagering numbers to exhaust the bonus first and require deposit to start a new game. So many casinos just give bonuses but the conditions are just so that the bonus don't become useful. So, it is important for other countries legislation to beam search light on what is happening in casino business.

Close monitoring of the business gambling sector is vital in ensuring that there is no one sided misuse of customer money. The way that casinos engage in putting complicated promotion rules, making gamblers bet above their means and eventually lose the starting balance before being able to make withdrawals.

The need to introduce fully functional set of rules like the ones introduced by the UK licensing authority should be urgently implemented in other regions. Ensuring that operations are transparent, not allowing for any manipulation of the sign up bonuses and verifying the legitimacy of licenses guarantees the safety of customer money.

[mak013]

Bonus wagering requirements requiring a 10x or even 40x win are almost equally unrealistic. Even 10x is difficult to achieve in practice, so I believe casino marketing based on bonuses is not very beneficial for the player, but beneficial for the casino. On the other hand, we understand that casinos can't give away free money, as that goes against the very idea of ​​business. Businesses shouldn't be involved in charity, and it would be strange if casinos imposed "realistic" wagering requirements to receive a bonus.

Anything above 2x wager is a stress, no doubt, but it’s nothing compared to the 40x wager that comes with some bonuses. The UK 10X is fair enough, as it reduces the kind of stress the player will undergo just by trying to clear the role, which most of the time ends up all in vain. Casinos offer us bonuses not for free, but making it a bit redeemable is fair enough, which is where 10X comes into the picture.

Wagering requirements defeat the purpose of calling something a “bonus.” In reality, you pay for it with your own resources - especially your money and time.
Sure, a 10× requirement is better than 40×, but it doesn't change my view: if a casino makes you do something you wouldn't normally do, it's not a bonus -it's a trap.

[Hispo]

As someone who plays on a gambling platform, anything that is beneficial for players should be supported.  So yes, I think that all casinos, not only crypto casinos, should follow the UK's 10x Bonus Wagering Limit.  It is really unfair for gamblers to have a 40x wagering requirement on any bonus or promotional bonus of the casino.

I also think that they should abolish the mechanics of depleting the initial funds first before enabling the counting of wagering requirements.  This thing makes it harder for the player to meet the wagering requirement.

I think it is also important to meet some point of equilibrium, in which gamblers are treated fairly and casino can continue to get significant profits. It is not about giving gamblers an advantage when comes to casinos, because, in the end of the day, this is a business and money to upkeep casinos are supposed to come from gamblers and bettors.
If wagering requirements are set too low, then they would start to be translated to very low yields for the casino itself, and they would eventually stop offering them to gamblers.

It can be a controversial topic, because we are directly touching one of the mechanisms which are implemented by casinos to enhance their cash inflow.

[Smartprofit]

I saw a topic discussing the 40x wagering requirement, which many believe is too high and unrealistic, but did you know that the UK Gambling Commission has already recognized this concern, and they now have a regulation that took effect earlier this year requiring casinos under its regulation to impose a maximum wagering requirement of 10x?

For example, if you receive a bonus of $100 with a 10x wagering requirement, the total amount you need to wager cannot exceed $1,000. So this is the kind of player protection that shows the regulator is concerned about gamblers and wants the rules to be fair, do you think other regulators overseeing crypto casinos should implement a similar rule?

Source
https://www.gamblingcommission.gov.uk/news/article/gambling-promotions-to-be-safer-and-simpler

As far as I understand, we're talking about online casinos licensed in the UK. I assume these casinos accept fiat deposits and have strict KYC and AML rules. 🙋

Is this experience worth emulating? In my opinion, no! Why do I think such liberal bonus rules are unsuitable for most online casinos (licensed in Curacao and Anjouan)? If dishonest players start using multiple accounts, they can quickly bankrupt any online casino by exploiting the 10x bonus wagering requirement. Wagering a bonus 10x using multiple accounts is quite easy. This will force online casinos licensed in Curacao and Anjouan to tighten their rules for users. Will we like this? I'm not sure!

Perhaps it's time for online casinos to abandon bonus marketing and start implementing new methods of attracting new customers.💁

[savetheFORUM]

Now this is the regulation that we want and not that something like they ban casinos thinking it was bad or something. Although that is also a type of concern but that may be too much already. At the end of the day, we are only humans that also want to have fun to relax. But I think this is also because UK has a strong economy towards gambling. Even some casino license is based on UK if I'm not mistaken.

And this is why some thinks the limit they give is still 10x and something that is lower than it. Obviously they are still siding more in the casino, for them to earn a decent income. Oh well, 10x is still much better than compared to 40x which is a ridiculous number already.

[theoddwright]

The way it's being proposed, it seems a money making method for gamblers, as they can create one account on each casino available and take advantage of the 60$ potential profit to be made (in worst case) from each bonus. And then move to the next platform.

One correction: $60 is the average, not the worst case. The worst case is the same as before, the bonus is gone before you finish wagering; at 10x that just happens much less often.

You're right that it makes bonus hunting more attractive, though. I'd expect casinos to answer with the levers Texac listed rather than by dropping bonuses outright: lower withdrawal caps on bonus winnings, shorter expiry, and fewer games that count. A 10x bonus you can only use on a few high-edge slots is worth a lot less than the headline number.

[Agbe]

It will be a nice one but casinos will not accept most specifically for those casinos that are not under the control of the UK jurisdiction. And they will continue with the 40X wagering requirement because they are making good profit from it, gamblers often lose more with the 40X in the long run though  lucky winners are always there but for the 10X the wins there at least to some percentage even if it is not all.

Though it is an individual business but the should make fair for gamblers. This days I have seen 1x from few casinos.

[TedMosby]

10x may be good for the players, but how about the casino? Iit may be a disaster, considering the number of scammers in the gambling industry. In his AMA, SirJohnVonSlotty pointed out several times that there are many scammers in the gambling world.

[...]
#1. Implementing KYC if you don't have a good team that can manage a high influx of scammers. There's nothing worse then 1000+ accounts jumping on to your newly opened casino and using up all the bonus funds. The bonus that we're giving out isn't something conjured out of thin air, it's an amount we pay to the game provider. So if you have a no deposit bonus offer, and that one is being misused, you can easily screw up your trajectory.
[...]

[...]
From my experience the best approach is to just have a good, human approach to the business, through good VIP and general support, and a balance of providers, and the players will recognize it and appreciate it over the long term. The trouble is that most of the happy players aren't vocal, but the scammers are.
[...]

[...]
Yes. Basically the less rules you follow, the less providers and suppliers want to work with you. You want to have the best games and best payment solutions? You need to follow more rules, and unfortunately KYC is one of the mandatory things if you want to have flagship games and flagship payment providers. Also, not having KYC means a lot (and I mean *a lot*) scammers, so by not having KYC, you need to have a strong legal/customer support team to manage the influx of scammers.

10x bonus wagering also means an easier way for scammers to exploit the bonus system. So, in this case, either KYC needs to be stricter to achieve 10x bonus wagering, or less strict KYC (or even no KYC) but higher wagering requirements. CMIIW.

[acroman08]

10x bonus wagering also means an easier way for scammers to exploit the bonus system. So, in this case, either KYC needs to be stricter to achieve 10x bonus wagering, or less strict KYC (or even no KYC) but higher wagering requirements. CMIIW.

That would be true, but the new wagering limit is for online casinos that are licensed in the UK(if the casino does not have a UK license, they do not have to follow the new regulation being implemented by the UK), and licensed casinos in the UK require gamblers to complete KYC first before being allowed to gamble on the platform. Also, as far as I know, the UK is strict with its gambling regulation, and with this new implementation, casinos themselves would be forced to strictly follow the KYC regulation if they don't want scammers abusing their bonuses.

[Z_MBFM]

10x bonus wagering limit is definitely a good thing, if you have this requirement, gamblers will have the opportunity to cash out the bonus. Casino sites give bonuses to users in sufficient amounts, but due to the 40-50x wagering requirement, gamblers cannot cash out that bonus maximum, and while fulfilling this requirement, they lose their entire capital. These are a kind of trap of casino platforms. Casino sites licensed under the control of the UK Gambling Commission are very attractive to gamblers for one reason: there is a maximum wagering requirement of 10x. I think every casino should follow this rule.

[Moreno233]

Anything above 2x wager is a stress, no doubt, but it’s nothing compared to the 40x wager that comes with some bonuses. The UK 10X is fair enough, as it reduces the kind of stress the player will undergo just by trying to clear the role, which most of the time ends up all in vain. Casinos offer us bonuses not for free, but making it a bit redeemable is fair enough, which is where 10X comes into the picture.

Wagering requirements defeat the purpose of calling something a “bonus.” In reality, you pay for it with your own resources - especially your money and time.
Sure, a 10× requirement is better than 40×, but it doesn't change my view: if a casino makes you do something you wouldn't normally do, it's not a bonus -it's a trap.

I don't know how you came to this conclusion because some bonus are just the casinos rewarding their loyal customers. The only bonus I will call a trap will be the high wagering requirement that are hardly achievable. Those high wager condition are just there to entice people into the platform, not that the casinos know that people can easily meet them, hence they come of as trap. Apart from that type of bonus, I don't consider bonus as traps.

[Nwada001]

I don't know how you came to this conclusion because some bonus are just the casinos rewarding their loyal customers. The only bonus I will call a trap will be the high wagering requirement that are hardly achievable. Those high wager condition are just there to entice people into the platform, not that the casinos know that people can easily meet them, hence they come of as trap. Apart from that type of bonus, I don't consider bonus as traps.

It’s hard to run into a casino that offers you the type of bonus for which you won’t need to make any deposit to claim it, so if I understand @mak013 correctly, to claim a bonus, you will pay with your initial deposit and spend the time you will spend trying to meet that requirement set by the casino, so basically it’s not free; it’s just something that appears free, but you need to pay for it with something.

Even the so-called loyalty reward is still given when you are a regular customer, which means you have been playing and lost enough to cover whatever the bonus is, and they still attached terms before you claim it; it’s never free.