One of the most attractive features that have helped build the internet gambling industry to its multi-billion dollar size, is the availability of generous online casino bonuses and comp-based rewards programs.
Interactive gambling affords much higher promotional offerings than the land-based variety. Online casinos aren’t bogged down with massive utility bills and enormous employee payrolls, meaning they can pass that extra buck on to their customers. Being such an immensely competitive industry, the size of these bonuses and VIP schemes are expanding with the same rapidity as the industry itself.
Realistically speaking, though, as attractive as some promotions look, we can’t forget that all gambling businesses are built on a single mindset. To make money, and lots of it. Players have to realize that, no matter how generous an offer appears, they are all designed to be more beneficial to the casino than the player.
That goes for all online casino bonuses and loyalty reward systems. Sure, you can trade a few thousand comps for real cash, but how much did you wager to get all those comps in the first place? Odds are you lost a lot more to the house than you got back in comps. Unless you know how to work the right promotions.
Making Comps Work For You
Most online casinos have a comp system that awards 1 comp point for every $1 wagered on the slots, and returns $1 for every 1,000 comp points redeemed. So essentially, you’re betting $1,000 to get $1.
You could play blackjack instead, but you’ll probably get just 1 comp point for every $10 to $20 played, increasing the ratio of dollars-for-comps to $1 for every $10k/$20k wagered. Ouch!
Online slots have an average payback of 97%. That means that for every $100 you bet, odds are you’ll get about $97 back, losing $3 in the process. To bet the $1,000 needed to gain a single comp point, you’ll probably be down around $30. Exchange those comps for $1 and you’re down $29.
The best way to roll the tides back into your favor is to earn comp points at a multiplied rate. This can be done by increasing your VIP status, or by participating in special promotions that offer 2x, 3x, or 5x comps accumulation. Such promotions could be offered on a new slots game, during a tournament, or as a ‘happy hour’ promo.
Combine the two, earning maybe 2x comps as a VIP plus, 5x comps during a special promo, and you’ll be producing as many as 10 comps for every $1 wagered. At that rate (and assuming the laws of probability hold true, without too much variance getting in the way), it would only take $100 in slots bets to generate 1,000 comps.
At that rate, you’re still projected to lose $2 for every $100 you spend on the slots, but every little bit helps. And you could turn the tides into your favor if you throw online casino bonuses into the mix!
Increase Profits with Online Casino Bonuses
The obvious benefits of online casino bonuses is that they boost your bankroll, and allow you to gamble without risking your own money. These days, operators are keen on doling out massive bonuses that match a player’s deposit at 100% or higher.
To the casino’s benefit, they can come with rather ridiculous wagering requirements of 30x to 40x the deposit + bonus. With the average 35x playthroguh applied, a player who deposits $100 and gets an extra $100 on top of it would have to spin the slots reels to the tune of $7,000 in order to clear the bonus and keep any winnings.
The trick to online casino bonuses is to find to the lowest possible wagering requirements, without a short expiration date. If the bonus expires in 7 days, chances you you won’t wager nearly enough to cover the bonus terms before your week is up.
Know What You’re Getting Into
The golden rule here is to always read the fine print. Before taking advantage of any online casino bonuses or VIP programs, read the terms associated with them. The more you know, the better the odds that you’ll be able to make the most of any promotion.
Royal Vegas is our editorial pick for safe Canadian gaming. Currently offering a good range of Canadian deposit options, everything from prepaid gift cards, to eCheck, instadebit and visa/mastercard. That, and a world-class gaming experience, with countless table games, strong variety, and even live dealers. The brand has been in the business for a decade long.