Online casinos offer many bonuses, and most of them require the player to make a deposit first. However, there is one exception to this rule: no deposit bonuses. These promotions can be claimed by completing a simple action, such as registering with the casino, and do not require any financial commitment. However, most of them come with a maximum cashout limit.
So, what is a maximum cashout limit, and how does it work? More importantly, why do offers like the ICE Casino no deposit bonus have such a condition? Here, you can find the answers to both questions.
No Deposit Bonuses – How They Work?
No deposit bonuses are free gifts from casinos. You don’t need to make a deposit to use them. In most cases, all you need to do is open an account, and the bonus is instantly credited to your account and ready to use. The key point here is that you can use them to win real money.
For example, if you get 20 free spins as a bonus, these are real spins – if you’re lucky enough, each one could result in a real win. In other words, you get the opportunity to play with real money without using your own funds, and if you’re lucky enough to win, you could receive a significant payout.
Maximum Cashout Limit Explained
So, how lucky can you be? Casinos understand the importance of luck better than anyone else and are aware that a player could win a very large payout (such as a jackpot) using a bonus they claimed for free.
For this reason, they set a limit for the bonus. However, this limit applies to the amount you can withdraw, not the amount you can win. So, the maximum cashout is a limit on how much of the money you have won with the bonus you can withdraw.
For example, let’s say the limit is 500. Even if you win 1,500 with your bonus, the maximum amount you can withdraw is 500 – you forfeit the remainder. And, for this reason, this limit should be as high as possible.
There Are More Important Terms
The maximum cashout limit is, of course, an important condition, and if it is set too low, it will prevent a bonus from being truly beneficial. However, there are other bonus terms of use that are much more important, and these are the ones you should really pay attention to. Here are some examples:
Wagering Requirement
No matter how much you win with a no deposit bonus, you cannot withdraw it without completing a wagering requirement, and this also applies to bonuses with a maximum cashout limit. This requirement means that you must play games using your own money until you reach a total amount set by the casino.
In other words, you make a deposit and start placing real bets on games, and you must continue doing so until you reach a certain wager total. You can only withdraw your bonus (or the money you have won with it) after this.
Wagering Rate & Period
The wagering rate determines the wager total you need to reach. This is typically shown as a multiplier value such as 5x, 10x, 20x, or 30x. You can calculate the total wager you need to reach by multiplying the bonus amount by the wagering rate. For example:
- If your bonus is 100 and the wagering rate is 20x, you must wager 2,000 (20 x 100).
- If your bonus is 250 and the wagering rate is 30x, you must wager 7,500 (30 x 250).
- If your bonus is 50 and the wagering rate is 40x, you will need to wager 2,000 (50 x 40).
As you can probably guess, a lower wagering rate is better. The lower it is, the faster and easier it will be to complete the requirement. No deposit bonuses tend to have higher wagering rates than others.
The period is the time limit within which you must complete the wagering requirement. The casino may require you to complete this requirement within a week, for example.
If you cannot do so within the specified time, your bonus will be deemed invalid. We strongly recommend choosing bonuses with no time limit- at the very least, this limit should be as long as possible. Do not claim bonuses that you will not be able to complete the wagering within the specified time frame, as they will be automatically cancelled.
In short, while the maximum cashout limit is important, the wagering conditions are the key factor in determining how useful a bonus is: we recommend that you pay attention to them first. Even if they have a maximum cashout limit, bonuses with low rates, no time limit, and minimal restrictions on your account can still offer you real value.
