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Bitcoin Casino Bonuses

What are the best bitcoin casino bonuses out there, and how do the bonuses work in general.

Written on: October 28th, 2015 | Author: David M

Alas, each and every time I've asked an online casino host for a free buffet I have been rebuffed. It seems that, due to logistics, they askew offering perks that are quite standard in brick and mortar casinos, and we are instead directed to take a bonus or two in reward for our play. However, if we must forego trips to the riverboats and instead play online, it is worthwhile to review which casino bonuses are indeed the best. And in this review, for obvious reasons, it is bitcoin casino bonuses in particular we inspect. Find below the casinos with the best bitcoin casino bonuses, followed by some details on the small print, and what it means to you.

The most ubiquitous of bonuses is the warmly-termed "welcome bonus". Generally speaking this bonus matches a player's first time deposit, or a series of deposits as the case may be, to incentivize his or her coming to join the casino. Casinos race to provide ever larger bonuses to attract new players to their products - but beware! - bigger does not always mean better (As I've spent many a night telling my mirrored reflection through sobs), and sometimes the biggest bonuses are often just polished turds. There are three factors, aside from the amount, to consider when choosing a bonus.

1. What is the wagering requirement? Casinos rightly use wagering requirements to mitigate bonus abuse, which is basically a method of gaming the system with a view towards withdrawing the bonus. To this end, casinos will institute a turnover requirement which specifies the amount of bets a user must make before being able to withdraw winnings generated from the bonus. This wagering requirements will be expressed as a multiple of either the bonus itself, or the bonus+the deposit. See below two examples:

a. A match bonus of 100% up to 1 bitcoin with a wagering requirement of 30x bonus+deposit.
b. A match bonus of 100% up to 1 bitcoin with a wagering requirement of 35x bonus.

While at a quick glance the first bonus would seem more attactive - 10x less turnover requirement! - the second bonus is actually more attactive, as it does not require the deposit itself to be turned over as well. So, in the event that a player were to deposit 1 btc, he'd be required to turn over 60 btc in the first scenario but only 35 btc in the second in order to release his bonus.

An additional note: most of the casinos reviewed here allow the bonus itself to be withdrawn after wagering requirements have been met; others offer what's known as a sticky bonus, on one in which only the winnings generated from the bonus may be withdrawn as bitcoin, not the bonus itself.

2. What games contribute towards the wagering requirements, and how much?

When a casino goes about setting up their bonuses, they analyze the percentage of the bonuses likely to be redeemed, and make an assumption as to the affect such additional earnings will have on their bottom line. Essential in this calculation is the payout percentages from each particular game - or what is the average margin retained by the casino from turnover. This average varies greatly from game to game. Slots, for example, generally offer casinos the greatest turnover margin, and so it follows that slot turnover contributes the most towards wagering requirements. Table games like Blackjack and Roulette, on the other hand, offer the smallest edge to the house - and so the casinos configure these games to provide a smaller contribution towards the wagering requirements. The differences are often stark - it is not at all uncommon to see table games to contribute only 5% of the slots contribution towards the wagering requirements.

For example. Let's assume 1 bitcoin is deposited with a match bonus up to 1 bitcoin at 35x bonus and further assume blackjack contributes only 5% towards wagering requirements. this means that the standard 35x wagering for slots would have to be multiplied by 20 - meaning blackjack play would require a turnover of 700 (!) in order to clear.

3. The small(er) print.

Generally speaking, users may not withdraw money until they have completed wagering requirements. This seems entirely unfair - but from the casinos perspective, play with the bonus is basically playing with casino money, and it makes little sense for them to allow users to withdraw house money generated from free house money. This can get ugly if a table game player innocently accepts a bonus, plays a bunch and then wants to withdraw, only to find that he must turn over the bonus another 500 times before he is allowed. Thus, it is extremely important to be aware of the specific terms of the bonus prior to accepting! Generally speaking, standard bonuses should not be accepted by non-slots players.

Additionally, bonuses often have an expiration, a time frame within which the wagering requirements must be completed. Failure to complete the bonus within the stated time can lead to forfeiture of the bonus and the earnings generated!

Prior to making a deposit at a bitcoin casino, please check out our review for details on the bonus they offer to avoid stumbling into an unhappy situation.

No-deposit bonuses and Free spins

No-deposit bonuses and free spins are granted either as an acquisition scheme which effectively offers an incentive to register details, or as a loyalty reward or bonus of some sort. Free spins usually entitle the user to take the profit generated from the spins as a bonus, which generally would require a similar wagering commitment as alluded to above. The amount earned from the free spins will most likely be capped, making free spins effectively a fun and inefficient way of getting a no-deposit bonus.

Loyalty bonus schemes

And then we have good old fashion VIP or loyalty rewards. Often, these bonuses are granted for hitting wagering targets within a particular month or cumulative over a player's history with the casino. Depending on the program, these rewards will vest as cash, which may be withdrawn directly, or more likely as, you guessed it, bonuses which require the same wagering requirements alluded to above. Please ensure you check out the small print on each particular casino in order to plan out the best way to cash in on these loyalty plans. You can also check out our reviews, which pretty thoroughly run through each casino's loyalty program, if indeed one exists.

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