How Has the Bonus System of Online Casinos Changed over the Past 10 Years?
Humans have been gambling since time immemorial. Even so, gamblers from the mid-20th century and back would be really impressed by the strides made purely on account of better technology. Gambling can now be done from the comfort of your house. No one from the previous generations would have imagined the possibilities of online casinos.
As the online gaming industry grew, the bonus system was put in place to encourage players to sign up so that the platforms can gain as many players as possible. Additionally, other benefits were set up to ensure that ongoing players remained loyal to the casinos. The likes of Dunder Slots present players with some pretty juicy opportunities that promise more rewards at the lobby. Now we’ll take a look at the changes the online casino bonus system has undergone over the years and how it has affected online gaming.
Brief History of Online Casino Bonuses
Let’s go down memory lane and look at how far the online casino bonuses have come. At the inception, the welcome bonus amounts were pretty high. This was because this industry was still in its infancy period. Very few people were also playing at the time. There was also less competition as compared to today because such casinos were few.
Most players were also loyal to the online casinos they signed up in. This is because the online gambling regulations were not robust enough several years back. Online gambling was a relatively new concept then. It was also hard for players to take the risk of trying something new that they were uncertain of.
The society also had a negative perception of gambling. However, things gradually changed and with time more people are embracing online gambling. So what has changed especially in the last decade?
To help you make sense of things, below is a breakdown of what has resulted into the change experienced in the bonus system in the past 10 years:
- Rules and Regulations
- Wagering Requirements
- New Programs
1. Rules and Regulations
When online casinos were introduced, there was no proper legislation put in place to regulate them. Lack of regulation in part hindered the growth of the industry as it was hard to distinguish a genuine online casino from a fraud. Over the last ten years, more legislation and regulations have been put in place meaning more such casinos and players have come up. Regulatory bodies have been set up to ensure sanity in this gambling industry.
Increase in the number of casinos over the last ten years also saw a rise in instances where individuals register as players in different casinos, deposit money, get the welcome bonus before quitting those casinos. To discourage that behaviour, today, the minimum deposit amount plus the amount you will have to spend after signing in to a new casino before cashing out is much higher than it was a decade ago.
2. Wagering Requirements
A decade ago, the wagering requirements were significantly less. Rollover terms on most sites used to be as little x1, x2 or up to x5 while some never even had rollover requirements for their offers. This enabled some players to exploit the welcome bonus by just signing up, getting and using it to bet, win more money before cashing out without doing much else in the site. To date, most gambling sites have raised their wagering terms to x20, x30 and even x40 on average. Moreover, the wagering requirements have been set as multiple of the sum of the welcome bonus reward and the deposited amount.
A good example is a casino with a 100% welcome bonus and a wagering requirement of x7. That implies that when a new player registers and deposits $200, then the player will receive a benefit of $200. But for the player to be able to withdraw any amount won in the course of betting, as per the wagering requirements, the player should have wagered $2800. That is 7 multiplied by the total of the deposited amount ($200) and the benefit ($200).
3. New Programs
Online casinos heavily relied on welcome bonus to attract more players starting from their rise about ten years ago. This is now changing. Casinos are now popularising VIP and Loyalty bonuses.
While new customer offers are still popular, more attention is now shifting to retaining loyal customers through the loyalty benefits, free spin bonus, and prizes. You can experience those loyalty bonuses and many more as long as you prove your loyalty to the site.
The welcome bonus still appears to be the most lucrative benefit offered by this type of casinos, but that is not usually the case. That’s because of several requirements that may make the withdrawal of welcome bonuses difficult while VIP perks usually go beyond the monetary reward. Some of the most popular VIP promotions in casinos today include faster withdrawals, dedicated account managers and even exclusive high roller events.
Our Take on the Evolution of Casino Bonus Systems
The online casino bonus system has come a long way and owing to the existing stiff competition and technological advancements; things will keep getting better. We are quite eager to find out what the future presents. Meanwhile, why don’t you take advantage of all the great deals that are currently on offer?
