Over the past several years, online casino gambling has skyrocketed, most notably after COVID-19 pandemic shutdowns saw people spending most of their time at home. And where brick-and-mortar casinos were once the most popular place to gamble, internet-based play has begun to replace trips to our favorite land-based casinos, largely due to convenience and lucrative casino bonuses.
According to reputable data-gathering firms, before pandemic-related closures began in 2020, global revenue for the whole of the gambling industry was USD 45.7 billion in 2019. A year later, as COVID restrictions began to loosen, that number grew to USD 55.1 billion. According to a market analysis report from Grand View Research, in 2022, the global online gambling market size was valued at USD 63.53 billion and is expected to grow at a compound annual growth rate (CAGR) of 11.7 percent from 2023 to 2030.
So what is it that makes web-based gambling so popular beyond the obvious convenience of being able to play pretty much anytime anywhere? And what makes some online casinos so much more attractive to users than others?
Casino Bonuses
Major drivers of traffic to online casinos include game selection, which often surpass the number of games found in land-based casinos, and bonuses and promotions. Many web-based casinos offer some of the best bonuses, ones that traditional casinos are not able offer. These bonuses often help players make the most of their gambling experience and money. Moreover, they just make good business sense as they attract new players and retain regular players.
A recent insightful report from CasinoAlpha revealed that out of all of the most popular casino bonuses, free promotions such as no deposit bonuses and free spins or welcome bonuses, are what users usually pick. Choosing this type of bonus allows the player to test-drive the game before making a deposit.
Here we will briefly explain the various online casino bonuses available to players.
Welcome Bonus
Sometime referred to as a new player bonus or a sign-up bonus, the welcome bonus is the most common type of bonus and is offered by an online casino when you sign-up to become a member for the first time. It is for the most part a combination of free spins and a deposit bonus. Welcome bonuses, like other bonuses come with wagering requirements, where it needs to be wagered a specific number of times before you’re able to withdraw it.
Deposit Bonus
A deposit bonus or reload bonus is basically a bonus that players receive after depositing a specified amount of money. This bonus is typically in addition to the welcome bonus as part of a promotion. Deposit bonuses usually come with a set of conditions. So you’ll want to read the T&Cs (terms and conditions) before using the bonus and withdrawing the money you earn from it.
No Deposit Bonus
With a no deposit bonus, players are not required to deposit their own money before gambling. This type of bonus is attractive to players as it allows them to try a new game without any risk. It is generally used as a welcome to new players to an online casino or a way to reward players for continuing to gamble at a site.
Free spins
Many online casinos are generous with free spins, offering 5, 10, 15 or sometimes more than 100 spins. These slot spins can be offered on bonus rounds, specific games or from certain game developers. However, be sure to read the T&Cs carefully, as the majority of these “free spins” come with wagering requirements or a “use by” date.
Cashback Bonus
This type of bonus is offered by many online casinos and can cover a portion of your losses, if any. Cashback bonuses are given out daily, weekly or monthly. And while they can’t cover all your losses, they may still account for 20 to 30 percent of your losses. Again, make sure you read the T&Cs carefully.
Loyalty Bonus / VIP Bonus
If you’re a regular player at an online casino, you may have the opportunity to join a VIP club. Theses loyalty/VIP bonuses are bigger and better than other bonuses available at other online casinos. Additionally, these bonuses typically have lower wagering requirements. That means you can collect your winnings sooner.
And there you have it! These are some of the most popular types of online casino bonuses you will come across. They are useful tools in attracting players to online casinos. They can also be useful to players as long as they are familiar with the T&Cs attached to offers.