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Information about 200% Deposit Bonus - June 2022
Deposit £10, get £20 in bonus credits and play with £30. Sounds like a good deal, right? Well, that’s what’s on the table with the 200% deposit bonus, a relatively common bonus offered by a number of top online casinos and bingo rooms.
But what exactly is the 200% deposit bonus, how does it work, how can casinos offer it, and is there anything you should be aware of?
What is a 200% Deposit Bonus?
As the name suggests, a 200% deposit bonus offers to boost your funds by 200% when you make a deposit. It’s nearly always offered as a new player welcome bonus and is used to encourage new members to join, in theory, it’s twice as good as a 100% deposit bonus.
What are the 200% Deposit Bonus Terms?
It would take several hours just to get through an iTunes update.
But when it comes to casino bonus terms, it’s important to read them. Forget about the promotional messages and glossy banner ads, the terms will determine just how generous and worthwhile the bonus is.
There are several main terms to look out for on 200% deposit bonuses, including:
The Minimum and Maximum
This term is often displayed front-and-centre. It outlines how much you need to deposit and how much you can receive. It will look something like this:
200% Deposit Bonus (up to £200). Min deposit £20.
This means that you must deposit at least £20 to qualify for the bonus, at which point you’ll get an additional £40 in credits (200% of £20 = £40). If you deposit £100, you’ll get £200 in extra credits, and as this is the maximum amount, you’ll collect the same amount for all deposits over £100.
There’s an upper limit on this bonus, so in the above example, you’ll still collect £200 even if you deposit more.
Wagering Requirements and Contributions
You have your credits from the casino…now what? The casino doesn’t want you to just pocket the money and walk away, and that’s why it imposes wagering requirements.
The wagering requirement tells you how many times the funds must be wagered before they’ll move from your bonus wallet to your cash wallet, at which point they can be withdrawn.
Oftentimes, it’s fixed at between 20x and 50x, but it’s common to see requirements as high as 70x. If you collect a £100 bonus with a 70x wagering requirement, you must wager a total of £7,000 before the funds can be withdrawn.
Where and how you wager those funds will depend on the wagering contributions. For instance, progressive jackpot slots are often excluded entirely, so none of the money you spend on these games will count toward your wagering requirement. The same is true for many Live Dealer games and table games.
Check the bonus terms and conditions for a full list of wagering contributions. These vary from site to site and even from bonus to bonus, but they can have a massive impact on your experience, so be sure to always check in advance.
A winnings cap limits how much can be won with a single bonus. More common on free spin bonuses than deposit bonuses, these caps come into play after the wagering requirement has been met.
If there is a cap of £1,000 and you have £10,000 in your account after meeting the wagering requirement, you’ll instantly lose £9,000.
There are two time limits applied to all casino bonuses.
The first concerns how long you have to use the bonus. It’s often fixed at between 24 hours and 7 days.
The second applies to your wagering requirement.
If these time limits expire, you will lose your bonus and/or any bonus credits you have accumulated to that point.
One of the most frustrating terms concerns restricted payment methods.
It’s very common for online casinos to refuse bonuses to players who deposit using Skrill, PaysafeCard, and Neteller, and it’s becoming increasingly common to see PayPal and other web wallets on that list.
You can still deposit using these methods, but if such a term is in place, you won’t collect any of that 200% deposit bonus.
There are also restrictions concerning how much you’re allowed to wager when meeting the wagering requirement. This is usually fixed at £5 per bet. It means that you can’t simply bet the entire amount on a few spins to hasten the rate at which you clear those terms.
You can still wager more than £5 per game if you have the funds in your account, but only £5 of that wager will count toward the wagering requirement.
How to Get More from a 200% Casino Bonus
There are a few things to keep in mind when collecting these bonuses:
1. Check the terms: Terms can differ from one bonus to the next and you could be stung with some nasty small print if you’re not paying attention. Most negative reviews complain about bonus misunderstandings and oversights—don’t be one of those players!
2. Stay sensible: Don’t force yourself to deposit more just so you can take a bigger piece of the bonus; don’t gamble more than you’re comfortable with just to meet the wagering requirements.
3. Stick with high RTP games: Look for slots that have high RTPs and table games that have low house edges. Assuming they count for 100% of the wagering contributions, these are the games you may be best to try.
4. Look for more: Casinos want you to stick around after the bonus has expired, so they will often provide you with additional bonuses and promotions. Check your emails, scan the promotions page, and see what’s available.
How Can Casinos Still Profit While Offering This Bonus?
The 200% bonus is a little more generous than other deposit bonuses and Free Spin bonuses, but like all casino offers, it’s carefully programmed and balanced to ensure that the casino doesn’t lose a lot of money.
Part of the reason these bonuses work so well is that the majority of players will lose. You might walk away with a big sum and feel like you’ve cheated the casino, but the same can’t be said for the next guy, and the next.
It’s like walking into an all-you-can-eat buffet, filling your boots, and then leaving with a smug grin because you’ve somehow beaten the buffet. In reality, they don’t care, because the meagre margins they lost on you will be more than recuperated from everyone else.
Casinos also spend a lot of money on advertising. The value of a single lead (customer) is immense and leads to huge cost per click and cost per lead bids. If a little bonus is all it takes to reduce or completely negate those costs, it makes economic sense.
Where Can I Find 200% Casino Bonuses?
Ready to explore one of these bonuses for yourself? Simply scroll up and click on the casino links. All the sites listed on this page are currently offering 200% deposit bonuses, and many have loyalty promotions and free spin offers.
To learn more about these sites, check out our reviews. We have reviewed every single site included here, with those reviews going into detail about bonuses, payment options, customer support, security, and everything else you need to know.
200% Deposit Bonus - June 2022 FAQ
Is This Bonus Only Available On Online Casinos?
The 200% deposit bonus is far more common on online casinos than it is on sportsbooks. In fact, as sportsbooks operate on much finer profit margins, it’s rare to see such an offer. The same is true for poker sites, as they earn their money by collecting a small percentage from each pot (known as “rake”) and don’t claim all of the money that you lose. You can find these bonuses on bingo sites, though.
Can I Collect a 200% Bonus On My Mobile Device?
200% bonuses are typically available on desktop and mobile devices, with very few exceptions. Some sites limit their bonuses to mobile users or desktop users, but that’s rarely the case with 200% deposit promotions.
Are 200% Deposit Bonuses A Scam?
The bonuses themselves are not a scam, but that doesn’t mean that all the casinos offering them are legitimate. For a casino to be legit, it must be regulated, certified, and secure. It needs to work with secure payment providers and iGaming developers. All of the sites mentioned here on Bingo Paradise are legit, including the ones on this page. But we can’t vouch for all sites out there, so make sure you do your due diligence before joining a new online casino.
Are 200% Deposit Bonuses Common?
100% deposit bonuses are far more common, as they are usually sufficient and casinos aren’t willing to give away more money than they need to. But 200% offers are becoming increasingly common as gambling sites seek new ways to stand out from the crowd. After all, if all of your competitors are offering 100% deposit bonuses, doubling up is a sure-fire way to get more eyeballs on your site and convince more players to join.