One positive feature of the new National Consumer Protection Framework for Online Wagering in Australia is that it is now illegal for bookies to include wagering requirements on their bonus bets.
Once we are confident that this new law is being enforced we will edit or delete this tutorial.
Every bookie bonus is a little bit different.
Some bonuses come as cash, others as free bets. Some have to be used on specific sports, others can be used on anything.
It’s important that, before you deposit any cash, you fully understand the terms & conditions of each bonus.
One common condition that bookies include with bonuses for new customers is known as a ‘wagering requirement’ (WR). If a bookie has a WR you will be unable to withdraw any bonus bet winnings until you have wagered them the required number of times.
Most bookies require you to wager your winnings once, but some have 2x WR. This page has info on the WR at each bookie.
To complete the WR you can use the same matched betting strategy that you used for your qualifying bets. Just back and lay to eliminate the risk. This will make sure that you don’t lose the profits you have already earned.
To complete the WR you will need sufficient funds in Betfair to cover your lay liabilities. For this reason, we recommend starting with the smallest available sign-up bonuses and always splitting the bonuses into smaller amounts when possible.
It is also advisable not to place bonus bets at odds that require your whole float to be used at betfair. Try to use no more than 50% of your float on any given bet if you can.
Wagering Requirements Quiz
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- Question 1 of 3
If you win $500 from a bonus bet at a bookmaker with a 1xWR you can withdraw:CorrectIncorrect
- Question 2 of 3
To ensure you still make a profit after completing the WR, you should do what with your additional bets:CorrectIncorrect
- Question 3 of 3
If you qualify for a $100 bonus bet and the bookie gives you the following options, which one should you choose if you have a small float?CorrectIncorrect