In my research over the years I have combed through close to 100 sports betting sites Terms and Conditions (T&C) in order to get to the bottom of many questions that I’ve had.
What is a rollover requirement was a big one since they are always attached to betting sign up offers. And let me tell you I’m lucky I can still see straight. Those Terms and Conditions are page after page of legal mumble jumble that will quickly put you into a coma. But thankfully I’ve survived, so I’ll share with you what I’ve learned.
If you’re new to online sports betting in Canada and have been surfing the web for a platform that you feel comfortable with, then you’ve no doubt been bombarded with first time sports betting sign up offers and bonuses.
Since you’re reading this you are obviously cautious and perhaps a little leery, as I was, on accepting such a bonus. And that’s smart. It never hurts to dig a little deeper and hit that “Terms and Conditions” link to find out what your getting into.
The first time I read the terms that were attached to the deposit bonus I was confronted with a phrase that left me scratching my head – rollover requirement. What is a rollover requirement???! Or more precisely what the @#*! is a rollover requirement?!
Deposit Bonuses – Why They Offer Them
In the competitive business of online sports betting in Canada, most sites will offer generous betting sign up offers to secure you as a client. We as humans are creatures of habit, and let’s not forget lazy! They’re taking advantage of this fact by theorizing that once we open an account with them we’ll tend to stay there. And they’re right. Just think about how long you’ve been with the same bank. Chances are they offered you an attractive interest rate, or a bonus of some sort as well in order to lock you in as a customer.
“Nothing Is For Free”
We’ve all heard this saying. And boy does it ring true in regards to rollovers. If you’ve accepted the offer and are stoked that your betting account has more money in it than your initial deposit, you better slow down and understand what you’ve committed to.
I don’t say this to scare you, but rather to inform you. After all, that’s what this site is for. So let’s ease into it and start by using a real betting site as an example.
Sign Up Offers – There’s a Catch!
Using my favourite Canadian betting site Sports Interaction as the guinea pig here, we’ll breakdown their first time deposit bonuses and the accompanying rollover requirements.
Although I think these guys are top notch, their deposit bonuses can confuse those new to online betting, depending on what they’re offering you. Why is this? Well, deposit bonuses come with rollover requirements, which can be tough to understand at first. Most online sites offer them. It’s just an industry standard.
Having said this, I always accept a sports book betting sign up offers and bonuses, including Sports Interaction’s. I do so because I will still always be able to withdraw my initial deposit. Rollover requirements are there to prevent you from withdrawing the sports book’s bonuses before placing any bets.
So just remember, if any sports book offers to match all or a portion of your deposit, a rollover requirement will be attached to it. A “catch” so to speak. Although they all have them, the requirements can vary quite a bit from bookie to bookie. Let’s dig deeper to see what I mean.
All Bonuses Aren’t The Same – Be Aware
Sports Interaction has a variety of bonuses, each one with a different rollover requirement attached to it. They are as follows: A 3 times rollover for a 10% bonus, 4 times for a 15% bonus, 5 times for a 20% bonus and 10 times for a 100% bonus. We’ll examine the biggest one first, the 10x rollover 100% bonus, and do so in a real world situation.
To make the math easy let’s say you deposit $125 upon sign-up to capitalize on the 100% bonus offer. That means Sports Interaction will match your deposit with $125 of their own money. So you now have $250 to bet with. Great! Right!?
Usually doubling your money means time to take some off the table. Might as well withdraw half and play with the houses money! Not so fast Einstein. They would go broke quick giving away free money. So you’ll need to meet the 10x rollover requirement first, which is attached to the 100% deposit bonus offer. What does this mean?
Well, if you dug into and deciphered all that T&C fine print you’ll find that it applies to the bonus and the deposit combined. To understand this better let’s break it down.
The formula would be like this: Bonus ($125)+your deposit ($125)=$250 x rollover (10) = $2500.
This translates into you placing $2500 worth of bets before you can withdraw their $125 bonus from your account.
To visualize this in a real betting scenario, lets say on average you bet $20 per night. This will allow you to meet the 10x rollover requirement on day 125 (125 days x $20=$2500 wagered). To clarify, you don’t need to win $2500, you need to wager $2500 to fulfill the 10x rollover requirement. They really want you to stick around!
Rollover Requirement Betting Restrictions
Now if you survived that marathon of betting and happen to still have that $250 in your account I wish I could tell you congratulations, job well done. However, before you can withdraw that $250, there’s one more stipulation each of your bets must meet (125 bets in our example)… and I quote:
“Sportsbook bets with a price of less than or equal to -200 (1.5) do not count toward fulfilling sportsbook bonus rollover requirements.”
Like I said, nothing is for free. If you accept their money you have to work for it. Whatever you throw down on, it better have an odd of 1.51 or higher. If not our $20 bet example won’t count towards the $2500. So forget about riding the heavy favourites into the promised land.
Big Bonus – Smaller Deposit?
Now I don’t want to scare you into not taking the 100% sign up bonus. It’s just that everyone’s financial situation is different.
If you don’t have a lot of disposable income than perhaps just make the minimum deposit of $20. With a $20 bonus added to your account for a total of $40 your rollover requirement will only be $400. Much more manageable than the $2500 rollover requirement on a $125 deposit.
Tiny Rollover Requirements – lowering the bar
With the 10 times rollover requirement perhaps being a bit too high for some bettors situations, let’s look at one that’s a lot smaller.
You can always accept the 100% sign up offer and, before you place your first bet, make a request to swap into the 10% sign-up bonus offer instead. Let’s use that one in a real world example too.
We’ll deposit $100 this time, and they add a 10% bonus. So when you log in to your account you’ll notice that they added 10% of your $100 to your balance, which now sits at $110.
The rollover formula would look like this: Bonus ($10) + your deposit ($100) = $110 x rollover (3) = $330.
So you only need to wager $330 worth of bets to meet the rollover requirement, which would take you a little over 16 days of betting $20 per day. If we were to bet like the previous example, the 10% 3x rollover (16.5 days x $20=$330 wagered) would be much more attainable than the 100% 10x rollover (125 days x $20=$2500 wagered).
Remember, as you place bets your rollover requirement reduces in your account. However, if you want to know where you stand in regards to fulfilling it, you need to contact customer service. Luckily this isn’t a big deal with Sports Interaction. They have a live chat in the bottom right hand corner of the screen. Just type and ask them how much of your rollover requirement is left and they’ll tell you immediately. It would be nice to have this displayed in your account though.
Deposit Bonuses- Friend and Foe?
OK. We all agree that we love free cash. He’s great. But his partner the rollover requirement is a creep. Always lurking in the shadows with his stink eye watching over us. So should you accept a sports book’s betting sign up offers and deposit bonuses, with its attached shady partner the rollover requirement?
Well that depends on your individual situation. If you want to open an account to just bet on the odd special occasion, like playoffs or superbowls, then I’d pass on the bonus. It will take you too long to fulfill the rollover requirements. And if money is tight and you may need to withdraw a little from your betting account from time to time, then definitely stay away from the deposit bonus.
On the flip side if you have a yearly budget or bank roll to bet with then by all means accept it. If you’re playing with money you can afford to lose then you can wait out the time it takes to make all of those bets in order to meet the rollover requirements.
On a side note, if you hit a losing streak right off the bat and you blow through the bonus money that was deposited in your account, then your rollover requirement will disappear and you’ll be able to withdraw your initial deposit without worrying about the rollover requirement.
Now that you know how the math works you can go ahead and accept that big 100% deposit bonus… just adjust your first deposit accordingly to match your own financial situation.
You should also note that when you sign up with Sports Interaction the deposit bonus will be added to your account automatically. You can opt out of this bonus and avoid the confusion but you must contact customer service and instruct them to remove the bonus from your account. Their customer service is excellent so just contact them before you place your first bet or else you’ll be locked into the bonus.
If you do find yourself needing to withdraw cash before your rollover requirement is met, be sure to read the post entitled Rollover Requirements – How to Withdraw Cash Early
Make Sure To Have Fun
Having a plan and sticking to it is the key to being successful and sleeping well at night. Accepting huge rollover requirements is not for everyone. However, if you have cash to burn and you’re up for a challenge then you can have fun with it.
To put a spin on it, If you view betting as you do investing, a 100% return on your investment is extremely difficult if not impossible to do in a year. Heck, people would call you the next Warren Buffet if you could consistently earn just 25% per year in the markets.
Accepting a 100% bonus puts you ahead of the game in a big way… now all you have to do is try and place bets to keep it! If you can win as much cash as you lose you’ll double your money once you fulfill the 10x rollover requirement. Making a 100% return this year in your betting account will give you bragging rights… but your friends don’t have to know that you only made $125!
If you haven’t joined Sports Interaction yet click ==> HERE <== to jump over to my review page and sign up, or just click the “Bet Now” button at the start of this article.
Written by J.J.