Most of us have a hard time turning down bonuses dangled in front of us by Canadian betting sites. Whether they are for first time betting sign up offers or for a promotional reload offered to loyal clients. The extra cash is great but the rollover requirements attached to that bonus money can be a problem, especially if you need to dip into your bankroll early.
Life is unpredictable and the unexpected is bound to happen. When it does you may find yourself strapped for cash and eyeballing your betting account as a way to solve the problem.
Tough Road Ahead – Time to Cash Out
As a last resort, hard up for cash, you may have logged into your Canadian betting sites platform to get a balance report. What you see may have been thought of as good news. Your balance showed that you have enough cash to bail you out of your predicament. Great! But after going ahead and placing a withdrawal request, your screen quickly lights up stating that your withdrawal request has been denied because you have yet to meet your rollover requirement. Let the cursing begin.
Understanding Canadian Betting Sites Rules – Knowledge is Key
Surely you must be able to withdraw something, right? Well you need to understand the ins and outs of rollover requirements first, and I’m assuming you’ve already read the other article, Betting Sign Up Offers – What Is A Rollover Requirement? If not I encourage you to do so now because I’ll be referencing that article in this post.
In that article I presented two scenarios. In the first one we initially opened our account with $125 and accepted a 100% bonus with a massive 10x rollover requirement. We’ll look at that one first and then we’ll breakdown the smaller 10% bonus with a 3x rollover requirement.
I wish there was a straight forward answer here but unfortunately a lot of factors come into play when we are pinned against the boards by a rollover requirement. So we’ll concentrate on the situations where you’ll be able to withdraw cash before meeting a rollover requirement, even though it may not be as much as you would have hoped for.
Those Dreaded Terms and Conditions – Breaking Them Down
Remember reading those mind numbing Terms and Conditions? Well they obviously vary between different sports books. We can only cover one, so being Canadian we’ll need to use Sports Interaction’s rules, a home country favourite for us Canucks and ranking amongst the best for online sports betting in Canada. So let’s get to it.
To make the math easy we’ll go with a $100 deposit instead of the $125. So with an initial deposit of $100 and a fat 100% bonus of another $100, you’re account will be jacked up to $200.
However, if you managed to read deep enough into the T&C before your brain said “F this” and slammed your head into the keyboard, you would realize their rules stipulate that your bets are deducted from their bonus first (in our case their $100) and you will forfeit the $100 deposit bonus and all winnings associated with it upon early withdrawal. Ouch. So basically that bonus money is their money and you work for them first. If this scares you just opt out of the bonus via live chat with customer service. But for clarity let’s break this down:
- You deposit $100 and they add a $100 bonus which gives you $200.
- You place 5 bets at $20 for a total of $100 wagered. This could all be in one day or over the course of weeks, it doesn’t matter.
- Because you know your stuff you’re up $100, and your account is up to $300 from $200.
- You’ve also completed $100 of the $2000 10x rollover requirement ($2000 – $100 bet = $1900 to go).
- Then your car breaks down and you withdraw all that you’re allowed to of the $300.
- This would be just your initial $100 deposit because you haven’t meet the $2000 rollover requirement.
- Your account now sits at $200 ($300 – your $100 deposit = $200)
But since the rules state that you bet with Sports Interaction’s money first, your $100 in winnings on $100 worth of betting was with their money and belongs to them. And, after you have withdrawn your $100 deposit, they will confiscate the $200 leaving your account with a zero balance. Talk about sapping the fun out of betting.
Online Sports Betting in Canada – Its Not Just Them
Before you get all riled up, just realize variations of these rules are pretty much a standard in the industry. If you want to play with their money you have to play by their rules, plain and simple. From a business prospective you can’t blame sites that offer online sports betting in Canada for adopting rollover requirements. They are in the business of accepting bets after all, and this marketing tool definitely creates a situation where you wager more.
Withdrawing Cash Early – A Loophole
Deep, deep, deep within the bowels of Sports Interaction’s website, you’ll stumble across this interesting loophole for withdrawing cash before your rollover requirement has been met. It’s not easy to find so here it is.
If your balance is above your rollover requirement you may withdraw that amount.
Now that’s tough to do with our previous example because our 10x rollover requirement was $2000, and that’s why I don’t like it for those on a tight budget. But over time if you placed $1000 worth of bets and managed to whittle it down to $1000 ($2000-$1000=$1000) then you’d be free to withdraw all the cash that’s in excess of the now current $1000 rollover requirement.
However, that still means you would have needed to grow your account from $200 to say $1500 on $1000 worth of bets. Not an easy task. But If you are that good you can now withdraw $500 ($1500-$1000=$500) even though you have yet to meet the rollover requirements.
This is where a smaller rollover really comes into play.
Accept Smaller Betting Sign Up Offers – Access Your Cash Quicker
If we move on to the smaller 10% bonus with a 3x rollover requirement we’ll see how much faster we can reach this loophole. Let`s do the math.
- With an initial deposit of $100 and a skinny 10% bonus of another $10, you’re account is up to $110.
- Our rollover would be as follows: $110 x rollover (3) = $330.
- Let’s say you were on a hot streak and only wagered $100 of the $330 rollover requirement.
- You made some good picks and you are up $200, so your balance is sitting at $310 up from $110.
We would be allowed to withdraw $80 without breaching our rollover requirement. Here’s why:
- To meet the rollover requirement we need to bet $330
- So far we bet $100
- Our updated rollover requirement is now $230 (330-100=$230)
- Our winnings have increased our account balance to $310
- Therefore we would be allowed to withdraw $80 (310-230=$80)
This withdrawal is allowed because we’ll have enough cash in our account after the withdrawal to still meet the remaining rollover requirement, even if we lost every bet, which is exactly what all betting sites hope will happen.
Decline the Bonus – Or Keep the Hands Out of the Cookie Jar
Gambling with someone else`s money is rarely a good thing. As you can see, accepting a `bonus` from betting sites will severely complicate things. Online betting in Canada is meant to be fun. So if money is tight, and you might need to dip your hand into the cookie jar, it might be best to resist the temptation and decline the bonus offers.
But again, if you are responsible and only bet with what you can afford to lose, then by all means go for the big bonus. I do. If you haven’t yet, sign up with Sports Interaction on my review page ==> HERE <== or click the “Bet Now” button at the start of this article, and have fun!
Written by J.J.