There is a number of terms that you should know the meaning of once you have decided you want to play casino games or bingo on the Internet. Online-gambling.co.uk has therefore decided to create this page, which explains the most important terms you need to know.
You probably already know the meaning of several of them as they have been explained elsewhere on online-gambling.co.uk But here is an overview of the most important ones.
1. Why online casinos give you free casino bonus money
Online casinos are not companies that simply throw their money about, i.e. bonuses, without expecting something in return. Online casinos want us to try their various online casino games using free money, and thus eventually become loyal customers that come back again and again.
But once again it must be stressed that it is entirely up to the individual whether you want to become a loyal customer on an online casino. Online casinos cannot demand this. The only thing the online casinos demand in return for their welcome bonuses, is that you “play for your money”.
Short and simple. You need to meet playing wager requirements, cf. below.
2. Wager requirements (Wager)
Most online casinos require you to wage your online casino playing money a certain number of times before you can withdraw your bonus.
To wage therefore means that the money must have been played at e.g. the Blackjack table. Blackjack, slots and nearly all the online casino games that you can play on an online casino count towards this wage calculation.
Games that often do not count in the online casino games are roulette and craps. If you want to check whether roulette or craps counts, read the casino’s T & Cs.
In fact Online Gambling co uk will recommend all players to ALWAYS read the Terms and Conditions BEFORE you start to play at an online casino!
An example of what it means to “wage”. You bet $2 and lose. You then gamble another $2, but this time you win. The total balance on your casino account remains the same. But you have played, or wagered, for a total of $4.
You must always, and online-gambling.co.uk stresses this, ALWAYS meet the minimum wager requirement set by the casino. It is in fact a good idea to play for a bit extra, e.g. wage $20 or $30 above the minimum requirement. Then you avoid any casinos suspecting that you are just playing for the bonus.
The deposit is the same as a payment or stake. The concept of a deposit is always used in connection with what the casino requires that you should pay in as a minimum in order to qualify for a bonus.
The term "withdraw" or "withdrawal" means you take out your money from the casino account. Withdraw is the opposite of deposit.
5. Cashiers cheque/bank draft
In both instances this is just a normal cheque.
6. Wire transfer
Means a bank transfer. You can read more under Bank here on online-gambling.co.uk.
7. Fax Back Form
This is a form that you either download on the casino’s website or they send to you via an email. You simply fill in the form with the information they ask for. You then fax or email it back to the casino. (With a “Fax Back Form” you often have to attach copies of the front and back page of your credit card as well as copies of either your passport or driver’s license.
8. Credit card statement
You can e.g. use one of your own bank statements for this. Just make a copy that contains your bank’s address. (You can easily cover up any of the transactions that appear on the statement.)
9. Pin code
“Pin codes” are used in different contexts with casinos. Some casinos require you to use a “pin code” for “locking” the casino’s software with. Others require pin codes when you want to withdraw money from your casino account. You can read more about this in the review of the various types of software on online-gambling.co.uk
10. Credit card refund
This simply means that you get some money back on your credit card. You can read more under Bank here on online-gambling.co.uk
Casino winnings are taxable revenue, just like all other revenue in the UK. But as the casino does not pass any information to the Inland Revenue, it is your own responsibility to declare how much you have won.
- If the online casino has a licence within the EU your winnings are tax-free.
12. SWIFT CODES
A swift code is a unique letter code that all banks have. You have to use a swift code if you want to have your winnings paid via bank transfer. You can always call your own bank to find out what its swift code is.
13. Things to remember
It is worth gathering as many cheques together as possible over a couple of months. You can then save a lot of money in that several of the British banks only add one administration charge regardless of the amount of cheques you have.
You should however REMEMBER that the cheques typically mature 3 months after the date they were issued. So always withdraw them in plenty of time!!!