Can someone pls explain wagering on online bingo?

[Zoflorabore]

Hi there

I am skint and my friend won a load of money at the weekend on a bingo site so I signed up today and deposited £10 ( and that’s all it will be ) and for this I received a £50 bonus which is restricted and can’t be withdrawn until the wagering requirements of £200 are met which I don’t bloody understand properly!

I’ve been really lucky tonight and am up to just over £200 but what does this actually mean? At what point can I withdraw any winnings? Sorry to sound so dim.

Sorry but I think online gambling is akin to crack for the brain and I wouldn't go near it. Everything they do is designed to get you hooked and ruin your life.

Basically you have not won 200 by the sounds of it you can't draw out the 50 you "won" until you have spent 200 - they're trying to reel you in.

I've never done online gambling, but I would guess those big numbers on the screen don't translate to actual cash. Especially not on your first time. It's waiting for you to deposit more and keeping the win at touching distance to entice you, but you'll never actually get to withdraw 200. Especially for just a 10 outlay. Don't add any móre of your own cash, no matter how tempting!

Ex matched bettor here. You need to spend the £200 you have basically, then whatever is left is yours. There should be somewhere to check on your balance details what your bonus funds are and what your cash balance is. As a new account expect to be verified before withdrawal is processed as well, so copy of passport and proof of address.

Online bonuses are an absolute scam, don't be surprised if you end up with nothing. Safest way is smallest stake and more games but absolutely no guarantees.

RTP (return to player) is typically around 60% on bingo. You would therefore expect your £50 bonus (which you need to play four times to get through the £200 wagering) to yield £6.50 (50 x 0.6 x 0.6 x 0.6 x 0.6). You've deposited £10, so a likely net loss of £3.50. Sorry. Don't do stuff like this unless you know what you're doing.

Now I've read your second paragraph! Ok so hopefully you'll make something. You need to check your account and see how much you have wagered. You'll need to dig around but it'll be there somewhere. Once you've wagered £200 it's yours. But you'll need proof of id and proof of address before you can withdraw.

Hi again, thanks to everyone for replying. I got it in the end, my brain just wouldn’t compute.

so I decided the best thing to do was to play high value games to get the balance down and see what happened. I went from £204 and when I got down to £123 a message popped up and said I was now playing with my cash balance so I went and withdrew it! I had already had my account verified when I joined and it said the money would be in my account within 4 hours. I checked just now and it is. I’m really pleased with that.

Obviously it is dangerous if you then go on to spend your winnings so I’ve put it in my “stash” account that needs to be physically moved. I have no money in my bank anyways so am not tempted to do more.