The beginning of the millennium was a golden age for online gambling. The whole industry’s growth was largely unhindered by laws and regulations, and competition was tight. There was only a handful of online casinos that were in business; and each of them were itching to get as much players as they can into their fold.
To get more people to sign up, most early online casinos offered humongous bonuses and promos to prospective players. These freebies usually came in the form of sign up bonuses- with most casinos offering up to 100% bonus when players sign up and deposit with them. It didn’t take too long for enterprising players to exploit these bonuses as money making schemes. For example, if you play blackjack at optimal strategy, you can expect to lose 0.5% (house advantage) of the total bets that you wager. At a 20Xinitial deposit cash out, every $2000 that you wager will net you at least $90 in free money. It might just be a small amount, but it piles up as time goes by especially if you are a skilled player.
Unfortunately though, online casinos have caught up with the scheme; most online gambling establishments already have various safeguards in place to ensure that players won’t be able to take advantage of their bonuses. The deposit requirements for the bonuses have gotten much higher, and there are restrictions that prevent people from exploiting promotions and freebies.
While this is bad news for unscrupulous players who used these bonuses to leech money off these casinos, it might probably be a good thing that this practice had already died down. Why? Here are some reasons:
1. You need an awful lot of money to get started
The bonuses can only be cashed out if you have already deposited a certain amount into the coffers of the online casino that you’re playing in.
2. You have to be a very skilled player in order to profit from this scheme.
Blackjack is usually the game of choice for bonus leechers, since the house advantage for this game is so small. A skilled player or a card counter can easily make quick money if s/he plays using optimal strategy. But someone with average blackjack skills might find it hard to make money from the game, let alone receive the in-house bonuses.
3. You have to put in a lot of time and effort to make just a small amount of money
For full time professional gamblers, these bonuses are just a little extra on top of their regular “income”. The casual gambler has to put in a lot of hard work before they can cash out any “free money” that the casino might be offering.
4. Leeching money off online casinos just take the fun out of gambling
Gambling is supposed to be a hobby, a past time that you do for fun in your free time. It’s really not something you expect to make money out of.
Make money through online casinos through the legal and easy way: play games and be good at them. Hone your skills at blackjack, study poker theory, practice good bankroll management- these are the only way you’ll be able to make money out of online gambling sites.