A parachute bonus simply means that your bonus funds are separate from your cash balance
Some online casinos insist that once you signed up and made your first deposit, you either claim your bonus through a link on the website’s “Promotions” page, or you can email the online casino support team to request the bonus
In the past, when you claimed a casino bonus, the bonus funds and real money were combined into one; only once you’d completed the wagering requirements were you able to withdraw money.
Today, however, due to new regulations brought in from the UK’s Gambling Commission, it’s no longer possible for bonuses to be combined like this; your cash balance and your bonus funds must be separate so you can withdraw your cash balance at any time. This is what’s known as a parachute bonus.
What you are primarily interested in is finding out the wagering requirements and the allowed games. These two factors will probably make your decision for you, but whilst browsing through the T&C’s of a casino bonus, there are a couple of other things to look out for. You’ll need to know whether you are actually “eligible” to claim the bonus. How the bonus is credited to your online player account, and whether your location comes with any additional requirements. Also good to find out is if any maximum cashouts apply to the winnings from a bonus.
Claiming a bonus: When claiming an online casino bonus, you need to find out whether the bonus is credited automatically or whether it needs to be claimed by you. Others simply credit your account with the bonus; though this may not happen immediately, the T&C’s will tell you.
In actual fact, claiming a casino bonus is a far better method for the player (be aware the casino often says that this must be done within 24-72 hours of registering at the casino). Why? Because you can deposit, play your own money and if you win, cash out without any restrictions. If you lose, then you can claim your bonus and have another go with the restrictions attached! With auto-credited bonuses, you are immediately subject to wagering requirements which can interfere with your ability to win.
Eligibility: When you check the T&C’s of an online casino bonus, watch out for restrictions or additional requirements for residents of certain countries. These often apply to some countries in the East and players from Denmark, Poland and Israel. Often, the bonus is still available to them but with higher wagering requirements largely due to the amount of “bonus abuse” that comes out of these countries.
Wagering requirements: For sure, you will be able to find some online casinos that still have some good deals. Most of the casinos, however, will ask you to wager at least 15 times the total of the deposit and casino bonus before you can withdrawbined with the game restrictions, the wagering requirements often make it difficult to win, so be very careful to read the T&C’s and understand these fully before you decide to deposit.
Maximum cashouts: A few online casinos, primarily those using RTG software, place a maximum cashout on any money won using the sign-up bonus. Typically this might be 10 times the amount of the casino bonus awarded, so before you go chasing that progressive jackpot, make sure you know if this rule applies. A similar principle is sometimes attached to promotions. In general, at reputable casinos, anyhow, this rule should be clear in the T&C’s of the casino bonus or promotion, but it’s another reason to make sure you fully understand them before you deposit!