Bgo pledges to remove wagering requirements on all bonus cash
Online casino operator announces it will no longer require customers to wager bonus funds before they can withdraw
Bgo Entertainment today pledged to make restrictive bonus wagering conditions a “thing of the past” after announcing it will no longer require customers to wager bonus funds before they can withdraw.
The online casino operator said the new strategy would be implemented next month, while future bonuses would be issued as real cash or wager-less free spins.
The changes to its sign-up bonus strategy will take effect from 15 October and apply to customers on its flagship bgo.com product and sister site Powerspins.com.
Hannah Westley, CFO of Bgo Entertainment, said the decision was prompted by what she claims is a progressively “over bonusing” culture in the online gaming market.
“We’ve been involved in the space since 2001 and remember when a 100% match bonus with a 20x turn requirement was the standard sign-up offer, even generous,” she said.
Westley added: “Now we are seeing 200%’s 400%’s, no deposit bonuses, free spins, higher turn requirements, max bets and less/non-contributing games.
“All operators are very keen to sign new customers and show growth, however the player life-time is not what it once was and we think some of the reasons relate to the market’s treatment of bonus cash and consumers resentment of them.”
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Wagering requirements and bonus Ts&Cs has become a key regulatory issue in the UK online casino market in recent months, with the Gambling Commission taking enforcement action to drive up standards.
Bgo Entertainment itself was slapped with a £300,000 financial penalty earlier this year following a review into the publication of “misleading” promotions by the operator and its affiliate partners.
The failings included nine adverts uploaded to bgo.com between 17 July 2015 and 21 July 2016, as well as 14 BGO advertisements on third-party affiliate sites between 4 February 2016 and 18 October 2016.
“The recent changes to the regulatory environment in the UK means we are spending time with various parties, be it the UKGC, the CMA, ASA and then of course the players themselves,” Bgo Entertainment CMO, Allan Turner, said.
“The bonus issue is something that is continually discussed and we are at a crossroads where we need to make the right decision for both the company and the consumer,” he added.