When choosing a bingo or casino site there are many things you’ll need to consider, one of the main factors being the welcome bonus that’s on offer to you as a new player. Welcome bonuses come in many different forms and traditionally, especially in the world of online bingo, no deposit bonuses were king.
More recently, casinos have been steering away from this age old incentive and offering alternatives to no deposit cash such as the Mega Reel seen here. Here, we are going to explore where this deposit free cash has gone and what has lead to its demise.
What Is No Deposit Cash?
Firstly, let’s discuss what the term no deposit cash actually means. Essentially, it’s a bonus payment that many casinos offer new players on sign up. Usually, players would need to make their first deposit on the site to take advantage of the welcome offer but with a no deposit bonus – they could get the cash without spending any money (although sometimes it would be necessary to register a bank card). Depending on the site, there may be wagering and withdrawal requirements attached to the bonus funds which players need to find out about, but other than that, the money was generally there to be played with in much the same way as regular funds.
Changes In Welcome Bonuses
As an avid bingo or casino player you’ll no doubt have noted that it’s now much more difficult than it was to find a site offering deposit free cash. So what happened to this once common sign up incentive? To answer in one word: tax! Read on for an answer in multiple words…
In 2017, the government introduced the Finance Bill which increased taxes on free plays and free bets. This was done in line with the General Betting Duty and has a big impact on casino and bingo sites which offer no deposit free cash. Operators now need to pay 15% tax on any discounted or free bets that they give out and since August 2017, there have been some changes in the industry.
Of course, as an operator, you would want to pay as little tax as possible, so it makes sense that affected sites replace their free cash welcome bonuses with free spins or other types of welcome bonus. Those brands willing to pay higher taxes in order to offer this type of bonus might end up getting more business as these types of bonus are actually very popular with customers. Whether to remove or leave in place the no deposit cash will no doubt have been something that’s had gambling bosses scratching their heads.
Thanks to its rapid growth, the gambling industry most certainly has the government wanting a slice of the action. This tax is just one of the ways the government has made steps to benefit from the profitability of the industry and there are sure to be further taxes in the future. As for no deposit bonuses… We think generally it’s good bye for good, but if you look carefully, there’ll probably always be a brand giving it a shot.