London, UK – UK regulated online casino operator bgo announced today that it will no longer require customers to wager bonus funds before they can withdraw effective October 15th 2017.
Any bonuses issued on bgo.com and sister site Powerspins.com beyond this date will be in the form real cash only or ‘wager-less’ free spins.
It’s a bold move that puts bgo at odds with the rest of the market who continue to offer highly incentivised sign-up bonuses with customers tied in with minimum wagering conditions. These
prevent them from withdrawing any wins until they have bet the minimum, in some cases that can be 50-60x the bonus amount issued.
Hannah Westley, BGO Entertainment CFO, said:
“For a while now we have felt the online gaming market is over bonusing. We’ve been involved in the space since 2001 and remember when a 100% match bonus with a 20x turn requirement was the standard casino sign-up offer, even generous. 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.
“A recent review of our customer support department resulted in a lot of queries being generated because of wagering requirements. We obviously list them in the t’s and c’s but your average player doesn’t immediately understand what a turn requirement means and can become frustrated easily when not being able to withdraw immediately after a win with an active bonus. And then of course different games carry a different contribution to turn percentage, it can be quite confusing.
“ In our opinion real players aren’t interested in bonuses laced with restrictive terms in any case and rather than spend our time helping people understand wagering, it is our aim to turn the model on its head and win loyal customers over by offering a fair and simple environment in which to play. Therefore all players making a deposit on bgo.com from October 15th will have the ability to withdraw any bonus funds or free spins winnings received instantly. All bonuses will now be paid in real cash only.”
BGO Entertainment CMO, Allan Turner added :
“We’ve not taken this decision lightly. 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. The bonus issue is something that is continually discussed and we are at a cross-roads where we need to make the right decision for both the company and the consumer.
“If we have evidence players find wagering conditions confusing or unfair, then that’s enough for us to take a decision. We have always run a safe, trusted and fair online casino and player enjoyment is and always will be our number one priority. Today’s announcement reinforces our goal and we look forward to operating bgo casino and Powerspins with wager-less bonusing.
“It is absolutely the right thing to do for the player. Hopefully bgo can demonstrate to the industry that restrictive bonus wagering conditions are not the way to go and we can make them a thing of the past.”
Bgo’s decision comes at a time when Nisha Arora, CMA Senior Director for Consumer enforcement questioned the fairness of signup bonuses across the industry and said on the UK government website, “Players should be able to walk away with their money when they want to”.
About BGO Entertainment
Bgo Entertainment is a privately owned online casino company operating in the regulated UK market. Started in 2011, the company has won awards for its marketing relating to campaigns
featuring big US celebrities such as Paris Hilton and Verne Troyer. Bgo Entertainment operates two gambling websites, www.bgo.com and www.powerspins.com .