Over the last few years there has been a big rise in 5 pound deposit bingo sites. The rise in popularity with these websites has been linked to the economic factors that the UK has faced over the last few years. As unemployment rose and the cost of living increased, peoples disposable income decreased. Naturally bingo players started to tighten their belt and therefore reduce the amount they would spend playing games online. A number of the big operators noticed this trend so acted and decided to do something about to keep new customers rolling through there doors. This lead to the invention of the £5 deposit bonus. The larger operators realised that most people would stretch to spending £5 instead of £10. They realised that a first deposit of £10 was seen as stretching things just a bit too far, hence the birth of the lower deposit bonus. You could be forgiven that the operators like Gala were doing players a favour, but of course this is never the reality.
Really it is just a clever marketing ploy by new bingo sites to get new customers on board. As once you’ve signed up you’re then bombarded with a tempting array of big jackpots and other bonuses. The impact of a recession leads people to believe that they could win there way out of financial trouble, even though very few people would admit to that. So while it was initially seen as a small outlay, it often turned into bigger spending habits as people looked to win bigger and better prizes. Fortunately the UK Gambling Commission has since tightened the reigns on how bonuses are advertised and there are now very strict guidelines in place to stop ‘false advertising’. Of course, we are only talking about a small population of online players.
A 5 pound bingo website is ideal for those players who like to dip in and out. Where the bingo is more about the online engagement with others rather than trying to win big. It’s about playing a few games, chatting with your online roomies and watching your spend. Therefore a website which offers a deposit bonus with an initial spend of £5 is perfect. It will allow the individual to fully test all the games on offer. It will also allow you to happily play for longer as you have more bonus funds from your first deposit.
Naturally it is not all good news and there are a number of areas where extreme caution should be advised. It may seem obvious but the advert of ‘free money’ doesn’t actually mean ‘free money’ at all. The ‘money’ is bonus money, which is not real cash. This means if you seen an advert for ‘deposit £5 get £25 free’ you won’t get £25 in cash, but in bonus bucks. This will allow you to play all the games in the normal way but it does also have an affect on withdrawing your winnings.
If you were lucky enough to win then you’ll rightly want to withdraw your winnings. But virtually all websites have a wagering requirement. This means that in return for them giving you lots of ‘free money’ you’ll have to spend lots of money before making a withdrawal. The most common is four times your deposit + the bonus amount received. Here is an example £5 + £20 = £25 times 4 = £100. This means you’ll need to play through £100 before being able to withdraw the bonus funds you were awarded. To summerise while a five pound bingo site may seem like the perfect way to win with spending a little, the reality this is not the case.