What is wagering and how do I complete it?
Wagering (also called turnover) is a condition that bookmakers apply to deposits. Before you can withdraw your deposit, you need to bet a specified multiple of it. Most Australian bookmakers apply a 1x requirement, meaning you simply need to bet your deposit amount once.
This requirement exists partly because of anti-money laundering legislation, which requires bookmakers to verify that deposited funds are being used for wagering activity.
Always check the terms and conditions before depositing so you know what you are committing to.
Completing wagering at minimal cost
The good news is that completing a wagering requirement does not have to be expensive. You use the same back and lay approach as any other matched bet, which hedges the outcome and keeps your cost to a minimum.
Wagering bets are placed with your own cash, not a bonus bet. This means your stake comes back if the bet wins. We call this type of bet SR (Stake Returned). For SR bets, lower odds give better returns, so sort the ATM by the SR column and pick a good option for the relevant bookie. Click the number in the SR column to open the calculator pre-filled with the correct odds and commission rate.
The result will typically be a small loss, but that is just a minor cost of doing business. It will be a fraction of the profit you made from the bonus bet.
An example
Say a bookie offers: deposit $100 and receive $100 in bonus bets. Before you can withdraw the deposit, you need to complete 1x wagering.
You find a match in the ATM with a low SR value, back one outcome at the bookie for $100, and lay the same outcome at Betfair. The qualifying loss might be $3 to $5. Your $100 deposit is now unlocked and your $100 in bonus bets is ready to convert.
What counts toward wagering?
Any cash bet at the relevant bookie counts, unless the terms restrict specific markets. The ATM identifies the most efficient bets automatically. Sort by the SR column and pick near the top of the list.
Bonus bets do not count toward wagering requirements unless the bookie's terms explicitly state otherwise.
What about wagering on bonus bet winnings?
Under the National Consumer Protection Framework for Online Wagering in Australia, bookmakers are not allowed to force you to wager any winnings from bonus bets before withdrawing. If a bookie requests this, you are not obligated to comply. Be aware that refusing may result in a promo ban at that bookie.
Other situations where SR bets apply
The same SR calculation is used for qualifying bets (cash bets required before a bonus is released) and mug bets (bets placed to maintain the appearance of normal punting behaviour for account sustainability). Both are covered in detail in the relevant courses.