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A wagering requirement is a predetermined amount of money or a multiple of the bonus amount (e.g. 10x) that players must wager to be allowed to withdraw any winnings won whilst using their bonus funds.
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For you to be able to withdraw your money, you have to meet the wagering requirements of 40x. The slots contribute the most to these wagering requirements.

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a term used for when a player loses their entire account balance and cannot participate in games until another deposit is made

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