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What does "no wagering on winnings" mean?

"No wagering on winnings" means the money you win from a bonus or free spins is paid directly to your real cash balance and can be withdrawn without further playthrough. It's identical in meaning to "0x wagering" or "cash spins". A casino advertising "no wagering on winnings" is signalling that the offer is wager-free, regardless of whether the underlying product is free spins or bonus spins.