From the Vegas Red Terms of Use,Section 9. Reservation of Rights:
"We reserve the right to withhold any amount in excess of the player’s original deposit from a player's withdrawal if the play bonus is wagered in any versions of Baccarat, Craps, all versions of Roulette, all versions of Sic Bo, all Video Poker games, Blackjack Switch and Blackjack Surrender. We reserve the right to refuse or rescind the play bonus for any reason including, but not restricted to, player abuse. In case of abuse, We reserve the right to discontinue player's membership and to prevent the player from accessing the Online Casino in the future."
http://www.vegasred.com/uk/888/terms.html
So its our old friend "we may not honour winnings,but we will never refund losses".
A simple scam,easily fallen for because the relevant clause is hidden in a separate section to the bonus terms.
It would be interesting to know if these t&c's are conceived by Playtech,seeing as so many of their licencees have similar or identical ones.