I think you have to wager the entire bonus 5 times, not just 5 bets.
I dont think the rules work that way, because I could lose my very first bet if I wagered the entire bonus amount on one thing. I deliberately split the bonus amount evenly and placed five separate bets to make sure I met the bonus code requirements. In any case, I lost all five, so I did meet the conditions, but theres no balance left to withdraw.