You're waiving your right to have your case be heard by a judge and jury. You can still opt for arbitration without waiving those rights, but you can be guarant

You're waiving your right to have your case be heard by a judge and jury. You can still opt for arbitration without waiving those rights, but you can be guaranteed that there is a reason you're being asked to waive them by a large company (it's so they can ignore the law and the resulting costs & settlements lean in their favor slightly or significantly better than they would from actual litigation).