Cashback Bonuses Explained
As explained, a cashback bonus simply returns a percentage of a player’s losses. However, there are three different types of limitations that are placed on these bonuses. The first, as explained above, is a limit on how much money can be returned, and this will be found with nearly every cashback offer. The second will be a period of time that the promotion applies to. For example, a player may be offered cashback for losses incurred over a specific weekend, or there may be an offer that offers cashback on weekly losses. The final limitation that may be placed is on the types of games the bonus applies to. Very often, the cashback bonus will apply to all losses at the casino, but you may see the offer limited to losses from slots, live dealer games, and so on.
There are three basic types of cashback bonuses. The first is when it is offered as a welcome bonus. For example, a casino may offer a new player 20% cashback on all losses that they incur during their first two days of membership. The second is a standalone promotion, such as when a casino offers all their members the chance to receive 15% cashback on losses incurred during a given week.
The final type is the most common and it is when the cashback offer is linked to the casino loyalty scheme. If a casino runs a multi-tiered loyalty scheme, then the percentage of cashback offered usually increases at each tier. This means that the most loyal players will be receiving the biggest cashback offers. When incorporated into a loyalty scheme in this way, casinos usually offer weekly cashback.
One of the best features of cashback offers is that they usually come with far simpler terms and conditions than other forms of bonuses. However, there are some, and they are explained below.
Cashback Bonuses Terms and Conditions Explained
One of the main reasons that cashback offers stand out from the crowd is that they usually do not have any wagering requirements whatsoever. This is because the casino is refunding money that a player has already lost and it would hardly be fair to impose wagering requirements on any bonus funds given in return for losses.
You will see cashback offers with wagering requirements of 1x. This simply means that you must spend the cashback money at the casino and you cannot withdraw it. However, given that the casino is essentially giving money for free to play with, and that real winnings can be made from the money, then this is entirely fair.
If you do see a cashback offer with wagering requirements then you shouldn’t necessarily discount it. After all, it will still give you more money to play with. The wagering requirements will work in exactly the same way as any other bonus. It will simply tell you how many times over you have to bet the money before you can make a withdrawal. For example, if you receive €10 cashback and it has wagering requirements of 10x, then you need to bet €100 before withdrawing.
Minimum and Maximum Amounts
All cashback offers will have a maximum amount, such as in the example above of 15% up to €250, then no matter how much a player loses, they will not receive more than €250. Some cashback offers will also have a minimum amount, e.g. €5. In this instance, if the player hasn’t lost at least €5 in the qualifying time period, then they will not receive any cashback.
Games and Deposit Methods
As mentioned, some cashback offers will be limited to specific types of games. This is not really a restriction, but you need to be aware of it. It would be very frustrating to spend a week losing at a particular game only to discover that it was not covered by the cashback offer.
Occasionally a casino will also limit the deposit methods that can be used for the promotion. In the terms and conditions, you may see something like “Deposits made with Neteller or Skrill do not qualify for this promotion”. Be sure to check for this before making a deposit, as you do not want to miss out on the offer.
Exclusion of Bonus Cash
It is important to be aware of how the cashback is calculated. It is not necessarily as straightforward as it sounds. If a player is offered 15% cashback up to €250 and then loses €100, then they will not necessarily receive €15 back. This is because the cashback is not offered on bonus money, so if the player has accepted a deposit bonus, then it will not count towards their losses.
How to Spot a Good Cashback Bonus
This is really very simple, as it is very rare to find a bad cashback offer. The only thing that could make a cashback offer bad would be a high wagering requirement. However, as noted, it is very rare to find any wagering requirements at all on cashback offers.
In fact, there are a number of benefits to cashback offers beyond the lack of wagering requirements. To begin with, it will immediately improve your returns at a casino. Even a losing bet is not a total write-off as you now that some of the money will be coming back to you. If the cashback offer is part of a loyalty scheme, which is very common, then you know that your loyalty will always be rewarded and that your bankroll will receive a boost each week. Furthermore, these are the simplest type of bonuses around, they are easy to understand and allow you to enjoy your favourite games without any unnecessary complications.
How to Claim a Cashback Bonus
The way in which you claim a cashback bonus will depend a bit on the nature of the bonus and the casino you are playing at. If the cashback bonus is offered as a welcome offer then it is likely applied to your account automatically, although you may have to enter a promotional code during the sign up procedure.
If it is a standalone promotion, then the casino may have an opt in button or once again, supply a promotional code.
Finally, if it is part of the casino loyalty scheme, then the cashback will likely be applied to your account automatically every week.
Cashback offers are definitely one of the best types of casino bonuses available. They reduce your losses, allow you to play for longer, and best of all, don’t have any wagering requirements. It is this last point that truly separates cashback from other forms of casino bonuses, and what makes it such great value. If you see a casino offering a cashback bonus, then you should almost certainly accept it.