Many players are happy to claim deposit bonuses regularly. But there are also those reluctant to commit to tough wagering requirements which would have to bet met if they are lucky enough to win. For their benefit, more than a few gaming sites offer cashback bonuses in addition to the usual deposit match offers.
They are the casino’s way of giving you a second chance in case lady luck neglects to show up. Having recovered a portion of your loss, you can continue playing without having to make another deposit.
How Cashback Bonuses Work
Cashback deals are normally linked to a specific period. So you’ll frequently see online casinos offering daily, weekly or monthly cashback bonuses. Sometimes they give new members the choice. A standard deposit-based bonus on registration and an opportunity to cover their losses up to a certain amount. They are often part of loyalty/VIP programs, with the percentage rate increasing the higher you go.
Typically, casinos offer 10%-25% of your loss back and they always limit the maximum amount. This cap tends to be higher in VIP offers and top levels of the operator’s loyalty pyramid. There it’s not uncommon to see cashback bonuses as high as 50%. The percentage is calculated on the player’s net losses (bets – wins – bonuses). And the amount credited to their bonus or cash balance. When a wagering requirement applies, it’s usually much more favorable than with other promotions available at the same venue.
Difference Between Deposit and Cashback Bonuses
The basic difference is the moment the bonus is claimed and/or credited. You have to say “yes” to a deposit match bonus at the point of deposit, and if playing with the casino’s money happens to generate a profit, meet the specified wagering requirement before cashing out.
Cashback bonuses sometimes also need to be claimed in advance but will only be credited if you make a loss; the operator will then return a portion of this loss so that you can have another go. If, on the other hand, you win, the entire amount is available for immediate withdrawal, without that pesky rollover to worry about. Cashback bonuses typically come with much lower play-through requirements than deposit bonuses and some casinos will even credit the amount directly to your cash balance.
Like with any other online casino bonus, one has to be aware of all relevant terms prior to claiming the offer. These are a few important information you should look for if interested in a cashback bonus:
Players from certain countries may be excluded so make sure yours is not on the list
- Time period
Is it a one-off bonus offered at registration or an ongoing daily, weekly or monthly deal?
- Percentage rate
What is the percentage applied and how is it calculated?
There will likely be a minimum and maximum cashback amount the casino is willing to pay
The operator may specify x days during which the cashback has to be withdrawn or played
- Wagering requirements
Will the casino credit the cashback amount to your real balance or ask that you wager it x number of times first?
- Other conditions
Are there additional rules and restrictions you should know about, such as the bonus being available only if all deposited money has been lost, or is the bonus paid only if you lose money while playing certain live casino games?
If the operator pays cashback in bonus funds, you should also check game contribution; live dealer fans will want to be able to clear the wagering requirement by placing bets in Live Casino.
Pros & Cons of Cashback Bonuses
Even the luckiest among us occasionally experience losses. It’s not the best feeling in the world so it’s nice to have someone willing to give money back and say: “Here, have another go”.
Although deposit bonuses increase your budget from the start, there’s no guarantee you’ll win. Even if you do, it will take more luck to clear the bonus and still have funds for withdrawal. The lower the wagering requirement, the better, no matter the kind of offer one claims, and the thing about cashback bonuses is that one has to play them through fewer times or not at all.
There will be some restrictions to deal with, such as the minimum and maximum limit. You may find that the casino won’t pay you back less than €10 or more than €200, so even if the percentage applied to losses makes you eligible for a €400 return, you’ll only receive half of this amount. Players may have to lose the whole deposit to be eligible for a cashback, or the operator may exclude their favorite games only because they have a favorable house edge.