Losing is easily everyone’s least favorite aspect of gambling but it is not as bad when a player knows they can get some of the money they have lost back. Many online casinos enable their customers to recover different percentages of their losses through the so-called cashback bonuses. These bonuses encourage players to continue making deposits and invest in real-money play at gaming sites.
While welcome and reload bonuses are appealing, cashbacks boast higher profitability over the long haul. They are especially attractive to high rollers, although small-scale players can also benefit from them. Everyone loves the adrenaline rush when waiting for their lucky number to hit on roulette or when a winning combination aligns on a payline.
But like it or not, the reality is you will inevitably experience some losses when gambling online. There is no need to fret, however, as you can partially recoup them when playing at the reputable gaming sites we have shortlisted for you. But before we get there, let’s explain how cashbacks work and what terms and conditions casinos usually attach to them.
Cashback Bonuses and Their Common Terms
1Cashback Bonuses - Overview
Cashbacks are exactly what they sound like as players receive some of the money they have lost to the casino back. This type of promotion is normally percentage-based, meaning that the casino will reimburse you with a specific percentage of the deposits you have lost during the respective day, week, or month. The exact percentages are casino-specific but usually range anywhere from 5% to 25%.
2Cashbacks May Come with Maximum Caps
Depending on the casino’s specific terms and conditions, there may be a cap on the maximum amount players can receive as a cashback. Some casinos, however, do not impose such restrictions on their cashback promotions. It all depends on the individual policies of your chosen gaming site. Similarly, there are typically requirements for the minimum cashback amount credited to players. If your losses do not cover said requirements, you will not receive the refund.
3Some Cashback Bonuses Require Promotional Codes
Depending on where you play, you may have to enter a valid promo code in the designated field when making a deposit to qualify for the cashback. With that said, some gaming operators do offer automatic cashbacks to all depositing customers where promo codes are unnecessary.
4Beware of Cashbacks with Wagering Requirements
Always read the terms and conditions attached to the cashback offers that interest you. One thing to beware of is the rollover (also known as wagering requirements) some casinos impose on their cashback incentives. In effect, such operators credit the cashback refund as bonus money and you need to play the amount through a specific number of times.
Only then you can release it into your real-money balance and withdraw it. With that said, most online casinos prefer to lift the wagering requirements on their cashbacks so as to make them more appealing and retain their customers’ action. When this is the case, the operator will automatically add the refund to your real-money balance for you to withdraw whenever you like.
5Cashbacks May Be Game-Specific
Reading the promotional terms and conditions is important for yet another reason. At some gambling sites, the cashbacks apply only to losses incurred while playing specific games, slots or live dealer tables, for example. If that is the case, you will earn nothing back on the money you have lost while playing video poker, for instance.
6Validity Periods of Cashback Bonuses
Validity is another thing to check before redeeming a given cashback bonus. In some cases, the refunded credits remain valid for a short period of time, for instance, a week or a month. If you fail to use the funds on wagering or withdraw them within the designated promotional periods, the casino will automatically remove them from your account upon expiration. Usually, this occurs when a cashback has wagering requirements attached to it.
7Cashbacks as Part of Loyalty Schemes
At some casinos, cashbacks are part of the operators’ loyalty programs. In such cases, members receive a percentage of their losses back but the exact percentages vary based on their loyalty status. The higher your VIP level, the greater the size of the cashbacks you qualify for. On a side note, levels typically depend on your activity at the casino. The more you play, the more points you accumulate and the quicker you progress through the loyalty tiers.
8Cashbacks on Bets
Although a rarity in the online gambling industry, some casinos do offer cashbacks on each bet customers place on qualifying games. It makes no difference whether the bet loses or wins, players still get a percentage of each wager back. There is usually a tracker where you can observe how much free money you have generated so far. Players have the option to collect the cashbacks and add them to their real-money balance.
An Example of How Cashback Bonuses Work
To clarify things further, here is an example of how percentage-based cashback bonuses work. Note that all the promotional conditions we have listed are purely hypothetical and for demonstration purposes.
- A player tops up their balance with $100.
- The gaming site offers 10% back on the player’s losses.
- The promotional terms state that the cashback applies to net losses ranging from $20 to $2,000.
- The player loses $70 of the deposited amount.
- They are now eligible for a $7 cashback.
One important thing to remember is that the cashbacks typically exclude the winning and bonus wagers. They only apply to the net losses you suffer, i.e. your bets minus your profits. For example:
- Suppose you generate $200 in winnings during the week.
- Then you proceed to win $50 in loyalty rewards or bonuses.
- You incur losses of $300 during the week.
- It follows that your net losses equal $300 – ($200 + $50) = $50.
- The casino offers a 10% cashback on your net losses.
- Therefore, you are eligible for $5 in cashback based on your weekly net losses of $50.
Pros and Cons of Cashback Bonuses
Pros of Cashback Bonuses
Cons of Cashback Bonuses
Like all things in life, cashbacks have both their advantages and disadvantages, although it is fair to say the former outnumber the latter. Players must carefully weigh both the pros and the cons before they decide to opt in for a cashback bonus at a given online casino. Let’s examine the pros first.
- Pro #1 – Cashbacks are typically available on a consistent basis. Unlike welcome offers which each player can redeem only once, cashback offers are usually available on a weekly or monthly basis. Some casinos would even credit them automatically to eligible accounts, eliminating the need of opting in.
- Pro #2 – Cashbacks enable you to partially recoup your losses after a bad losing streak. All players hate blowing their session bankrolls within a short span but this is where cashback bonuses come in handy. With its help, players will get back at least a portion of their losses. Even in cases where they only receive a 5% cashback, players are at least granted a second chance to score some wins.
- Pro #3 – Cashbacks may increase proportionately to your loyalty level and activity. Cashback percentages sometimes exceed 20% when players climb to higher levels of the loyalty ladder. This makes this type of bonus the perfect option for customers who play consistently, especially if they do so for larger amounts.
- Pro #4 – Cashbacks are a very uncomplicated type of bonus. Players are not required to do anything special to receive a cashback. More often than not, the only requirement is to opt in for the bonus by ticking off the designated box in the cashier while making a deposit. The casino will then credit you with the respective percentage of your losses automatically.
Things to Consider When Choosing Cashback Online Casinos
From everything written so far, it becomes apparent that the cashback is definitely an appealing incentive. Nonetheless, the cashbacks available at some online casinos provide players with more value than those offered by others, largely because of their favorable terms and conditions. There are several aspects you must factor in before opting for a cashback bonus.
2The Cashback Percentage
The cashback percentage the casino offers on your losses is one of the most important things to consider. Said percentages vary across the board depending on where you play but can range anywhere between 5% and 25% in most cases. You should look for high percentages but only on condition the maximum cashback cap is high enough.
With that in mind, lower-percentage cashbacks are sometimes better than those with higher percentages. This usually happens when high-percentage cashbacks have very low caps, in which case the maximum refund a player can extract from the bonus is also very low.
3Check The Caps
Check the caps (if any) on the cashback bonuses, i.e. the maximum amount you can receive as a refund on your losses. For instance, let’s suppose your online casino offers a 20% weekly cashback with a cap of $100 only.
You experience a bad run during the week and end up losing $500, in which case the operator will refund you with the maximum cashback of $100 (20% of 500). Had you been luckier and lost only $200, your cashback would have been $40 only. However, if your losses were higher at say $800, you would still get back only $100 rather than $160 due to the low maximum cap.
4Check The Wagering Terms
The list of eligible casino games and wager types is also important. If you are keen on playing live-dealer games like blackjack and baccarat a cashback available on slot losses will be of absolutely no use to you. Ideally, the cashback should cover a healthy mix of game types to cater to all player preferences. Some betting sites feature both a sportsbook and an online casino, offering dedicated cashbacks for each product. You cannot use a sportsbook cashback in the casino section, and vice versa.
5Promotional Terms and Conditions
The promotional terms and conditions of the casino are hardly the most thrilling piece of writing to peruse, but this is where you can find a breakdown of all essential details of the cashbacks on offer. The terms contain all the rules you must comply with after you opt in for a given bonus. Remember that any violation of the promotional terms will cause the casino to void your cashback. Reading the rules in advance will also enable you to identify any vague or predatory terms that devalue the cashback bonus.
6The Overall Reputation of The Casino
The overall reputation of the online casino that offers the cashback is worth researching as well. The first thing to check is who licenses and regulates the gaming site. Look for websites licensed by highly recognized regulatory bodies like the Malta Gaming Authority (MGA), the UK Gambling Commission (UKGC), the Gibraltar Regulatory Authority (GRA), and the Alderney Gambling Control Commission (AGCC), among others. Be sure to research the background of your chosen casino to ensure it has no previous history of mistreating players.
Best Cashback Online Casinos
SuperCasinoSites presents you with a shortlist of six online casinos where you can find decent cashback incentives. Our reviewers have carefully researched and vetted all six recommendations for safety to confirm they are of good standing. You can rest assured the operators suggested below are all trustworthy and enjoy an excellent reputation in the industry. But without further ado, here are the six casinos we recommend for cashback bonuses.