Cashback bonuses help you maintain a healthy bankroll and improve the return-to-player ratio of the games you play at online casinos . We have a complete list of the best cashback bonuses available right now!
Online Casino Gems has the lowdown on the best casino cashback bonus offers! These popular bonuses are designed to help you hold onto your cash and stay in the game longer. But first, you need to learn the ins and outs of cashback offers. Keep reading to discover how to protect your bankroll and take home more of your winnings.
Everything you need to know about Cashback Bonuses
New online casinos open every year so it’s evident that gambling enthusiasts have tons of options when it comes to picking the website or app on which they’ll bet their money on sports and games of chance. Competition for these players’ bets is heated. And that’s exactly why savvy online casinos offer cashback bonuses to entice new players and retain long-standing ones.
By understanding how cashback bonuses work, you can take advantage of lucrative incentives the online casinos are willing to offer you to keep your business—which translates to longer gaming sessions and more chances to become a winner.
At the very least, cashback bonuses help you maintain a healthy bankroll and improve the return-to-player ratio of the games you play at online casinos.
How Do Cashback Bonuses Work?
In some ways, cashback bonuses resemble the benefits offered by loyalty programs, in that they reward loyal gameplay. Some bonuses are available just for signing up as a new member; other bonuses reward deposits of cash into a bankroll. Cashback, in contrast, rewards actual bets that a player places. You don’t get cashback just by joining a casino, or by depositing money and leaving it parked there without placing bets.
Under what circumstances might a casino give a player cashback from their bets? A cashback bonus might be offered to new players as part of a welcome bonus that might include a deposit match, free-play cash, or perhaps even no-deposit free spins.
A cashback bonus might be promotional, available on a certain day or only for certain games, so it can be lucrative to keep track of what bonuses your favorite online casino is offering.
Some online casinos may even offer cashback instead of reward points as part of their player loyalty program, a very flexible way to collect rewards in exchange for loyal patronage of a particular casino. The value of the cashback is usually less than the value of the loyalty points, but at least you can withdraw it (subject to Terms & Conditions).
Regardless, bonus cashback tends to be fed directly into your bankroll. There usually isn’t a separate “cashback” account or bankroll. However much cash you get back, it appears right in the balance you use to make bets or withdraw from.
How much cash do you get back? Depending on the kind of bonus, it may be every pound of losing bets up to a certain cash limit, within a certain time frame, or both. It might also be a smaller percentage of your bets, like 1%, 5%, or 10%.
Different Types of Cashback Bonuses
There are several types of cashback bonuses online casinos tend to offer. These include …
Online casinos create welcome offers to encourage gambling enthusiasts to sign up, start betting, and become loyal to their website. These welcome offers are often a robust package of a number of different benefits, which could also include:
- Free spins on specific slot games.
- Deposit matches of 50% or 100% of the first and/or second deposit up to a certain pound value—for example, 50% of the first two deposits up to £500 in bonus cash.
- Free-play cash with no deposit required, usually in small amounts like £10- £20.
If a casino also offers cashback as part of its welcome offer, it will usually take the form of a fairly generous bonus—possibly 100% of the first bets lost up to £100 or so within a given time period. This is sometimes referred to as a “risk-free betting” bonus, because any bets you lose, you’ll get the cashback. Of course, since the cash-back bonuses only apply to money lost, if you win you may not be eligible for any cashback.
For some players, a deposit bonus may seem more valuable, because you get to keep the money whether you win or lose. However, deposit bonuses tend to have wagering requirements, requiring you to place a lot of bets on games with a high house edge, meaning the odds are against you to keep much of the bonus as it is.
Welcome offers are usually only available to first-time account openers. The casino will do some kind of check to make sure that you as an individual have never had an account with them in the past. Trying to claim a second welcome bonus at a casino can get you pegged as a “bonus abuser,” resulting in your bonus being revoked or your account closed. And you don’t want that to occur if you happen to be one of the lucky few to win big.
Loyalty programs typically prefer to offer “rewards points,” not cashback. These points can sometimes be redeemed as cashback in the casino’s “Rewards” page … but the points tend to be worth more if redeemed for bets, merchandise, perks, etc. In other words, the casino gives you more value if you keep your points in the casino’s system, rather than withdrawing them as cash.
If loyalty points can be redeemed as cash, it will typically be deposited into your bankroll and eligible for withdrawal (subject to Terms & Conditions).
Some loyalty programs may give cashback instead of loyalty points. The denominations of this cashback tend to be small—1% or even less.
Even if you are not a new player at an online casino, check the “Promotions” section regularly. You may discover that the casino runs regular cashback bonuses. The bonus may be tied to a specific game that the casino wants to launch or promote. It may also span a week, weekend, or a certain day.
Promotional cashback bonuses tend to be of reasonable size—5-10%—but considering the house edge could be bigger, your chances of coming out ahead may still be relatively low.
This is important to remember, whatever kind of cashback bonus you get—casinos tend to tilt the odds into their favor. Regardless of how generous their bonuses may seem to be, there is usually an angle of some sort; they tend to come out ahead, no matter what. If you win big but lose out on a bonus, it may be best to count your blessings rather than argue the Terms & Conditions to try and claim your winnings and your bonus.
In the case of a “risk-free betting” cashback bonus, you will get refunded some of your losses, but it will rarely be enough to outpace the house edge on a long gambling session, meaning the casino just makes a slightly smaller profit by sharing some of it with you.
How to Claim a Cashback Bonus
Different casinos operate their cashback programs in different ways. Things to watch out for include:
- Do you need to enter a bonus code to qualify for the cashback promotion? Some sites require you to enter a special promo code at sign-up or when claiming the bonus; others don’t.
- Is there a wagering requirement you need to meet in order to claim the cashback? Many cashback bonuses do not mandate a wagering requirement, a significant advantage over many deposit-match and free-play bonuses.
Once the cashback has posted in your account, if no other restrictions apply, you can either:
- Use the cashback to place more bets.
- Withdraw the cashback through your preferred withdrawal method, including check, ACH, bank card, PayPal, Skrill, Neteller, and Bitcoin, as determined by the offerings of the casino.
The Fine Print: Restrictions on Cashback Bonuses
One of the ways in which casinos limit the downside of giving away free cashback money is to impose restrictions on the bonus in the Terms & Conditions (T&Cs). If you fail to abide by the T&Cs, you could lose your bonus or not get the maximum bonus to which you are entitled.
One of the most basic terms and conditions you will encounter on cashback bonuses are time limits. These can take a couple of forms:
- If the bonus is a welcome bonus, you may have a limited amount of time to claim your cashback bonus. This requirement could be within a week or less of opening the account.
- If the bonus is promotional, it could be limited to bets placed over the course of a certain week, a certain weekend, even a certain day.
Unlike deposit match bonuses and free-play bonuses, the cash distributed with cashback bonuses tends to not be subject to wagering requirements. This means that you don’t have to bet the sum of the bonus a particular number of times in order to claim it.
Read the T&Cs closely. Some online casinos will try to squeeze a wagering requirement into a cashback bonus. Try to catch these outliers and avoid this kind of cashback bonus if you can. There’s no reason to accept a wagering requirement on a cashback bonus.
Cashback on Losses Only
While wagering requirements may not apply to your cashback bonus, one condition likely to apply to the cashback bonus is that you only get the cashback on bets you lose. Winning bets may not be eligible for cashback bonuses. This is especially true of the “risk-free betting” bonuses sometimes offered with welcome bonus packages.
Online casinos sometimes impose restrictions on which games a cashback bonus applies to. They may only offer cashback on slot games, or certain slot games. The bonus announcement may specify this clearly, or it may not. Make sure to check the T&Cs so you don’t end up pouring bets into a game expecting cashback, only to discover your bankroll depleted faster than you expected.
Some casinos limit the amount of money you can withdraw in a given period of time. Sometimes limits apply to daily withdrawals, weekly withdrawals, or monthly withdrawals. If you expect to withdraw large sums of cash from your bankroll, make sure you check the withdrawal limits, if any, imposed by the online casino.
We tend to oppose withdrawal limits on principle.
Money in your bankroll belongs to you. It’s hard to think of a reason for a casino to restrict your ability to withdraw your own money, unless they need to hold onto your money to ensure liquidity. You have to wonder if a casino with those kinds of liquidity issues will make good on a big jackpot should you get lucky and win one. It might be better to shop around and find a casino without these onerous withdrawal restrictions, otherwise, it could end up being the biggest gambling mistake you made while indulging in a little punt on the slots.
Tips for Finding a Great Cashback Bonus
Want to find a lucrative cashback bonus to take advantage of? Here are some tips to find one that suits your purposes.
Find a Reputable Casino
Make sure the casino offering the cashback is reputable. Otherwise, there’s a chance they won’t pay you your rightful winnings and/or release your bankroll for withdrawal. Some ways to determine if a casino is reputable include:
- Check the licensing. Note that many online casinos are licensed offshore. Multiple licenses from different jurisdictions are also promising.
- Check the parent company. If the parent company is well-known in the casino business with many years in business, chances are it deals straight with its players. Otherwise, it would have no longevity.
- Check watchdog websites for casino reviews. Find out whether or not the casino is on a watchdog organization’s “blacklist.”
- Look online for player reviews to see if the casino has a reputation for paying out the cash that it owes.
Read the Fine Print
Make sure you find a cashback bonus that does not have a wagering requirement. If you only receive cashback on losses, make sure the cashback limit aligns with how much you feel comfortable betting. Otherwise, you may not get the maximum cashback value and should consider seeking a smaller cashback bonus where you stand to max it out.
Check to see if you need to enter a promo code at sign-up in order to be eligible for the cashback bonus. Some casinos have standard bonuses that require no code, and premium bonuses that do. Finally, make sure the time limit on the bonus is workable for you. You don’t want to miss some or all of the bonus because you signed up for it when you weren’t ready to start betting--and it times out.
Check the Promo Section
If you love cashback bonuses, see if the gravy train extends beyond sign-up. Check the promo section and see if the casino is offering promotional, time-sensitive, or game-specific cashback bonuses. Also, see if the casino offers cashback as part of its loyalty program… You could end up finding an online casino that offers ongoing cashback opportunities.
Ultimately, cashback bonuses help chip away at a high house edge and allow gambling enthusiasts to play for longer. Maybe it’s your lucky day … but if not, think of all the extra fun you’ll have at the online casino with extra money to bet.
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