Losing money is undoubtedly the most unpleasant side of gambling, but it is made less painful when a gamer knows that they may be able to recover some of the money they have lost.
Many online casinos offer their players an opportunity to recover varying percentages of their losses through the cashback bonus programs. These bonuses motivate gamers to continue making deposits and investing their time, and money in real-money gambling at online gaming sites.
When it comes to long-term profitability, welcome and reload bonuses may be attractive, but cashback is more profitable. While they are particularly appealing to high rollers, small-scale players can also reap the benefits of these approaches as well.
Almost everyone enjoys the rush of adrenaline that comes with waiting for their lucky number to come up on the roulette wheel or when a winning combination appears on a pay line.
However, whether you like it or not, the fact is that when you gamble online, you will undoubtedly suffer some losses. No need to be alarmed, as you may partially recoup part of your losses by playing at one of the trusted gaming sites that we have hand picked for you.
Here is a brief outlook of cashback bonuses, and how they work:
Cashbacks are exactly what they sound like: players get back some of the money they've lost to the casino as a form of compensation.
You will be reimbursed a certain percentage of your losses, which is usually based on percentages of the deposits you've made. Depending on the casino, the actual percentages can be anywhere from 5% to 25%.
Depending on the casino's individual terms and conditions, the maximum amount players can get as cashback may be capped. Some casinos, on the other hand, do not place such limitations on their cashback promotions.
This all depends on the particular policies of the gaming site you've joined. Similarly, there are often minimum cashback requirements for gamers. If your losses fall short of meeting these standards, you will not be eligible for reimbursement.
Depending on the casino where you play, you may be required to provide a valid promo code in the relevant field during the deposit process in order to be eligible for the cashback. Also, some casino operators do offer automatic returns to all depositing players, eliminating the need for promo codes.
Always carefully check the terms and conditions associated with any cashback bonuses that come your way. One thing to keep in mind is that some casinos have rollover requirements on their cashback bonuses.
In effect, these operators treat the reimbursed refund as bonus money, which must be wagered a specific number of times.
Only then can you be allowed to convert it to real money and cash it out. With that said, the majority of online casinos opt to lift the wagering requirements on the cashback offers so as to make them more alluring and attract, and retain users.
When this happens, the operator will automatically credit your real-money balance, which you may cash out at any time.
This is another reason why reading the promotional terms and conditions is important.
Some gambling sites offer cashback exclusively on losses suffered when playing particular games, such as slots or live dealer tables, while others offer cashback on all losses. In such a scenario, you will not receive any compensation for any money that may have lost, such as while playing video poker.
Validity is another factor to consider before receiving a cashback offer. In some scenarios, refunded credits are redeemable within a limited frame, such as a week or a month.
If you do not gamble with it or withdraw the amounts during the stipulated promo durations, the casino has a right to automatically deduct them from your account. Often, this happens when a cashback promotion involves wagering requirements.
In some casinos, Cashbacks are offered as part of the operator's loyalty schemes. Usually, participants get a percentage of their losses reimbursed, but the specific numbers vary depending on their loyalty level.
In general, the higher your VIP status, the greater the amount of cashback you are eligible for. Also, your level is usually determined by your activity at the casino. With each gaming session, you accumulate points, which allows you to climb through the loyalty tiers at a much quicker pace.
Although it's rare, some online casinos do offer their customers a cashback percentage for each wager that they place on the eligible games.
Regardless of the outcome (whether a loss or a victory), players will still receive a portion of their stake back. Often, there is a tracker in place, and this enables you to see the much that you have generated. The biggest advantage is that Cashbacks can be collected and redeemed for real money.
To demonstrate how percentage-based cashback bonuses operate, here is an example. Please keep in mind that all of the promotional criteria we have stated are purely hypothetical and are being used as illustrative examples.
A player adds $100 to their bankroll.
The gambling site will refund 10% of the player’s losses.
According to the promotional rules, reimbursement is available on net losses between $20 and $2,000.
The gamer loses $70 of the initial deposit.
They are now qualified to receive a $7 cashback.
It's important to keep in mind that cashback often excludes winning and bonus wagers. They are only applicable to your net losses, i.e., your wagers minus your earnings. For instance:
Assume you earn $200 in prizes over the course of a week.
Then you receive a $50 loyalty incentive or bonus.
You lose $300 during the course of the week.
Thus, your net losses are equivalent to $300 – ($200 + $50) = $50.
The casino will offer a 10% refund on all net losses.
As a result, you qualify for $5 cashback on your weekly net losses of $50.
As with anything else in life, cashback has numerous benefits and downsides, although the former far outweigh the latter.
Before opting in for a cashback incentive at an online casino, players must carefully evaluate the benefits and drawbacks. Let us start with the advantages.
Cashbacks are commonly available. Unlike welcome bonuses, which are given only once per player, cashback offers are usually available on a weekly or monthly basis. Many casinos would even automatically credit them to qualifying accounts, eliminating the need to opt-in.
Cashbacks allow you to recoup some of your losses during a bad losing streak. Every player dislike blowing their session bankrolls in a short amount of time, and this is where cashback bonuses come in handy.
Players will recoup at least a percentage of their losses with its help. Even if they only receive a 5% refund, gamers are given another chance to win.
Cashback amounts may vary according to your loyalty level and gaming activities. Cashback percentages can often surpass 20% as players go up the loyalty ladder. This makes this form of promotion ideal for players that game on a regular basis, especially if they wager a substantial sum.
Cashbacks are a very straightforward sort of bonus. No action is necessary on the part of the player to qualify for a payback. Often, the only prerequisite is that you opt-in for the bonus by checking the appropriate box in the cashier while making a deposit. The casino will then automatically compensate you with the relevant percentage of your losses.
The reimbursement rate that the casino gives on your losses is important to take into account. These percentages differ widely depending on where you play, but often, they range between 5% and 25%. You should search for higher percentages but only if the highest cashback limit is sufficiently high.
With this in mind, lower-percentage cashback is occasionally preferable to higher-percentage cashback. This is often the case when high-percentage cashback has extremely low caps, suggesting that the highest refund a player may obtain from the bonus is also quite little.
Evaluate the cashback bonus limits, caps (if any), i.e., the maximum value you can get as a refund for your losses. For example, assume your online casino offers a weekly payback of 20% with a limit of $100.
If you have a terrible week and lose $500, the operator will reimburse you with the maximum compensation of $100 (20% of 500). If you had been luckier and lost just $200, your cashback would have been only $40.
But, if your losses exceeded $800, you would receive just $100 and not $160 due to the low maximum limit/cap.
First and foremost, it is important to evaluate the list of acceptable casino games and wagering options. If you enjoy live dealer games such as blackjack and baccarat, a refund offer on slot losses is of no benefit to you.
Cashback should ideally comprise a wide variety of games in order to accommodate all players. Some gambling sites offer both a sportsbook and an online casino, each with its own cashback program. A sportsbook cashback cannot be used in the casino segment, and vice versa.
Although the casino's promotional terms and conditions are not the most exciting piece to read, they do have a detailed breakdown of the cashback available.
The terms and conditions outline all of the requirements that you must follow after opting in for a particular perk. Bear in mind that if you violate the promotion rules, the casino will cancel your reward.
By thoroughly reading the rules beforehand, you can also uncover any confusing or exploitative terms that undermine the cashback reward.
Also, it is important to conduct proper research on the online casino that is offering cashback. start by checking who licenses and governs the gambling website. Consider websites that are approved by reputable regulatory agencies such as the Malta Gaming Authority (MGA), the United Kingdom Gambling Commission (UKGC), the Gibraltar Regulatory Authority (GRA), and the Alderney Gambling Control Commission (AGCC), among others.
Be sure to regularly undertake background research on the casino you've picked to confirm there is no history of player maltreatment.
Keep an eye on your spending patterns, especially if you choose cashback offers that allow you to receive a return on your purchases, every time the campaign is active. While money may be going back into your account, it is almost always a fraction of what you have spent.
Finally, gambling should be enjoyable and limited to recreational purposes only, rather than being used to supplement one's income. If you are concerned about your gambling habits, we encourage you to read our thorough guide on responsible gaming behaviour.