Online Casino Cashback Bonus Guide
Odds are pretty good that you have seen Cashback offers from online casinos, or maybe you’ve claimed an offer before. Cashback, sometimes referred to as a Loss Back, is a unique type of bonus, and in this guide, you will learn all about Cashback, how it works, promotional terms and conditions, plus more.
What is a Cashback bonus?
Cashback is a type of promotional bonus offered by online casinos and gambling sites. The purpose of this bonus is to keep you playing for longer because the more you play, the more money the casino can potentially make from you. On the other hand, you might just win by having that extra bankroll from the Cashback.
If you are not familiar with Cashback bonuses, the concept is simple. The casino will give you back a percentage of your losses up to a certain amount. There is always a promo validity period, such as 7 days, and the losses you incur during this period are what the Cashback is calculated on.
There are 2 main types/ways that casinos use to calculate Cashback as follows:
Cashback on Deposit Losses
With this type of offer, the Cashback is calculated based on the deposit amount and is dependent on you losing the full amount deposited. For example, let’s say there is a 10% Cashback up to €100 offer on deposit losses. If you were to deposit €100 and lose all of it, you will then get €10 (€100 X 10%) back.
Cashback on Net Losses
This is the more common type, and the Cashback is calculated based on the deposit amount less any winnings and any other rewards. Let’s look at an example. The offer is 20% Cashback up to €100 offer on net losses. If you deposit €100, let’s say you get an extra €10 from loyalty points. Then you go on to play and win €80 but some days later (within the promo period), you lose all of it. The Cashback will be calculated as follows: €100 – (€80+€10) = €10 net loss and the Cashback will be €10 X 20% = €2.
As you can see from the examples, not all Cashback offers are created equally.
Do You Get Real Money Back?
This is specific to each casino and even promotion. The most common way that these offers work is that the Cashback is awarded as bonus money. What this means is you cannot withdraw the money and it needs to be used for gameplay and general bonus terms and conditions will apply.
There are, however, sometimes Cashback offers where the money returned goes to your casino’s real money balance and can then be withdrawn like any other funds. These offers may have other criteria you need to meet before being able to withdraw.
What is Ongoing Cashback?
All decent online casinos these days have loyalty and rewards programs. One of the perks that most of these VIP loyalty programs have is Ongoing Cashback, something along the lines of 5% Weekly Cashback. As you climb the ranks of the loyalty program, the percentage will increase.
With this offer, on a weekly basis, the casino will calculate if you had any losses based on their criteria and will credit your casino account accordingly. The amount offered is generally negligible but it’s a nice little gift if you’ve been on a losing streak.
Cashback is a type of bonus that gives you back a portion of your losses. This makes a Cashback Bonus somewhat of a double-edged sword as you need to lose first to get something back.
With all online casino bonuses and perks, it is vital to read and understand the terms and conditions. As illustrated with the wagering requirement examples above, a small difference in the calculation can have a dramatic effect.
Depending on the casino and the respective promo terms, you will need to weigh up for yourself whether it is worth claiming Cashback offers and jumping through all the hoops to get some money back, or simply cutting your losses and trying again another day when Lady Luck is on your side.