1. Cashback 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%.
2. Cashbacks 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.
3. Some 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.
4. Beware 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.
5. Cashbacks 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.
6. Validity 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.
7. Cashbacks 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.
8. Cashbacks 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.