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What is a Casino Cashback Bonus?
As the name suggests, cashback bonuses are cash rewards given to players for the losses incurred while playing casino games. It is a type of casino bonus that is becoming increasingly popular with players and operators alike. For players, it offers a second chance to win, or at least recover, money they have already lost playing their favourite casino games. What’s not to like about that? For the casino operators, offering Cashback keeps players engaged and playing on their platform even when they lose.
Despite being one of the more popular bonuses available at the online casino, it’s only natural that you might hope it is the one bonus you never have to use. After all, to receive cash back, you would first have to lose it. But since it’s impossible to win consistently, it is wise to consider them as a second chance, or an insurance policy, when lady luck is not on your side.
Who Should Be Seeking a Cashback Casino Bonus?
If you are offered a cashback bonus after signing up to a casino, you should accept it. After all, what do you have to lose – you have already lost your money, and you won’t have to make an additional deposit to take advantage of the free offer.
However, cashback bonuses are most often tied into a casino loyalty program to reward only the most loyal players who make significant cash deposits. For this reason, they are typically given to genuine High Rollers as part of a High Roller/VIP loyalty program. Other casinos may offer Cashback within a standard loyalty program to encourage regular players to reach higher levels, such as gold or platinum, etc.
High rollers and players who regularly use online casino VIP programs have the most to gain from a Cashback bonus and should not only accept these offers but should actively seek them out.
How Do They Work
Typically, players can receive anywhere between 5% - 20% casino cashback. Some casinos claim to offer more, and maybe this is true, but there is an easy way to tell a genuine Cashback offer from one that is fake. A real Cashback on losses offer will not have wagering requirements. Or if they do it will be very minimal. Ask yourself, If a casino is genuinely giving money back to you that you have already wagered, why then ask for a wagering requirement?
Like all casino bonuses, the Cashback bonus will be unique to the operator that is running it. You must read the terms and conditions attached before accepting an offer. The Ts & Cs will explain things like how much you need to deposit and how you will get cash back on losses. Commonly, you will also learn which type of games contribute, caps and limits that are in place, offer duration – is it daily, weekly, monthly, etc., and more.
How to Claim Cashback
A casino Cashback Bonus is typically one of the most straight-forward bonuses to claim. More often than not, all you have to do is deposit and play as you usually would, and the Cashback bonus on the losses incurred will be credited to your account automatically. The amount you will receive depends on the particulars of the offer.
A typical cashback offer would go something like this. You play and loose $500 in one day. No one likes to lose money, but with a Cashback bonus, the casino operator is kind enough to give you 10% (for example) back on your loses. £50 is then recredited into your account. You now have a lifeline to make up for your loss and another chance to win big on the money you have already spent.
Unique Advantages of a Cashback Bonus
Cashback bonuses offer unique benefits not always found in other online casino promotions.
Provides a second chance to win on the money you have already lost.
No Wagering Requirement since almost all of the time players are not required to play through Cashback received in order to withdraw it.
Easy and Straight-forward to use, play as you usually would on the games that contribute towards Cashback and enjoy a second chance to win big.
Rewards the Most Loyal Players who spend (and sometimes lose) the most at the online casino. Clearly, the more you lose, the more you stand to gain in Cashback.
Extends Your Bankroll beyond your original budget and gives you more time playing the games you love with an additional chance to win.
Unavoidable Disadvantages to the Cashback Bonus
There aren’t too many significant disadvantages to online casino Cashback Bonuses, but there are a few that are unavoidable.
Player Restrictions. Often only genuine high-rollers and VIP players who make significant casino deposits can benefit from this type of bonus.
You Have to Lose real cash first to receive this bonus.
Not A Real Cashback Bonus. Unfortunately, some unethical casinos lure in players with high Cashback incentives that have considerable wagering requirements attached. This makes it more of a "Welcome" or "Reload Bonus".
Final Thoughts on Cashback Bonuses
If you are a high stakes player who frequently deposits significant sums, then finding a casino that has an excellent cashback offer on losses is a must. Receiving money back when you don’t get the outcome you were hoping for will mitigate your losses, and provides another chance to make good on money spent and lost.
On the other hand, if you are not a high roller but do play casino games regularly, finding online venues that offer Cashback promotions in the upper tier of a loyalty program is a perfect option too.