About Cashback
Cashback bonuses are one of the most popular types of online casino bonuses among players for one particular reason - they refund a percentage of a player's net losses over a certain period of time. Casino cashback promos are one of the best ways to regain your gambling losses from the online casinos you play at. A cashback offer allows you to earn back a percentage of your loss in the form of a cashback rebate issued by the casino directly, or a third party. Some cashback offers start at 5% or 10%, but they can go up all the way to 20% of your loss.
How does Cashback work?
The easiest way to explain how cashback bonuses work is offering the following example: imagine you’re playing your favourite online slot and wagering £1,000. There’s two scenarios - either you hit big and win a substantial prize, or unfortunately you lose all your deposit. If the last scenario happens, the casino will offer you a percentage of your loss back in the form of cashback to reduce your overall losses. Basically, if you lose, while the casinos make profit, they will agree to pay you some money back, for your loyalty as a customer. As a result, casino cashback offers are more popular within VIP programmes.
Types of Cashback offers
Down below, Chipy has listed the main three types of casino cashback bonus offers:
This type of cashback is quite rare, but it’s not impossible to come across such an offer. It doesn’t matter if the cashback is a refund for your losses or for depositing money, the casino will still credit your account with a certain amount of cash that you can withdraw. In general, the cashback amounts are low where real cash is involved, but if the offer is based on a percentage, obviously the more you bet with, the more money you can win back.
This second type of cashback offer on our list is more common than the previous one. The offer is similar to any other welcome bonuses offers, where you have to make a deposit and then the casino matches it or adds to your account with a percentage. You should be aware that cashback bonuses come with very strict wagering requirements that don’t allow you to withdraw any cash right away.
By playing slots, you can win free spins and cashback, but separately most of the time. You may be offered 100 free spins and a cashback deal, but when the casino cashback promo involves the free spins themselves, it can be a little confusing. When players receive free spins as a bonus, there’s always a chance they might not win anything, therefore calling this cashback is not necessarily accurate. You should always be aware of casinos that do this.
Cashback Wagering Requirements
First of all, you need to find out if you’re eligible for the cashback bonus offer. Choose a casino to play at, check its cashback offers and then calculate how much you have to wager. If your finances are up to the task, then you’re good to go. It would be a bummer to register with the sole purpose of getting cashback and realize afterwards that you are not able to carry on with it.
Cashback Payouts
The first thing you need to do is choose what payback model suits you the best. Every casino operates differently: some casinos give weekly cashback bonuses, while others offer monthly offers. Our advice is to get comfortable with the timeline of a particular casino’s cashback offers. You can do this by reaching out to the casino's support team and ask for all the information you need. One thing you should always know beforehand is what payment options are available.
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