If you have been part of the online casino industry for some time you must have heard of the Casino Cashback Bonus. You will agree with me that for the longest time match bonuses and free spins have been the prevalent bonuses.
While these traditional promotions are set to impress, many modern sites including those that accept cryptocurrency are changing the game big time. This new cashback bonus is not only as impressive but also, a much straight forward and cleaner reward system than the traditional ones.
While you may be used to the other bonuses, let’s take a look at the rather new cashback bonus and what is in there for you. Let’s get right in!
What Is a Cashback bonus?
It is rather a no brainer, just as the name suggests, the Cashback bonus simply gives you some cash on your lost wager. It comes in handy especially when you are dealt a weaker hand or wheels or reels are not necessarily turning in your favor.
In brick and mortar casinos, this bonus just like any other is offered to the loyal and high rollers, to encourage them to gamble at that particular casino. For instance, a loyal high stake roulette gambler may request a cashback percentage of up to 40% depending on the casino for the event of a loss.
This means that the individual can get a cashback of $8000 for a stake of $20000. Online casinos also operate in a similar way. However, the only difference, is that here, you often get a cashback offer as a welcome bonus for new users.
Loyal gamblers may get additional cashback rewards to encourage them to deposit and wager even after using their initial welcome cashback bonus. This bonus may not be as helpful when you are on a winning streak but in the event of a loss, you are guaranteed a percentage of your initial deposit.
So, if you win, you get to withdraw your proceeds and if you lose, you get some amount back into your account and live to fight another day.
Types of Online Casino Cash Back Offers
We have already established that online casinos also give out cashback offers. Unlike a brick and mortar casino, you may have more than one cashback offer in an online casino. Here are some of the types of cashback offers to expect on an online casino:
Welcome Cashback Bonus
What better way to welcome new players on a site than a cashback bonus? It is essential to mention that some casinos may have welcome bonuses that might not include a cashback offer, so it is vital to check its availability beforehand.
So, who is entitled to this bonus? In most online casinos, the welcome cashback bonus is offered to new players in a bid to encourage them to play without risking all their deposits in their first rodeo. The percentage offered on the bonus is relative from one casino to another.
Loyalty Program Cashback Bonuses
This is reserved for the most loyal players in an online casino. If you consider yourself a loyal player, then you have a lot to play for in the way of cashback bonuses.
It is no secret that casinos whether online or physical prefer high rollers, and as a result, better cashback bonuses are in order for them.
Regular players may also have some cashback bonus, however, the returns may not be as lucrative as they would wish for. Loyal and VIP players enjoy better percentages on their cashback bonuses which consequently results in a higher cash limit on what they get in the event of a loss.
Also, Loyalty programs are another way of landing into a better cashback bonus. Once you complete the milestones set by the casino, then you can start enjoying the benefits of the program which may include a better percentage on the cashback bonus.
Cashback On Total Bets
Here it doesn’t matter whether you lose or win, you will immediately be reimbursed a percentage of the total amount you have wagered on that particular time. This bonus is particularly interesting since you don’t have to lose to get it. Interesting, right!
This is another cashback bonus meant to motivate players to deposit money into their betting accounts and play as much as they can. This is how it works, every time you deposit into your account, you get a percentage of your deposit as cashback.
Remember, the percentages are often very low and are subject to a monthly maximum cashback. Let me explain, if the cashback percentage is 10% on deposits, whenever you deposit $50 you get a cashback of $5 which is subject to a maximum of $200 a month.
What this means is that once your cashback hits $200 then you no longer qualify for any additional bonuses despite deposits.
Gamification Cashback Bonuses
The gamification casino will benefit VIP players who are not necessarily high rollers. These casinos often offer players rewards and bonuses for their time spent on a game. While this may not particularly be in cash, it is often part of the milestones you need to achieve to get to a better cashback bonus.
How do I get a cashback bonus?
Well, a cashback bonus is quite easy to get. First, you have to identify the awarding criteria of the particular online casino. What do I mean by this?
If the casino offers a welcome cashback bonus, then every new user will be entitled to the bonus, however, on the other hand, if it is exclusively for high rollers and VIP players then clearly it isn’t for everyone.
Also, when it comes to claiming your cashback, the process is as straightforward as they come. As a player, all you have to do is play with real money, while every player aims to win, in the event of a loss, then you are guaranteed your money back straight to your account.
The bonus is usually calculated in terms of the given percentages. Depending on the type of cashback bonus, there will be some difference in the given percentage, typically it is usually 10-20%.
Your cashback should be refunded to your account without delay, however, if you choose to withdraw, then you will have to incur withdrawal fees and some delays depending on the mode of payment you choose to use.
It is important that you understand the reward scheme of your particular casino beforehand so that you get to know whether you qualify for a cashback bonus or not.
What are the rules on cashback bonuses?
Casino cashback bonuses are among the few that come with no strings attached. There are plenty of other bonuses that come with conditions including wagering requirements that are usually to the disadvantage of the player.
Since the idea of the cashback bonus is to give the player a softer landing in the event of a loss, it would be unfair to put in any unnecessary restrictions when it comes to giving the agreed percentage back.
Also, to motivate players to wager, putting in restrictions is not really a wise move. What you have to do as a player is to understand the percentage you should get back after a loss and usually that is what is put back into your account.
To ensure that your casino whether online or physical operates legitimately be sure to check whether it is regulated and registered by the respective authorities. This will go a long way in ensuring your dues are paid and you don’t get duped especially when you win big.
How Often Are Cashbacks Paid Out?
You should receive your cashout immediately you lose a play. With regards to how many times you can access the offer, then it will depend on the type of cashback you are given at that given time.
For instance, for a welcome cashback bonus, you are only entitled to it only once. Many websites offer cashback welcome bonuses only once to new players. For players on the loyalty program or VIP, the conditions change.
The cashback bonus has existed for some time and it is a great way of encouraging punters to play even more. It often appeals to new players and not so popular with seasoned players because it is not as lucrative thanks to the low rates.
However, if you are a serious player, then you might just enjoy the low risks involved and better cashback percentages especially if you are a VIP or in the loyalty program.