We’ve all seen cashback on purchases advertised by major banks and businesses, as an incentive to trust them with your time and money. And in some instances, to motivate you to pay with their own branded credit or debit cards.
But how does this concept translate to the booming iGaming industry? Cashback is, by definition, the money that casinos place in your account whenever you make a loss during your gaming. It’s a way of rewarding loyalty, while at the same time standing out from the thousands of competing online casinos out there.
At the root of it all, every provider wants you to play for longer periods, so they will typically give you more incentives to stay with them. And if one of these ways to keep you happy is to give you some cash back when you’re not as lucky as you could have been…well, it’s a small price to pay to keep you happy!
How does a cashback offer differ from other bonuses?
Usually, cashback is calculated as a percentage of the net losses made during a gaming session. It can be calculated from as little as 1% to 20% or more and is calculated daily, weekly or monthly – all depending on the respective casino and its bonus policy. It is usually offered on certain games only, not all of them. The only condition being that you must have played with real money in the first place.
And of course, lost a fair amount of it too!
If you’re looking to take advantage of a cashback offer, you’ll have to look at the various different casino offers and find the right one for you. If you choose a cashback casino, you must first open an account and register – you might want to check out what the popular platform Gambling Deals offers. In the case of Gambling Deals, you will have the opportunity to get cash back on every lost wager, every month for your entire lifetime. Every time you lose, Gambling Deals will record your loss and display your accumulated cashback in your account. The cashback bonus is then paid out every month to your bank, Skrill or Paypal account. As always though, we advise you read the terms and conditions carefully and make sure you understand them, before you use any bonus promotion of any kind.
Cashback is typically offered to new players, as a way to encourage them to make a deposit and play. These bonuses differ from regular bonuses as the sum is deposited directly into the player’s bank account via Gambling Deals…if this is the service you choose to use. In the case of regular premiums, you must make an application for a withdrawal and wait the usual few days or so, until it becomes available. Many online casinos offer their own variable cashback programs for the players. This amount can be anywhere from £/€/$5 to £/€/$500.
You should also be careful to check which casino games this cashback program applies to. Some games like blackjack and roulette may not contribute to the program, while most slots usually do. You must also meet the wagering requirements attached to this bonus. Sometimes, only certain games that are played on certain days or even times qualify for the promotion. Which basically means it’s rarely as simple as it seems on the surface.
Free Cash – Too Good to be True?
On the surface, all of this might sound a little too good to be true. After all, free cash is free cash – not the kind of thing to be overlooked. In reality, the truth about cashback offers is, just like all other bonuses, that they exist mostly for the benefit of the casino. It’s not a case of being handed free cash for the sake of it, but rather being incentivized to spend (and lose) more of your own money.
For example, it’s worth remembering that cashback is often only paid out when you lose. The more you lose, the more you get back. But at the same time, the more you lose…and the more the casino earns. So it’s not what you’d call a ‘reward’ as such, but more something of a consolation price. And even when these ‘prizes’ are paid out, they’re usually on the modest side to say the least.
There are also those cashback deals where you don’t have to lose to qualify for a payout of some sort. Instead, you earn something like 1 point or 0.5% on every £10 or so you wager, slowly but surely accruing in a bonus account of sorts. Then at a certain juncture, all the cash that’s piled up is handed out. A nice addition, but rarely of huge value unless you’re a big spender. Most casual gamers will be lucky to come out with more than say £5 or £10 per month, which will attach all manner of wagering requirements and conditions.
So the long and short of it is simple. While these kinds of cashback bonus deals are better than nothing, they’re not to be interpreted as free cash handouts. But then again, the exact same can be said for all casino deals across the board. Accept them for what they are – as in promotional tools – and they can be great. Misinterpret them as a good reason to blow a silly amount of cash and they can be quite the opposite!
How to choose the best cashback programme
Choosing the best cashback offer is crucial when choosing to sign up with a new casino online. Casinos promote their cashback bonuses through newsletters, affiliate marketing, social media channels, and casino forums. Keep in mind that it is not necessary to make use of any of these offers – but we do recommend signing up for them if you like to play online anyway because they can make a big difference to your bankroll in the long term.
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