What is a cashback bonus?
We’re going to let you in on a little secret. Some of our team here at Playcasinos are what we in the gambling community refers to as “nits”.
A nit is someone who doesn’t like losing money; someone who doesn’t want to get involved in big bets and whose first thought is always with not losing rather than with winning. Being nit is frowned upon, especially in games like poker which rely on players creating the action.
But having a nitty side can be a good thing. It means you play responsibly and are less likely to go bust, and that you always spot the best ways to save money in the long run. The ideal slot bonus for these types of players? That’d be the cashback bonus.
A Cashback bonus reimburses a percentage of your losses. Just like it says in many of the offers, you will have to lose a minimum amount of money in the casino to even qualify for a percentage of your losses returned. Let’s take a closer look at some of the most common types of offers:
- Deposit money and we will return a percentage of your deposit if you don’t win
Basically, this could be seen as gambling without risking your money, or at least a percentage of it, since you’ll get that back, right? Well, you will only get the money back if you lose and you might want to read the terms and conditions carefully because your cashback money will most likely be subject to wagering requirements… These offers are often tied to a specific time period as well.
- Opt in to claim a percentage up to an amount on your losses after a period of gameplay
These types of deals aren’t that bad since you don’t necessarily have to make a deposit to benefit from them. Just make sure that the money returned is cash and not bonus money that needs to be wagered before you can make a withdrawal. Also, you usually have to lose a minimum amount to qualify for the cashback.
- Cashback as Welcome Bonus
Yes, these actually exist. This is one of the latest forms of Welcome Bonuses. How it works is basically that you deposit X amount of money and if you haven’t doubled the amount from winnings within a certain time frame, normally 24 hours, the offer is voided. If you lose all of your deposit money, the casino will refund your initial deposit without wagering requirements. This is probably the best type of Welcome Bonus since you either win or get your money back.
- Free Spins
Free Spins have been around forever, but you wouldn’t normally think of this as a type of cashback offer. Considering that each Free Spin is played at a set amount, one could argue that this is a form of either free money or free bonus money depending on whether or not there is a wagering requirement on the winnings. Free Spins are usually played at $0.10 per spin which means that 10 Free Spins are worth $1. As long as there’s no cap on winnings, this is a great chance to win some money back.
- Cashback in exchange for Loyalty Points
Many online casinos will reward their players through some kind of VIP or Loyalty Program where players earn points with every wager, starting from a fixed amount and often limited to different types of games. The exchange rate here can be exorbitant, meaning that you will often have to wager more than $1,000 for every $1 you get back. At least the money is yours without pesky wagering requirements.
- Free bonus money
Whenever you see the word “Free” as part of any offer, you should read the terms and conditions carefully. Any casino may choose to top up your account with bonus money as a spontaneous reward for playing there. Just make sure that you find out what the wagering requirements are so you don’t end up making a deposit just so you can meet the requirements on this type of cashback offer.
Where Can I Find the Best Cashback Bonus For Canadian Players?
Cashback bonuses are probably less common than other promotions, like free spins or no deposit bonuses. This is because a lot of players are just more likely to get excited by the idea of winning for free, rather than minimizing losses.
But lots of casinos do offer cashback bonuses, either as part of their welcome bonus or as a reward for regular players. At play casinos, we love to see new casino sites like Crazy Fox Casino, and Koi Casino that provide a wide variety of bonuses and promotions. It attracts more types of players and keeps things fresh and interesting, and cashback offers are always a welcome addition.
Here’s what to do to claim your cashback bonuses
- Sign Up/Register at an online casino
- Check out their bonuses/promotions
- Check the wagering requirements
- Meet the mentioned requirements
- Claim your cashback bonus
Sadly, in many cases this will depend entirely on how much money you spend in the casino. For most part, cashback is offered either to players who have lost a lot of money or who are part of a VIP or Loyalty Program.
Of course, there are other ways to get casino cashback bonuses. It could, for example, be something you claim as a Welcome Bonus when you make your very first deposit; The casino may top up your account with free bonus money or Free Spins to make you reactivate your account if you’ve been absent for a while; You could be offered to opt in to a cashback offer for the duration of a specific time period; Loyalty Points are redeemed for cash.
As you can see, there are several different ways to get casino cashback bonuses. It all depends on which type of offer from the ones listed above.
Cashback bonuses are a little different from the most popular welcome bonuses (no deposit bonuses, enhanced deposits and free spins) all of which often require the use of a bonus code. Bonus codes act as passwords which you can use to unlock a bonus. You can type them into the appropriate field during the registration process and your bonus gets credited to your account as soon as your registration is complete. Sometimes cashback bonuses can be claimed via bonus code.
Other times – especially in the case of cashback bonuses that aren’t part of a welcome bonus – you can opt into a live cashback bonus at any time, normally by clicking on the offer in your account, or in the cashier section of your casino.
Then there are casinos that don’t require you to do anything at all: the cashback offer is just a live bonus, in play for all players during the specified timeframe. The short answer is that claiming a cashback bonus all depends on the casino.
The same goes for actually receiving your recouped cash. Often your account will be just automatically credited with whatever refund you are due, but sometimes you need to actually make a claim. Your casino’s customer support can help with that, and anyway it’ll be clearly laid out in the terms and conditions.
Which brings us to our next topic…
Terms and Conditions for Cashback Bonuses
Just like other casino promotions, there are certain terms and conditions to look out for with cashback bonuses. As always, we strongly recommend reading up on the conditions of any bonus you’re going to claim. That way, you’ll know exactly how to make the most of it and avoid unwanted surprises down the line.
Your first step is to check if your cashback comes with wagering requirements attached. If so, you won’t be able to withdraw your refund and instead, you’ll have to use it to gamble some more. You can find a full explanation of both bonus cash and wagering requirements in our guide to slot bonuses in general.
Anyway, many casinos offer true cashback bonuses – where your refund comes in cash – so you don’t need to worry about wagering requirements.
The concept of net losses is crucial for understanding how to make the most of your cashback bonus. Net losses refer to your overall losses over a period of time, taking into account any money you have withdrawn.
Say you deposit $100 and build it up to $150. Next, you lose $110 on slots, then withdraw the remaining $40. Your net losses in this case are $60 – and that is the amount that will be eligible for your cashback bonus.
This sometimes trips players up, especially if they end up making a few deposits and withdrawals in a short space of time
The timeframe specified for cashback bonuses is also very important.
Say you have a 20% cashback bonus that is live over two weeks. In the first couple of days you win $800, withdraw your money and take a break. Then a week later you start playing again, and end up down $700.
Now, even though you’ve just lost 700 bucks in less than a week you’re not eligible for cashback, since you’re still up $100 over the whole two week period.
Cashback bonuses are always subject to a maximum amount you can claim back too, although your limits sometimes increase the more you play.
Why Choose a Cashback Bonus?
Cashback bonuses are seriously underappreciated compared with their flashier cousins like free spins and 100% match bonuses. But don’t be fooled. Taking advantage of cashback is the mark of mature and sensible gamblers, and playing sensibly is the first step to being a long term winner.
- No one likes going broke and cashback bonuses means that, at least over a fixed period of time, it won’t happen to you. Anyone can go on a bad run on the slots no matter how carefully you manage your bankroll, and having a cashback safety net once the dust settles is a real lifesaver.
- Cashback bonuses may not seem glamorous, but they often represent the promotion that will actually end up saving you the most amount of money long term.
- As a rule of thumb, cashback bonuses are more simple than other promotions and have fewer awkward terms and conditions. They aren’t dependent on using a specific payment type and they don’t only apply to certain markets, and your refund usually comes in cash – so no need to worry about wagering requirements.
- Lots of sites have on-running cashback bonuses, which means you can make the most of them again and again. Compare that with say, a no deposit bonus which is a one-time offer and you can see how you end up saving more money.
What Are The Downsides of a Cashback Bonus?
We love cashback bonuses, but even we are prepared to admit they arguably have some downsides.
- When claiming cash back bonus, you are basically always using your own money. That is not the case with other bonuses, which do give you at least the chance to win money for free – whether via free spins or some kind of deposit bonus.
- Cashback bonuses only kick in when you lose money. In fact, the more you lose the more money you stand to claim back. Now rationally speaking this can only be a good thing. But we are prepared to concede that there is something unexciting about signing up for a bonus that only works when you lose. It won’t appeal to everybody.
What do our team here at Playcasinos think about cashback bonuses?
Before we share our opinion on this, ask yourself: should you have to lose, to win? One might argue that cashback offers could be seen as a Pyrrhic victory, meaning it’s a victory that has taken such a devastating toll on the victor that it’s tantamount to defeat.
Still, a victory is a victory even if you’ve suffered heavy losses. At least Pyrrhus, the ancient King of Epirus, whom the expression Pyrrhic victory comes from, we would argue that victory must be achieved at all costs.
If you follow our advice you stand to possibly gain real money recovered from losses by taking advantage of cashback bonuses. And THAT is not a bad thing no matter what anyone says.
Best Cashback Bonus Casinos
Top 10 casinos with Cashback offers
- IceBet Casino
- Gambola Casino
- Mount Gold Casino
- Reload Casino
- Koi Casino
- FortuneJack Casino
- Live Casino
- Crazy Fox Casino
- Refuel Casino
- Vegas Lounge Casino