Cashback Casino Offers: How They Work and Key Promotion Terms to be Aware of
Casino offers come in many shapes, sizes and forms but just about all of the online and mobile casinos we feature here offer cashback promotions and deals.
Cashback offers appear from time to time and are generally offers for existing customers, as opposed to welcome bonuses or promotions for new customers. Cashback offers are a great reason to keep using a certain casino, whilst their availability should also be a factor in deciding which online casino to join.
Click the button below to see all the casino welcome bonuses available right now. Alternatively, keep reading for more information on cashback offers, including what they are and how they work.
What are Cashback Offers?
As with most promotions offered by casino sites, such as free spins, things are pretty self-explanatory and, would you believe, cashback offers are offers where you get cash back! Crazy!
However, cashback offers can come in a range of forms and are offered in different ways by different sites, with varying terms and conditions attached too.
Cashback When you Lose
Perhaps the most common type of cashback promo is effectively a rebate on losses. For example, you may get an email offering you money back if you play a certain game and lose.
Usually this type of promotion will be for a set period of time, usually a single day, perhaps the weekend and sometimes longer. The terms and conditions can vary but in essence the casino is giving you a chance to play with lower risk than normal.
For example, the offer might say “Play live dealer blackjack this weekend and if you lose get 20% of your losses back up to £100”. Obviously if you lose, that’s not good but thanks to the cashback your losses will be smaller than they would otherwise have been.
Effectively this reduces the overall house edge the casino holds because if you were to lose £500 you would get a 20% cashback bonus of £100. Effectively, when you win, you win, but when you lose, you don’t lose as much as you “should” and this swings the house edge your way.
Cashback When you Win
Other “cashback” offers give you money back when you win, effectively adding a bonus payout on top of your standard winnings. In some ways these offers are even better, because when you win, you REALLY win.
However, on the other side of the coin, you have to actually win in order for these promotions to be worth anything. Some casino fans prefer cashback on losses because if you win you’re already happy, whilst if you lose any silver lining is much-needed.
Whatever you prefer, aside from the win/lose factor, this type of promotion works much the same as cashback when you lose.
As with the previous promotion type, the loss or win is your total net period within the given promotional period. So if you win £100 on Friday and lose £200 on Saturday, the cashback will be paid based on a net position of you having lost £100.
Whichever type of promo you prefer, the overall effect is broadly the same. This type of offer reduces the casino’s house edge. If you imagine you place a single winning roulette bet on black for £100 and get a cashback bonus of 20%.
In such a scenario your bet that normally pays out at odds of evens has actually paid out at far greater odds of 6/5. With such odds, the house edge is totally obliterated and, in fact, the stats, odds and maths are in your favour.
This is just one simple illustration of how cashback promotions can be very lucrative, although much will depends on the exact terms and conditions of the casino and offer in question.
Cashback for Playing
From time to time you may also see an offer that gives you cashback based on your wagering. This is paid regardless of whether you win or lose and your overall net position doesn’t matter. These are often great deals for high rollers, who are wagering large amounts anyway.
As with the previous promotions, you may receive an email about this but, as ever, we’ll try to keep you up to date with all the best and most up to date offers around.
Some cashback promotions may be dependent on a certain event happening. This type of offer is a little less common, with money back promos on losses the most common and boosts to winnings after that.
However, we have seen certain online casinos structure a promotion such that the cashback depends on a certain event. Sometimes this may be within the game, with promos similar to “bad beat” offers at poker. For example you may receive some form of rebate if you lose at blackjack with a 21 to a dealer blackjack.
Alternatively the event in question may be totally separate from the casino, with cashback being paid on certain bets if, for example, England win the World Cup (football). An unlikely scenario, clearly!
Key Terms and Conditions to Look out for with Casino Cashback Offers
As said, the precise terms and conditions of all offers will vary. Reading loads of small print is nobody’s idea of fun though. That said, familiarity with the following should at least allow you to skim the full terms in order to find the important bits.
Whenever we bring you details of a specific offer, bonus or promotion we’ll cover the following in greater depth but here are some of the key types of term you should be looking out for.
- Time limits – most cashback offers apply only for a stated period
- Games – is the offer only applicable to a specific game, such as a named slot, or is it valid on all games?
- Percentages and Limits – make sure you know what percentage the bonus is and also what the maximum cashback is. If your main reason for playing was the promotion, keep a track of your net position and stop once you reach the maximum cashback
- Opt in – are you automatically entered into the promo or do you need to opt in? If the latter, this will usually be via “My Account”, the casino’s promotions page or either
- Eligibility – can you claim the offer? Most cashback deals are for existing customers but if they are sent by email they may only be valid for the initial recipient of the email
- Net Position – cashback paid on losses or winnings will apply to your net position during the promo period. That means your overall profit or loss within that time, not on each individual win or loss
- Claim Your Cashback? – some offers may require a manual claim whilst most will add the cashback automatically to eligible accounts. Either way, there will usually be a timeframe involved on claiming, using and wagering the bonus
- Cash or Bonus Funds – depending on the generosity of the offer, your cashback will be paid either as cash or as bonus funds. In the case of the former you are free to withdraw but the latter will usually have wagering terms attached
- Wagering – if you do have to wager the money back, be sure to check for time limits, what games are valid and how much each game contributes to the rollover