Among the many types of bonuses available at the online casinos, the cashback bonus is often overlooked by the players. Some customers don’t even know that it exists, while others have no idea how to claim it. In this guide we will lift the veil from over the cashback bonus and help you discover yet another way you can get free money from the online casinos without having to make any deposits. We will start by learning what is the cashback bonus, see how it works and teach you how to redeem this great free-chips option at the casinos that offer it.
In This Guide:
What is a cashback bonus?
In order to dive deeper into this type of casino promotion, we first must learn what exactly is a cashback bonus. As the name implies, the cashback bonus is money you have lost at the online casino which you can get back. In other words, if you deposit money, play with it, and if you don’t win – you can get some of that money back and try again.
In a sense, you can think of the cashback bonus as a reverse deposit bonus of a sorts, but with much better terms and conditions than a standard casino bonus would have. The cashback bonus should not be confused with the rewards programs every online casino offers these days. Those are based on an accumulate by the amount of money the player wagers, while the cashback bonus is purely based on a deposit you make at the casino. Let’s check out how the cashback bonus works to learn more.
How does the cashback bonus works
We already eluded that the cashback bonus is a lot like a reverse bonus. With a standard online casino bonus, you would make the deposit and instantly a percentage of that deposit will be given to you for free. That bonus will have certain wagering requirements, which you must satisfy before you can withdraw your winnings stemming from the bonus.
With the cashback bonus, however, you don’t claim any deposit, nor do you receive one, when you make your deposit. You are free to play with your own money at whichever casino game you choose, there are no wagering requirements and such, so you can withdraw your winnings at any time. However, if you happen to lose the money you’ve deposited, you can claim a cashback and a portion of the money you’ve lost will be given right back to you. To put it in contrast, you get a bonus after, and only if, you’ve happened to not win with your deposit.
How to claim a cashback bonus
Getting cashback from your busted deposit at most casinos is as simple as contacting customer service and requesting it. There are no bonus codes involved, simply contact your casino easily via live chat and ask for a cashback on your deposit.
How is the cashback bonus different and why should you use it?
We’ve already explained one of the differences between the cash-back bonus and a regular bonus, namely how they work. But when people hear about the cashback bonus for the first time, often they would pose the question of why you would use a cashback instead of a match deposit bonus.
Another major difference and the primary reason why you may want to consider opting in for the cashback bonus instead is the wagering requirements. Every casino bonus, whether free money or match on deposit, will come with a certain amount you have to bet before you can cash out your winnings.
The cashback bonus is no different in this regard, but where it differs is in the important part – the size of the wagering requirements. As a rule, a cashback bonus will have much, much smaller wagering requirements than a standard casino bonus would. Not only that, but some online casinos will even offer cashback bonuses which would behave just like pure cash, i.e. there would be no wagering requirements attached to them whatsoever and you can even withdraw the cashback bonus without even a single spin of the slots reels! This alone makes the cashback bonus a much better proposition than a regular casino bonus.
Some online casino bonuses could also have a max cashout amount attached to them. This is often the case with the no deposit bonuses, which always have a maximum amount you can withdraw. But those max cashouts are not limited to just the no-deposit bonus, some reload bonuses will have those, too. The cashback bonus, on the other hand has no such restrictions and there is no potential limit to how much you can win when playing with ah cashback bonus.
Another point worth making is that when you claim a casino bonus, you become locked in the playthrough requirements. Sure, you get a bunch of free chips and that’s great, but in order to cash out your winnings, you must place a certain amount of wagers. The cashback bonus frees you initially (and in some cases – completely) from such restrictions. Since you don’t claim a bonus when you make a deposit, you get to play with your own money, choose whichever game you want, and withdraw your winnings whenever you want. All while you always have this cashback bonus you can fall on, if you happen to lose rather than win.
Of course, nothing is perfect, and the cashback bonus is no exception. The biggest drawback people find with the cashback bonus is its size. While with a reload bonus you can easily double or triple your deposit, the cashback bonus is much smaller, usually around 35% of your deposit. A lot of people prefer to have the much larger starting balance of the reload bonus compared to the much smaller cashback bonus.
Which one you would rather have is up to you. Some people like the lack of restrictions and the safety net against complete loss the cashback bonus provides, while others prefer the larger bankroll and the huge amount of free money the casino gives when claiming a standard bonus. They are both good, as long as you are aware of their intended purpose, capability and restrictions.
Online casinos with cashback bonuses
To bring this guide to a conclusion, let’s look at some online casinos and their cashback bonus offers. This can also serve as a great real-life example of how the cashback bonus works and how to claim it.
$25% – 35%
The SlotoCash online casino has two different cashback bonus options, based on the day of the week you made your deposit upon which you wish to redeem your cashback. For deposits made Monday through Wednesday, the casino will give you a 25% cashback, while Thursday through Sunday deposits will carry a 35% cashback option.
The playthrough requirements of both bonuses are at a low 10x, with no max cashout, and the best part is that you can request the cashback bonus up to 48 hours after you’ve lost your deposit. But keep in mind that the percentage of the cashback bonus (25% or 35%) will be based on the day you made the deposit, not the day you requested the cashback.
The folks at the Lucky Tiger have stepped up and baked a cashback bonus right into their welcome bonus offers. Not only would you get up to $2,600 in free money with your first deposit, but it will also come with a 100% cashback guarantee! The second deposit you make at this online casino also comes with this kind of hybrid bonus – $2,800 in free chips and another 100% cashback to boost. This is probably one of the best cashback bonuses around, although sadly it is only available at this level to new customers of the casino. But it is a great representation of how you can have your cake and eat it too.
The Miami Club casino also offers a cashback bonus, although in their terminology the call it a “rebate bonus”. Here a player who has made a deposit without claiming a bonus can redeem a 25% cashback bonus on that deposit, up to $200. The wagering requirements are a bit higher at 20x the bonus, but you can claim it up to 48 hours after the deposit was made.