Cashback in Online Casinos Explained + A List of Best Offers
As a former poker pro I can assure that cashback is the best promo to get from the player’s perspective (the same is true for the online gambling industry). How so? Because it usually does not require wagers which, I believe, nobody is a big fan of. On top of that, cashback (nine times out of ten) can be withdrawn right away as real money or you can play your favorite games for real money using the cashback bonus.
Best online casino sites with Cashback
(Players from United States are welcome)
The cashback (along with bonuses, Vip-programs, Races and Tournaments) is a promotion type in online casinos which is getting more and more popular nowadays. This is the case, because competition among online gaming venues is super tough so this is their way to attract new players or incentivize the existing ones to gamble more. Thus something around 5-15% is what you can normally expect as cashback in trustworthy online casinos.
With that being said, let's discuss:
What is so special about cashback in comparison to other promos in online casinos (including how and when it gets paid)
Types of cashback or how it might be very different depending on a particular online casino
Some tips which you may find useful dealing with cashback promos
What does distinguish Cashback from other promos?
Cashback is paid in real money, that’s why it is so cool in comparison to other bonuses. Real money means you can either test your luck again in your favorite casino games or even withdraw it.
There is usually no wager requirements on cashback bonuses. So you are able to withdraw the money you get right away, without any conditions met before.
Cashback rate normally depends on your Vip level, which means the more you play, the higher percentage cashback is applied to your account.
There is a lot of diversity when it comes to cashback. So different online casinos may have very different policies regarding this promo.
Cashback is becoming somewhat a buzzword among online casino players in modern days. Therefore, it is more and more hard to find an online casino without any cashback bonuses provided.
The only reason cashback exists is to beat the competition (among online casinos), and make a particular online casino more appealing in the eyes of potential clients. Moreover, cashback is often designed in a way that makes players gamble more than they normally would (to offset at least to some extent the costs of cashback itself, I suppose).
How does cashback get calculated?
There are 2 opposite approaches to the process:
Based on the amount of money lost. This one is very straightforward. Ended up with losses during some period of time (usually monthly, though weekly refunds also exist)? Get some portion of this money back, as simple as that. The only disadvantage is that in case you won money, no cashback is going to be granted.
Based on playthrough volume (total sum of bets made during some period of time). This one is a bit more sophisticated though not rocket science at all. For example, let’s say you have made 10,000 spins 1 EUR each during a particular month. So your playthrough volume is going to be 10,000 (the amount of wagers) x 1 EUR (each bet cost) = 10,000 EUR (playthrough volume). The same approach is applied when bonus wager is getting calculated by the way. The cool thing about this way to calculate cashback - here it does not matter whether you have won or lost, you are getting paid anyway.
When does cashback get paid (the process explained)?
There are mainly 3 different approaches among online casinos to how pay cashback money:
A player can claim cashback basically at any moment of time he/she wants. Normally players are supposed to manually exchange Vip points for cash in their casino accounts. So there is some additional action from a player’s side required, though don’t be discouraged, it is not a complicated one.
In some casinos, cashback is automatically credited into your account at the beginning (or at the end) of each month/week/day. It does not require anything from a player’s side, which is more convenient than the previous approach, I would say. However, it means you can get your cashback only on a particular day, which is less flexible on the other hand.
Or there might be some milestones, only after reaching which you can claim your cashback. In other words it happens gradually, like a ladder system. For example, like in Slotum casino, players are rewarded with cash for reaching VIP levels (the same system was implemented in Poker stars, during the days I was playing there).
Types of cashback
In terms of how it gets calculated:
playthrough based cashback
money lost based cashback
In terms of when cashback gets paid:
Automatically each month/week/day
Players are supposed to exchange Vip point for money on their own
Players are rewarded for reaching Vip levels (automatically or manually)
In terms of rate %:
flat rate is the same for all players pool
depending on VIP status cashback may vary very significantly
In terms of wager:
no wager required to withdraw cashback money (this is what you should be looking for)
there are some wagering requirements (I would not play in such casinos)
In terms of how much of cashback money can be withdrawn:
no cap how much you can withdraw (again, this is what you should be looking for)
there are some limits (sometimes as low as 50 EUR, which is quite sick)
What's cashback numbers on average?
On average, cashback in online casinos equals 5-15% nowadays, with clear tendency towards lower boundaries in legit online casinos at least, since they can not afford such a charity as, let’s say, 25% cashback.
A few more tips regarding cashback in online casinos
Be aware that cashback is here to make you play more, and some players gamble much more than they should because of cashback. So keep it in mind.
Don’t pursue overly generous cashback bonuses (the same is true for any other promos by the way)
Code is not what you usually have to enter when it comes to cashback
Terms and conditions are the place to learn about the cashback policy of a particular online casino, as a rule of thumb
Cashback is usually unavailable while any bonus is active
Some online casinos, instead of money, provide players with valuable gifts as a form of cashback (such as electronics, concierge service, etc.)
Some online casinos set meager withdrawal limits to cashback money, which is ridiculous. Though to be fair, it is not a common practice as nobody likes such “rules”.
Different games may have different wagering weights applied (the same principle is used to estimate bonus wager playthrough). For example, high RTP games tend to contribute to cashback with 0% rate (for example, low risk bets in Blackjack, Baccarat), while others do it in full capacity (the majority of video slots).
Summing up, I would call cashback the only cool promo in online casinos, to my taste. Cashback does not have limitations which welcome bonuses basically always have (wagering requirement, limited number of games available during a bonus is active). The only precaution, don’t be overzealous as cashback does not make online gambling profitable, and the house still always wins in the long run, as usual.