Play, lose, get some of your cash back—that’s the essence of a cashback bonus. But there’s much more to these offers than simply getting a little cash back.
In the following guide, we’ll show you how they work, how you can collect them, what terms to look out for, and where to find them.
What are Cashback Bonuses?
We said that there was more to a cashback bonus and there is, but these bonuses are still very easy to wrap your head around. There are a few important things to keep in mind though:
When Does Cashback Apply?
Cashback bonuses only apply to your losses. They are applied at the end of a fixed period, such as 24 hours. This means that if you deposit £1,000 now, lose £500 in the first hour and then win £2,000 over the proceeding 23 hours, you won’t be paid cashback on that initial £500. In fact, as you’re in profit over the course of a 24-hour period, you won’t get any cashback at all.
How Big are Cashback Bonuses?
The size of these offers varies. It’s rare to see a cashback offer for less than 3%, as that’s unlikely to entice many players. Most cashback bonuses are between 3 and 5%, but we have seen some as high as 40%.
These massive cashback offers are usually reserved for higher spenders. Occasionally, they are provided as part of higher spender welcome bonuses. More often, you’ll find them on invite-only VIP programs and at the upper tiers of loyalty programs.
Are Cashback Bonuses Right for Me?
Cashback bonuses are always better than nothing and you should take what you can get. But if you have the choice between a cashback bonus and a free spin offer or matched deposit offer, you have a tough choice on your hands.
Bigger spenders benefit most from these promotions.
As an example, let’s assume that you have the choice between the following bonuses:
- 500 Free Spins Worth £0.10 Each (Max Win £100)
- 20% Cashback (No Max Payout)
If you typically deposit up to £400, the free spin promotion is easily the best option here. But if you regularly exceed that amount, the cashback option becomes more appealing.
For a deposit of £1,000, the worst-case scenario with the cashback bonus is a return of £200. With the free spins, the worst-case scenario is that you lose everything.
The higher your deposit, the more appealing the cashback bonus will be.
Cash or Credit?
One of the key terms of cashback bonuses is whether you’re actually getting cash or credits. With the former, the money is paid to your real money account and can be used as you see fit—play slots, play table games, or make a withdrawal.
If the cashback is paid as bonus credits, you will likely be subject to wagering requirements before those funds can be withdrawn.
Deposit and Play Requirements
When it comes to terms and conditions, cashback bonuses are usually a little more relaxed than other promotions. Wagering requirements are not as common, you’ll rarely be punished for using web wallets, and while there are time limits, they are usually ongoing.
There are a few terms to watch out for though, including:
Cashback may only be offered via specific games, such as slot machines or table games. If you’re playing on a poker site, they could be limited to either cash games or tournaments. For sportsbooks, they might only be offered for single bets, as opposed to accumulators.
If the site covers multiple different sections, as on PokerStars, where you’ll find a casino, sportsbook, and poker room, the bonus will likely be limited to just one section.
When cashback bonuses are offered through loyalty programs, they are always tied to a player’s level. The greater your level, the higher the rate of cashback will be. Cashback is just one of the incentives offered by these promotions, there are others, including free spins and reload bonuses.
If the cashback bonus is offered as part of a sign-up bonus, it will come with a deposit requirement. For a standard welcome bonus, this could be just £10. For a higher spender, it could be upwards of £50.
Bet/Payout Minimums and Maximums
You won’t always receive cashback on every penny that you lose. If you don’t meet the wager or loss requirements, you won’t receive cashback on anything.
A typical limit may look something like this “£1 minimum and £1,000 maximum”. It means that the lowest you can collect is £1 (based on the actual cashback amount and not your losses) and the highest is £1,000. These limits are usually set on a daily, weekly, or monthly basis but can also apply to the bonus in general.
How Do Cashback Bonuses Compare to Loyalty and VIP Programs?
Cashback bonuses shouldn’t be confused with loyalty schemes and VIP clubs. The latter gives you money regardless of whether you lose; the former only gives you money when you lose.
That doesn’t mean that cashback bonuses are worse than loyalty promotions, however. In fact, you’ll often get much more from a cashback promotion than you will from a loyalty program.
One of the most popular loyalty schemes on the market right now gives players 1 point for every £20 they wager. When they reach 50 points, it gives them 50 free spins at a value of £0.10, equating to a payout of £5.
This means that to get £5, you need to wager £1,000.
As for cashback bonuses, most of them are fixed at between 3 and 5%. If we take the smallest of those numbers, it equates to a £30 return on every £1,000 that you lose.
Of course, you need to lose £1,000 to get that £30 cashback while the £5 offered by the loyalty club is available even if you win.
Can You Win With Cashback Bonuses?
Cashback bonuses are popular with higher spenders and experienced bettors as they can guarantee a return when they hit a bad run of luck.
Professional gamblers are constantly trying to tip the odds in their favour, which is why they tend to stick with low house edge games like Blackjack, Baccarat, and Poker. If they are guaranteed a 5% return on all of their losses, it gives them a slight advantage.
However, it doesn’t guarantee success and there is no way you can use cashback bonuses to earn a consistent profit.
Where Can You Find Cashback Bonuses?
You can find cashback bonuses at most online gambling sites, including sportsbooks, poker rooms, online casinos, and bingo sites. They tend to be more common on poker sites, followed by online casinos, but you can find them everywhere.
In this guide, you’ll find all of the best cashback bonuses available right now. To sign up and collect the bonuses, just click the links, visit the sites, and be sure to check the terms and conditions.
For more information on the sites, read our reviews, which cover aspects such as welcome offers, loyalty offers, games, banking options, and more.
FAQs about Cashback Bonuses
High spenders can benefit the most from these bonuses. They deposit and wager more money so they will get a higher return, but it’s all relative, so that’s not the issue here. It’s all about how cashback compares to other promotions.
If you’re a casual, small-stakes player, you’ll always find a matched deposit bonus that covers your deposit 100%, either with bonus credits or free spins. For high spenders, it’s not as easy, and as soon as you start depositing above £1000, all of those bonuses begin to look minuscule.
This is where cashback offers come in. They might seem smaller on paper, but the returns can be much greater in reality.
As an additional bonus, yes, they are definitely worthwhile. But it’s rare that a cashback bonus will offer you more than a matched deposit bonus or free spins bonus as a small-stakes player
The highest percentage we have seen is 40%, but this is rare, and most don’t exceed 10%. Higher cashback offers are also more likely to have maximum payout limitations.Check the bonus terms and conditions to learn more about these limits.
If the cashback bonus is part of a welcome package bonus, it will offer additional credits and/or spins. If it’s part of a loyalty program, there’s no reason why you can’t collect the cashback along with reload promotions. But there are times when you’ll be restricted to a single bonus, so check the terms and make sure you’re choosing the right one.
It depends on the specific bonus. The name suggests that you’ll always get cash, but that’s not necessarily the case. Some casinos will give you bonus credits and require you to meet wagering requirements.