If you've ever had a rough run at an online casino, you know how frustrating it can be to walk away empty-handed. That's where cashback bonuses come in - giving you some of your losses back, even when luck isn't on your side.
But how great are these offers? We chatted with a man who has spent his career helping players find the best deals, Bojoko co-founder Joonas Karhu, to hear more about how they evaluate casino cashback and what offers players should be most interested in.
What are the main reasons why players should consider cashback offers?
Losing is a big part of gambling, and the risk is part of what makes it exciting. However, as gamblers, a big part of what we are after is finding any way we can to lower the house edge. Cashback does just that.
Cashback offers give you a slice of your losses, which can take the edge off after a tough session. Generally, cashback is that extra boost many of us want, and if a casino offers it, it should be an instant plus in their column.
What kind of cashback offers should players go for?
The first thing you need to look at is whether it is pure cashback or a more common cashback bonus.
You'll hear people talk about "cashback" and "cashback bonuses" like they're the same thing - but they're slightly different. Cashback means you get part of your losses back in cold, hard cash. A cashback bonus, though, has a few conditions attached and comes as a bonus. Usually, you need to meet the wagering requirement to cash these offers out, though the wagering is often lower than their regular bonuses.
I don't want to talk negatively about cashback bonuses, as they can be great. Pure cashback is better but tends to be more exclusive and only for VIPs.
Assuming you are considering a cashback bonus, the main things to assess before choosing one are the percentage you get back and the wagering requirement first.
Next, find out if the cashback is automatic or if you have to opt in or claim it manually. Some casinos make you actively click a button, and if you forget, you don't get the bonus. Others just credit it straight to your account the next day or at the end of the week. Automatic is always better.
You'll also want to check the minimum loss amount. Some casinos only trigger cashback if you lose a certain amount - like £20 or £50 - which might not suit every player.
And finally, look for additional pesky terms and conditions, such as max wins. Some cashback is capped, meaning you might only get up to £100 back no matter how much you lose.
What kind of cashback rates can players expect?
You'll usually see cashback rates somewhere between 1% and 20%. That means if you lose £100, you might get £1 to £20 back, depending on the offer. Usually, real cash offers are between 1-5%, while cashback bonuses are around 10-20%.
Are higher cashback percentages usually better?
It's easy to think that the higher the cashback percentage, the better the deal - and in some cases, that's true. But it really depends on the full offer.
Let's say one casino offers 20% cashback but only on losses over £500, and it's capped at £50 with 50x wagering. Another casino offers 10% cashback, no minimum loss, and comes with low wagering. Which one is better? I would pick the 2nd one any time of the week.
It's not just about the number. It's about how easy it is actually to benefit from the offer. If you're a casual player who bets £10 or £20 at a time, you'll probably never hit those high thresholds anyway. However, a small cashback percentage that's consistent and easy to claim could give you more value in the long run.
How does cashback compare to other types of bonuses, like deposit matches or free spins?
If you've ever claimed a deposit bonus, you know the drill: you put in money, the casino matches it with bonus funds, and then you have to meet the wagering requirement - usually 30x, 40x, or even more - before you can withdraw anything. It can be fun, but it's also restrictive. And if you're unlucky and lose your balance, you're out of luck.
To claim cashback bonuses, you don't need to make another deposit. It is based on the money you already deposited and lost. However, the terms are much more important, as you can still run into those 30, 40, or more wagerings. These are not great and should usually be ignored. Look for cashback bonuses with few terms and low wagering requirements. In those cases, they are often better than regular deposit offers, as you are far more likely to walk away with winnings.
