You want to win as a gambler, but, typically, your predictions can sometimes go south. So, what deal is better than knowing you will always win even when your bet loses?
Cashback offers are a promising approach for regular gamblers and also help in lowering the house advantage. If you’re looking for the best casino for regular commitments, this is an essential factor that you should look out for.
What is cashback?
Simply put, a cashback bonus is an extra amount your online bookmaker or casino credits to your account after a lousy betting week (or any other specified period), as a loyalty perk, or for playing a given game. What do we mean by a bad betting week, you ask? It’s the period when your losses total to amount bigger than your wins.
If that happens, the bookie or gambling website you’re using will automatically credit some amount to your account to recoup a percentage of your losses. The earnings sometimes come in the form of real cash or bonus credit to boost your bankroll.
The rate and the duration depend on the casino you’re using, but in most cases, it ranges from 5-25%, calculated over one week. However, the amount is always subject to several conditions, and unless you meet the requirements, you may not qualify or use the awarded credits.
Most common conditions
The conditions of using or qualifying for the offer vary from one casino to the other. As a result, you must read and understand the bonus’ terms of service before you click the “continue” or “agree” button. Nevertheless, here are some of the common conditions that you may find across several platforms.
The offer is paid only when you lose
If let’s say your week starts on a sour note and you make significant losses initially, then tables turn, and you end up with huge wins towards the end of the week, your casino will calculate your total winnings and losses. If the total wins are more than losses, then dear gamester, you don’t qualify.
The offer may be subject to certain account balances
Some Canadian online casinos demand that you have a zero or less than $5 balance. Therefore, if you deposit $200 and you lose $100, you may not qualify.
Casinos and bookmakers calculate cashback amounts from deposits
If, for instance, you use your no-deposit bonus offer to bet and lose, or you were running on free spins, you’ll most probably not land a cashback. Most casinos and bookmakers will calculate your advantage amounts with reference to your real cash deposits.
Cashback offers don’t combine with other bonuses
Casinos and bookmakers will not award you the offer if you’re still clearing on other offers. For instance, when still wagering on the deposit or welcome bonuses, then you don’t qualify.
What are the best cashback bonuses?
The best offers depend on the variant, the casino you’re playing at, and your preferences. While many people prefer the loss and rake variants, some players favour the VIP and Deposit types more. What matters more is to thoroughly read and understand service terms in your preferred casino or sports betting bookmaker and fully understand the conditions before accepting. Here are some tips and points to look out for.
What to look out for
While cashback qualifies as the offer with the least wagering requirements, many casinos and bookmakers apply strict requirements on their offers. The wagering requirement is the amount of money or number of times the casino requires you to place bets for them to release your credits in real cash. The motive behind this move is to ensure that you lose given amounts to the house before taking out your wins.
While browsing through service terms, note whether the casino allows for several or few betting counts or if the amount is high or low. You’re better off with a house that requires none or low wagering requirements.
Deposit method restrictions
Many casinos limit the deposit methods that can attract the offer. Before you click on “Accept,” read through the terms and conditions page to see if you’re comfortable with the deposit methods they accept. Luckily for Canadian players, Neteller, e-wallets, and Skrill are the most limited methods—not common in Canada. Nevertheless, take your time with the “Terms and Conditions” page.
Some casinos and bookmakers put several restrictions on the type of games that can award you the offer. They then allow it on some games with a lower return to player (RTP) percentage that doesn’t benefit you. Therefore, be sure to check out the games allowed for the offer before accepting. Often games like baccarat and roulette are restricted.
Several casinos and bookmakers open the offer to limited markets and countries. If you want to enjoy the cashback offer, ensure that the bookmaker or gambling site you register with accepts Canadian players. Although some will close their doors to you, the best collection won’t send you away empty-handed.
Validity and minimum/maximum bonus bets
Before you click on the “agree” button, ensure that you’re comfortable with the minimum/maximum bets, as well as the bonus validity. It’s important to note that many casinos put a ring to the duration that the offer remains active, as well as the amount you can place as bets. Generally, a casino that doesn’t have tight regulations on these conditions will serve you much better.
How can I find the best cashback bonuses?
Reading through, analyzing, and comparing all the casinos and bookmakers available online isn’t an easy task. We know that you’re already living a busy life, so we did the research for you, so you only choose what suits you. Here we’ve made a list of the best and reputable casinos with reasonable conditions to suit every player’s needs. Let’s see with respective cashback bonuses.
Which cashback bonuses variants are there?
Casinos and sportsbooks offer cashback advantages to attract and retain all their clients. It’s a great way to motivate players and keep them onto the sites for longer because, honestly, who doesn’t love free bonus money? However, the offers vary from one casino to another. Although loss and rake offers are the most common, they too have several variants that fall along the lines.
One of the most profitable yet nearly extinct types is the Total Bets Bonus. It attracts better winnings for players compared to the other variants. The VIP cashback offer almost compares to it, except that the latter has a limited number of players who qualify to depend on their bankroll sizes. Let’s give them a closer look.
The rake variant
It’s the sweetest variant of all. It allows you to receive a percentage of all the revenue that the casino or sportsbook makes on your play. After every play, the house deducts a certain percentage, called the house rake, to facilitate the games. Besides, you can also receive some of the money in your account either weekly, daily, or after the duration specified by the promo.
Unfortunately, this type of offer is limited to a certain number and types of games, with most slots and casino games excluded. It’s mostly familiar to poker and sports gamblers and, in most cases, has a cap on the maximum winnings you can receive over a specific period. The limit of earnings you can pocket considerably depends on the casino or sportsbook you are using.
In some cases, the bookmaker or gambling site doesn’t restrict the amount you can receive through the offer. However, the unlimited rule mostly applies to poker players than sports bettors.
The loss variant
It’s the most common among the numerous variants. It’s the amount the casino or bookmaker credits to your account after a certain period, and if your net bets total to losses. It offers you a great way to recover from bad betting duration and keep you in the game without going far beyond your bankroll limits.
In some cases, the loss variant applies over a limited period and pays up to a given maximum amount, while in other instances, it may differ. Here too, the type of bookmaker you’re using determines the rules. However, the thumb rule is that any casino that offers this kind of bonus will pay you a specified percentage of your net losses over a specific period.
For instance, if the bookmaker pays 20% up to $100:
- Player A, who plays and incurs losses totalling to $90, will receive $18 while,
- Player B, who incurs losses adding up to $150, will still receive only $20 credited to the account due to the maximum limits.
Bonus on total bets
It’s one of the rarest yet very well-paying variants. In this case, the casino pays a fixed percentage from your total bets, regardless of whether you win or lose. Since the house doesn’t work the net of either your wins or losses, you end up with potentially decent sums.
Other variants that you may look out for include the VIP offers, the ongoing bonuses, and the deposit advantages.
They are the best form of betting bonuses compared to the others. Some of the reasons you may also want to look out for them include:
- Low wagering requirements compared to free spins bonuses and no deposit counterparts (Mostly ten times maximum).
- You can receive cashback mostly in local currency.
- Beneficial for regular gamblers since the credits can keep you running past the bankroll limits
- Available for grabs whether you’re using your smartphone or desktop