How does a Casino Cashback Bonus work?
October 12, 2022
A Cashback bonus is a prevalent casino bonus awarded to new or existing loyal casino customers. When players are low on luck, these cashback bonuses compensate for losses and pay back a preset amount or percentage.
In this cashback bonus guide, we will help you find the best cashback bonuses available at US Online casinos and help you understand exactly how this type of bonus works.
Best Casino CashBack Bonus in the US
If you want to gamble risk-free through a cashback bonus, we recommend FanDuel Online Casino.
For the first 24 hours, you can bet up to $1000 risk-free, which means that if you lose, you'll get back up to $1000 of your net losses.
On top of the $1000 cashback bonus, you will get $100 in 4 weekly $25 site credit drops.
|Promo||$1,000 Play it again for up to 24 Hours + $100 in site credits|
|Promo Code:||None Needed - Click this link|
|Eligible States:||NJ, PA, MI, WV|
UP TO $1000
How does a cashback bonus work?
Cashback bonuses can be offered to both new and existing casino customers. These bonuses are equivalent to a certain percentage of the lost bet up to a maximum limit.
For new customers, a cashback bonus is usually structured with a high percentage of your potential losses over a short period.
- Example of a cashback bonus for new customers: Up to $500 cashback for the first 24 hours. This means that up to $500 in losses for the first 24 hours is paid back dollar-for-dollar.
While for existing customers. When offered as a retention bonus, the percentage tends to be much lower, but the period is usually longer.
- Retention cashback bonus example: 10% cash back on all your potential losses for 30 days. If the total loss is $1000, the player will get about $100 in cashback.
ℹ️ Some sites might pay back your cashback in the form of bonus money, so you need to read the terms and conditions on the gambling site to know about these limitations.
Difference between cashback bonus and casino bonus
The criteria for offering cashback bonus and casino bonus is very different. Cashback bonuses are only given to players who have suffered a loss. A percentage of that loss is returned.
Casino bonuses are awarded regardless of a win or loss and tend to require a deposit from the player.
How to claim a cashback Bonus
Claiming cashback bonus amounts is simple. It does not depend on the payment method. The casino automatically gives money to your account once all the requirements are met. While the credit will take place instantly, withdrawal might take some time. Again, this will solely depend on the payment method used.
The amount you will receive depends on the cashback bonus scheme of the casino. It will also depend on the money you lost in the bet. Few Casinos only give cashback bonuses to their VIP members. Thus, you need to check the criteria before betting on a particular website.
- Find the cashback bonus you want to claim
- Register at the casino using any promo code found at Casinotalk
- Make a deposit and start to wager
- If you lose, you will get a cashback to your account
Wagering requirements for getting cashback bonus
Do not worry, as most casinos usually have no wagering requirements for cashback bonuses. This is because these bonuses are triggered after the player has already placed and lost a bet.
However, the only limitation is a maximum cap by the casino. This implies that there is a limit to what amount you will get. This is irrespective of your lost amount.
Pros & Cons of a cashback bonus
There are many advantages but only a few disadvantages of cashback bonuses. The pros definitely outweigh the cons.
- You get better returns
- This offer is applicable to loyal players who are consistent in playing
- There are no wagering criteria
- There is a maximum limit of the cashback bonus. This implies that you cannot get more than a certain amount irrespective of your losses
- The cashback bonus is not offered by every casino
Although the pros of a cashback bonus outnumber its cons, you still need to practice responsible gambling. There might be returns even after you have lost bets. However, it is way less than your investment, so do not get swayed.
How can I claim a cashback bonus?
You need to opt for the casino promotion to avail yourself of a cashback bonus. This implies inputting a certain bonus code. Sometimes, you also need to click on a link that basically gives the site permission to include your account in the offer.
Is a cashback bonus awarded to both new and existing players?
Yes. A cashback bonus is offered to new and existing players but the structure of the bonuses varies depending on if you are a new or existing customer.
Do I get a cashback bonus instantly?
Yes. Cashback bonuses are credited to your account instantly. However, the withdrawal may take time, depending on your payment method.