What is a cash back bonus and how does it work?
Due to the increasing number of online casinos, there is a higher rate of competition. This means that the casinos are all vying with one another to stand out and attract more players to their site. Players will notice that all casinos offer a number of bonuses in an attempt to entice new players to their casino or to keep players from leaving. With this in mind, the bonuses are becoming bigger, better and more innovative so that the casino can appear more attractive than anyone else.
Recently, there has now become a trend for the cash back bonus. This is where the casino will essentially refund the player in bonus money and, on rarer occasions, in real money. The bonus is based on the net loss suffered by a player during a specified period of time or on a specific game. This will be calculated based on a specific percentage though players should note that the percentage will differ between casinos though it is usually found to be between 5% and 25%. This type of bonus does allow players to trial out a new game relatively risk free though the bonus does usually have a cap on the amount that a player can receive in net loss. For example, if the casino offers 5% cash back on a specific slot and the player plays 100.00 and lose everything then the player has lost 100.00 of which the player will award 5% back therefore 5.00. If a player plays the same game but ends up with a profit, then they will not be awarded any bonus. Another example would be if the casino offers 25% on a net loss of up to 50.00. If at the end of the game the player has lost 300.00 then they will still be paid 50.00, as this is the maximum amount that will be rewarded under this type of requirement.
This bonus is often a continuous one. Depending on the casino, this cash back bonus may be paid out on a weekly, monthly or quarterly basis enabling players to get a little something back no matter how often they play.
Who is qualified for a cash back casino bonus?
As with all bonuses, the qualification for a bonus will vary between casinos. If the cash back bonus is paid out in bonus money then it is rather likely that the bonus will be available to all players. It must be noted that this type of bonus is an opt-in option so players must specifically claim it if they wish to play and be a part of the cash back scheme. This is usually done either through contacting the casino directly, or clicking on a link on the casino’s site that details this bonus. Unlike other bonuses this one is often offered later on when the player has remained at the casino for some time rather than as a welcome bonus though it is appearing as a welcome offer much more frequently.
The cash back bonus that offers real money is usually a little more exclusive. This type of bonus is often only available to those players who are part of the VIP or loyalty player programs. This is due to the fact that the casino knows these players are already putting significant money into the casino already and will most likely continue to do so even without the bonus. It is likely that these players will simple put their winnings straight back into the casino making them a safe bet.
Cash back program
As previously mentioned, sometimes the casino will offer a long-standing cash back program that pays out the player over a period of time. These cash back programs are usually part of a loyalty or VIP program and will require the player to actively sign up to this. These loyalty programs work in a tier based way. This means that players have to gain points by wagering specific amounts on certain games. As the player gains more points, they can move through the tier system. There are usually set levels to reach and once reaching these levels; the player will be able to receive the bonuses. Usually with the cash back program, the percentage of cash back will increase as the player rises through the levels giving the player incentive to keep on playing.
Wagering Requirements Explained
Understanding wagering requirements is an important part of knowing how to use a casino bonus correctly. Wagering requirements are what casinos put in place in order to make back some of the money that they are otherwise giving away. These will vary greatly between casinos and will make a huge impact on what makes a good bonus offer. In basic terms, a wagering requirement is how many times the player needs to bet the bonus value before they are able to withdraw any of the winnings that have been gained from this. These requirements can be as low as just one times wagering or as high as ten times. Needless to say, the higher the wagering requirements the harder it will be to achieve. This means that it is less likely for players to be able to withdraw any of the winnings they have made through using the bonus. However, wagering requirements for cash back bonuses are vastly lower than they are for the match deposit or no deposit bonuses, which does make this type of bonus a little more attractive and attainable.
Most casinos will attach a deadline to these bonuses as well, and if the wagering requirements are not fulfilled within the specified time frame, then they will be removed from the player’s account. This also includes having any winnings gained from this also removed. Players that attempt to withdraw the bonus amount prior to completing the wagering requirements, also risk having the bonus removed there and then, but also the possibility that they will no longer be eligible for any further bonuses offered by the casino.