Top 10 Cashback Promotions – Best Sites 2023
Cashbacks are not a new concept, as they have long been used in retail and the credit card industries to drive sales and inspire loyalty. They are not exclusive to the online sports betting and casino industries either. However, cashback in gambling has unique characteristics, as we are about to see.
- Many sports
- High odds
- Fast payouts
- Popular bookmaker
- Many sports available
- Great customer service
- Biggest Bitcoin bookmaker
- 24/7 customer support available in multiple languages
- Modern website
- Biggest Bitcoin bookmaker
- 24/7 customer support available in multiple languages
- Exciting Bonuses and promotions
- 25 sports
- Great promotions
- Popular bookmaker
- Over 20 sports
- Great odds
- #1 Live betting options
What is a Cashback Promotion and How Does it Work?
A cashback is a promotion that refunds punters a percentage of their losses as a credit to their betting account. The promotion is often meant to reward loyalty and may be available on specific dates or markets. Effectively, it gives you a second chance to try your luck.
The cashback may also be issued as a percentage of your deposit, even though you have not yet wagered or lost. However, this bonus is more of a free bet than real cash. This means you cannot withdraw your cashback offer, but you can use it to make another wager, not necessarily in the same market or event as your initial qualifying bet.
For example, suppose the promotion is 50% cashback, and you lose 250 INR. In that case, you can expect the bookie to issue 125 INR back into your betting account. You won’t be able to withdraw the 125 INR as real cash, but you can use it to try your luck again in another event.
Another characteristic of cashback offers is that they are mostly meant to inspire loyalty, unlike welcome bonuses. This means you can continually enjoy a cashback promotion, unlike a one-time sign-up promotion (more on the differences later). Cashback offers also come in different types and have various requirements, as we shall see.
Differences between Cashbacks and Welcome Bonuses
Although a welcome bonus may be issued as cashback, the two are as distinct. A welcome bonus is exclusively an offer that bookies issue first-time users, usually when they sign up. However, cashback promotions are often meant to inspire loyalty. They are recurring and may be won through continued gameplay on a betting or casino site.
Types of Cashback Promotions
Cashbacks may be issued in various forms and at different stages of a punter’s journey in a betting site, from when they sign up to when they meet specific requirements periodically. These categories entirely depend on what the betting site feels is best for their model of services. They include:
Cashback Welcome Bonus
Some bookies take advantage of the cashback concept in the welcome bonus, allowing punters signing up for the first time to enjoy a risk-free bet up to a particular percentage. In such cases, you must sign up, make a deposit, and place a bet. The bookie only issues the cashback if the bet loses. Still, the same may be available as a deposit bonus, in which case you don’t have to stake to qualify.
For example, Betway gives its new punters 100% cashback up to 4,000 INR if their first bet loses. In this case, the bookie is providing a welcome bonus as cashback. If your first bet loses, you can try another one using the bonus refunded to your account. On the other hand, you don’t get any bonus should your first bet win.
As in the example above, this cashback type is often a high percentage. However, being a welcome promotion, you can only enjoy it once — when signing up.
A deposit cashback offer is one where your account is credited with a particular percentage of the amount you deposit as a promotion. In this case, you do not have to stake and lose to qualify for the offer. You don’t even have to spend anything in your betting account yet. The bookie promotes deposits into the betting account while assuming you intend to play if you are depositing.
For example, Betrophy’s FREEBET TOKENS bonus is a sports betting promotion that rewards punters up to 50€ monthly. It works as a 3-stage cashback offer, where your first deposit of the month attracts 10% cashback up to 10€, the second goes up to 15€, and the third takes it a notch higher at 25€ (or its equivalent in another currency).
This cashback type incentivizes players to keep depositing and playing on the betting site. It may be a standalone promotion or built into the loyalty program, but it remains the same at the core. You are periodically rewarded with a percentage of your cash, which you can use to wager and withdraw subsequent winnings.
This promotion usually involves loyalty points when integrated into the loyalty program. You get points awarded to your account every time you deposit, and you may cash these points out in the form of free bets after they reach a particular minimum amount.
When used as a standalone promotion, the bookie may issue this promotion in weekly or monthly cashback if you bet more than a set amount. For example, 22Bet issues a 0.3% cashback weekly. The percentage is applied to the total amount you spent on bets during that week. Although this figure is not much, it results in free bets you wouldn’t have without the promotion.
Bore Draw Cashback
Technically, this cashback is part of the bookie’s attempt to inspire loyalty, but we will categorize it differently for better understanding. A bore draw cashback is issued if you have wagered on a specific team to win, and the match ends in a draw. Although your initial bet was not on the teams to draw, you get a consolation cashback offer simply because no team won.
No Goal Scored Cashback
This cashback works similarly to the bore draws promotion but only applies to matches with 0-0 results. The betting site pays back your original stake up to the promised amount if the match ends with no goals on either side, even though your initial stake was on one team winning.
Other Cashback Promotions
You will encounter many variations of cashback promotions during your betting, especially because every operator constantly tries to provide tailored products to its users.
For example, you may come across bet insurance that lets you claim a cashback offer if your prediction comes true at a specific time in the match. For instance, your selected team may be the first to score, thus taking the lead at some point in the match. If the bookie has this promotion, you will get the cashback simply because your team of choice was ahead at some point in the match.
Horse racing is especially big on cashback promotions. As a horse racing punter, you will find promotions allowing you to claim cashback if your favourite falls or does not participate in the match, especially for pre-market bets where the starting price is not yet available.
Advantages and Disadvantages of Cashback Offers
- Minimal to no rollover: although cashback promotions are varied across platforms, one thing bookies agree on is minimal wagering requirements compared to other promotions, such as welcome bonuses.
- Rewards loyalty: most cashback offers are issued recurrently, which is a great way to reward you for being continually active on the platform. Some betting sites will even reward you differently according to your betting activity.
- A second chance: the most advantageous thing about a cashback offer is the second chance it gives you to try your luck. Interestingly, you may occasionally withdraw real money through this second chance.
- Small percentages: some cashbacks are only a small percentage of the money you stake, which is demotivating compared to the total losses you incur.
- Limited availability: cashbacks are often only available or usable on specific days and games. For example, a bookie might have them weekly or monthly.
What to Look for in a Cashback Offer
You won’t find any betting sites and casino offers without restrictions on their bonuses because they would risk running at a loss. Yet, it would also be best to go for deals with reasonable rules to enjoy your betting experience. Here are some factors you want to consider when shopping for a great cashback offer.
The Cashback Percentage
Every cashback deal is some percentage of the amount you spend or lose on the betting site. The bigger the percentage, the better. In the example of 22Bet we used previously, you only get 0.3% back, which is very little. If you had spent 2,000 INR on the site, you would only get 6 INR, which is not encouraging. Still, it comes every week, and that’s a good thing.
A much better cashback offer would be Betway’s 100% money back up to 4,000 INR if your first bet loses. However, it is only available once as a welcome promotion. The bottom line is that there is always a catch, so your decision ultimately comes down to what works best for you.
Roll Over Requirement
Also called wagering requirements, ROs are rules that make punters wager several times over the bonus before they withdraw the winnings. Let’s say you have a 6x RO on a 100% cashback. If you deposit 250 INR, you get another 250 INR as a bonus. The total rollover would be calculated as (250 + 250) * 6 to get 3,000 INR. Therefore, you will have to stake a total of 3,500 INR, including the deposit and bonus you started with before you can finally withdraw your winnings.
This means if you stake, say, 500 INR (bonus plus deposit) and win, you cannot withdraw the winnings, but you can use them to wager again. However, you can withdraw real cash if you wager another 3,000 INR from the prize and win or still have something left in your account from the previous winnings.
Minimum Qualifying Bet/ Deposit
You will likely have to adhere to a given minimum bet or deposit to qualify for the promotion. For example, in the case of Betrophy’s FREEBET TOKENS, the minimum qualifying amount for the bonus is 50€ or equivalent in other currencies. Since the first stage of the promotion says 10% cashback up to 10€, you would only get 5€ if you make the minimum qualifying deposit of 50€. Also, you would have to deposit 100€ to get the maximum bonus of 10€. However, if you deposit anything above 100€, you would still only get the 10€ bonus because the promotion says “up to 10€”.
Eligible Markets and Odds
You want to check whether the betting offer is only available for select betting markets. For example, Fun88’s 250% sports bonus up to ₹12,500 welcome offer, considered a deposit cashback offer, is only available at odds of at least 1.6. It is also unavailable to void, draws, cancelled, and cashed-out bets. Such factors might be worth considering to ensure that your favourite bets do make you ineligible for the cashback offer.
How to Claim a Cashback Offer
Claiming your cashback is straightforward, so chances are you can do it without any guidance. Here are the general steps you are likely to take:
- Create an online casino account with the bookmaker whose cashback offers you are eyeing
- Meet the minimum deposit required to qualify for the cashback
- Place the minimum bet required to qualify for the promotion
- Receive the cashback money in your account
You may also have to enter a bonus code or check a box to say you opt in to the cashback promotion when signing up or making a wager. However, bonus codes are steadily fading away.
Can I get the cashback with bonus money?
Unfortunately, bonus money does not qualify for cashback promotion. Suppose a betting platform has many promotions, and you get a bonus from one. In that case, you cannot use this bonus to qualify for another offer. Every offer is only available for real cash deposits and bets.
Can I bet in any game using the cashback offer?
No, the cashback offer will likely only be available for select games in the sports or casino sections. Bookies often restrict the eligible markets for sports offers and games in the casino section so they may not be too disadvantaged.
Can I activate several cashbacks?
You can only activate several cashbacks if they are unique, but you cannot take advantage of the same cashback promotion more than once. For example, Betrophy has a monthly cashback promotion issued in 3 stages, which amounts to a total of 50€. You can take advantage of the first offer to get the initial 10€, then make another deposit to get 15€, and finally redeem the third cashback of 25€, making a total of 50€. However, you cannot repeat this process to get more than 50€ cashback in the same month.Last Updated on 26/05/2023 ago by Devak Mukherjee