As online casino bonuses are getting less and less generous over the past few years, and their wagering requirements more brutal, casino players have for a long time been waiting for innovation. Innovation that they hope will bring change. If only someone would dare and introduce something different!
Of course, over these past few years, there have been alternatives to the typical match deposit and free sign up bonuses offered at the casinos. One of the most popular and perhaps most attractive forms are the cashback casino bonuses.
The bonus money usually comes in the form of a refund credited back to your playable balance. For instance, if an online casino has a cashback offer of 5% on losses incurred on a given slot, and you’ve lost £100 while playing the game, they will automatically credit your account with £5. Usually, a cashback offer has a max cash out limit and playthrough conditions attached.
It’s a very good deal, isn’t it? It certainly is. Through this promotion, you get some kind of compensation for your losses.
Money Back with Caveats
While it seems that money is all free, there are some caveats that you need to be aware of. First off, the most obvious is the fact that in order to qualify for the bonus – you have to lose. The online casino is tossing you a small margin of their profit as consolation after you’ve already lost your deposit. And while you might have had fun while playing the game, most people usually hope they would have hung onto the money they lost – at least for a little bit longer.
But why are these bonuses sometimes restricted to use on certain products or playing specific games? Could this imply that these games have a much lower RTP percentage than the other games so that you can play and blow your cash fast?
Online casinos will always use the constant cashback promotion offer to market certain games. Which is why they will always confine you to playing a certain game using the free cash. As for the RTP and payouts, these games have the same features as the others.
Money Back and Cashback Bonuses for VIPs
While the ordinary casinos will only offer you cash money when you sign up, those with a well-structured VIP program will have the money back on all bets. This means that whether you win or lose, you’ll still be able to get a share of your bet at the end of the day. However, in order to qualify for such exclusive deals, you really need to sign up at the casino’s VIP program and rank up to the high tiers of the same VIP scheme.
One of the terms of receipt of a cashback bonus can also be a certain amount of deposits per day for week. Thus, having deposited, let’s say, £1000 during the day/week, you will get eligible for a cashback once you finish playing with your balance. The cashback percentage may vary depending on the amount of deposits and your VIP level.
How Can I Use the UK Cashback Bonus?
It is possible to use the “money back” to play games offered at the casinos. However, some casinos have guidelines on which games you can play with the bonus. Just ensure you go through the terms and conditions to get full details on which games qualify for this bonus and whether there are no wagering requirements tied. After you meet all the requirements, you will be able to cash out your wins.