Best Cashback Bonuses Bonus Codes for May 2022
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A casino cashback bonus can be considered a lifesaver for unlucky gamblers simply because it helps them recover some of their lost money. It is for this reason that cashback bonuses are sought and demanded by many pro players. To reduce unnecessary work for our readers, we directly searched and talked with our associates to develop a list of the best cashback bonuses in 2022. Therefore, don't hesitate - read the article below and pick the most suitable reward for yourself!
What Are Casino Cashback Bonuses?
The idea of cashback has been around for a long time and has appeared in almost every industry. We can already know its purpose from the name - to give back a sum of money to the player. Initially, what is returned is not money but items of equal value such as goodies, meals, or upgrades for the player's current tier. That is what the VIP system of the brick-and-mortar casinos has built and developed.
Over time and with the development of online casinos, the system of in-kind items is no longer valuable enough for gamblers. They can't go to offline casinos for various reasons, thus can't redeem their offers. It is for this reason that online casinos have to change their advertising strategy, from items to cash, to cater to more people. And so, the cashback system was born.
The modern bonus system allows players to get back a small fraction of what they have wagered. This number varies from casino to casino but is usually between 5 and 25%, rarely higher. An example for better understanding: You have deposited $1,000 into your account and used the 10% cashback bonus. If you lose all that money, the casino will give you back $100 at the specified time, usually on Monday or Friday, depending on the website. You can use that money to keep betting - you can be a millionaire if you're lucky!
Types of Casino Cashback Offers
We've covered a few general concepts of cashback bonuses, and now it's time to categorize them. Each online casino has a different classification system; however, there are three main types in general: cashback on total losses, cashback on total bets, and others. Now, let’s take a look at the three types mentioned above.
Cashback on Total Losses
This is the most common form of cashback bonus. It is calculated based on how much the player has lost during the week. Usually, the figure will be around 5 to 25% as mentioned, but the exact percentage depends on the policies of each casino. What those factors are, we will clarify in the following sections. For now, let us give you some illustrations.
Every week, the winnings and losses of the players will be calculated and compared with each other. If the players make a profit that week, they will get nothing in return. However, if they have lost money, say $100 with a 10% cashback rate, they can receive $10. Don't worry; there will be a limit to the amount that can be returned to ensure fairness for all gamblers. There can also be a minimum threshold to activate this bonus, so players should pay close attention to the Terms of Service before redeeming.
Almost all players are not happy to lose, so this is the most popular form of cashback bonus in online casinos today. If you are a high roller with a decent pocket, this is the bonus for you.
Cashback on Total Bets
Like the cashback bonus on total losses, this category is also prevalent in all casinos that allow it. Instead of only receiving money when losing, players can now get a refund even if they win. Depending on the specific policy, they will receive a balance based on the total amount they have wagered within the specified period. This is obviously more beneficial to the player, as they will no longer be dependent on their own luck. However, the percentage of the amount received will be lower than cashback on total losses.
Besides the two types mentioned above, there are still some other types that you may not know or think about, for example:
Match Deposit Bonus: Quite peculiar, but many places still combine the match deposit bonus into a cashback bonus. This is entirely reasonable if we rely on the above definition, but most casinos today consider the match deposit bonus a separate promotion, unrelated to cashback.
Reload Bonus: Likewise, the reload bonus is also sometimes referred to as a cashback bonus, as it refunds (reloads) the player a portion of the money they have spent. This bonus also has a limit on the maximum amount received and the percentage of the cash receivable.
There are other types such as VIP cashback, ongoing cashback, etc., but they can all be grouped into the two main categories above, so we rarely see them. In the next part, we will talk about some common knowledge when using these bonuses.
Things to Know about Cashback Bonus
The cashback bonus is fun, yes, but you still need to do a little digging yourself if you don’t want your payment to be void without any explanation. We have done it for you, and here’s what you need to know.
Usually, casinos will refund players on a fixed day of the week, typically on Friday. It means every week, the cashback amount will be deposited into the player's account on the Friday of that week. However, you need to read the terms clearly, as many online casinos will calculate the cashback amount on Friday but issue a refund the following week.
This figure usually ranges from 5 to 25%, depending on the casino's policies. However, in reality, a casual player is only entitled to about 10% cashback. Bigger figures are for VIP members - the higher the tier, the higher the percentage. Thus, my advice to active players is to accumulate as many VIP points as possible since it’s really beneficial.
Besides the cashback percentage, online casinos also limit the amount of money that can be received per week. This number is usually just enough for players to not be discouraged when losing, as well as having some capital to continue betting. Some casinos also have a minimum threshold policy: the player is paid only when the payment reaches a minimum value, or in other words, the player has lost a minimum amount. So again, read the Terms of Service carefully before using this bonus.
Most online casinos allow cashback on all games in their catalog, including slot games, table games, video slots, and even specialty games. However, some places do not allow refunds from certain games, such as blackjack or craps. Therefore, players will need to bet on other casino games if they want to use this bonus.
How to Claim a Cashback Bonus
We've covered quite a bit about cashback bonuses, and now it's time to learn how to claim them. All players are eligible to use cashback as long as they have wagered with real money. A casino can promote its bonuses in the following ways:
The first and most used method is through their promotion page. After logging into the casino, scroll down, and you will see many different promos, including cashback. Click on the banner, read the terms and conditions carefully, then use the code in the cashier section. If you receive a message saying that the code is redeemed, the bonus has been used successfully.
Another method is to contact support directly. Depending on your account status, they may give you a cashback bonus with a preferential rate or give you a code so that you can redeem yourself. Again, remember to ask carefully about the terms and conditions before applying; otherwise, you will most likely go home empty-handed.
How to Find the Best Cashback Offers
As I mentioned above, there are countless cashback offers floating around the Internet, and many of them do not bring any significant benefit to the player compared to the time and effort spent. So, how to find yourself an optimal offer?
The first thing you need to do is calculate the size of the refundable portion. Then, read the terms carefully, determine the percentage of the offer, calculate the amount required to use the promo, etc. Also, you need to learn which games are available for that offer, such as slot games or table games. It sounds simple, but there's a lot of work to be done.
However, you may not need to follow what we just listed but simply browse through our database. All of our cashback offers have been verified for their reliability and user value. So, don't hesitate to visit CasinoMentor for more details.
Casino cashback is one of the best offers a gambler can find. Through this article, we hope you have somewhat grasped the meaning and usage of this bonus. Happy gambling, and good luck on your way to becoming a millionaire!
Frequently asked questions
Cashback is a bonus that you receive as a percentage of your total bet (win or lose, depending on the type) over a certain period. That period is usually a week, but it can also be up to 2 weeks or one month.
Usually not. However, some cashback bonuses require wagering, so you should read the terms and conditions carefully before applying this bonus.
Not necessarily. The usual types of cashback can only be received when the money is lost, but some offer cash even if the bet is won. These types are calculated based on the total stake, so they are generally in high demand.
Some online casinos have fixed cashback offers on their promo pages, but some classify them as occasional events. If you are looking for a place to invest your time and money, do some research and stay clear from such sites.