Cashback promotions in the online casino industry are essentially bonus deals that give you a percentage of your losses back playing table games or video slot, but most deals apply to games such as blackjack, poker, and roulette.
As long as you are participating in the casino’s cashback deal, then your bonus money account will be credited with your losses and a wagering requirement will be attached. Very rarely will a casino offer a cashback deal with 0x wagering requirements.
You will need to check what the casino’s bonus terms are for the specific deal.
Minimum Loss Requirement
Any cashback promotion that you participate in will have a minimum loss requirement too. For example, the Daily VIP Cashback deal at mBit Casino will activate after you have wagered 1 mBTC (or currency equivalent). As soon as you hit the 1 mBTC marker, then 20% of this will be returned to your casino account. Plus, any losses thereafter will be credited to your balance.
Maximum Cashback Paid Back
There are also limits as to how much cashback you will receive on your losses. On mBit Casino, the Daily VIP Cashback promo has a limit of up to 0.1 BTC, 3.6 BCH, 6 ETH, 16 LTC, 400,000 DOGE, 100 USDT or 100.00 EUR.
Cashback Deals That Apply to Preselected Games
Some cashback bonuses only apply to a predefined set of games. Therefore, you may see a cashback promotion that applied only to live dealer games or any table game. Other cashback deals, like the one at mBit Casino, applies to all losses, so you could be playing online video slots and rack up losses that amount to 1 mBTC (or currency equivalent) and begin to receive cashback bonus cash.
Different Levels of Cashback
Many cashback deals have different levels or percentages depending on the type of player you are or how much you deposit to activate the bonus deal. It could be that you deposit €50.00 for a 10% cashback deal or €200.00 for a 20% cash deal. If the cashback promo is part of a VIP program, then the cashback percentage is determined by your VIP level.
- Cashback promotions payback a (%) of your losses paid back in bonus money
- You will need to meet a minimum loss amount to activate the cashback
- There is a maximum cash amount of cashback you can receive
- The bonus cash back balance will have wagering requirements
VIP Cashback Promotions
At mBit Casino, the 20% Daily Cashback promotion is applied to all games from all software providers. As a mBit member, the daily cashback awarded is between 2% and 20% depending on the VIP level you have reached.
Everyone at mBit Casino starts at ‘Planet Earth’ where there is a 2% daily cashback applied to all your losses. The next level is ‘Planet Litecoin’ which gives you a 2.5% cashback deal, and if you traverse the next 7 levels, then you will reach ‘Planet Bitcoin’ where you will receive a 20% cashback on all your losses. There is one level above this which is ‘Planet Moon’ – if you get here, then our team will offer you a custom cashback percentage!
Check out our Exclusive VIP Space Journey here.
How Does the Cashback Promotion Work Exactly?
To finish up, and to avoid any confusion, we will give you an easy to follow example of how cashback offers work. It’s very simple to follow, and this is exactly why this style of promotion is very popular.
1. You play and lose €50.00 by the end of the day
2. The cashback deal in place is 10% of your losses
3. You receive €5.00 (10%) of the €50.00
4. The amount is credited to your bonus money balance
That really is all there is to it. Nothing but some simple mathematics applied to your losses. Once your cashback bonus money is available, you can start betting on games that qualify for the casino’s wagering requirements. However, it is worth noting that any losses using bonus cash will unlikely be covered by the cashback deal.
Happy cashback hunting!