What Is A Cashback Bonus?

Cashback bonuses tend to deal with refunds.

When you opt for this offer, you’ll receive a certain percentage of your losses in the form of cash, not site credit or free bets.

That very reason is why cashback bonuses are rarely offered by sportsbooks.

When a sportsbook does offer a cash back bonus, they usually tend to provide refunds for specific periods rather than for a single bet.

For example, a sportsbook or casino may give you 30% of your money back for losses incurred during a 24-hour period.

Still, there are a lot of instances where a sportsbook will advertise cash-back refunds for certain single wagers.

What To Look For When Choosing An Online Cashback Bonus?

Even though cashback bonuses are rare, you still have to consider several factors instead of jumping on the first money-back offer that you see.

Here are a few things that you should look for when you’re choosing an online cashback bonus:

The amount you’re getting back – Since you’re not actually receiving a bonus but a refund, you need to consider the percentage that the sportsbook has advertised. Any refund between 20%-30% is good, but you shouldn’t consider a cashback bonus that gives you less than a 10% refund.

Whether it’s an actual cashback bonus – Some sportsbooks may advertise a cashable bonus but may end up giving you site credit instead, forcing you to meet certain play-through requirements on a bonus that you could have otherwise withdrawn.

For this reason, always check the terms of the bonus to make sure that your refund will be given as withdrawable cash.

Betting Sites With A Cashback Bonus

As we’ve mentioned, cashback bonuses don’t have the longevity that other bonuses have and tend to appear and disappear quickly.

Sites like DraftKings, PointsBet, TwinSpires, FanDuel, BetMGM, Caesars, SugarHouse, and BetRivers often list cashback bonuses once in a while.

So it’s wise to keep your eyes on the promos that such sites post, especially if you’re interested in cashback bonuses.

How Cashback Bonuses Work

As we’ve mentioned, cashback bonuses deal with money-back refunds rather than actual bonuses.

Still, receiving money that you’d have otherwise lost is surely a bonus in our book.

If you’re wondering what a cashback bonus looks like, here’s an example: 30% of your stake back if you bet on a baseball team and they lose in extra innings.

Let’s say you risk $1,000 on the Los Angeles Dodgers and they end up losing in extra innings. Per the terms of the bonus, you should receive $300 back. Not too bad for a lost bet, right?

Advantages Of A Cashback Bonus

Cashback bonuses have the following advantages:

• Help bettors to reduce their risk
• Bonus is given as withdrawable cash and not site credit
• Most cashback bonuses don’t have play-through requirements

Disadvantages Of A Cashback Bonus

While cashback bonuses are extremely lucrative, here are a few disadvantages of such bonuses:

• Extremely rare to find
• Cashback bonuses tend to deal with partial refunds rather than full refunds
• You only receive a bonus if you incur a loss

Restrictions Around Cashback Bonuses

Here are some common restrictions that cashback bonuses usually have:

The amount you can get back – Even though a sportsbook advertises a 50% money-back refund, most will usually limit the amount you can get back.

For example, a sportsbook may advertise a 30% money-back offer, but the terms may state that the maximum you can get back is $100. So even if you risk $2,000, you’ll still only end up getting a $100 refund.

Time-sensitive – A lot of cashback bonuses are time-sensitive since they deal with specific periods—for example, a 24-hour period—or ultra-specific sporting events. This means that you’ll often be restricted to a certain time or event.

How To Get A Cashback Bonus

Now comes the hard part. As we said, cashback bonuses are a rare breed, but that doesn’t mean that you can’t get this bonus.

If you’re part of your sportsbook’s VIP program, you may be rewarded with cashback bonuses from time to time.

Aside from that, you can always check the promotions tab as cashback bonuses for specific sporting events—e.g., the Super Bowl—will always be listed in this tab.

What Are The Best Cashback Bonuses For Existing Users?

Sportsbooks usually award cashback bonuses to loyal bettors or existing users.

If you’ve signed up on any of the sites we’ve mentioned in the above section, you can look forward to an array of cashback bonuses.