Online Casino Cashback Bonus: A Relief from Losses
In Canada, sources of entertainment are pretty much abundant. If we have to list the top 5, online casinos will surely make the list. It’s simply because very few activities come with as much thrill as an online casino. Another reason behind their widespread popularity is the bonuses.
Canadian online casinos are known for offering some of the biggest bonuses in the world. Among many types, cashbacks are one of our favourites. Why, you ask? Well, to get the answer, you’ll need to read our guide on cashback online bonus right here.
Best Cashback Bonuses in Canada
To get a bonus, you first need to choose an online casino that offers the bonus. But which one do you go for? It’s very much like playing roulette if you don’t know how to choose the best online casino for you. That’s why we’ve listed the top options right here for you.
What is a Cashback Bonus?
If we dissect the title of the bonus, we get “cash” and “back”. So, we can define a cashback as “a cash bonus you get back from an online casino”. We understand that the definition is not clear enough for you to understand. Why would the casinos offer cash back to you, right?
The main idea behind a cashback online bonus is to keep your morale high. So, when do you lose morale? When you lose real money, right? And that’s what a cashback bonus is all about.
So, the revised definition is that a cashback bonus is a return on your real money losses from an online casino. For the most part, when you see the term “cashback”, it automatically refers to the loss-based bonus.
Imagine you’re on a losing streak at one of the online casinos in Canada. It’s very much possible because gambling is all about how lucky you can get. Lady luck will not show the same level of kindness every day. When you keep losing, it’s normal to lose interest in playing any further.
However, when you don’t play for real money, that’s not good for the casino operators. As much as they want it, they can’t return 100% of your losses back as well. So, they’ve decided to meet the players in the middle by offering a partial match on the total loss.
Types of Cashback Online Bonuses
The term “cashback” is quite broad. While the main idea is the same, not all online casinos use the same modality. In this section, let’s go over the types of cashback bonuses you can find in Canada.
A Welcome Bonus Cashback
The cashback component of a welcome bonus is not the most common scene in the Canadian iGaming industry. But if you can find such an offer, we highly recommend that you take advantage of it.
Essentially, this online bonus will insure your first deposit. Let’s assume you get a C$100 bonus on your first deposit. The money you lose by wagering this bonus will come back to you as a cashback. As all cashbacks are partial, you can expect upwards of a 20% return from these bonuses.
A Regular Loss-Based Cashback
This is by far the most common form of cashback bonus you can land in Canada. It might be a daily bonus, a weekly bonus, or even a monthly one. The idea behind assigning a time frame is to keep track of your real money losses more efficiently.
For these bonuses, the online casino will require you to lose a minimum amount of money. For example, you may need to lose at least C$500 in a week for a cashback bonus. Once you qualify, the casino will return between 5% to 20% of that value within the next 24 hours.
A VIP or loyalty program has become a very common offering at online casinos in Canada. Most reputed operators try to provide additional value to the most loyal players. And a cashback is one of the best ways to get the attention of such players.
If the online casino already offers a regular cashback bonus, the VIP cashback will yield higher returns. You may get upwards of 50% in return whereas a regular cashback maxes out at 20%.
And if the operator doesn’t offer a regular cashback, you can expect up to 20% back as a VIP cashbacks. The programmes with multiple tiers have even further categorization on how much you can win.
This is not as common as the loss-based cashback online bonus in Canada. Some operators will return a percentage of your total deposits during the day, week, or month. You can think of it more like a deposit match bonus than a cashback bonus.
One crucial difference between a deposit cashback and a loss-based cashback is the wagering requirement. The latter doesn’t have any! But a regular deposit cashback will have the usual wagering requirement as other bonuses on the platform.
All the variants we discussed so far apply to all the games. It includes online slots, table games, and live dealer games. Some operators, however, credit cashbacks for losses on particular game types. If that’s the case, you’ll see it mentioned in the terms and conditions section. It’s one of the reasons we always encourage our readers to go through the T&C section every time.
How to Claim a Cashback Bonus?
Just like any other bonus at an online casino, you must follow a set of steps to qualify. Some operators may even require you to enter a promo code. So, let’s go over the claiming process of a cashback online bonus in Canada.
- Choose one of the online casinos from our list that offers a cashback.
- Sign up for an account with legit and verifiable information. It’s crucial because if you can’t verify your account, you won’t be able to withdraw the bonus.
- If there’s a promo code requirement, enter it on the appropriate page. Chances are you’ll need to claim the welcome bonus before you can claim a cashback bonus. In that case, go with the welcome bonus first.
- After you read the T&C of the particular cashback bonus, be ready to lose some money. While it’s impossible to do it on command, you’re more likely to lose the minimum threshold within the week or the month.
- Once you get the cashback bonus in your account, it should be ready for withdrawal immediately. Some online operators may impose a smaller wagering requirement when compared to other online casino bonuses.
Terms and Conditions for a Cashback Bonus
Even though you might be free from wagering requirements for some variants of the cashback online bonus, you can’t escape the rest of the terms. All online casino bonuses are bound by some terms and conditions. Let’s cover them briefly before you jump in to claim a bonus.
This is the most common term for all kinds of cashback bonuses, except for deposit match cashbacks. In a specific period, be it a day, a week, or a month, you have to lose a minimum amount to qualify for a cashback.
From what we’ve seen, the most common minimum loss requirement for Canadian online casinos is C$500. Of course, the numbers we use for examples are arbitrary. Every operator is free to use their own modality for a bonus.
For you to lose real money, you must first deposit it. It may sound counterintuitive to a lot of you but let us explain. If it’s a weekly cashback bonus, you must deposit after the week starts. For most online casinos in Canada, the week starts on Monday at 00:00.
The reason this term is important is that if you deposit the week before, it’s not going to work. You might think you’re getting the bonus because you’re losing and it can create a lot of confusion.
You might be getting a cashback on your real money losses, you can’t win an unlimited amount. No matter how generous the operator is, your potential will be limited. The maximum we’ve seen is C$1,000. Then again, it’s up to the operator and its policy on how much you can win.
If the bonus comes with a wagering requirement, there will be game restrictions too. It means you won’t be able to use the money for wagering across the game library. Online slots are the most likely games to qualify for a cashback.
How We Choose the Cashback Casinos in Canada?
Remember the list we provided at the very beginning of this guide? Well, the casinos didn’t fall from the sky. We followed a set of criteria to find them. As we're big advocates of transparency, let’s go over how we chose the best cashback casinos for you.
- License: All online casinos with a license are outright illegal in Canada. The government is very friendly toward online gambling but it’s one of those things it doesn’t compromise. That’s why the very first thing we look for is a valid license when ranking online casinos for cashback.
- Credibility: Apart from the license, more features contribute to the overall safety of the operator. It includes 3rd party auditors, accreditations from corporate affiliates, and most importantly, real customer reviews. We evaluate all aspects on behalf of you.
- Bonus Terms: The terms and conditions play a bigger role in our opinion than the bonus generosity. It’s simply because the biggest cashback bonus in the world doesn’t mean anything if you can’t withdraw it. And the biggest obstacle between you and the withdrawal is the terms.
- Game Selection: At the end of the day, you’re not signing up at an online casino just for the sake of the bonus. Rather, you’re doing it to play games and have fun. So, the game library and how dynamic it is are two important criteria for our ranking.
- Payment Method: Where real money transactions are involved, you need to focus on the available payment methods. Without it, you won’t be able to deposit, let alone withdraw your cashback online bonus. We only list the operators who offer a wide array of local and international payment methods.
Advantages of Cashback Bonuses in Canada
In our opinion, all online casino bonuses come with a set of benefits. Cashbacks in Canada are no different. If you’re still not sure whether you should claim such a bonus or not, let us take you through the advantages.
Avoiding Big Losses
One of the biggest benefits of claiming a cashback online bonus is that you can manage your losses better. Also, the losses don’t feel as bad when you know you can get some of it back. At the end of the day, the most you lose is considered an entertainment expense. The fact that you’re getting a partial refund is a benefit on its own!
Extending Your Bankroll
On a regular day, you have to stop playing once you run out of funds. It's very important to know when to call it a day to avoid the vicious cycle of chasing losses. But when you get a cashback, you can play for longer with the added funds. As you’re not losing any more money from your account, it’s a win-win situation.
No Wagering Requirements
The majority of the cashback bonuses you can find in Canada are based on losses. And when a bonus is credited based on losses, you’ve already paid your due diligence. Hence, online casinos don’t impose any further wagering requirements for the players. Keep in mind that this advantage will not apply to bonuses that you get against your deposit.
It’s a Repeat Bonus
Unlike a welcome bonus or a no deposit bonus, a cashback bonus keeps coming back. Whether it’s a daily bonus, a weekly bonus, or a monthly bonus, you can rinse and repeat the process. This is why a cashback bonus is considered the best bonus for existing players. So, if you’re planning on interacting with the iGaming industry in the long run, keep claiming the cashbacks.
>Disadvantages of a Cashback Online Bonus in Canada
Nothing in the world is perfect and it’s just as true for a cashback bonus in Canada. It wouldn’t sit right with us if we only covered the advantages. So, here goes the disadvantages.
You Have to Lose First
The biggest drawback of these bonuses is that you can never be whole. What we mean by that is you have to lose first to qualify for a cashback. And the amount you get back is not 100% of what you lost. So, you’ll always be in the deficit if you’re not winning in the games.
Not as Generous
A cashback bonus will never be as generous as other casino bonuses. It goes for deposit match bonuses, welcome bonuses, no deposit bonuses, free spins, and whatnot. The usual range for a cashback bonus is between 5% and 20%.
As we mentioned in our terms and conditions section, you’ll need to deposit on a particular day or week to qualify for a cashback. In case you have deposited previously, that money won’t help you to get the bonus. So, it may result in more spending than you initially intend to deal with.
How to claim a cashback bonus?
We’ve covered the process in our guide. Essentially, the most important part is losing the minimum amount the casino wants you to lose within the assigned time frame. In some cases, you may need to enter a bonus code to activate the reward.
Where can I find the best cashback bonus in Canada?
A cashback is a fairly common bonus type and plenty of operators in Canada offer it. We’ve listed the very best cashback bonuses in Canada for you in this guide.
What is the $200 cash rewards bonus?
If you see a $200 cash reward, it can certainly mean that you can win up to C$200 from the cashback offer. You may also find the same label on other bonuses too. Make sure you read the T&C before claiming.
Does cashback bonus disappear?
Yes, it does. If you don’t claim the bonus before it expires or if you request a withdrawal when the wagering is active, it’s possible for the bonus to disappear.
Is it good to use cashback bonus in Canada?
We strongly believe it is, as long as the terms and conditions associated with the bonus are fair. We’ve listed the most crucial terms in this guide.