Cashback means refund. It is quite common to receive a refund after payment for services in banks and retail chains and this trend has begun to make a strong presence in betting too, with bookmakers using cashback to reward their customers.
Cashback is usually provided for lost bets in large tournaments. Bookmakers, for example, announce a 20% refund in case of a bet loss during such events. So, in essence, a cashback is a partial insurance against a loss and in some cases this can be very high. For a won bet, you get your winnings, but for a lost bet you don’t lose all your money – instead the bookmaker gives you 20%-30% of your money back. The cashback percentage varies with some bookmakers offering as much as half of the bet placed and others offering even 100% refund – which in fact becomes a free bet.
There is also cashback for loyal customers. Here a bookmaker can refund part of the deposits you have made in your account during a specific period of time and after placing bets for a certain time as well.
As it happens with the free bets, cashbacks are given to customers under conditions. If you meet these conditions, then you are entitled to the refund. Some bookmakers offer cashbacks to new customers, who only have to register to their website, make a minimum deposit and place a bet. And others offer cashbacks to existing customers as well. In this case you need to carefully go through the conditions – what exactly is that you should do in order to get the cashback. As noted before, cashbacks are most often provided for a lost bet in a major tournament like the Wimbledon, a Football Championship or the World Hockey Championship.
There are people who use cashback to bet on an unlikely event with high odds, so that if the bet wins they will receive a large amount of money and if the bet is lost they will get part of the amount back in their account. This is the reason that some bookmakers often place limits on the odds or the amount of a bet where cashback is applied. Overall, we can safely argue that the cashback is a good bonus given by bookmakers to customers.