Cashback is one of the common types of bonuses and promotions offered by top-notch betting sites. It is also known by the term money back offer. Should you wish to find out more about cashback or money back, keep reading below.
Fact-checked & Updated on 16th Janurary 2022 by Ushan Arya Industry Researcher.
Published on 14th January 2022.
The Best Cashback Betting Sites
What is a Cashback Offer?
Gambling can be of two forms: luck and chance. No matter how well-prepared you are in terms of knowledge and strategies, there are instances when you end up with a losing bet because, after all, gambling revolves around chances. The horse where you place your bet could sustain an injury during the match. A star player could get injured in the middle of the game, which could greatly affect the outcome of the game, and, of course, the result of your placed bet. With a cashback offer, you get a part of your bet when you lose the bet. There are instances when you get to take back all your losing bets. However, you have to be mindful of the terms and conditions.
What are the Different Types of Cashback?
There are various types of cashback that you have to be mindful about. Some of the common types are the following:
- Cashback/money back promotions – It is the most common type of cashback offered by almost all betting sites. It gives you back a percentage of the lost stakes in the form of bet credit or cash. It usually has a validity of one week, from Monday to Sunday. It applies to all your bets and accumulated losses for bets. The percentage of cashback varies from one betting site to another but typically ranges between 5% and 20%. Although some betting sites give more, the maximum cashback amount is $100.
- Risk-free bet – As the name suggests, it is a type of cashback offer that does not involve any risk. Just like the typical cashback offer, you will get the value of your stake back if you lose your initial bet. There is a maximum value for a cashback offer, but it varies from one betting site to another. It is bound to terms and conditions too.
- Bore draw, money back – It is the typical type of cashback you can find on top-notch betting sites like Bet365. It is different from the rest because you will get your money back in case the match ends up in a draw.
- No goals, money back – With this type of offer, you will receive your stake back in instances when there are no goals scored in the entire match. You have to use this particular offer to claim your initial stake back.
- Acca insurance – It is accumulator insurance, which is a popular type of promotion. With this type of cashback, one or more legs of your accumulator bet are ensured in the event that the leg fails. If you are not much aware of the accumulator or parlay bets, such require each leg to win the entire bet so you can enjoy the rewards. If one leg fails, all stakes are lost. With this type of insurance, you will not be able to save your accumulator bet, but the good thing is you get to get back your initial stake.
Cashback Terms and Conditions
Regardless of the types, Cashback offers are bound to terms and conditions. Therefore, before you take advantage of cashback offerings, make sure you thoroughly read and understand the terms and conditions. Some of the common terms and conditions majority of betting sites have included the following:
⚠️ There are minimum initial stakes.
⚠️ There are minimum odds to place a bet on.
⚠️ There are excluded markets to bet on, meaning you cannot use it in all sports.
⚠️ There are specific bet types to place a bet on.
⚠️ Cashbacks amounts have limitations. Once you reach the maximum amount, you can no longer avail of the cashback. The maximum amount varies from one betting site to another.
⚠️ You have to wager or roll over 1x or 2x.
⚠️ For Acca insurance, you have to bet on at least four selections.
Not all punters give emphasis on the importance of terms and conditions. A smart punter makes sure that the terms and conditions are thoroughly read to prevent any untoward circumstances. The goal is to prevent doing things that could violate the terms and conditions of bonuses. A major offence violation of bonus terms could lead to forfeiting the bonus funds.