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Online casino is one of the most competitive industries around. Casinos are continually fighting to give their players the best bonuses and promotions to firstly, attract players, and secondly, retain them.
The most well-known casino bonus, and the one most players look for, is the first deposit bonus or the welcome bonus. Here we will look at how these bonuses work, the problems with them, and why new cashback casinos offer better value to players.
How first deposit bonuses work
These are marketed as simple offers, but that’s a bit misleading. In theory, you are asked to make a qualifying deposit and the casino matches your deposit in the form of a casino bonus.
For example, if the offer states ‘get a 100% deposit worth up to €200’, and you deposit the deposit the maximum of €200, you will get an extra €200 bonus to play with. You will now have a total of €400 in your balance.
Many casinos even offer multiple deposit bonuses. For example, bonuses on your first three or even first five deposits. They sound attractive. But what are the best casino welcome bonuses for you?
When casinos first introduced these bonuses, the terms and conditions were far less strict than they are now. Smart players and so-called ‘bonus hunters’ or ‘bonus abusers’ could easily complete the basic requirements and turn the bonus into real cash that they could withdraw.
People were even making a living going from online casino to online casino, signing up, turning the bonus into cash, withdrawing it, and then leaving.
Easy ways of hitting completing so-called wagering requirements were betting on red or black or the banker in baccarat. These offer a nearly 50/50 chance of winning.
To stop losing money to these unprofitable players, casinos got much stricter. Wagering requirements on bonuses shot up and now average around 35X to 50X. That means if you have a bonus of €100, you would need to place wagers of €3,500 before your bonus would convert to withdrawable cash. Basically impossible.
And there’s more. New limits on how much you can bet of your bonus on each game, plus limits on what games you can use a bonus on, maximum winnings, and other terms, mean the days of converting any bonus to real cash is over.
Casino players who like welcome bonuses should view them as as chance to try new games for free, rather than a way to make money. A better option is to play at a cashback casino.
How cashback bonuses work
Casinos now have a problem. In a truly saturated market, they still need to attract new players, but are realising that traditional bonuses full of complicated terms and conditions are putting off players, rather than making them want to play.
Now you will see a growing number of casinos offer their players cashback on their losses instead of bonuses. Typically, this cashback works as a percentage return on net losses that the player typically receives weekly, but you can also find daily and monthly cashback offers.
Normally, it only covers selected games, such as slots, and the best cashback casinos have no wagering requirements on cashback. It is real cash that can be withdrawn should the player wish.
Mount Gold Casino, for example, offers every player 10% cashback on net losses on slot games and some selected live casino games, paid every week. There are no limits on the minimum of maximum cashback amount, and unlike some casinos, you are not restricted with what games you can use your cashback to play.
Most importantly, there are no wagering requirements.
Why you should play at cashback casinos
Another drawback with first deposit bonuses and welcome packages are that they are often the only bonus available. When you have used your bonus, you may find there are no other promotions for existing players (the focus is largely on getting new players), or any promotions you do find suffer from the same issue with long terms and impossible wagering requirements.
Cashback bonuses give you a bonus every time you play. You are continually rewarded, and if you choose the right casino, you will get real cash.
Cashback casinos are fun because as you play your favorite games, you will always get a percentage of your losses back (10% is standard, but often even more). Getting cashback lets you try new games for free.
Cashback is value. Every deposit you ever make at the casino is essentially worth 10% (or more) extra. In the long-term, it’s clear cashback casinos offer much better value than other casinos.
One thing to be wary of. Some cashback casinos give cashback as a ‘cashback bonus’. These come with wagering requirements. Generally, these are far smaller than traditional bonuses at 1X-3X, but the best cashback casinos will have zero restricting terms and conditions on cashback.
