Cashback bonuses are common among online sportsbooks. They are an increasingly integral part of a sportsbook’s reward or loyalty schemes. Cashback bonuses are usually reserved for loyal, existing customers rather than new sign-ups. Some sportsbooks will look to keep their most valuable bettors sweet by giving them a certain percentage of their weekly or monthly losses back in free bets.
This percentage could be anything from 5% to 25% of a customer’s total losses over a weekly or monthly period. Let’s say that a bettor lost $100 in a month with a sportsbook offering 25% cashback bonuses. They would receive $25 in free bets at the end of the month to spend on any sports betting markets they like. Think of the loyalty bonus as a rebate. Although a cashback bonus sounds like fun, the downside to these types of bonuses is that they almost encourage losing bettors to carry on betting. These “elite” or “VIP” customers view rebates as a chance to win back their losses. Sometimes, a sportsbook may provide a time-limited cashback bonus, giving bettors a percentage of their losses back in free bets if their account is in negative territory when the bonus expires, e.g. after seven days.
