The online sports betting market has been developing since the end of the last century. It has become a vast multi-billion pound market that is still growing. There is huge potential in countries that have immature or even non-existent online gambling laws. Offshore betting companies take advantage of loopholes to accept players from countries where there is no formal legal structure for online gaming. Free bets and bonuses are important elements of business development.
The cashback bonus is one of the promotions that are designed to appeal to current members and potential new customers. Research has shown that many online bettors have two active accounts but are open-minded to registering with a third operator. A cashback bonus could be the tipping point that persuades a potential new customer to choose a participating operator. The wording resonates with individuals who like something for free and a cashback bonus is akin to a free bet.
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What is a Cashback Bonus?
Suppliers cannot really differentiate their product with sports betting. Bookmakers offer odds on the outcomes of sports events and the events are the same for each operator. As soon as one bookmaker launches an innovative service, all the others follow suit. Cash out betting is a relatively new development and now it’s rare for a bookmaker not to offer this service. The cashback bonus is now a common promotion with standard general Terms & Conditions.
The cashback bonus is an integral part of sports betting. The concept is based on allowing bettors to place risk free bets. There is the potential to win money without any cost. It’s like not paying for a lottery ticket but still having a chance to win. The refund can be the full or part of the stake. However, most cashback bonuses come in the form of free bets which are subject to wagering requirements and odds restrictions Terms & Conditions.
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Sports, Games and Markets
The cashback bonus can be offered for any sport, fixture or betting market. It’s about placing a bet with no risk so the thinking is the same regardless of the subject of the bet. In fact, bonus hunters are not concerned with the event and the bottom line free bet is paramount. There is a huge scope for cashback bonuses because you can bet on over 50 sports, numerous leagues and a vast array of markets. The value of the bonus is not linked to the sporting event.
However, bookmakers focus on the sports and leagues that attract the most betting interest. Football is the most popular sport for betting and the English Premier League is the most bet on competition. Most bets are taken on the three-way match result 1X2 (Home Win, Draw, Away Win). That means the cashback bonus is very common with these bets. Offering a cashback bonus on the outcome is a loss leader because customers will place bets in more speculative markets.
Cashback bonuses have an expiry date that depend on the sport or event. A cashback bonus on the final of the Champions League or Indian Premier League will have a short shelf life. The bonus usually is valid for pre-match markets so once the match begins the bonus expires. Alternatively, a bookmaker could offer a cashback bonus for a full Premier League season. Customers can take advantage from August to May and sometimes on a weekly basis.
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General Terms & Conditions
The cashback bonus is subject to the following Terms & Conditions in all its various forms:
- There is one cashback bonus for a specific game.
- The bonus is subject to an advertised expiry date.
- There is one cashback bonus in any part promotion period.
- Only single bets are eligible.
- The qualifying bet is subject to minimum odds.
- Most bonuses are available on pre-match markets.
- There are a few examples of live bonuses.
- Cashback bonuses are subject to minimum and maximum values.
- There are no deposit, deposit and bet cashback bonuses.
- Selected markets qualify for any bonus.
- Bets placed with bonus money do not qualify for a cashback bonus.
- The bonus is related to something happening or something not happening.
You should bear in mind that there are variances to specific cashback bonuses Terms & Conditions. These rules are clearly documented and transparent and achireveable within the time frames.
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Types of Cashback Bonuses
The cashback bonus is a generic term which describes a promotion for new and existing customers. Bookmakers try to put a unique slant on the bonus but fundamentally each example is the same idea. It’s about giving bettors something for nothing in the form of a risk free bet. However, here are some examples of the types of cashback bonuses:
Match deposit welcome bonus
Bookmakers offer welcome bonuses and one variation is the match deposit bonus. Customers deposit betting funds and receive a matched bonus. The bonus is related to the deposit and usually comes in the form of a free bet. After making the first deposit, new customers can get some or all of their cash back but not in real money but a free bet.
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Match bet welcome bonus
The match bet welcome offer is another type of new customer bonus. There has to be a qualifying bet which activates the bonus. In some cases winning bets are eligible so the bettor wins the bet and receives a cashback bonus. Other offers are only linked to losing bets. However, the bonus is usually not in betting funds but as a free bet.
Play with ComeOn; if your cricket team lets you down, you get a 50% refund in the form of a free bet of up to ₹500.
Try your luck at ComeOn and claim the 100% match bet money back bonus up to ₹2,500 if your first bet loses.
Fan of Champions? Optibet gives you a €15 risk free bet when you wager €75 on the top European football competitions.
New in Optibet? Wager over €30 on any sport and odd and get 2x €10 risk free bets. These are refunded if your bet is lost!
Acca Insurance
Acca insurance is in essence a cashback bonus. If one selection in a multiple bet with four or more selections loses, the customers receives a refund of the stake. A losing 200 INR accumulator generates a bonus of that amount but is only valid for one losing leg. The Acca Insurance refund is usually credited in the form of a free bet for another accumulator.
Horse finishes second to the SP favourite
The cashback bonus is a common promotion for major horse races around the world. If the backed horse finishes second to the Starting Price favourite, the stake is returned which equates to a cash back bonus. There are staking requirements and a maximum refund. Some refunds are in real money but most are returned as free bets.
Goalless draw
Some bookmakers offer cashback if a football match ends goalless. These offers are known as bore draw bonuses and compensate for a match without goals. The refund is usually 100% of the original bet and is credited soon after the end of the match. The bonus is usually a free bet which is subject to specific Terms & Conditions.
Cashback Bookmakers
We promote a number of well-established brands that serve the Indian market and other relatively new sites. Each operator has a welcome bonus that requires a qualifying deposit or qualifying bet. The deposit or bet activates the bonus which is basically cash back. The best welcome bonuses offer cashback in the form of real money that can be used without restrictions. However, most of the cashback bonuses are paid in free bets that have specific rules for wagering and odds.
Offshore betting from India is not illegal so many offshore operators accepts bets from members in India. Operators are licensed and regulated so must adhere to strict rules about free bets and bonuses. Customers are given the incentive of cashback bonuses when they register and start using an active account. The following brands are amongst the best for Indian customers and provide some form of cashback bonus:
The offers are presented in various forms and expiry dates. Some are offered during a full football or cricket season while others are related to an individual specific match. The common factors are risk free bets that comply with advertised qualifying conditions. The Indian offshore betting market is well catered for with cashback bonuses. These can come in betting funds or free bets but there is no risk of losing money on a qualifying bet.
Conclusion
The cashback bonus is a free bet that carries no risk. Bettors like that concept because they can win money without investing the stake. Bookmakers are happy to offer the bonus because it is a good selling point. They apply strict rules and don’t have exposure for significant costs. Until there is an innovative alternative, cashback bonuses are here to stay.
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