One of the reasons why so many players are excited about online and mobile casinos is the range of bonuses. While real interaction is mainly found in physical casinos, they often lack many features that their online counterparts offer. Modern gamblers are seeking a platform that offers thousands of slots, crash games, and table games all in one place. Additionally, the more bonuses a platform provides, the more attractive it becomes to players.
From welcome bonuses to free spins and cashback offers, these incentives boost the overall gaming experience. Cashback programs require special attention. The best online entertainment platforms, such as Pin Up casino, understand that players find it easier to play when they can get some of their money back. This article explores the concept of cashback in online casinos in Canada. Keep reading to learn how to maximize your profits from such bonuses.
What Are Casino Cashback Programs and How They Work
The promotion’s name suggests what it offers players: a refund of their losses/investments. Users can access the program via desktop and the best gambling apps Canada. So, regardless of the device, they can benefit from this promotion and use the refund as they wish (and according to the wagering requirements).
Players receive cashback after investing or losing a certain amount of money while gambling. The casino calculates the cashback based on a percentage of the total wagers or losses. For example, if the casino provides a percentage on players’ losses, and the user receives 10%, the loss of $500 will guarantee $50 back.
Users may receive different types of refunds: the already mentioned cashback on losses or a percentage back for an investment. Such promotions are also categorized based on the periods they refund and the percentages.
Players should also read the terms and conditions on such bonuses and pay special attention to wagering requirements, the period of funds being active, maximum winnings from the amount of refund, and so on.
The Concept of Cashback Casinos
A cashback casino is an online gambling platform that provides a refund on your total wagers or losses. Many online casinos in Canada provide welcome bonuses, but they are only for new clients. Therefore, it’s more beneficial to play at casinos that provide perks like cashback to loyal players.
Casino Cashback Bonus: Types and Benefits of Each Offer
Online casinos always try to attract players with unique offers, so you’ll come across different types of refunds. These are the most common types of cashback offers players get at online casinos:
- Percentage of losses. It’s the most common cashback type, where clients get a percentage of their losses. The advantage is clear: you receive some amount of money back that you fully expected to lose.
- Percentage on investment. It’s a more rare promotion, but some platforms provide a refund on your total wagers. Suppose you’ve wagered $1,000 and receive 15% back, which is $150. It’s beneficial because regardless of whether you’ve won or lost those funds, you still get a percentage back.
- Fixed/changing percentages. Some casinos have fixed percentages, like all users receive 5% on their losses. However, a more common bonus is when the percentage changes, depending on the amount lost or wagered. For example, users get 5% if they lose $50 or more, but they receive 10% if the loss is $1,000 or more. These promotions are beneficial for all types of players, as every client receives some refund, whether they are regular users or high-rollers.
- Weekly/monthly cashback. Typically, the weekly cashback is more common, as players engage more in gambling if they know they’ll receive a refund weekly. The benefits include more cash to play weekly and more relaxation, knowing that you’ll receive a percentage back.
- Loyalty programs with cashback levels. It’s a less common offer which is common for new casinos. Instead of getting perks or bonuses, users must wager a certain amount of money to increase the player level and receive a fixed percentage. For example, a platform could have 5 levels of cashback up to 15%. You get a higher % for each level and the percentage remains the same until you reach a new one. However, this promo is a double-edged sword: on the one hand, you receive a fixed percentage; on the other, you don’t get a standard loyalty program with perks.
Remember that each cashback type has wagering requirements. Read the rules or ask customer support to clarify aspects that you don’t understand.
How to Maximize Your Rewards via Strategies and Tips
These are a few useful tips and strategies to benefit from cashback:
- Play games with lower house edges and high RTP (for slots and crash games) to reduce your total losses. The RTP should be 95% or more.
- Choose cashback programs with the highest percentage.
- Read the terms carefully to know if there are limits on cashback amounts.
- Take advantage of VIP programs that increase cashback rates (if possible).
- Avoid betting more than you can afford just to qualify for cashback bonuses.
The latter tip is extremely important: set a limit and don’t exceed it just to get more money back; you’ll end up losing more funds.
Is Gambling Taxed in Canada and How Much to Pay?
As surprising as it sounds, Canadians don’t actually have to pay taxes on the winnings in online and physical casinos. These are the types of services where you can win without paying taxes:
- sports betting;
- horse racing;
- casino games.
You can read more about the topic in the Paragraph 40(2)(F) of the Income Tax Act. However, if you invest the winnings and receive interest or dividends, you must declare this type of income. You should also remember that legal gambling age in Canada is 19, unless you live in Alberta, Manitoba, or Quebec, where it’s allowed to play for money once you turn 18.
So, whether you engage in desktop or mobile gambling, you can get cashback if the casino provides such an offer. Users must read the rules and conditions that come with these promotions to get the maximum advantage.
