We can all agree that there are no guarantees in betting, and your wager can go either way. But what if you could protect yourself from losing your money even if you lose the bet? Is it possible? Why, yes, it is! Thanks to the cashback offer on most sites, you can now recoup your wager and avoid losing your bankroll.
What is a cashback?
A cashback, also known as a money-back offer, is used by bookies to reward their high rollers and frequent players. Instead of losing your money when your wager does not work out, you can get all of it back. Some sites offer a partial refund, while others give you the whole amount in cash or free bets. Of course, the options differ and fall under:
- 100% cashback offers: Under these promotions, you get all your stake after you lose. So, suppose you have wagered $10 on team A winning against team B. Under normal circumstances, if team B were to win, you would lose your $10. But the cashback allows you to get all the stake refunded. How great is that? You can then spend it on another game or even cash out. Do all bookies offer cashbacks in the form of real money? Not often. Most bookies prefer offering cash in terms of free bets so that you still get to spend the money on their site. On the upside, you get to play again with your previous stake.
- Partial cashbacks: Some bookies prefer giving their players a percentage of the initial stake rather than the whole amount. So, instead of giving you the $10 you initially wagered, the terms may stipulate that you will get half of it. You thus end up with $5 either in real money or free bets. It’s still a good deal considering you could have lost the whole $10.
- Specific scenarios e.g., the bore draw: Some bookies are stricter with their cashbacks and insist that the games have specific results for punters to get a cashback. For example, if teams A and B are going head-to-head, the bookie may claim that you will only get a cashback if the game ends in a draw of 0-0. So, while you may have bet on team A to win and this does not work out, you can still win if none of the teams score.
- Horse racing events: You might have placed a wager on a horse that fails to race or falls during the race. Some bookies are open to giving you a cashback for any of these scenarios and will happily offer you another chance to try your hand at another wager.
- ACCA insurance: Punters who love placing ACCA bets cannot get enough of these cashbacks. Often, when placing multi-bets, one wrong choice affects the whole bet. So, if you place a wager of $10 on 5 teams and expect to win $80 if all the bets are right, you end up losing all your $10. Most sites offer cashbacks on single bets, but some are now open to offering ACCA insurance as a form of cashbacks. How does it work? Suppose you place the $10 on 5 teams and put up an ACCA for the bet. Assume that 4 of the bets are right, but one does not work out as thought. Initially, this would have led to a loss of $10. But bookies now allow you to get your stake back in the form of a free bet. You can use it on another game and hopefully get it right that time around.
Please note that while cashbacks may look similar to free bets, the concepts are pretty different. The latter is a promo that hardly requires you to spend money on the site, while for cashbacks, investing money in the site by placing a wager is a prerequisite.