Cashback bonuses for betting sites

Betting sites are often creative with their promotions and bonuses. Nowadays, you can find various attractive bonuses like free bets, risk-free bets, cashback, and more. Preference matters most when it comes to which bonus is the best, but cashback bonuses are one of the most popular sports betting bonuses in Nigeria.

In short, cashback bonuses offer a percentage of a punter’s losses in the form of cashback. It’s attractive because it gives small reassurance to the punter when they’re betting, and they can increase their potential winnings.

Definition of cashback bonus

Sportsbook cashback is a common promotion you can find on a betting site. The bonus might be available only for new or existing players, depending on the betting site’s decision.

When you’re claiming a sportsbook cashback bonus, you can place a risk-free bet, where the total or partial losing stakes are refunded by the betting site. The refund will be in the form of a free bet which you can only use to bet on other events and not in real money. So, when you get your cashback bonuses, you won’t be able to withdraw them as it’s not considered your account’s ‘fund.’

You usually can only claim one cashback bonus at a time, so when you’ve claimed one, and it’s still active, you can’t claim other cashback bonuses. In the case where you win your bet, you won’t get the cashback or activate the bonus. Still, this term varies from betting site to another, so it’s crucial to read the bonus terms and conditions to know what kind of sportsbook cashback bonus the site offers.

Cashback on sportsbook sites

Cashback bonuses can come in many forms, depending on the betting site. What differs the most between sportsbook sites’ cashback and other gambling sites is usually only the terms and conditions.

Sportsbook sites’ cashback terms and conditions usually include a minimum odds of an event you can bet on to get the cashback in case you lose. It’ll often mention if you can only participate in a pre-match event or live events. The betting site will also limit how much you can get from the cashback or the minimum amount you’ll get in case the amount you lose is small.

Reasons cashback is given

Betting sites are businesses trying to make a profit, but the most important thing when running a business is customer satisfaction. When the customers are satisfied, they will convert to regular customers. Betting sites must also think of a way to entice new players into visiting their sites and trying what they offer.

Bonuses, in general, aim to fulfill both goals above. Cashback bonuses can be attractive as it ‘protects’ players when they’re playing. This quality is really attractive, especially for new players that are coming for the first time and want to try the site first before deciding to stay for longer. It’s also interesting for existing players as they can bet risk-free.

For the betting sites, they won’t receive many losses as the bonus has a maximum amount. Sportsbook cashback also requires players to deposit and play beforehand, so a cashback bonus is a great way to secure both the betting site’s income and the customer’s satisfaction.

Cashback in Nigeria

Sportsbook cashback is one of the most popular bonuses in Nigeria. Sports betting has a huge fanbase in Nigeria, and bonuses like cashback are one of the reasons why the number of Nigerian sports punters has increased significantly.

How to redeem a cashback bonus

If you feel a cashback bonus is attractive and want to claim them, we’ve got you covered. Here are several steps you can do to claim your cashback bonuses.

Finding a trusted bookmaker

There are tons of bookmakers catering to Nigerian punters, so it can be hard to choose one. The most important thing is safety, so you must find a trustworthy bookmaker before checking if it has a cashback bonus or not.

1. Go to our Top 5 Betting Site page to find the best sports betting site in Nigeria.
2. Browse over our review or check the betting site directly and see if it suits your taste or not.
3. Find the betting site’s promotion or bonuses tab, and find the cashback bonus.

Check the terms and conditions

We’ve mentioned that all sports betting sites have their unique terms and conditions for a bonus. This includes cashback bonuses, so if you see that the betting site offers sportsbook cashback, you must read the complete terms and conditions to know what you must do to get the bonus before making an account.

1. Find the cashback bonus and click ‘Learn More’ or ‘Read Terms and Conditions’ or find a link to its terms and conditions.
2. Read all the important clauses, including minimum deposit and wagering requirements.
3. Compare the terms and conditions to other cashback betting sites to get the best deal.

Claiming the cashback bonus

Once you’re sure about the betting site’s cash-back bonus and would like to take it, you can then start preparing your account. Some cashback bonuses are only for new players, but if you’re an existing player looking to claim a sportsbook cashback bonus, you can follow our guide steps.

1. If you’re a new player, make a deposit and ensure you follow the bonus’ minimum deposit requirement.
2. Follow the terms and conditions step, as some betting sites require you to contact customer support to claim it, or you can claim it by simply clicking on a button.
3. Often, you’ll have to play using your deposit before claiming the bonus, so you can wager some of your deposits and use the bonus afterward.
4. All these steps depend on your chosen betting site’s terms and conditions, so we recommend you follow the steps given by the betting site.

Reasons to redeem a cashback bonus

Cashback bonuses are well-liked, and there’s a reason why they’re so popular. Here are some advantages you can get if you claim cashback bonuses.

Reducing risk

Betting is always risky, and sportsbook cashback can reduce some of the betting risks. When you’re unsure of making a certain bet, or you want your bet to be protected in some way, a cashback bonus is an excellent way to go.

This is the reason why a cashback bonus is popular; it can refund some of the losses. You can bet with ease, and if you lose, you’ll get your wager back. If you’re a high-roller, this might also be an advantage to give you back a percentage of your losses which is a great benefit.

No wagering requirements

Most sportsbook bonuses come with a wagering requirement you must fulfill after claiming it, or else you won’t get to withdraw your winnings. This is because the betting site doesn’t want you to leave after using the bonus. Most of the time, wagering requirements can be a huge burden as our winnings are held in our account, and the wagering requirements might take them all away. This isn’t the case with most cash back bonuses, as you’ve already played before using the bonus.

Still, if the cashback gives you free bets as a refund, you won’t be able to withdraw the bonus. You must use it to play some more, but you can later withdraw the winnings you’ve acquired from using the refund bets.

Loyalty programme

Cashback bonuses are often offered as a bonus when you’re a VIP or are joining the loyalty program. This cashback bonus varies, but if the loyalty program offers tiers frequently, you’ll receive much bigger cashback than you can get in the regular promotions. Once in the loyalty program, you’ll get many cash back bonuses catered only to you.

Do we recommend this bonus?

Cashback bonuses are easy to claim and also rewarding. It’s also attractive as it protects your wager in some ways, and you’ll get some guarantee that you’ll get a refund when you experience any loss. Sportsbook cashback might be rarer to find compared to other bonuses, but when you do find them, we recommend you try reading the terms and conditions and see if you like them.