Cashback vs. Deposit Bonuses – Which is Better?

These are two entirely different bonus types, and I wanted to begin this guide with a brief explanation of each, in case you’re not yet familiar.

Deposit Bonuses

Deposit bonuses are pretty straightforward – you make a qualifying deposit, usually between A$15 and A$40, and the casino gives you a bonus based on that amount. Speaking of, there are two main types of deposit bonuses: free spins and matched deposits.

First up, free spins come with gaming credits that you can use on specific pokies. The casino decides how many free spins you get, but the number usually depends on how much you deposit.

Some casinos, like AllStar Casino, give you a fixed number of spins even if you make a small deposit. This is common with many Australian casinos, where any qualifying deposit gets you the same number of spins.

The other type of deposit bonus is the matched deposit, which provides cash. This includes welcome bonuses, weekly reload bonuses, and weekend offers. The casino matches a deposit of A$15 or A$40, up to A$1,000 or more, between 50% and 100%, or sometimes more – like at DragonSlots, which offers a 225% match on the first deposit and a 200% match on the second deposit.

Note: Almost every online casino in Australia we’ve reviewed at Australian Gamblers offers a combined bonus of free spins and matched deposits. This means a qualifying deposit will be matched by a certain percentage, and free spins will be included in the same offer.

Cashback Bonuses

Cashback offers are absurdly simple to grasp: you get a percentage of your losses back after a period of time. And that’s it. I’ve seen a wide variety of cashback bonuses, so I will quickly explain the types you can expect to find at Australia’s top online casino sites:

• Daily cashback: The casino rebates a percentage of your losses every day. You usually have to opt for this bonus every day, unless it’s part of the loyalty system.
• Weekly cashback: The cashback is awarded at the end of the week, calculating all losses from Monday through Sunday. Casinos usually credit the bonus on Mondays.
• Monthly cashback: The casino awards the bonus at the end of each month. Monthly cashback bonuses are usually a smaller percentage compared to daily and weekly offers, but they do provide bigger rebates.
• Loyalty and VIP cashback: Some of our top-rated online casinos, such as Lucky Vibe, run loyalty schemes with permanent cashback offers on a daily, weekly, or monthly basis.

Note from Mike Waters: Cashback percentages can vary, typically from 3% to as high as 20% (as seen with Neospin Casino), but the bonus amount is capped at a predetermined limit, such as A$300, A$400, or A$500.

Casinos set their deposit bonus terms based on what they find most fair and profitable, always aiming to create a good experience for players while also making sure the deals are beneficial for the house.

Cashback is probably one of my two favourite casino bonuses because they are a type of passive bonus that can be extremely valuable if you engage in binge gambling over extended periods. But it’s not all perfect, which is why I like to outline both the good and bad of this offer.

I’d suggest you don’t rush into taking any deposit bonus just because it seems like a good deal. Think about your bankroll and how you play, and see if it’s realistic to get a deposit bonus.

I recommend deposit bonuses when you can meet the wagering conditions. You should also consider the remaining terms, such as the duration of the bonus and the games for which it can be used. Given the higher wagering requirements compared to cashback deals, deposit bonuses are a good idea when trying out a new casino or spotting a promotion that’s too good to pass up.

Remember, many deposit bonuses combine matched deposit cash offers and free spins, which, while seemingly attractive, come with wagering requirements attached to both deals, making it a tall order for many casual, low-budget players to meet.

Deposit bonuses are particularly advantageous for playing pokies. Pokies are the ideal casino game when a deposit bonus is active, as 100% of every wager contributes to fulfilling the wagering requirement. In contrast, games like roulette, poker, or blackjack typically contribute less than 10% to bonus wagering.

Tip from Mike Waters: Deposit promotions may appear generous and lucrative, but their real value is in the fine print. Take a look at the terms, and you can figure out if the bonus is worth considering based on your budget, experience, and the games you play.

There’s no reason to skip on a cashback offer, except if the wagering requirements are over 25x. After all, having some extra cash in my pocket is always a welcome relief after a losing session and when I’m in a high-stakes gambling mood.

My verdict: Cashback bonuses are valuable as they are easy to claim and redeem due to favourable terms. They apply to all games with few restrictions, making them useful for pokies, poker, roulette, or any other game unless otherwise stated.

Let me give you a rundown of the key terms for deposit bonuses, so you know where to focus when you land a deal like this:

• Wagering requirements: For the majority of deposit bonuses, the wagering requirements range between 30x and 45x, applying to both the cash bonus and winnings acquired with free spins, if any are provided.
• Bet limits: The maximum bet you can make with an active bonus is typically capped at A$7 or A$10, depending on the casino and bonus.
• Eligible games: When you have bonus funds in the bank, only some games are eligible for bonus play, and only online pokies usually count 100% of your wagers. Live games, roulette, video poker, and jackpot games either have no or low bonus contribution (up to 15% or lower).
• Maximum bonus win: For deposit bonuses, Aussie real money online casinos often cap the maximum win at 10 times the bonus amount.

Tip from Mike Waters: The difference between 35x and 40x wagering is significant, even though the numbers might not initially appear to be so. Therefore, always opt for deposit offers that have the lowest possible wagering requirements.

The general terms for using cashback are considerably easier to meet than all deposit bonuses, and here’s why:

• Wagering requirements: The wagering for cashback rarely exceeds 10x, often ranging from 3 to 5 times the bonus amount.
• Eligible games: You can receive cashback playing almost any casino game category, with the likely exception of live dealer games. However, when meeting the cashback bonus wagering, the general terms usually remain the same, where only pokies contribute 100% of the wagers.
• Bonus duration: The bonus duration for cashback is typically the same as for other bonuses, unless the casino states otherwise. This can be anywhere from 3 to 30 days to meet the wagering requirements.

Note from Mike Waters: While cashback terms are more favourable, the bonus value is always smaller compared to the average deposit bonus, especially because you’re getting a portion of what you’ve already lost.

For those who love pokies, I’d suggest deposit bonuses with or without free spins. As a reminder, pokies that are eligible for bonus play count 100% of every wager towards clearing the bonus wagering requirements. If you get a free spins reload bonus, you are likely to find a lower WR deal, but the max winning cap will also be more limited.

If you’re more into roulette, poker, or blackjack, cashback might be the way to go. Speaking of, you may later use the cashback funds to try pokies or crash games, which will help you clear the wagering requirements.

In reality, both bonuses serve their purpose, but in most cases, you won’t be able to activate them at the same time. So I suggest you first think of which games you want to play, and take it from there.