Cashback Offers: Real Money or Bonus Funds?

Cashback returns a percentage of net losses over a defined period. Its value depends almost entirely on one term.

Cash cashback is credited as withdrawable money with no wagering. It is a genuine reduction in cost and is worth close to face value.

Bonus cashback is credited as bonus funds subject to wagering, expiry and conversion caps. Its real value is a fraction of face value, sometimes a small one.

Also check the calculation basis: net losses over what period, whether bonus-funded losses count, whether there is a minimum threshold and a maximum payout, and when it is credited.

A 5% cash cashback is often better than a 20% bonus cashback. Read the credit type first, the percentage second.