The Best Online Casino Cashback Bonuses 2023 & Complete Guide for Maximizing Your Cashback Bonus

Cashback bonuses represent a great value for the players who enjoy receiving something in return for the money and time spent playing. These offers are frequent and easy to find and give you a bit of a safety net if you find yourself on the wrong side of luck. Here, you'll find the best and freshest casino cashback offers, tips on how to get the most out of them, and some advice on where to start.


Cashback bonuses represent a fairly unique promotion type available at online casinos. The biggest difference between these and other bonuses available to Icelandic players is that you can only claim cashback offers after risking your own cash. You first need to play for real money, and then, if you don't get lucky, you'll receive a percentage of your losses back. Not all players enjoy these bonuses, but it's good to know they exist as an option, especially if you're someone who plays fairly frequently.

In the simplest of terms, a cashback bonus will give you some of your money back, but for this to happen, you first need to play. Thus, to claim a cashback bonus, you'll first need to make a deposit and then gamble with your funds. Depending on how the session goes, you might qualify for the bonus, the amount of which will be determined based entirely on your losses during that session or a certain time period.

Cashback Bonus Basics

If you've been playing online for a while, you've probably come across some cashback bonuses along the way, and many players have had first-hand experiences with these promotions. While these offers are nothing new, there are always new players from Iceland just discovering the world of online gambling, and this guide is here to help them start their journey and learn all there is to know about the pros and cons of these bonuses.

This bonus is calculated entirely based on the amount you lose during a session, over a certain period, or while playing a particular game. To understand it better, check out some examples of what a cashback bonus might look like:

  • Deposit the minimum of kr10,000 and receive all your losses back in full for the first 24 hours of play.
  • Play over the weekend and receive 10% of all your losses back up to the maximum of kr5,000.
  • 50% of your losses on live roulette tables covered during Sundays up to the maximum of kr20,000.

As you can see, one thing that all these offers have in common is that you'll need to deposit some money and play for real to be able to claim them. Also, the bonus offer activates only if you end up losing, which may not be everyone's cup of tea.

Knowing that you'll get some extra money only if you get unlucky isn't particularly encouraging, but this is the wrong way to look at cashback bonuses. The fact of the matter is that you will get unlucky quite often when gambling online, and when that happens, you'll receive at least some of your money back to perhaps try again or withdraw the funds and alleviate your losses. On the other hand, if you do end up having a lucky session and win big, the bonus will not kick in, which means there will be no withdrawal restrictions or wagering to worry about.

Wagering and Other Important Terms in Cashback Bonuses

You should look at cashback bonuses as an extra opportunity to get a few more bets in and try to get lucky. If you get on a bad streak and lose your deposit without a bonus active, that's it - you're out of the game. With a cashback bonus, you get some of your money back to try again, so there is really no downside.

It's also important to know that wagering requirements are much more relaxed when it comes to cashback bonuses due to the fact you need to risk your money ahead of time. Since the player has already taken the risk and shown they are on the site to play and not to exploit the casino and grab some free money, the casino will not complicate things unnecessarily.

It's quite common that Icelandic players are allowed to withdraw funds received from cashback bonuses straight away, without any additional wagering or other restrictions. Or, you might need to play through the funds just once, which is very easy to do, and you might even get lucky while doing so.

Pretty much the worst-case scenario, when there are wagering requirements in place, is that you'll need to play through the funds five or ten times. This is much more favourable than the 30x or 40x that you get with other types of bonuses, so these cashback offers can be very valuable and help you enjoy your gaming sessions much more.

How to Get a Cashback Bonus

To qualify for a cashback bonus, you'll always have to make a real-money deposit first. From time to time, you'll also need to use a certain bonus code or manually join the cashback promotion from your account. Most casinos will give you very clear rules you need to follow to qualify for a cashback bonus, so just take the time to read through them and follow the instructions.

There are quite a few different options you'll come across. These different bonuses have a similar background idea, but they all have certain pros and cons, mostly depending on the type of player you are and what you want to achieve with the bonus. The common options include:

  • Happy hour cashback offers - receive cashback for play during a certain period in a day
  • Weekend cashbacks - play over the weekend and get a rebate on your losses
  • Single-game cashback bonuses - your losses are covered only on one game
  • VIP cashback bonuses - special offers extended to loyal customers

You can get your hands on a variety of these bonuses, as many online casinos in Iceland are more than happy to provide them for their players. As mentioned, they are all quite similar but have slightly different structures.

Weekend cashback offers, for example, are quite frequent and very popular. Online casinos get most of their traffic during weekends, as this is when people have more free time on their hands to enjoy their favourite casino games. With a weekend cashback bonus, you'll get a percentage of your losses covered, so even if things don't go well, you'll have at least some money coming your way.

Happy hour bonuses, as the name suggests, cover a particular period during the day. These offers will apply only to the play that happens during the qualifying time frame. Due to limited duration, they might not be the best option for everyone, but if you were going to play anyway, doing it while the bonus is active can only be a good thing.

Online casinos will also use cashback bonuses to incentivize players to try new slots. For example, they might give everyone 10% or 20% of their losses on a new game back for the first few days, and this will encourage people to load the new slot and give it a try. With some of the new slots, which already have a high RTP, playing with a cashback bonus active can even be a profitable proposition for as long as the bonus is active.

VIP Cashback Bonuses in a Nutshell

Almost all online casinos tend to be particularly generous with their high-volume players that belong to the VIP category. So, they'll frequently issue VIP cashback bonuses that these players can take advantage of, and many operators will structure these offers in a way where players can get long-term benefits and almost always have a cashback active.

A majority of Iceland online casinos have some sort of a loyalty scheme in place. Loyal players and those playing for high stakes build their loyalty levels and gain access to various perks and special offers. Exclusive cashback offers are often a part of the package, covering the entirety of the user's play on that casino.

As an example, a casino might give its VIP players 5% or 10% back on their entire play over the week. So, a high roller having a bad week might receive a few hundred or even a few thousand back at the end of the week. Of course, most casinos do have the maximum amount they're willing to give back, but many operators are willing to discuss terms when it comes to their most valuable customers.

Another great thing about these VIP offers is that they usually have no wagering requirements, or they are minimal. This provides some additional value for high rollers and gives them at least something back for their loyalty. To gain access to such unlimited cashback bonuses, you'll need to play a lot on a particular site, and they are not worth chasing after for their own sake. But if you're a big player already, getting a bit of money back after a rough week certainly doesn't hurt.

Welcome Cashback Bonuses for New Players

Welcome bonuses at online casinos are usually structured in a way where players get some free money (and perhaps some free spins) upon their deposit. While these offers are very popular, online casinos understand that players come in all shapes and sizes, and some of them have different requirements.

For this reason, more and more Iceland casinos are introducing a system where players can choose between a traditional welcome offer and a cashback bonus to get them started. So, you can choose between a 100% match up to kr20,000 or opt for a cashback giving you 5% or 10% of your losses back every week (up to a certain amount, which can be kr10,000 or more).

It's impossible to say which one of these bonuses is better. It really depends on the type of player you are. Occasional players are better served with standard match bonuses, as these give them an immediate boost and an opportunity to play longer. For someone who plays frequently, though, a cashback bonus is a better option, as it will result in much more value over time.

Getting the Best Cashback Bonus Offers

We've made it our mission to bring you the best and latest information about all things gambling on this site, so we try to also find the most valuable cashback bonuses available to players from Iceland. There are certainly quite a few options to choose from, so our team of experts tries to highlight the ones that truly stand out and that we believe are the most valuable.

With the gambling industry moving at such a rapid pace, it's not always possible to keep up with everything, though. So, it is entirely possible that we don't have every single cashback bonus offer listed on our site, and some good ones might slip even under our radar.

That's why we recommend you keep a close eye on your email inbox, as this is where you'll receive a wealth of information about any up-and-coming bonuses and promotions hosted by your favourite casinos. Sometimes, these bonuses are advertised only to existing players, and you won't even find them on the casino site.

When it comes to cashback bonuses specifically, checking out the casino's promotions section and even its social media pages is worth your while every now and again. These offers often come with a short time limit, so you want to grab them while they're fresh to get the most value out of them. If you spend a few minutes on weekends hunting for cashback bonuses, for example, you're pretty much guaranteed to find a few good ones.

All in all, casino cashback bonuses are growing in popularity at Iceland casinos, and you'll find a great number of sites offering them. Since these bonuses have very player-friendly terms and conditions, including low wagering requirements, there is hardly ever a reason not to get them. Having that safety net can come in really handy when your session doesn't go to plan.

Pros & Cons

Get back some of your losses
No wagering to worry about
No problems claiming these offers
Capped maximum returns
Not available at all online casinos

How to Get Started

It's easy to get your hands on a cashback bonus and enjoy its benefits. Follow these simple steps to claim one of these generous offers.

1 Pick the best casino for you

Not all casinos offer cashback bonuses. Check out our extensive list of top online casinos to find the ones featuring the best cashback bonuses.

2 Get your cashback bonus

It's usually easy to claim the cashback bonus. Use the bonus code if required or opt-in from your account. If the offer is tied to a particular game, you'll need to play that game to qualify.

3 Remember to check the terms

Take a few moments to read the terms and conditions. This will tell you what games qualify, how long the bonus offer is active, and if there are any other rules and restrictions you need to be aware of before you start playing.

Types of Bonuses

Cashback bonuses don't have many complicated rules attached to them. However, there are some differences in terms of how you get to claim them and how they work. We're bringing you a list of the most common types of cashback casino bonuses.

Timed Cashback Bonuses

Offered quite frequently, timed cashback bonuses will require you to play during a certain period, and your losses will be covered only during that particular period. For example, you might claim a cashback offer that applies to all your play over the weekend, receiving a percentage of your total losses back once the weekend is over.

Percentage Based Cashback Bonuses

With this type of cashback offer, you'll receive a percentage of your losses back, and it will apply to your next deposit or your next session. These bonuses are not time-limited, and you can usually get up to 20% of your losses back.

Game-Focused Cashback Bonuses

Game-focused cashback bonuses are tied to a particular game or a group of games. So, to get the most out of this bonus, you'll need to play as much as you can on that game and try to get lucky. If you don't, you'll at least receive a percentage of your overall losses back.

What are Wagering Requirements?

Wagering requirements are also known as playthrough requirements. WR are part of the terms and conditions for a no deposit bonus. Wagering requirements are multiplier rules associated with the promotion. It indicates precisely how many times Players must rollover the bonus before they can withdraw any funds.

How to Calculate the Wagering Requirement

A $20 no deposit bonus subject to a 30X wagering requirement means that players must wager their bonus amount a total of 30 X ($600 in bets) before cashing out any payouts. Any attempt to withdraw without meeting the playthrough requirement will invalidate the bonus + payouts in the account.

What portion of the offer is subject to wagering requirements?

The portion of the offer that is subjected to wagering requirements is usually indicated in the bonus terms and conditions. Wagering requirements can be applied to both deposit match bonuses and free spins bonuses, and in some cases, wagering requirements may also be applied to your deposit amount.


You can get a lot of value from cashback bonuses if you play your cards rights. Here are a few useful tips on how to get the most out of these promotions.

Cashback VS Deposit Bonuses

Wondering if cashback bonuses make sense and if they have any advantages over traditional casino bonuses? Here are a few points to consider when deciding.

Cashback Bonus Deposit Bonus
Some returns on your losses One-time deposit boost
Small or no wagering requirements Wagering requirements are always in place
You might be limited to one or few games You can play all sorts of different games

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Megapari Casino

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Excellent reputation since the casino was established.

Extensive collection of live dealer games.

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3D Games
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130% Match Bonus up to kr60255 + 30 Free Spins

Welcome Bonus

18+ Only, T&C Apply.


These are special bonuses that return a percentage of your losses back. Thus, cashback bonuses usually require a real-money deposit.

One of the biggest advantages of cashback bonuses is that you get some money back if you have a bad session, giving you a chance to try your luck again with no additional risk.

Requirements for claiming a cashback bonus will depend on the type of offer. Sometimes, you'll need to play during a specific period, or you might need to play a particular game. Some bonuses are also available only to select players.

This depends on your playing preferences and your bankroll. Traditional welcome bonuses are better for casual players who play occasionally and like to try different casinos. If you play frequently and stick to one casino, you'll get more long-term value from a cashback bonus.

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