What are Casino Rakeback Schemes and Are they any Good?
Casino rakeback schemes used to be all the rage a few years ago and while they are not as widespread, they are still in use today. But what are these schemes, are they any good and are they even legal?
Let’s find out and see if these can rival the best bonuses currently on offer.
What are Rakeback Schemes?
A rakeback scheme is basically a way of getting some of your losses or you “rake” back. The former is relatively straightforward. If you lose $100 and have a 30% rakeback, then you’ll get $30 back. The latter is a little more complicated and usually applies to poker rooms. These rooms will take a “Rake” from each pot, because it’s player-vs-player and not player-vs-house. This rake is often very small, just 1% or 2% and it allows them to earn money even though they have no interest in the outcome. By using a rakeback scheme you will get back a percentage of the money they have taken, or at least that's the case in theory.
There are two times these schemes are made available. One is mostly a con, while the other is mostly genuine.
The Rakeback Con
Most casinos and poker rooms affiliate with content websites who send them traffic in exchange for a share of the revenue they earn. This can vary greatly, sometimes going as high as 50%. Many years ago, affiliate sites realized that rather than simply placing links on their site, they could promise some of those “leads” an actual share of the money they made. That way, the affiliate earned, the gambling site earned and the player got some cash back. It was a win-win.
However, the gambling sites weren’t entirely happy with this process and they weren’t happy because those sites didn’t always pay out as promised. When that happened the player felt conned and often blamed the gambling site, who actually had very little to do with it. A lot of people were tricked into joining such schemes and never got any of the rakeback they were promised and these days the casinos try to cut down on it.
The Good Rakeback
If you want a good rake back or cashback scheme the you need to go through the gambling site itself and not a third party. Sites like Spin Palace make cash back deals to high rollers in order to lure them in, promising to pay them back a percentage of the money they lose. This deal is often monitored and if it turns out that you win all of the time it may be taken away.
Poker sites also offer something similar to pro poker players, but these days it’s more common for them to simply offer those players more VIP points every time they play and to sponsor them for major tournaments. Still, if you are a high roller in anyway then it’s worth getting in touch with the online casino site first to see if they can offer you anything, just don’t rely on third-party promises.
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