Cashback Calculator: What a Refund Is Really Worth

How the calculator works

The calculator uses two simple formulas. They are standard expected-value arithmetic and work the same for casino and sportsbook offers.

1. The promised refund

Cashback = min(cap, rate × max(0, net loss))

If you finished the cycle ahead, net loss is zero and so is the refund. For a turnover rebate the formula is the same with total amount wagered in place of net loss, and the result is paid regardless of whether you won.

2. The real value after playthrough

Value ≈ cashback − (playthrough × cashback × house edge)

A bonus refund with a playthrough has to be wagered before it can be withdrawn, and every dollar wagered loses the house edge on average. The second term is that expected cost. A cash refund has a playthrough of zero, so its value equals its face amount.

Example

You lose $800 net in a week. The offer pays 15% cashback, capped at $100, as bonus money with a 10x playthrough, and you clear it on slots with an assumed 4% house edge.

1. Uncapped refund: 15% × $800 = $120.
2. After the cap: min($100, $120) = $100.
3. Wagering required: 10 × $100 = $1,000.
4. Expected cost: $1,000 × 4% = $40.
5. Real value: $100 − $40 = $60, or 7.5% of your loss, not 15%.

Now compare a 10% cash refund with no cap on the same loss: 10% × $800 = $80, real value $80. The lower headline rate is worth a third more.

Two caveats. The formula assumes you finish the playthrough; if the bonus runs out first, you get nothing. And house edge varies widely by game, from well under 1% on blackjack with basic strategy to 2%–15% on slots and over 25% on keno, so the game you choose to clear the bonus changes the result. These figures are averages: any single session can land far from them.