Gambling has its fair share of up and downs. Seemingly endless hot streaks can turn cold at the single pull of a lever or roll of the dice.

But this weekend only at Harrah’s online casino in New Jersey, it won’t matter how well or poorly you’re running, because you’ll be rewarded either way.

How is that possible you ask? Two words: loss back.

From October 8 – 12, Harrah’s is offering depositing players cash back on their losses up to 20% and $200.

From a strictly numerical standpoint, Harrah’s loss back promotion qualifies as one of the most lucrative one-off promos in New Jersey online gambling history.

Here’s a look under the hood of October Playback Bonus.

October Playback Bonus

Qualifying for the promotion is as easy as making a deposit using the promotion code OCT2015 and hitting the virtual slot machines or green felt.

For each day from now until Monday that you login and earn at least 1 Tier Credit (earned by wagering $20 on any casino game), Harrah’s will take note of your progress.

The more days you play, the bigger your potential cash back reward, as follows:

• 1-2 days played: 10% playback bonus, $50 max bonus

• 3-4 days played: 15% playback bonus, $100 max bonus

• 5 days played: 20% playback bonus, $200 max bonus

Evidenced by the promotional terms, Harrah’s is rewarding consistency over volume. This stands in stark contrast to most other online casinos, which only treat their highest volume players and biggest spenders to top-tier offers.

As far as fine print, there is a bit, but it’s nothing that should detract you from partaking in the promotion:

• The reimbursement will be awarded as bonus play and will be subject to a 1x play through requirement.

• Minimum bonus play awarded is $1.

• The bonus won’t hit your account until approximately October 15.

Ultimately, the goal is to not receive a bonus at all, as that indicates you’ve won money during the promotional period. Instead, think of loss back as a sort of insurance policy for gamblers.

Winning at Harrah’s online casino

There are a few games at Harrah’s that offer players a reasonably good chance of beating the house:

• Blackjack: Generally speaking, the Blackjack rules at Harrah’s online casino are favorable for the player. The dealer must stand on all 17s, Blackjack pays 3 to 2 and multiple splits are permitted.

• Roulette: Harrah’s double ‘00’ games payout 37 to 1 on a single number bet. You won’t find that in casinos.

• Progressive slots (conditionally): Sometimes, progressives run up so high that it makes fiscal sense to try your luck. Just note that the variance playing progressive slots is much higher than Blackjack or Roulette.

I was not impressed with Harrah’s Jacks or Higher offering, as it offered decreased payouts for both four-of-a-kind and a straight flush. If video poker is your fancy, might I suggest Borgata Casino or the Golden Nugget Casino.

Regarding the latter, it too is offering a $200 loss back promotion, one of the main differences being that the cash back percentage is 100%. In other words, the Golden Nugget assumes all the risk.

Of course, many gamblers have already exhausted their welcome packages. For them, Harrah’s October Playback Bonus is most certainly this weekend’s best bet.