An essential part of any online casino lies in its ability to award payouts. All promotions and extra rewards in the world mean little if you cannot take home a big cash prize. You need to check how casinos handle payouts before you start playing there. That means checking several details before depositing any funds.
Fortunately, you do not have to worry about figuring it all out yourself. This article goes in-depth on everything you need to know regarding payouts. We discuss how it works, how long you have to wait, and any restrictions on your withdrawals. You can find all relevant information listed below.
WITHDRAWING CASINO FUNDS 101
The exact steps for withdrawing money from an online casino vary between operators. However, the overall steps you have to follow to withdraw cash are similar between all websites. You should make sure you log into your account before attempting to withdraw funds.
Once logged in, navigate to the casino’s cashier, wallet, or equivalent page. The casino will usually highlight this section in some way, such as making it a different color. From there, navigate to the withdraw section of the page. The withdrawal page will list all available payment methods you can use to take money out of the casino.
Select one of the payment methods and fill out all the required details. Some payment methods require more information than others do. Usually, websites require players to use the same method to deposit and withdraw their money. Next up, choose the amount of money you want to withdraw. That can be a custom amount or one of the pre-selected values the website offers. Confirm the withdrawal, and the casino will start processing your request.
All online casinos have some waiting time before your cashout request is processed. How much you have to wait depends on the website. Most websites process withdrawals within two to three business days. However, some online casinos may require even longer to approve or deny a withdrawal. After the withdrawal is approved, it takes a few extra days to carry out the payout.
E-wallets are the fastest payment method when it comes to withdrawals. They usually take between one to three business days to award your withdrawn cash. Credit and debit cards are slower, taking three to six business days. Finally, bank transfers take the longest, requiring five to eight business days. These times are estimates: your casino may offer faster or slower withdrawals.
RESTRICTIONS ON WITHDRAWALS
Players need to know how individual casinos process withdrawing money. Each casino has specific regulations that change how the website handles withdrawals. You can find all relevant rules in the casino’s terms and conditions. We recommend checking for the following limitations while reading the website’s T&C.
- Wagering requirements apply to almost all promotions online casinos offer. Players must complete these wagering requirements before they are allowed to withdraw funds. As an example, let’s say the bonus sets the wagering requirements to 40x. If you receive a $100 bonus, you must wager 40×100, which is $4,000. You will not be able to withdraw your funds before meeting these wagering requirements in most casinos. Others allow you to withdraw your deposit if you forfeit the promotion and all bonus funds.
- Time limits prevent players from placing too many requests in one go. Many websites choose to limit withdrawals to once or several times a day. Some online casinos allow you free withdrawals at first but then impose a fee for subsequent withdrawals.
- Withdrawal limits are imposed to restrict how much money you can withdraw for a specific period. Operators limit how much you can withdraw daily, every week, or every month. Many websites reward their VIP members by increasing their withdrawal limits.
- Amount limits restrict how much money you can take out from the casino at once. These limits mean the casino has to split some big wins into several monthly installments. These limits do not always apply. Many operators make an exception for progressive jackpot wins, which websites almost always pay fully. Some payment methods also limit how much you can withdraw in a single transaction.
KNOW YOUR CUSTOMER & SECURITY CHECKS
Regulated online casinos have to carry out know your customer and other security checks for new and existing players. New casino members, in particular, will have to deal with KYC procedures. These security checks exist to ensure the player in question is of legal age for online gambling. KYC checks also tell casinos that you are the same person depositing and withdrawing money from the website.
Know your customer checks require you to send proof of your identity. That means submitting a copy of an ID card, a driver’s license, or a passport. Some casinos also ask for proof of address through a utility bill to prove you live where you said you live. Withdrawals using credit/debit cards require players to take a picture from the front and the back.
Of course, many players have concerns regarding their privacy regarding verifying this information. Rest assured that online casinos have to follow strict regulations to protect your personal information. Operators use encryption to protect sensitive information once you send it to them.
The most common way to verify your information is to send the requested documents using e-mail. Websites usually have a dedicated e-mail address expressly set up for this reason. Other online casinos require you to upload them directly through their website. We prefer this option, as it lowers the odds of a phishing attack intercepting your information.
SHOULD YOU PLAY BONUSES IN ONLINE CASINOS?
Promotions limit your ability to withdraw money by imposing wagering requirements. We have already touched on how that restriction affects us. It also raises the question: should you play bonuses at all?
The answer varies depending on the promotion’s terms. If the wagering requirements are not too high, it can be easy to complete them. However, challenging playthrough requirements might be better skipped. If the website requires you to wager 60x or 70x the bonus amount, you might be better off ignoring that promotion.