Your Definitive Guide for Cashing Out Your Online Casino WinningsPublished March 2, 2022 by Brett C
All online casinos make it easy to deposit money, but the process of withdrawing winnings can be a little complicated. This guide clarifies the withdrawal process in detail so that players will have no difficulty getting their winnings out.
Online casinos typically feature a variety of payment processing options for deposits and withdrawals. These banking methods include a combination of bank transfers, e-wallets, debit cards, credit cards, and cryptocurrency options.
Players must validate the authenticity of an online casino before making a deposit. This includes cross-referencing on-site licensing and regulation with the specific regulatory authority. Credible online casinos tend to act in good faith, ensuring the integrity of their payment systems for deposits and withdrawals.
When playing slots, card games, table games, video poker games, scratch cards, or live casino games, it's essential to trust the withdrawal system provided by the online casino. The multi-pronged approach to securely withdrawing funds from an online casino typically involves ID verification, compliance with wagering requirements, and the availability of withdrawal methods.
Which Specific Withdrawal Methods Are Available?
Many online casinos feature more deposit options than withdrawal options. In addition, quick and easy deposits are readily available with Visa, Maestro, MasterCard, American Express, Paysafecard, EcoCard, NETELLER, PayPal, ecoPayz, Citadel, PayNearMe, PayForIt, Wire Transfer, Instadebit, eCheck, iDeal, EcoCard, and others.
Online casino withdrawal methods typically include AstroPay, Bank Wire, Instant Payments, EcoCard, Click2Pay, ClickandBuy, Maestro, MasterCard, NETELLER, Neosurf, PayPal, MuchBetter, Skrill, Visa, Trustly, WebMoney, Zimpler, and others.
Players may find that using their deposit method to process a withdrawal at an online casino is not possible. Therefore, it's essential to know precisely which withdrawal options are available ahead of time in anticipation of cashing out online casino winnings. Once the ID has been verified, all deposits tend to process quickly (once ID has been confirmed), but withdrawals are often subject to lengthy checks and slow processing. These restrictions are in place to protect accounts from being intercepted by third parties. But they're also there for compliance purposes.
What Restrictions Are in Place with Online Casino Withdrawals?
Online casinos implement a variety of restrictions vis-a-vis withdrawals. These include Safety and Security measures, Limits on Withdrawals, and Playthrough Requirements.
Safety and Security Measures – all regulated online casinos are subject to stringent KYC (Know Your Customer) and AML (anti-Money-Laundering) policies. Safety and security are non-negotiable elements for online casino players and operators alike. All player accounts must be fully verified before any withdrawals can be processed. These include ID, driver's license, passport, government-issued documents, utility bills, et cetera. An online casino that does not enforce security controls should be avoided. These documents should be securely uploaded to the online casino's server and verified accordingly.
Limits on Withdrawals – the specific limitations on casino withdrawals vary from one operator to the next. Some online casinos have no limits, while others have daily withdrawal limits, weekly withdrawal limits, or monthly withdrawal limits. Details of withdrawal limits can be found in the fine print or by contacting the customer support representative. In addition, specific payment processing options (withdrawal methods) often have details posted of specific withdrawal limits.
Playthrough Requirements – otherwise known as wagering requirements, the playthrough requirements specify precisely what a player must do to satisfy the terms and conditions of a bonus or promotional offer. All promotions have playthrough requirements. These are found in the T&Cs of the offer in question. For example, a 100% Welcome bonus up to €100 may have a playthrough requirement of 35 X the Bonus + Deposit before any winnings can be cashed out. This means that a player who deposits €100, qualifies for a €100 bonus has to wager €200 X 35 = €7500 to cash out any winnings from this bonus.
Playthrough requirements are not always as straightforward as they appear. Specific categories of games contribute different percentages towards meeting wagering requirements. For example, online casino games with an element of skill (poker, blackjack, video poker) typically have low contribution percentages towards meeting wagering requirements. Games like poker, blackjack, and video poker variants may contribute 5% or 10% towards the wagering requirement, while slot machine games contribute 100%. Put differently; you may have to wager 10 - 20 times more on skill-based games than you do with slots. Players need to be aware of game contribution percentages and wagering requirements.
The restrictions above are often why online casino players struggle to withdraw their winnings. Failure to upload the required identification, meet the limits on withdrawals, or the playthrough requirements will hinder a player's ability to withdraw any winnings from the online casino.
How to Verify ID When Withdrawing Online Casino Winnings?
The premier online casinos make it easy for players to process withdrawals. The framework for withdrawing winnings is designed to safeguard the integrity of player accounts. It is also necessary for regulatory compliance. Multiple aspects of a player's ID must be verified before a withdrawal can be processed. Assuming wagering requirements have been met, the next step is ID verification.
The Person Withdrawing Funds is the Owner of the Online Casino Account
Online casino fraud is a reality. That's why licensed and regulated online casinos go the whole 9 yards when it comes to verifying player identity. Online casinos may request a variety of documents to validate the ID of the player.
These include a driver's license, an ID card, passport, an official government document bearing the account holder's name, bank account statements, recent utility bills with the name and address of the player, photos of the front and back of a credit card or debit card. Once the requisite information has been gathered and securely uploaded, players can initiate the withdrawal process.
While the online casino is verifying the authenticity of the documents and validating the account, the withdrawal process enters a pending stage. During this stage, players may be able to cancel their withdrawal requests and continue playing real money online casino games. Typically, an online casino shouldn't take more than 24 hours – 48 hours to verify a player's identity and information.
The next step involves processing the withdrawals to complete the transaction. Specific withdrawal options are quicker to process than others. e-Wallets and cryptocurrency allow for instant withdrawals. Bank wire transfers can take up to 7 – 10 days to reach a player's account, depending on the bank in question and the player's home country.
Withdrawing Winnings that are Not from Bonus Funds
The least complicated avenue to follow when processing an online casino withdrawal is from a player-funded game. In other words, none of the funds used to play real money casino games came from a bonus. This means that there are no playthrough requirements to meet. This can fast-track the withdrawal process to allow players to cash out after a win simply. Even without wagering requirements in place, players will need to comply with ID verification and any possible withdrawal limitations that may be in place.
Consider the following withdrawal processing times for popular payment options:
- e-Wallets – instant withdrawals up to 1-2 hours
- Bank Wire Transfer – 3-5 business days on average, but 12+ days is possible.
- Visa and MasterCard credit cards – up to 24 hours on average, but up to 5 days is possible.
Generally, online casinos don't charge fees for withdrawing funds. However, the specific payment processor you selected may impose fees, commissions, or charges along the way. Therefore, you should find out ahead of time what each withdrawal method charges so that you get the maximum bang for your buck.
Quick step-by-step guide for Withdrawing Online Casino Winnings
Online casino withdrawals are subject to stringent security checks. These are designed to protect the integrity of player accounts and information. It's also done for compliance purposes. KYC and AML policies – as outlined earlier – must be met. To withdraw your winnings, follow these steps:
- Log in to your Online Casino Account
Enter a username/password combination. If multi-factor authentication is involved, verify your information and process your login.
- Navigate to the Cashier & Choose Cashout/Payout/Withdrawal
Once you have successfully logged into your account, highlight the banking section and navigate the withdrawal option. This usually includes a grid-like format of withdrawal methods or a drop-down menu. Next, carefully scan the processing times for each withdrawal method. That way, you don't have to wait excessive time for your winnings. Then, pick the appropriate withdrawal method and proceed to the next step.
- Enter the Amount You Would like to Withdraw
The maximum amount that you can withdraw will be listed. Always read the T&C of the withdrawal method in question and the online casino. Be sure to comply with wagering requirements and minimum/maximum withdrawal limits.
- Process the Withdrawal Request
The transaction is finalized once you process the withdrawal request. Click withdraw to complete the transaction. If you encounter any hiccups along the way, contact customer support for assistance.
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