One of the most exciting aspects of playing at an online casino is going to the Withdrawal section to cash out your winnings. While cashing out online only requires a few taps of your finger, it’s not the same as cashing out at a land-based casino and receiving your winnings immediately. At online casinos, it can take time to see your winnings deposited in your bank account, anywhere from a few days to a few weeks.
For many players, waiting a few weeks to receive their winnings from an online gaming site is too long. That’s why many players choose their online casinos based on how fast their payout systems are.
Why Are Fast Payouts So Important?
An online casino that offers fast payouts is important to many players for several reasons. These include:
- A fast payout system shows that a casino values its customers. Moreover, it shows that the casino runs efficiently and doesn’t have any problems with cash flow.
- It’s much easier to keep track of your wins and losses when you can see the money coming in and out of your account. When a payout comes a few weeks later, you may not remember where it’s from.
- We live in a world of instants. We get instant access to shopping, information, and people—all via the internet. There’s no reason not to expect the same from online casinos.
What Factors Determine Payout Speeds?
While many activities that we perform online yield fast results, online casino payouts are not so simple—which is why payout times vary among casinos and even among different payment providers. Below are some of the factors that affect payout speeds.
- Identity verification: Your first request will always take the longest because any legal online casino will need to verify your identity first. This is standard and should only affect the first withdrawal request.
- Manual approval: Withdrawal requests from online casinos are usually approved manually (in order to prevent fraud). While manual approval is the safe way to go, it can increase the time it takes for the request to be approved, especially if the casino has a limited number of staff members.
- Withdrawal amount: The amount of money you request to be withdrawn can affect the time it takes to get approved. Large withdrawal amounts usually take more time than small amounts.
- Player status: High-roller players or those who reach a high level in a casino’s loyalty program are usually given preference when it comes to withdrawal requests. Their requests get approved first, which can make it take longer for players who don’t have a special status.
- Payment method: A casino can release a player’s funds relatively quickly, but then the funds need to go through an external party: the player’s chosen payment method. Different payment methods have different timeframes for transactions and withdrawals. This factor is not in the casino's control, but in your control—it’s up to you to do your due diligence and find a payment method that offers fast processing times.
What’s a Realistic Amount of Time to Wait for Your Payout?
While many factors influence the amount of time it can take to receive your payout from an online casino, the average time is about a week. If it takes significantly longer than that to receive your winnings from a certain casino, we recommend switching to a different casino. (Unless the issue is with your payment method, not with the casino.)
The online casino landscape is so broad and competitive these days, you shouldn’t have a problem finding one that offers fast payouts in addition to all the other qualities that make an online casino appealing. These qualities include:
- A large selection of games
- Good loyalty program and promotions
- Customer support
- A licensed and secure casino
Some people also look for specific betting options, like live dealer games, sports betting, virtual sports, and more. Additionally, for some players, the option to deposit in cryptocurrency is also important. While it may take some trial and error, it’s definitely possible to find an online casino that has everything you’re looking for.
Remember, you don’t need to settle for a casino that takes a few weeks to complete a withdrawal request. Choosing a casino that has fast payout times will allow you to enjoy an optimal online gaming experience.