One thing that has always baffled us is just how little information online casinos provide about casino payouts. While the larger online casinos will give you a treasure trove of information about how their payout systems work, at smaller casinos, you’ll be lucky to get a couple of paragraphs. That’s where we come in.
Our goal here is to tell you everything that you really need to know about online casino payouts. This includes a discussion on why you might be asked to provide ID, as well as some information about withdrawing bonus cash winnings. Let’s dive in.
Available payout methods
The available payout methods for an online casino will be dependent on where you live. In the UK, you’re likely to find PayPal, Skrill, debit cards, and bank transfers available to you. However, you won’t be able to use credit cards as it is illegal for online casinos to let you gamble on credit.
However, there might be further restrictions on the payout methods available to you. In the UK, you’re only allowed to withdraw using the payment method that you used to deposit into your account. For instance, if you made a deposit using a debit card, you can only make a withdrawal using a debit card. If there is some reason why this isn’t possible, then you’ll be asked to jump through hoops to demonstrate why. As a result, many gamblers use e-wallets such as PayPal in the UK, as it means they can make a deposit into their account in multiple ways without the rigmarole of always withdrawing to the same payment method.
The payout methods at online casinos can vary, so always have a look through their FAQ and cashier pages so you know what to expect.
Identity verification
All licensed online casinos will ask you to verify your identity. You will likely only need to do this once, but you’ll typically need to use a valid government-issued ID such as a passport or license. This is due to anti-money laundering legislation. Online casinos need to know who they are dealing with. It is also a way for them to verify your age, just in case you have somehow managed to skirt the age restrictions. Like nightlife venues, casinos need to keep a close eye on this.
All reputable online casinos use secure systems to process your documents, so there is a limited risk of your identity being stolen, but this is a good reason that you should only be gambling at online casinos that are licensed and have received positive reviews.
Minimum withdrawals
Every online casino will have a minimum withdrawal amount in place to reduce the number of withdrawals they need to process. The amount of the minimum withdrawal will be dependent on the online casino, as well as the payout method that you’ve selected. It is rarely very high and is often around £10.
Before you gamble at an online casino, we recommend that you read through the payout page for an online casino. At the very least, you should read some of the casino’s reviews. This will give you a rough idea of how much you need to be gambling at an online casino before you can withdraw any of your winnings. If the minimum withdrawal is too high, then it might be worth giving that online casino a skip — and yes, some online casinos have restrictively high minimum withdrawal limits.
Withdrawal fees
To be honest, this is starting to become rarer and rarer, mostly because it is now cheaper than ever for online casinos to process payouts. The only time that you will see withdrawal fees in place will be if you’re withdrawing cash with an odd payment method, such as a cheque. However, you might have some fees on your end if you use an e-wallet, such as PayPal. While these fees can be quite high, they are also becoming rarer.
All online casinos should tell you the exact withdrawal fees that they have in place on their cashier page. There are many online casinos that now offer free withdrawals to their players, so it makes absolutely no sense to gamble on a platform that charges you to withdraw your cash.
Speed of withdrawals at online casinos
Some online casinos advertise themselves as fast-paying casinos. A list of some of the best fast-paying online casinos can be found at CasinoMeister. Many of these online casinos offer almost instant payouts, depending on the payment method, or payouts that are processed within a few hours. This is because the faster-paying online casinos will have more automatic processes. Keep in mind that most of these platforms will have a slower withdrawal process if they are suspicious of the transaction, or if you’ve yet to verify your identity.
Problems with withdrawals
While it is rare, you may stumble across a problem with your withdrawal. This is likely to be caused by delays on the payment provider’s end. In many cases, this is due to it being the weekend or a bank holiday, which can result in slower withdrawals. If a withdrawal takes longer than expected, reach out to the customer support team at your selected online casino for assistance. They can help you determine where the issue lies. Online casinos have a legal obligation to help you with your money.
Notes on withdrawing winnings from casino bonuses
Most online casinos have online bonuses in place. Contrary to popular belief, you can’t withdraw bonus cash winnings right away. If you look through the terms and conditions of any bonus, you’ll notice that there is something called a rollover or wagering requirement. This is the number of times you need to play through the winnings of your bonus cash before you can withdraw the money from your account. The rollover or wagering requirements are an average of 35x, so you may have difficulty withdrawing any bonus cash. It is a good idea to view the bonus cash as a way to test out a site while risking less of your own money.
Final thoughts
We hope you now know everything you need to know about how online casino payouts work. If you’re still confused about payouts at your online casino, always have a read through their FAQ, or talk to their customer support team. They’ll be more than happy to help. There is rarely that much to understand. Online casinos do make payouts as easy as possible nowadays.