If you’re like many people, you love companies that process payouts quickly. It could be your salary. Perhaps it’s your trading profits, casino winnings, or fixed deposit interests.
If it’s your money, you deserve to receive it quickly. Unfortunately, not all companies are created equal. With online casinos, how fast you receive your winnings depends on several factors.
Continue reading to discover how long it takes an online casino to process winnings. Also, find out the factors that influence the withdrawal speed.
An Online Casino’s Withdrawal Policies
Every casino decides how fast it is going to process winnings. Some sites process withdrawals within 48 hours. Others take up to a week. Before you choose an online casino, check its withdrawal policies.
The definition of fast payout at online casinos varies from one person to another. But if you’re like most people, you want to receive your casino winnings on the same day.
That is especially true for small winnings. If you win $100 or $200, a good casino should process the money within 24 hours. Large winnings take much longer to process. There are a few reasons for this.
The first explanation is that casinos must verify you won fairly. No casino wants to lose money. As such, your betting site will usually check the games you played to confirm that you didn’t rig anything.
If they discover foul play or a mistake on their end, they will usually take longer before sending you money. Unfortunately, some casinos take too long to process genuine winnings, which can be frustrating.
Your Preferred Payment Methods
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When you think about it, payment methods don’t process payouts at the same speeds. If you ask your casino to process your winnings through PayPal, you can receive the cash within 24 hours.
But if you cash out your winnings via Visa or MasterCard, the money may take up to three days. Banks take much longer to process payments. Some of them process your winnings after five business days.
Against that backdrop, choose a fast payment method before you cash out your casino winnings. Select a digital wallet or cryptocurrency for the fastest speeds. Most casinos process payments through crypto in less than 12 hours. If you withdraw through an e-wallet, you can receive your money within 24 hours.
That being said, cards and banks aren’t useless for withdrawing casino winnings. They might not be fast, but they could be your only option in some countries. Alternatively, you might hit a $100,000 windfall. The best way to process huge winnings is through bank payments.
Your Withdrawal Amount
As mentioned, most casinos process small withdrawals quickly. To be clear, small profits constitute anything below $1000. It’s easier to withdraw these small profits because they’re realistic winnings.
If you bet $50 on roulette and win, there’s a chance your profits will be below $1000. And since betting sites work with reputable software providers, they’re seldom suspicious of people who win small amounts.
The problem arises when you hit a large jackpot. A windfall means a significant loss for the house. Your casino has to verify that you won fairly. It has to confirm that it’s not making a mistake by sending you $10,000 or $100,000.
Beyond verifying payments, casinos have daily, weekly, and monthly withdrawal limits. Let’s say a casino has a weekly withdrawal limit of $4000. If you win $5000, you’ll have to wait until a week later to cash out some of your money.
Choose a casino with decent withdrawal limits. This way, you can withdraw up to $10,000 or more in the same month.
Identity Verification
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By law, every online casino must verify your identity at some point. Most casinos ask for your identity verification documents after your first winning. You must upload your ID or passport to complete the process.
Some casinos also ask for your selfie portrait, home address, and utility bill. Now, some casinos accept your identity verification documents fast. Others may take up to 10 days before allowing you to withdraw your money.
Long delays in identity verification are inspiring the growth of no-registration casinos. No-account casinos don’t ask you for identity documents. In fact, you don’t need to provide your email address.
No registration casinos allow you to gamble online conveniently. And you can cash out your winnings instantly.
Withdrawal Times
If you withdraw your money during normal business hours, you’re likely to receive it faster than someone who withdraws on the weekend. Sure, most casinos operate 24/7.
But when it comes to issues related to money, you need to wait until it’s a business day to receive assistance. It’s the same case for bank holidays. If you cash out your money on a holiday, your money may take longer to process.
If you want to cash out your money fast, find out where your favorite online casino is located. Let’s say it’s based in your country. In this case, ask for payouts during business hours.
You can always cash out your money at night or on the weekend. Just don’t expect to get the money so fast.
Source: worldfinancialreview.com
Additional Factors
Sometimes you can win money at a casino and have to wait for weeks before you withdraw it. Think about bonus winnings. They come with terms and conditions. One of the terms could be that you need to play through your bonus amount 40 times within 90 days.
Let’s say you had a $50 bonus with 40x wager requirements. That means you need to spend $2000 at the casino before you withdraw your winnings. Unless you’re willing to burn $2000 within a week, it may take you up to three months before you can cash out your winnings.
Another factor that may influence the withdrawal speed is the games you were playing when you won. Let’s assume you win $70,000 from a progressive jackpot. The best casinos will process your windfall quickly.
But if you win the same amount of money from a non-jackpot game, the withdrawal timeline could be longer. You may have to wait for months before you receive your entire winnings.
