Payouts in Online Casinos: Rules and Features
Gambling at casinos has many perks, but these two are the most attractive – the chance to have some fun and win actual money! With the option to play online, this has become more accessible to players than ever. Today, you can play your favorite casino games from your home, while travelling, or from any other location.
Ideally, when you gamble, you’ll win money and request a big payout to get into your bank account. To make this possible and gamble safely, you need to play at the casino online real money has to offer. As long as you are gambling at a trusted casino that provides secure and fast payouts, you can enjoy your time and increase your odds of filling up your bank account with tons of cash.
Since your goal is to get a big win in addition to having some fun, you should definitely learn how payouts work in online casinos.
How Casino Payouts Work Today
Casinos today are linked to banks and other financial institutions that facilitate gambling transactions. When they offer you a banking method for withdrawals, both sides ensure that your transactions go safely from the casino to your desired location (for example, your bank account).
But, how does this work?
In this part, it’s important to know about SSL encryption. Also known as Secure Socket Layer, SSL encrypts the transfer of funds happening online. It is activated to embrace and encrypt the confidential data and eliminate threats of cyber-attacks.
Naturally, the level of security, the processing time, any fees associated with this, and more, will differ between gambling payment providers and casino sites. In any case, the casino will request that you pick a withdrawal method for your transactions.
Deposits and Withdrawals at Online Casinos
Most deposits made at online casinos are instant and free of charge. On the other hand, when you request a payout, this process is often slower compared to depositing. But, as the gambling industry evolves and progresses, payout times are becoming much shorter and many are free of fees. Nowadays, gamblers can literally withdraw their funds within minutes or just a few hours, compared to waiting for weeks or days like it was the case before.
Getting Payouts at Online Casinos: How to Do It
Once you win money gambling, collecting it should not be a difficult process. If you gamble at a licensed and safe casino, and have met their regulations and terms, the process is usually straightforward. This is how it goes:
- Choose a withdrawal method. Most of the time, casinos will require that you use the same option that you used for deposits. If you wish to change it, this can slow down the withdrawal process until your request is approved. You will also need to pick a new method if your deposit option is not supported for payouts.
- Enter the amount you wish to withdraw. This amount cannot be lower than the minimum withdrawal required by the casino, or higher than their maximum. The two can differ for different banking methods at some casinos.
- Submit your withdrawal request and wait for the payout.
On any site where you gamble, you may be required to provide documents and additional information to verify your identity or process your payout. If this is your first payout on a website, it is highly likely that you’ll be required to provide identification documents such as a photo of your ID, utility bills, etc.
Withdrawal Requirements, Terms and Restrictions
When a player requests a withdrawal, the casino reviews it and approves or rejects it. Every casino has the right to require additional data or documentation before they approve a withdrawal request. That being said, the pending period can vary depending on which method you choose, where you gamble, the amount you wish to withdraw, etc.
For highly rated and licensed website, this process usually takes under 48 hours as long as the player has verified their identity. In case of high sum withdrawals, many casinos may choose to request additional documentation, even if the player has made withdrawals before.
All this, as well as other requirements and restrictions, must be included in the casino’s Terms and Conditions. Every website has its own restrictions and regulations for withdrawals. These can include:
- Minimum withdrawal amount – you cannot request less than this
- Maximum withdrawal amount – you cannot request more than this
- Payment method restrictions – which methods you can use for the transaction (not all deposit options can be used for payouts)
- Security checks – the casino requests documents to process transactions over an X sum, or at any other point (these are usually ID cards, driver’s licenses, passports, bank statements, and utility bills)
Withdrawal Terms for Bonus Payouts
One of the biggest perks of gambling online is that you can claim incredible bonuses. If you decided to claim a welcome bonus or any other promotion on casino websites, and won money from it, you might want to request a payout. Casinos that offer bonuses set their own rules and terms for withdrawing potential winnings. You should get familiar with this before you claim the promotion.
In most cases, casinos will have restrictions for withdrawing the winnings from your bonus. They’ll cap the maximum winning amount, require that you use selected methods for deposits, set a playthrough requirement and more.
Here is what you should know about casino bonuses and withdrawal terms:
- Playthrough requirement. You’ll be required to play through the bonus amount or free spins for a selected number of times before you can request a withdrawal. For example, if a bonus comes with a 30x playthrough, you need to spend the bonus at least 30 times before you can withdraw money from it.
- Game contribution. Different games contribute differently to the playthrough requirements. In most cases, slots contribute 100%, while games like poker or live tables contribute less than 10%.
- Time restrictions. You’ll have a limited amount of time to meet the requirements. For example, some casinos require that you meet the playthrough terms in a week, while others will give you a month.
- Maximum cashout limit. To prevent losing too much money on bonus offers, casinos often cap the possible cashout amount. So, even if you win more than their maximum cashout, you’ll only be allowed to withdraw that amount.
Online gambling can be truly enjoyable and fun, especially if you win money. Before you jump at the opportunity, be sure to look for a licensed and safe site that supports your banking method and is known to provide fast payouts. Also, take the time to read their T&C, especially those for bonuses. If you do not meet all the bonus requirements, the offer is void and the casinos will remove your funds from the account.