IT’S time to withdraw some profits from an online casino – this should be a simple task right?
Well, it should and can be, but only if you listened to us when we recommended joining licensed operators in regulated jurisdictions. Now, keep in mind, the first time you withdraw from a gambling website isn’t instant.
Online casino verification documents
A lot of casino players don’t know that most licensed online casinos need to follow “Know Your Customer” (KYC) procedures. The UK Gambling Commission and eCOGRA both require operators to verify players’ identities.
Typically, players will receive a security notice when they request their first withdrawal.
This is off-putting to new customers, as they weren’t aware of this security check when depositing. When it first happened to me years ago I was surprised as well, but I came to quickly find out it’s the norm in this industry.
The information that needs to be collected includes the following:
- Official government issued ID (IE: License or Passport).
- A utility bill that’s no longer than three months old.
- Copy of the credit or debit card used when depositing.
Players need to scan these documents or take a picture of these documents using their smartphone or tablet – both are acceptable. The third step is only for players that have used a credit or debit card to deposit.
The online casino needs to confirm your age, which is why they request a copy of government issued ID, plus they need to confirm your address, which is why you need to send in a recent bill or other suitable document.
All documents are sent through a secure connection using SSL-encryption. Trusted online casinos, such as the companies we promote, will only take 24-48 hours to confirm your documents.
Once this is done, you’ll never have to worry about confirming your ID again at that specific website.
However, if you join a new casino, you’ll have to verify your identity again.
What banking methods can I use to withdraw?
The banking method used when withdrawing your money from an online casino will depend on what deposit option you used. Most of the time you’ll receive payouts through the same method you used to deposit.
For example, if you used an e-wallet like Skrill, Paypal or Neteller to fund your account, you’d receive payouts to the same e-wallet account. Credit and debit card payouts are also possible based on your location.
Some countries can’t use credit or debit cards for withdrawing at a gambling site. In fact, most countries can’t use MasterCard, however, Visa payouts are popular in the UK and other European countries.
It’s also possible to withdraw money to your prepaid card, such as EntroPay.
Generally the rule is you need to receive payouts using the same method you used when depositing, but if that isn’t possible, you’ll be able to request withdrawals through bank wires or cheques.
Some deposit methods can never be used for payouts, but wires offer a great alternative.
Americans have some unique methods to use if they wish. Several bookmakers payout US bettors through gift cards from Amazon or Walmart. Another alternative is Bitcoin, which is becoming more prevalent.
Are there fees on payouts from an online casino?
Again, it will depend on several factors, including where you live, what currency your account is in and what banking option you plan on utilizing. For many of our readers – there will never be a fee.
If you live in the UK, Australia or Europe and use an e-wallet, you’ll get payouts for free.
Checks are often issued for free once per month at most bookies and then they have a $20-$50 fee. Bank wires are free, but there can be currency conversion fees, plus your bank will charge a fee as well.
The fee schedule varies by shop, but all of our recommend casinos list the fees clearly on their website. Be sure to find out which banking method is most suitable based on your needs and location.
How long do gambling website withdrawals take?
If your payout is being processed through an e-wallet like Paypal, Neteller or Skrill, you’ll get the payment within 24 hours. Credit or debit card withdrawals (IE: Visa) will take 1-3 days to receive.
Bank wires typically take anywhere from 2-10 days to receive, which includes processing time. Cheques are the slowest method and will take 5+ business days, but count on it taking longer to get the cheque in the mail.
E-wallets offer the quickest payout times and allow you to move money between casinos easily.
What’s the maximum allowed withdrawal at online casinos?
I get asked this question a lot. Players want to know if they’ll be paid out big amounts at once. If you win a big jackpot, you’ll be paid out in one lump sum at any reputable operator, including all of the casinos we review.
There are maximum withdrawal limits in place, though, which are followed when a jackpot hasn’t been won.
This is where e-wallets aren’t the best option, since most e-wallets have lower maximums than other methods, but this will only be a problem if you’re trying to withdraw five figures from your account.
Limits typically start at $10,000 or more, the best method for big amounts is a bank wire ($100,000+).