Thursday, June 13, 2024

How do online casinos pay out your winnings?

One of the most common money issues that players have with online casinos is paying out winnings. Although deposits are done immediately in 99% of cases, payouts can take a lot longer which understandably frustrates some players. Why can’t they pay you your money as fast as they take it?

Well, the main reason why some withdrawals aren’t that speedy is because they need to be approved first. All online casinos are licenced by authorities. Respected authorities – such as the UK Gambling Commission – require the active prevention of money laundering, fraud and other types of illegal activity. This directly impacts some payouts and means they can’t happen quickly.

However, there are a few things you can do to help things along the way. Here, we will explain precisely how online casinos pay out winnings, alongside a few tips and advice on how to try
and speed things up.

How online casinos pay you

Withdrawing at an online casino has three steps before the money arrives in your account:

  1. Requesting
  2. Approving
  3. Processing

First of all, you must have enough money in your account as most sites have a minimum withdrawal amount. Once you do, you can simply navigate to the cashier page and input how much you want to be paid out. In most cases, you can only withdraw using the same method you used to deposit. For example, if you deposited using a Visa debit card then the payout can only be done back to that same Visa debit card.

There are a few situations when this rule doesn’t apply – such as if your card has expired, or if you used a deposit method which doesn’t accept withdrawals. Alternative methods will then be provided, but you will often have to settle for a different card payment or bank transfer. This isn’t ideal as they tend to be some of the slowest available (more on that later).

Once you have requested a withdrawal, it must be approved by the casino’s payment team. As mentioned earlier, this is a necessary step to curb money laundering and other illegal activities. However, the time it takes to be approved can vary dramatically. In some cases, the withdrawal will take longer because of such money laundering checks. However, some casinos just take a lot longer than others to give their approval.

When it is approved, the payout is then sent to the payment provider to be processed. Exactly how long this stage takes depends upon which withdrawal method you are using. Similarly, the processing speeds can vary dramatically by each provider. However, once this is completed, the money will be in your account.

How to get your payouts approved quickly

Now you know how online casinos actually pay you, let’s look at how you can try and speed things up – starting with the approval process.

As mentioned above, some online casinos openly have a slow approval time. Therefore, your best bet is to choose one which aims to complete this stage as quickly as possible. In general, fast payout casinos will approve withdrawals within 24 hours – sometimes even quicker. In the best cases, you can receive your payout within the same day you requested it.

However, even the fastest paying casinos aren’t immune to money laundering and other checks. If one of your withdrawals is flagged for this then it will very likely take several working days to be approved, no matter what site you choose. Although getting flagged is out of your hands, you can prepare for it by knowing the kind of documents you may be expected to provide. For example, it’s common for casinos to ask for bank statements, proof of funds, copies/screenshots of payment
methods and other information in order to pass the approval stage.

What’s the best casino withdrawal method to

The biggest impact you can have is to choose the best withdrawal method(s) available. If you select a provider with quick processing times then you will often be paid out far quicker.

The general rule is that e-wallets are faster than traditional methods, by far:

  • E-wallets – Usually pay out within 24 hours (sometimes within just a few minutes).
  • Card transactions / Bank transfers – Usually pay out over several working days.

Of all the e-wallets available, PayPal is one of the most popular with players. That’s because PayPal casinos not only offer fast withdrawal speeds but also very high security. In fact, all gambling merchants must be approved before being able to offer PayPal payments to their players. It’s one of the safest ways to pay over the internet.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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