The online gambling industry keeps on growing at a rapid pace, welcoming hundreds of online casinos every year. It is not a secret that the demand for online gambling has dramatically increased over the last decade, and the trend shows no signs of slowing down. However, competition between online casino operators is fierce.
Operators of successful gambling sites are always trying to improve the quality of their services. Key aspects of thriving online gambling businesses are the lucrative bonuses and variety of games. Casino fans who do not want to have their finger burnt by scam casinos should always check the reputation and license of the gambling site they intend to join.
An important step when selecting a web-based casino is to check the supported payment solutions. Premier gambling sites employ proven and widely accepted payment methods. The speed at which a given casino processes payouts is also not to be overlooked.
Most casinos offer instant deposits, allowing players to embark on an exciting casino adventure right away. However, the gambling sites that process withdrawal requests in a near-instant fashion are not a lot.
Why to Check the Payout Speed?
Once you accumulate enough winnings in your casino account, you will most likely want to make use of them. If you do not want to wait for ages to receive your casino profits, you have to look for a fast payout processing casino.
Most virtual casinos process withdrawal requests within 3 days, but we have seen gambling sites that take more than a week to approve payout requests. Maybe you are wondering why some web-based casinos take so long to process payouts.
The truth is that gambling sites that process payouts slower are simply trying to make their patrons keep on playing instead of withdrawing their funds. And every expert casino fan can tell you that the longer you play, the greater the chance of losing is.
Many players decide to cancel their cashout requests during the pending period. This phenomenon is also known as reverse withdrawals. Not long ago, the UK Gambling Commission introduced a ban on reverse withdrawals to protect vulnerable players.
Aspects Affecting the Payout Speed
The payout speed varies greatly between casinos. One of the main reasons for this is that some gambling sites have dedicated teams that deal with withdrawal requests only. What also affects the payout speed is the working hours of the teams. Some web-based casinos process withdrawal requests on business days only, while others – also during weekends and holidays.
It is crucial to note that some casinos offer faster payout processing times and higher cashout limits to their VIP members.
Another factor that determines how fast your funds will enter your bank account is the selected payment solution. While cryptocurrencies and digital wallets carry out financial transactions in a near-instant fashion, other payment methods such as bank transfers might take up to 10 days to process the payment.
The table below shows how much time each of the most widespread payment solutions requires to process withdrawals.
The popularity of digital wallets keeps on growing. It is a preferred payment solution among online casino fans as it is safe and easy. What is more, digital wallets are cost-effective as transaction processing fees are small. In a nutshell, e-wallets act as an intermediary between your bank account and the gambling site. You have to select a preferred digital wallet and register with it. Then, you have to link your credit/debit card to your digital wallet.
Cryptocurrencies are decentralized digital currencies, meaning that no central bank controls their supply. Digital currencies have revolutionized the online gambling industry. Currently, many reputable gambling sites accept crypto payments. Some of them even offer various bonuses and promotions for cryptocurrency depositors.
Thousands of casino fans prefer to use cryptocurrencies in an attempt to protect their anonymity online. What is more, crypto deposits are processed instantly, while withdrawals are carried out within no more than a few hours. Crypto transactions do not have burdensome fees. Even though all crypto transactions are public, blockchain reduces the risk of hacker attacks and fraud.
Some bank institutions are not allowed to carry out casino transactions. Hence, casino players can use only cryptocurrencies to initiate payments to and from web-based casinos. Undoubtedly, Bitcoin is the most popular cryptocurrency. However, many gambling sites embraced other virtual currencies such as Litecoin, Ethereum, Dogecoin, and others.
Payout delays are not uncommon, and there are various reasons for this. Players who withdraw funds from their casino account for the first time have to submit photos of some documents for verification purposes. The reason for this is that reputable gambling sites are required to comply with the KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.
Successful online casinos usually have special teams responsible for checking the documents and verifying the identity of every player. Please note that even if you do not withdraw funds from a given web-based casino for the first time, some gambling sites reserve the right to perform checks on larger sums to ensure that the transactions are not fraudulent.
Provided that the web-based casino takes too long to process your payout request, do not hesitate to contact the customer support department. Nowadays, most gambling sites offer customer support services around the clock.
Each online casino has a withdrawal policy. Before you set up an account at a given gambling site, be advised to read the fine print. Web-based casinos usually have withdrawal limits, indicating the minimum and the maximum sum you can cash out in a single transaction. The limits might be daily, weekly, or monthly.
Please note that some gambling sites restrict the number of withdrawals you can make within a given time frame. Some virtual casinos impose fees on withdrawals, while others process a given number of cashout requests over a specified period for free. It is also not hard to find an online casino that processes withdrawals for free.