It’s exciting when you land a big win at an online casino, but it’s even more fun when you request a withdrawal knowing that your win will eventually end up with your account. However, withdrawals are not always as straightforward as they seem and, depending on the casino, a little frustrating due to a range of factors.
Unfortunately, most first-timers are not aware of the potential pitfalls when it comes to withdrawing winnings, so we put together this handy guide to give you a first overview.
Payment Methods and Withdrawal Times
Payment methods are one of the first things to affect payouts. You will typically find that online casinos accept VISA and MasterCard along with a range of e-Wallet options such as Skrill or Neteller, and, of course, bank wire. While there isn’t much of a difference when it comes to depositing money processing times for withdrawals can vary significantly.
Average time to process payouts by payment method:
– PayPal: Up to 2 hours
– e-Wallets: Between 24 and 48 hours
– VISA/MasterCard: 3-5 business days
– Bank wire: 5-8 business days
Another thing to remember is that some casino sites, such as 32Red Casino, require you to use the same payment method for depositing and withdrawing money. Make sure to be aware of any transaction fees to avoid a hefty bill when requesting a payout of a potential large win.
As a rule of thumb, e-Wallets such as PayPal or Skrill charge higher fees for processing a withdrawal request then credit cards or traditional banks but also get the money into your account much quicker. Some casinos, however, charge additional fees for payouts.
For example, Vegas Paradise, BGO Casino, and Dazzle Casino charge a £2.50 fee for all withdrawals. Energy Casino, on the other hand, offers you one free withdrawal each week but any additional withdrawals face a £5 fee. Mr. Green applies charges depending on the payout amount and VideoSlots, one of the most well-known slot sites, grants one free payout request per day, a result of more frequent wins when playing slot games.
Payout percentages, also called ‘Return to Player’, is the rate at which an online casino will pay back the customer. Typically, casino players will see an average RTP of 90-99%, but it can be tricky to find exact figures. The website Casinostoplay has done extensive research on this topic and compiled a list of the best paying casino sites.
Remember: The ‘Return to Player’ rate is the average payout over time and does not constitute the effective win rate each time you play.
Know Your Customer (KYC)
KYC, also known as Know Your Customer, is a business practice employed by a company to check its customers. The process involves customers providing the online casino with documents that prove their identity, address, age, and source of funds.
Before May 2019, online casinos would generally wait until you hit a certain threshold for deposits or until you request your first withdrawal to require you to complete KYC. This sometimes slowed down withdrawals as the process can take several days to complete, and after completing it, you would still have to wait for the transaction to be processed and then sent to you.
Today, however, casino sites are required to complete the process as soon as you’ve registered under new rules from the UK Gambling Commission. It means that withdrawals are now less likely to be slowed down by the KYC process, which is a benefit for the customer.
It’s rather straightforward to request a payout from an online casino but, as always, the devil is in the fine print. Make sure to be aware of any associated fees and always choose your payment method wisely to avoid any excessive charges. Luckily, the UK is a regulated market governed by the UK Gambling Commission, and casino operators have to follow strict and player-friendly guidelines.