So you have tried your hand at online casinos or want to try, but need to figure out how online casinos pay out. After all, it is just you and the device you use to access the games.
Online casinos not only want to ensure that you have the best entertainment when playing their casino and slot games, but they also ensure that you have easy access to your funds.
As a result, they have created various methods with which they can pay you your winnings.
How Do Casino Payouts Work?
When you open up a reputable casino's website, one of the first things you may notice is a list of payment methods. An excellent online casino offers various payment methods that cater to a broad group of players; those who prefer electronic funds, bank transfers, credit cards, debit cards or pay by mobile.
However, you can only use the pay by mobile options, such as Boku or Zimpler, to deposit funds into the casino, not to withdraw, because it is linked to your phone bill.
If your chosen online casino only offers one or two payment options, you may want to consider looking at other online casinos, such as Wizard Slots.
Before receiving your payout, the casino may need to run some confirmations first. That may include whether or not you have met your wagering requirement (if any applied), whether the information you have provided is correct and if you have not broken any of the terms and conditions.
The casino can begin the payout process if everything checks out. How long it would take to receive your money can depend on your chosen payment method. But the money should reflect immediately in your casino account.
However, to actually receive it in your bank as real cash, may take a couple of days or more. Some casinos may also have withdrawal fees, so you may not receive the exact amount you won; this is something you would need to check with your chosen casino.
What Are Payment Methods For Gambling?
Online casinos may choose to payout winnings via a range of methods. Below are some of the most popular payment methods:
- Credit or debit cards - These card payments are one of the most popular payment methods you could find in the UK. Most online casino players have credit or debit cards and may prefer to use them as their primary payment methods. They are easy and completely safe to use with a reputable, licensed and regulated casino.
- E-wallets - PayPal, Neteller, and Skrill are some of the widely accepted payment methods by UK online casinos. These e-wallets, like card payments, also use encryptions that make them utterly safe and secure. Paypal and Neteller have a fee for transferring funds from your account to your bank. But Skrill does not charge anything unless you are transferring to an international bank, in which case, a fee of 4.99% may be applicable.
- Bank Wire Transfer - The bank wire transfer is when the casino sends money directly from their bank to yours. This option is often used for large sums of money. For example, say you won a progressive jackpot, and it's a considerably large sum of money. In that case, the casino may choose to use the bank wire transfer option. Please note that the bank wire transfer option usually takes longer to clear.
How Long Does It Take To Cash Out From An Online Casino?
A reputable online casino is also subject to specific rules and regulations that it must abide by. As a result, cashing out your winnings from an online casino can take anything between a few hours to a few months, depending on several things, including the amount you won.
That is because the casino has to verify that you are who you say you are. It means they must confirm the personal information you provided and the banking details. They also have to check that you have satisfied any applicable wagering requirements and have not violated any of the casino's terms and conditions.
It is worth noting that if you have won a large sum of money, you will likely not receive your payout in a lump sum or within a few hours or days. Due to withdrawal limits, the processing time may be longer, and the casino may have to pay you over a certain period. The duration of this depends on the amount you won. So, always read the terms and conditions regarding payouts, and if they need to be clarified, contact the casino.
Can Casinos Refuse To Pay You If You Win?
Yes, casinos can refuse to pay if you win. However, they would need to have a good and irrefutable reason why they are refusing. Some of these reasons include the following:
- Providing false personal information
- Creating multiple accounts
- Not fulfilling your wagering requirements.
- You are refusing to provide identification to verify your information.
- You are accessing the casino from a different jurisdiction the casino does not allow through VPNs, a program that allows you to connect anywhere in the world.
- Suspicion of foul play, in which case, a thorough investigation will be done.
- You were playing from a fraudulent and unlicensed casino.
If you play at a licenced and reputable online casino, follow all the rules, and do not try to defraud the casino, you have no reason to worry about the casino refusing to pay you if you win.Remember, the casinos want to pay you so you can keep playing with them, so they would not refuse to pay you unless they had a really good reason. Even so, if you feel the reason was unfair, you can take the matter to the UK Gambling Commission (UKGC) and seek their assistance.