HOW DO ONLINE CASINOS COMPENSATE YOU?

You funded your online casino account, played your favorite online game, and now you've won big! But how do you withdraw that sizable winnings from your account?

We will investigate how online casinos pay you and assist you in determining the method that works best for you.

PAYMENT FOR ONLINE CASINO IN REAL MONEY

These are the most common payment methods used by online casinos to pay you in real money.

Credit and Debit Cards

Because the majority of online casino patrons own credit/debit cards, they are the most popular payment method. You can pay for the money you deposited on your online casino account at the end of your billing cycle, allowing you to top up your bankroll and spin the reels of real money online slots even if your account is empty.

However, some countries, such as the United Kingdom, are prohibiting the use of credit cards for gambling, as of 2020. Fortunately, most jurisdictions still permit online casinos to accept credit cards.

While credit cards are extremely convenient for depositing funds, they have one of the slowest withdrawal times. It may take up to five business days for your winnings to appear in your account. Furthermore, all deposit payments made using this payment method may include interest. When the bill arrives, you are likely to pay more than the amount you put on your account.

PayPal

PayPal is a popular e-wallet service that is accepted by many online retailers. Almost any credit card or bank account can be linked to the e-wallet service, allowing you to use your bank cards without providing your banking details to online casinos. This payment method is also well-known for its consumer protection feature, which comes in handy if a player deposits at a rogue casino. Furthermore, withdrawals are processed quickly and can be completed within one business day.

This payment method is ideal for making deposits and withdrawals from an online casino; however, not all jurisdictions permit Paypal transactions for online gambling. Unfortunately, PayPal is not accepted by US casino websites, making it unavailable to American players. There is also the issue of fees, which can deduct a significant portion of your winnings when you withdraw them from your casino account.

Skrill

Skrill, formerly known as Moneybookers, is one of the most established e-wallet services, widely used by online gambling sites. Skrill casino bonuses are available to those who use this payment method. If you want to get your winnings out of an online casino as soon as possible, withdrawing your money to your Skrill accounts can take anywhere from 1 hour to 1 business day.

It is free to transfer funds from your Skrill account to a domestic bank account. When transferring funds to foreign accounts, however, there is a 4.99% international fee. When withdrawing winnings from their Skrill account, foreign players should keep this fee in mind.

Neteller

Neteller is a popular e-wallet used by online casinos based on the Isle of Man. This payment method is accepted in over 150 countries and will work with a variety of banks. The private information of online casino players is safeguarded against hackers by Neteller's SSL and 128-bit encryption. Deposits from your Neteller accounts are typically processed within an hour, while withdrawals are processed within one business day.

One of Neteller's major flaws is that it is not available in all US online casinos, forcing American players to seek out alternative e-wallet services. When transferring money from your Neteller account to your bank, you must also pay a significant fee.

Cashiers and Cages

When it comes to online casinos in the United States, each brand is frequently associated with a land-based casino in many states. They do, in fact, allow you to deposit money into your online account and withdraw your winnings at a land-based casino with which they have a partnership. This method is commonly referred to as "the Cage."

eCheck

Electronic checks have long been a viable option for those who are unable to obtain a credit card. All transactions in this bank transfer are processed through the Automated Clearing House (ACH) network. ECheck is one of the dependable payment methods with low fees, allowing you to keep the majority of your winnings when you leave the casino. All eCheck transactions are also secure because the ACH network employs high-level encryption and digital signatures.

Online casino players who want to use eChecks must provide their bank account number and routing number, which may be a problem for those who want to keep this information private. Furthermore, deposits and withdrawals can take 3 to 5 working days to complete.

Wire Transfer

Wire transfer, which makes use of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, allows you and the online casino to send money directly to each other's bank accounts. This payment method has been around for a long time and is accepted at many online casinos. Because there are no middlemen, wire transfer fees are significantly lower than those listed.

While wire transfers are ideal for online casino players who do not want to pay high fees, these transactions typically take longer than other payment methods. Withdrawals for this payment method typically take 5 business days or more.

Another issue with wire transfers is that they are paid directly to a bank account, which creates a gambling transaction record. This can be a problem for those who want to keep their good credit.

Cryptocurrency

Bitcoin and other cryptocurrencies are the most recent payment options available at online casinos, with some dedicated bitcoin casinos emerging in recent years. These crypto coins make use of the Blockchain network, which enables secure and transparent transactions. Transaction fees are much lower than with other payment methods, depending on the cryptocurrency.

Another key feature of this payment method is its speed, with deposits and withdrawals taking only minutes or an hour to complete. Furthermore, you can buy and sell these digital coins without revealing any personal information or banking information, allowing you to play anonymously.

For those who are unfamiliar with technology, cryptocurrencies are the most difficult to manage of all payment options. To store your Bitcoin and other altcoins, you must have a digital, software, or hardware wallet.

In addition, there is no consumer protection for cryptocurrencies. All transactions are final and cannot be reversed, allowing rogue casinos to easily steal money from unsuspecting victims.

WHAT CAN PREVENT ONLINE CASINO PAYMENTS?

There are times when an online casino will either delay or refuse to pay its customers. The most common reasons why a licensed gambling site will not pay you are listed below.

Large Payouts

Extremely fortunate players who win millions of dollars from an online casino in games such as progressive online slots or high-roller games will most likely not receive their entire winnings in a single day. This is not to say that a legitimate online casino will not pay out your winnings. Instead, your winnings will be paid in monthly installments.

Failure to meet the wagering requirements

Players who have recently received a sizable online casino bonus are likely to have difficulty withdrawing all of their funds. All bonuses, including the winnings from your online slot free spins, must be wagered. To meet the wagering requirement, you must wager your bonuses a certain number of times. If you received a $100 bonus and the wagering requirement is set to 18X, for example, you must wager that $100 until you reach $1,800. You can withdraw the bonus once you have met the wagering requirements.

A Bug in the System

Nothing is more terrifying than having your online casino software or website crash right after you have won a large online slot jackpot prize. Unfortunately, if the game malfunctions, the operators reserve the right not to honor your winnings. This is most likely due to the lack of a record indicating you won a specific payout from any game.

Inadequate Qualifying Documents

Online casinos require all players to submit official documents to prove their identity as part of their Know Your Customer (KYC) policy. KYC and Anti-Money Laundering (AML) policies are expected among licensed online casinos, as governments are concerned about criminals taking advantage of gambling sites. If a player fails to submit any ID or documents in order to meet the KYC requirements, they will most likely have difficulty withdrawing their winnings. If their documents have expired or are invalid, players will face the same withdrawal issue.

Gambling by Minors

Gaming regulatory bodies such as the UKGC and MGA are extremely strict when it comes to preventing minors from accessing any gambling site. Because of these offices, you will never see any casino or sportsbook advertisements with children in them. Minors are not permitted to play at licensed online casinos, as required by law. When an operator detects a minor through their KYC documents, all withdrawal requests are halted and the account is blocked.

WHAT HAPPENS IF A CASINO FAILS TO PAY YOU?

When you are having problems with your withdrawal, the first constructive step is to contact customer service. More than half of all withdrawal delays and problems are caused by a system error, which can be resolved by contacting a casino's support team. There's also a chance you submitted the incorrect KYC document, which can be corrected by submitting the correct ID.

If a sportsbook or an online casino refuses to pay you without explaining why, the next step is to contact their licensing offices. Gaming commissions (for example, the UKGC and the NJDGE) have a hotline where players can report a casino that refuses to clear their withdrawals (which they are obliged to). You can also seek third-party assistance to speak with the casino's operator and persuade them to release your winnings.

Remember that gambling operators have the right to ban you if you win too much. They would still have to pay out earnings earned legally, without cheating or abusing the system.

Online casinos can pay you in a variety of ways, including those with faster withdrawals and higher fees. If you have any problems with your withdrawals, always contact the online casino's customer service for assistance.