Online gambling is a billion-dollar industry, but how quickly can YOU get your share of your winnings? Find out the answer and more online gambling tips.
Many internet users make the mistake of rushing to join an online gambling site without reading up on how the casinos work. Unlike traditional casinos where you can go to any machine on the gaming floor to redeem your winnings, online casinos have different requirements.
There are millions of online casinos and the rules and games available vary for each site. For example, 888Gold.info offers a live casino, as well as slots and bingo.
Find out more about how quickly you can cash out your winnings from online casinos below.
Minimum Wagering Requirements
While online casinos entice users with a certain amount of free play every day, they will eventually have to use real money to win. Online casinos that double as live casinos (casinos that pay out real money) often have minimum wagering requirements that the user must fulfill before they are able to cash out any of their winnings.
The minimum wagering amount is usually a set amount that must be bet before winnings can be collected. The bet can be over the course of several games or on just one game.
Before you can even begin to gamble online, you need to set up an account with a method of deposit and withdrawal. Those aren’t necessarily through the same source, depending on the casino.
For example, some casinos may let you deposit money into your account via a credit card, but when it comes time to withdraw your winnings, they require a bank account linked to your gaming profile.
Online casinos can require several steps in their verification process. These steps can include photo ID, address verification or even a copy of your bank statement that shows a test deposit from the casino. The test deposit is usually a minimal denomination refunded after verification is complete.
How Quickly Can I Cash Out My Winnings From an Online Casino?
There is no set time on how long it will take for you to get your winnings from an online casino. It varies on several things – is your payment method verified? How are you receiving the money – credit card, bank account, check, etc.? Every online casino will have the information regarding how to withdraw your winnings, but you often have to look for the answer in their FAQ section.
Once you request the money, it can take minutes, hours or even days to process, especially on weekends. Maybe you’ll get your money immediately; maybe it will be two to three days later. Many online casinos put a small tax on withdrawals. The tax is often waived for your first withdrawal and then a very small percent, usually 1 or 2, for every withdrawal going forward.
Of the millions of online casinos, it’s doubtful that you’ll find any two with the exact same rules and regulations on how quickly you can withdraw your winnings or how long the process will take. Your best course of action is to read through an online casino’s website before creating a user account.