Depositing and withdrawing funds from gambling projects
Earlier, we talked about payment systems used by online casinos. However, we did not touch on the topic of the rules for depositing and withdrawing money, how long it usually takes, and how are such operations performed.
Depositing money
Modern casinos allow their customers to play for free. It can usually be done for a limited period of time or with a limited number of bonuses. However, while playing this way, you won’t be able to win real money.
To play for real money, the user needs to register and add funds to their account. Every casino provides a list of payment systems they work with, and these usually include:
- Visa and MasterCard;
- PayPal;
- Skrill;
- Neteller, and others.
Depending on the casino and the region the player lives in, the exact list of payment options may vary. Casinos typically accept dollars, euros, and other popular currencies.
The minimum bet is often set to $10, while the maximum limit ranges between $2000 and $5000 or another currency equivalent. These limits are set so that players cannot lose too much in one evening. Players may have the option to contact a specialist at the casino and adjust the maximum deposit amount.
Most casinos do not charge commissions for replenishing a gaming account. If there is no problem with the card, and it was not listed as stolen, the money will be credited instantly. When making a transaction, the gateway will carefully check all the information to prevent fraud on the player’s side.
When adding funds to their account, users can also redeem a promo code (if they have one) to receive the corresponding bonus. In such cases, the money and the bonus will be credited to the account simultaneously.
Withdrawing money to a card or an e-wallet
As we can see, all casinos strive to make depositing money into personal accounts as simple and fast as possible. Still, things are a little more complicated when it comes to withdrawing funds.
First, not all payment systems are ready to withdraw winnings to their accounts. For example, MasterCard has established regional bans on withdrawing winnings to a bank card. Many banks also request that deposits and withdrawals occur simultaneously to simplify data verification. So, when it comes to cashing out, one must choose their payment system even more carefully.
Most casinos offer several options for withdrawing money:
- Bank cards;
- Cryptocurrencies;
- E-wallets;
- Money transfer systems.
Each payment system has its own rules. For example, some cards may withhold a 3~5% commission, while others will not demand any fees be paid at all. Money is usually credited within a day, making bank cards one of the safest methods for claiming your winnings.
Most e-wallets do not charge additional fees for their services, but the money can take between a few hours and several days to be delivered.
In the case of cryptocurrencies, there are no long-term verification or commissions, but not all casinos even work with blockchains.
As for the limits, the minimum withdrawal amount is around $10~20, and the maximum can reach upwards of $500,000 per transaction.
As you can see, delivery speed is highly dependent on the payment system. The fact is that, when making such a transaction, the system must double-check the winnings’ legality and all the payment details to make sure that the account really does belong to the player. Only after all that is done will the system green light the transaction. It is essential to include one’s actual credentials during registration and only use trustworthy payment systems.
It is worth noting that the first-time data verification can take much longer than subsequent payments.
However, this is not the only reason why the transaction may be delayed. Some casinos deliberately delay the payout for a few days to encourage the player to continue playing and potentially spend the money they have already earned. This approach is not very popular these days, but it still exists.
On the other hand, there are gambling establishments that rely on lightning-fast payouts. The money being credited within half an hour contributes towards such establishments’ reputation and long-term success.
As was already mentioned, the commission amount for withdrawing money depends on the payment system. Some of them agree to do without a fee, while others withhold around 3~5%.
Another point worth mentioning is taxation. When withdrawing money, you must pay taxes according to the laws enforced by your country of residence. The exact fees are different for every region. For instance, it is approximately 11% in Russia and reaches 35% in certain parts of the United States.
Keeping that in mind, one should not expect to receive the exact amount they saw displayed in their gaming account after withdrawing money.
Conclusion
As you can see, the processes of depositing and withdrawing funds can vary greatly depending on the casino, geolocation, and the payment system you plan to use. Players are recommended to study these points before making financial transactions in any online casino.