Withdrawing money from online casinos
Withdrawing money that you’ve won is certainly one of the best feelings in the world. Hopefully you know that feeling, where you’ve had a nice win and taken the house to the bank after a great run at blackjack, or your number hit at roulette, or maybe you hit the big one on the slots. However you managed it, getting that money from your account and into your “possession” is a magnificent feeling that is hard to beat.
When you make a withdrawal request, regardless of the casino you’re playing at, there will always be some processing time, particularly when you’re making a first withdrawal. The some online casinos will complete a withdrawal request on the day that it’s made (provided that it’s done within business hours), while at others it can take up to 3 working days before a withdrawal request is finalised. That’s why we always recommend reading our online casino reviews so that you’re clear in advance as to how long you can expect to wait to receive your money.
You have to take the payment method that you use into consideration as well, as this will have a significant impact on the speed with which you can get your cash. It’s important to remember that the method you use to make deposits will also be the one that the casino automatically opts for when you request a withdrawal; therefore, if you use a deposit method where this isn’t possible, the casino will generally send you your cash via a bank cheque, which is by far the slowest payout method, so bear this in mind.
As well as the time it takes a casino to finalise a payout, you should also consider the additional processing time by your financial institution on top of this. For instance, using a debit or credit card can mean that it takes an additional 2-5 working days before your funds are available; with direct bank transfer or bank cheque it can be anywhere between 10-14 working days.
Another tip is to choose your deposit method with the accessibility and convenient of withdrawals in mind, as using different methods for each will slow down considerably the speed at which you can get your cash out.
Proving your identity when withdrawing money in online casinos
Whenever you make a first withdrawal request, you will be asked to provide ID and so prove your identity i.e., that the person requesting the withdrawal is the person who signed up, that you’re over 18, and that any credit cards you used actually belong to you.
It’s important to know that casinos won’t even begin to process a withdrawal request until they are satisfied as to your identity (this is because of international anti-money laundering laws, and to protect underage players) and so it is in your interests to get any requested documentation to them as soon as possible if you want the fastest payout times. In fact, we always recommend preparing this in advance, so below is a list of what you might be asked to provide (this is not exhaustive, however):
- photo ID, usually a passport or driver’s licence
- proof of address (e.g., a current utility bill)
- a copy of the front and back of any credit/debit card that you used to make a deposit
You can expect to find the following withdrawal options at our recommended casinos:
- Bank transfer
Not all venues offer all of these options, and some may offer additional payment methods not listed above. Refer to the casino cashier or FAQ section of your chosen site for further details regarding withdrawal options. If you’re still unsure, contact customer support using the casinos live chat options for on the spot assistance.
How long does it take to withdraw funds from an online casino?
Most casino cashiers only operate Monday to Friday so if you make your withdrawal request outside of the business week you may have to wait even longer. Be mindful your payment may be subject to additional processing periods depending on your chosen withdrawal method and any terms and conditions of your financial provider.
The withdrawal of money depends on the payment system of the online casino, which you use to withdraw funds:
- E-wallets: ClickandBuy, NETELLER, Ecocard, Skrill, EziPay: withdraw money 1-3 working days;
- VISA credit and debit cards: withdraw money 3-7 working days;
- EntroPay: withdraw money 3-7 working days;
- Instadebit (Canada only): 8-day pre-authorisation + withdraw money 1-3 working days;
- SWIFT-bank transfer (fee applicable): withdraw money 5-7 working days;
- Courier cheque (fee applicable): withdraw money 3 -7 working days;
- Regular postal cheque (non-transferable): withdraw money 1-3 weeks.
How to withdraw your money from an online casino?
Credit card casino cash outs are relatively straightforward. Just give them all of the same billing/card information that you provided to make your credit card deposit, and let the process work in reverse. These can be processed in less than a week in some cases, and they're extremely safe, due to the considerable protections offered by your credit card company. Note that MasterCard can no longer be used to withdraw funds from your online casino account, though other brands like Visa are still quite useful.
How to withdraw your money from an online casino with Wire Transfers?
Wire transfers have become the de facto withdraw option for most US online gamblers out of necessity, and many Canadians enjoy the same benefits. You need to trust your online casino to make a transfer of this kind (since it requires you to share your bank account information). However, by cutting out the middle man, your casino money will arrive directly at your fingertips within about 5 to 10 business days. Using wire transfers to cash out from web-based casinos is ideal especially if you used a deposit option that cannot be used for withdrawals, like MasterCard, and it should be an option no matter where you live!
Don't be surprised, after you fill in the withdrawal forms and give all of the information they ask for, if your online casino needs a little bit more information before sending any cash your way. These sites often ask for scanned/faxed copies of recent utility bills, drivers licenses, and other documents that show your current address in order to help prove that you really are who you say you are. In fact, for any significant withdrawals, this is always going to happen.
Why wasn’t the method I selected used for my withdrawal?
In most cases, the casino will pay you using your preferred method (which you would have indicated when initiating the withdrawal), but this isn’t always practical or possible.
In some cases the payment method you used to deposit would have a service-level agreement with the casino that requires us to pay back your withdrawal via the same method that you used for depositing.
What’s with the pending period over the weekends?
The banking team goes through all withdrawal requests that have been checked and pending 24 hours before sending them to the various processors for payment. To cut the long story about operations and financial institutions short, sadly no cash-ins currently are being processed on Saturday or Sunday.
The last run of the week is processed on Friday and the next run gets processed on Monday morning, so any withdrawals initiated after Thursday afternoon would be pending slightly longer and get processed on Monday.
Withdrawing with PayPal in an online casino
Withdrawing funds from your casino account works virtually the same way as depositing. Just visit the withdraw page of the casino, choose the service as the withdrawal method, fill in the pop-up form and the money will arrive in your account.
Can I withdraw money from online casino to the Mastercard card?
The case with MasterCard is, however, different. Although credit cards are accepted at the majority of sites for deposits, with debit cards likewise available to use at most, withdrawals are generally not available to either form of MasterCard if it’s issued by a New Zealand bank. We would always recommend an alternative payment method, as if you use MasterCard to make deposits, you will receive your funds when you withdraw via bank cheque, which is by far the slowest payout method.
What are the available methods to withdrawing money for US online casino players?
There are 2 main methods which US online casino players can use to withdraw your winnings: check and wire transfer.
Wire transfer withdrawal is available in every US friendly casino. The transfer itself takes approximately 24-48 hours, however the processing times varies from one casino to another and so are the fees. We recommend that you check the casino banking page for exact details.
Checks naturally take a bit longer than wires, but it mainly depends on the Check company itself. Some casinos are quite fast, 2-4 days, while in some it can take even 2 weeks. You can check our Fastest Payout Casino listing for more details.
Rapid Transfer – this is a special payment method used only by Slots LV and Ignition casinos. It means that you will receive your payment within 48 hours, which is pretty amazing for US online casino, but the downside is that you can cashout only $650 per payment and there are some fees involved ($20 – $60, depends on the amount).
What is the best withdrawal methods do casinos?
When you need to get your winnings from the casino, the best tool to use is an e-wallet. Bank wire transfers are the second method popularity-wise, but this isn’t caused by their convenience. The vast majority of online casinos today offer ONLY bank transfers or a limited number of e-wallets (usually Skrill and Neteller) for withdrawals. The electronic transaction is definitely the best way to go as it usually involves only a 24-48 hour waiting period.
What is the Reverse a Withdrawal feature?
To reverse a withdrawal means that you have a limited time to return the whole or portion of your withdrawal back to your gaming account and continue playing instead of making a deposit. Not all online casinos offer this feature, please check our Online Casino Reviews to find out more.
Why do I need to provide more information in order to cash out?
The information must be provided in order to ensure the safety and security of your account. The Casino Security Service must always verify that funds are only withdrawn by the account holder.Is there limits on how much I can withdraw, even if I have won a big jackpot?
It depends on the casino itself, as some casinos will obligate you to withdraw it bit by bit while other casinos let you withdraw the entire jackpot at once.
Is there a limit on how much I can withdraw?
Most of our recommended online casinos have no limit on the amount you may withdraw. However, some casinos can not pay more than $5000 a week, which depends on your account status and payment method. Please check our casino reviews for more details.
The winnings that I make while gambling online, are they taxable?
Yes, they are. Any winnings that you make from online gambling are taxable. Check with your local jurisdiction
Why when cashing out do I need to provide my families information?
The reason online casinos may require your families information prior to a withdrawal is so they can do a fraud check. Often online casinos offer bonuses which aren’t fully in their interest which can attract bonus hunters – people who go around looking for no deposit bonuses or deposit bonuses with low wagering requirements.
These people try and “scam the system” so to speak – they don’t just register an account for themselves but they use their friends and families details to register accounts etc.
Requesting your families information is just another fraud protection concept that they have.
Will the casino report the winnings to the IRS?
No, casinos will not report it to the IRS, but you are on the honor system to report these online gambling winnings.
However, if you’re playing at an online casino based in New Jersey or Delaware, then yes, they will report your winnings. That’s why you have to give them your social security number when you sign up.
Canada does levy taxes on gamblers, but only in the very specific situations in which their winnings can be considered a form of business income. That means that you were "working" for it, and that your winnings represent a substantial part of your income. Professional gamblers fall into this category for sure, and there is a massive grey area for gamblers like poker players and sports bettors that have to use a lot of very specific strategies.
Are these winnings taxable if I am gambling on an offshore casino?
Yes, it does not matter where you are gambling, any income from online gambling, regardless of its location is taxable.
If I have won a large amount of money, should I cash it out all at once? Will it affect my taxes?
Cashing it all out or bit by bit is your decision, and it will not affect anything, including your taxes. As mentioned before, casinos will not report these winnings, so you are on the honor system to declare the winnings on your tax return. You can also deduct any losses in the same year from these winnings.