Having completed a registration process at an online casino including making a deposit, gambling will naturally follow. Spending time on the slots, or sitting at any of the popular online casino tables like blackjack and poker, all players are hoping for one outcome – a win.
Because of the risks involved with gambling, there are always wins and losses. Some of the wins may just cover the outlay of bankroll that has been played, but occasionally, when the chips fall just right and odds are defeated, a major payout will happen for some. Whether it is the slow incremental building of winnings, or a big jackpot is landed, there will come a time when a cashout is required. But what happens when it comes time to withdraw a substantially large sum?
Understanding the nuances of financial transactions of online casinos becomes quite essential, since to get some of the best casino bonuses UK or Nigerian platforms offer is one thing, and to withdraw real cash from an online platform is another. While the process of making a large withdrawal may seem straightforward, there are still some aspects to keep in mind.
Verification
A casino platform has caught your eye and you register an account. Once it’s open, you will need to fully verify your details. Full verification of the account means that you will need to prove the details of your ID and the address that you used to register with.
This is done by taking a photo or a scan of something like a utility bill and driving licence and sending it to the casino operator via an encrypted upload.
The purpose of this is to double-check that you are who you say you are. This is a standard security step with online gambling, and it’s part of the fight against money laundering.
Extra Check For a Big Request
The above is typically a one-and-done type of deal. Customers don’t have to verify their accounts every time they perform a withdrawal, as that would be a nuisance for everyone involved.
But if it is a big withdrawal, something substantial that you are requesting, there is every possibility that you will have to go through an extra security check. This could be a frustrating thing timewise, but it’s an added layer of security to protect your funds.
After all, moving 160,000 NGN from your account is a lot different to requesting 30,000,000 NGN. The latter carries a lot more risk and liability for all involved, and therefore extra checks can happen.
Limits
Another thing that may come into play when making a large request from an online casino, is withdrawal limits. This is something that should be checked when the account is first opened, as it can determine which payment method you use.
Different payment methods carry different withdrawal limits. Modern e-wallets like Skrill are great for quick convenience, but are not going to give players the high withdrawal limits that a bank transfer or wire is going to give.
Casinos also commonly have daily, weekly and monthly withdrawal limits in place. That means, if you are looking at a substantial sum to be withdrawn, it could take some time to get all of it out.
Why Do Online Casinos Have Withdrawal Limits?
Several reasons. One is to protect their financial fluidity. If 75% of their customers all decided to request massive payouts on the same day, that could leave the casino depleted of working capital.
Limiting withdrawals also helps fight fraud. If someone hit a mega jackpot and that account was then hacked, the bad actor couldn’t just grab all the money in one shot, so the withdrawal limits can protect your interests.
Also, by making players wait to get all their money out, casinos hope that in the meantime those players will keep gambling and deplete what they have in their accounts through gaming losses.
Fees
Some casinos don’t charge withdrawal fees, some do, perhaps around 2.5% of the withdrawal amount (up to a capped limit). This is information to be aware of when first registration, and can be found in the casino withdrawal policy. If in doubt, check with customer service.
Payout Option
Depending on what the amount is, you may be given an option for payout. With major casino wins, it’s possible to be offered an annuity, where you are paid out so much per year, typically over a 20-30 year period for a guaranteed annual income. It’s that or take the lump sum, which potentially comes with a much bigger tax liability.
In Summary
Before making a big withdrawal, talk to customer service first to fully understand your options and best way to proceed. The goal is to withdraw your funds in the least amount of transactions, in the quickest way possible to a secure payment method. It’s your money after all, and it’s better to have it on your side.
