Casino games are great fun and we all play knowing that we’re going to lose way more often than we’re going to win. The house has an unbeatable edge which means that in the grand scheme of things, gambling will always be a losing proposition.
However, the law of averages means that somewhere out there, someone is going to win – and sometimes even win big. Sometimes that winner is you, and the question becomes what to do with those extra funds in your online casino account. Some people are happy to reinvest that money into playing more games. Most people, however, will want to make a withdrawal and use that money for something fun like travel or a big day out.
Online casinos advertise their payout speeds and payment methods but the information isn’t always clear. Reading through gambling forums reveals plenty of examples of players who are frustrated with the payout speed, the lack of transparency, and other issues with withdrawals.
Many factors go into determining how fast an online casino can give you your money after you’ve clicked that “Withdraw” button. This brief article will give you the basic information you need to understand online casino payout speeds.
Know your customer protocols
The biggest delay in payouts from online casinos comes from the Know Your Customer (KYC) protocols. KYC protocols are used by online casinos to prevent fraud and to protect their players from having their funds stolen.
KYC protocols verify a player’s identity and sometimes the source of their funds before they will process a payout. To do this, the player has to submit verification documents. These are proof of identity and proof of address, and sometimes a financial document to prove the source of the deposit. Proof of identity can be done with a driver’s license, state ID, or passport. Proof of address can be done with a utility bill or other document that legally links the player’s name to the address on the account.
Regular online casinos enact their KYC protocols whenever a player requests a payout. Depending on the casino, this can take an extended period to perform. Others only perform the KYC protocol when a player requests a payout from a new payment method.
Variety of speeds
Every online casino will have its own average speed for withdrawals. These are fairly standard across the industry (credit/debit cards always take longer than PayPal withdrawals to process, for example). There can be a lot of variety in processing times on a single site, especially if they accept traditional methods like bank transfers as well as more modern methods.
The withdrawal speed for each payment method is displayed on the individual casino’s site, though sometimes it can be harder to find than others. In many cases, this information is in the Terms and Conditions. Other sites have this information in their FAQs or Help Desk sections.
Casino guides are also a reliable source for finding the payout speeds for a particular casino. Following this link will take you to Casinomeister’s blog about the withdrawal times at Ladbrokes Casino. It’s a good example of the variety that can exist on a single casino site.
Are instant withdrawals really instant?
The short answer is no. Instant withdrawals are fast but they are not instant, in the vast majority of cases. The main exception, of course, is cryptocurrency withdrawals from crypto casinos. Due to the nature of the blockchain, these withdrawals actually are instant.
Instant withdrawal casinos should perhaps more accurately be referred to as fast withdrawal casinos. Fast withdrawal casinos are able to process payouts at a much faster and more consistent rate than other sites. The time for fast withdrawals is usually under 24 hours but can be up to 48 hours.
Fast withdrawal casinos are able to offer this speed without sacrificing security because they perform their KYC protocols before the player requests a withdrawal. Players can choose to go through the KYC protocols immediately after they create an account, although it is more common for players to complete the KYC protocols with their first withdrawal. That information is then saved. As long as a player uses the same payout method, their KYC information has already been processed so their payout can happen “instantly”.
The one factor that many players don’t consider is that fast withdrawals are only fast on the casino’s side. The payment still needs to be processed by the financial institution, bank or payment processor that the player has an account with. These financial companies all have their own KYC protocols. Since they do not have the same sort of agreement with the player that the casino does, their KYC protocols cannot be bypassed.
The plus side of this (besides the knowledge that your funds are being protected by every company involved) is that financial institutions typically have a far more standardized and reliable timeframe for processing payments.
Instant withdrawal casinos may not truly be instant but they are much faster than their competitors and they provide players with a more reliable timeframe for withdrawals to be processed.
Give Me The Mike received compensation for this content.
