What´s the Best Way to Cash Out Your Winnings at an Online Casino?

Posted on September 17th, 2009

If you are playing casino games online, you are not doing it to make up the numbers presumably. You are doing it for a bit of entertainment, and what is more entertaining than actually winning? Well, we have had a number of queries on how best to take out your winnings from an online casino in recent months, so we though it was about time that we wrote up an article on that very subject.

Withdrawing you winnings is of course an important part, if not the most important part of playing online. You want to know, if you do win, that the casino is going to honour its side of the deal and pay out what it owes you, and pay it out fast.

When you win a big amount (or a small amount for that matter), the money will sit in your casino account until you take it out. If you are sensible, you´ll withdraw it quickly after a big win. Don´t leave it too long in the casino just in case you are tempted to play with the money again! Take a break and bank the profits, would be our advice.

Always make sure that you have read the small print on withdrawing before you play. The questions you need to be asking include:

  1. How long does it take to withdraw?
  2. Is there a charge for withdrawing?
  3. What methods can I use to get my money out.

Many casinos will ask for ID (and rightly so- you don´t want someone else getting their hands on your lolly fraudulently). Some casinos have set days of the month when you can withdraw (a personal gripe of ours) and some even have maximum and minimum amounts that you can take out, so you may have to do it in stages.

In our humble opinion- the bottom line is that if you have won, the money is legally yours. The casino should be doing everything in its power to make sure that you have the funds quickly, securely and with minimum fuss.

The casino will first check that all its T´s and C´s have been hit (eg that you have hit all of the wagering requirements). Then they should give you a range of options on how you would like to withdraw the funds.

Many casinos are able to credit winnings back to your debit or credit card if this has been used to initially purchase the chips (if you live outside the USA). These days, however, many card providers are blocking casino transactions. If you can do it this way, it´s an easy and convenient option as the winnings should appear in your account within 3-4 days.

Web wallets such as Paypal, Neteller and Money bookers are also good options. You do not need to reveal your credit card details with these deposit and withdrawal methods. A safe and secure way of doing things. Paypal may not be available on your casino as it is notoriously picky when choosing partners (and you´ll have to be playing from the UK).

If push come to shove, you can always fall back on a more traditional way of getting your funds out: a cheque sent by regular mail or courier (ask the casino to send it by courier if you can). You´ll pay around 30 pounds for the privelege, but it speeds things up no end.

Before resorting to the cheque option, however, we would recommend going for the wire transfer option. Ask your bank for the SWIFT code (sometimes called a BIC code) and the IBAN number (which is an International Banking number). Make sure you supply the casino with your full details- your name, address, postcode, the bank´s name, address, postcode, IBAN and SWIFT. Leave nothing to chance! Wires normally take between 3 and 5 working days and you´ll be charged around 35 pounds. Make sure you have the IBAN number and SWIFT correct as this minimises your cost.

Always look for this kind of information before you play when you are comparing casinos. You can find it under the “Banking” section on most online casinos or read the reviews on Online Casino King- we have a section at the bottom of the reviews where we spell out exactly this kind of information.

Related Posts

The Bungle at The Bellagio. Casino Hold Up Goes Wrong

A player trying to make off with 115 grand’s worth of casino chips lost his wig, sunglasses and the stolen chips in Vegas last weekend in a farcical job on The Bellagio Casino on The Strip. A hapless bandit...

The Top 10 Places to Celebrate New Years Eve

Well, it’s almost the end of 2011. I can’t believe it. Yes, I can actually…bring on 2012! I know it’s probably a bit late for you to change your plans for New Years Eve, but we thought it would...

Win Tickets to the Monaco Grand Prix. Formula 1 Casino Promotion.

Next month the Formula 1 Grand Prix circuit heads to the glamorous city of Monaco for the most famous and some would say best motor racing event of the year. One of our favourite casinos,  Purple Lounge,  are offering...