23rd Mar2021

Quick Deposits but Slow Withdrawals: Choosing the Right Online Casinos

by James Smith

Online platforms are slowly beginning to take over the gaming industry. They appeared on the scene in 1994, but it wasn’t until the early 2010s that they got a rocket strapped to their back with widespread smartphone use and began pulling in billions in annual revenues. According to the latest industry research, the global online market will close to double in size in the next six years.

Going by all user polls, a super-essential aspect of digital gaming is speedy money transactions. Modern players desire wealthy game catalogs, but since gambling is a chance-based activity, they know that complex gameplay is only a ruse. All outcomes are random, decided by an algorithm that makes arbitrary decisions. Thus, what is of equal, if not greater importance to them is that they get their winnings as soon as possible. That is why fast payout casinos and quick withdrawals are two of the most searched terms by interactive gaming enthusiasts, as money transfer speeds can make or break your gambling experience.

Always Check the Withdrawal Methods

An online casino may advertise a payment option, but that does not necessarily mean that it will be available for both deposits and withdrawals. The operator’s goal is to get you to fund your account. Yet, when it comes time to cash out winnings, it will look to take a longer route, ensuring its safety. For example, online casinos will often let you deposit via an e-wallet, but they will restrict the removal of money through bank transfer or check only. Such a transaction will take more than a week to complete. They are beneficial for operators as they allow for longer processing times and easier compliance with regulations.

Be Aware of Closed-Loop Policies

Many times, gambling sites enforce a closed-loop transfer policy. Meaning, you must withdraw funds using the same method that you used when you made your deposit. If you utilized Skrill or PayPal to place funds in your casino account, you have to select the same option when removing any winnings from it. The goal of this system is to limit the potential for money laundering. So, at some sites, choosing a wire transfer for depositing will bound you to wait seven or more working days before you receive your winnings.

Watch Out for Long KYC Procedures

It is always wise to read a casino’s terms and conditions before registration. In the payment section, under withdrawals, the site should detail the Know-Your-Customer (KYC) procedure it utilizes. It is a process of obtaining information that verifies your identity, making sure that financial services are not misused. It will often require submitting an ID, a utility bill, and other documents that state your name and address. The length of this process will vary from operator to operator, as will the documents required. If you choose to play at UKGC licensed sites, the procedure should be identical. Offshore operators will implement a different one depending on their location and licensor.
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