Online casinos pride themselves on many criteria, but the speed of their withdrawals is undeniably one of the most important. If you have spent time exploring casino reviews online, especially unhinged social media rants and those from disgruntled customers, they will often originate from a customer who believes they waited too long for their withdrawal.
Now, that’s not to say that this anger isn’t without merit. Some casinos are simply incompetent and some will even use underhand tactics to delay large withdrawals. Today, we will dive into how online casino withdrawals work, the characteristics you should expect from a competent casino, and how withdrawal times can become an extension of how highly rated and enticing a casino may be.
Instant payout casinos
Instant payout casinos are platforms that put their heart and soul into advertising themselves as sites that will give you your money within seconds of requesting a withdrawal. From my experience, this is often contingent on many factors, and the most crucial piece of advice is to ensure you verify your details with the site before you begin playing.
A platform that advertises itself as an “instant payout casino” will attract an intrigued audience. Canadian casinos that have instant payouts mirror the same type of platforms we have seen emerge in the US and the UK – ones that have grown by providing an instant withdrawal option.
Be aware though, that an instant withdrawal isn’t actually instant – it usually takes a few minutes but can take up to an hour, especially with a bigger withdrawal.
By definition, you should receive your money within a couple of seconds of enacting the withdrawal, but some factors can delay it, such as withdrawals outside of business hours or during public holidays. However, KYC is the most critical one customers usually feel the most aggrieved by, so let’s dive into some specifics to show you what we mean.
KYC (Know Your Customer) process
KYC is a process that occurs worldwide. It’s all about knowing who is depositing to the site and is often a requirement of regulators. KYC can differ depending on the online casino, but they often ask for a photographic ID, such as a driver’s license or a passport.
It’s a common practice in banking, as it is designed to curb money laundering and other financial crimes. However, for any corporation that handles large amounts of financial and personal data, investing in KYC or digitizing their service and allowing cyber experts to oversee it can help streamline their business. This also applies to casino gaming.
Online casinos allow you to sign up and deposit before you verify your information. While not all providers will hold your funds before you verify, there is usually a withdrawal threshold. If there are any concerns about the information you provided, casinos have the right to hold on to any funds for an undisclosed period of time. If you verify your information before you begin playing, you should not encounter any undue withdrawal delays or problems.
Payment method dependent
Withdrawals via contemporary and popular payment methods should usually be made to your account within a reasonable period. From my experience, anything up to around 24 hours is an acceptable timescale. However, if you use a cryptocurrency casino, once the payment is verified on the blockchain, it should be available in your crypto wallet.
On the other hand, if you still prefer to use dated methods, such as a check, you could theoretically wait weeks to receive your funds. It depends. However, casinos fit into different categories. There are instant withdrawal casinos, one-hour withdrawal casinos, and others that do not have such a huge focus on the speed of their withdrawals. Usually, they can take anywhere between one and five business days to process a withdrawal.
You can find this information by reviewing a casino site’s terms and conditions, or reading what other customers have said about their withdrawal time on social media or in reviews.
Expert reviewers are usually a good source of information on this topic, too, as they have sampled dozens or sometimes thousands of casinos. They know the average payout time to expect, and when platforms may be unreasonable and hold on to funds for longer than they should.
With so many international and local businesses now advertising in the vast digital world, casinos have to compete alongside some of the industry titans. This isn’t an easy feat. As the potential for innovation in gaming thins and there are only a finite number of payment methods they can use to spearhead their advertising campaigns, the dial switches to the speed of their respective payment methods.
They can withhold your funds if you do not verify your information promptly. They also have the right to do so, according to their terms and conditions. It can be frustrating, but without having verified your details, you can expect delays.
Explore what other people say online about the withdrawal time and build a picture of the casino, but this shouldn’t be the only variable you factor in if you are looking for a new casino. If a platform is competent, impresses in other areas and can top this off with smooth, quick withdrawals, this is a sign of a provider that knows what they are doing.