What you need to Know about Online Casino Payouts
With the internet opening up the world to everyone and making so many things readily available, it is no wonder that online casinos have become a popular form of online entertainment. It is no longer necessary to make plans and lodging arrangements to visit your favorite Vegas casino. You can kick back in your own home and enjoy your favorite games.
But what most players do not realize, or at least not right away, is that how they receive their winnings is different online than at a Vegas casino. At a Vegas casino you would collect your chips, coins, or player tickets and go cash in. You would receive your payout right then.
When it comes to online casinos, the payouts work a little bit differently. There are three things you need to know and consider in regards to payouts before you choose a casino to play at.
Withdrawal Options
Most online casinos will have several different withdraw options for when you want your winnings. The most common method are a transfer to your credit card, a transfer to an online payment processing services, a wire transfer, or a credit to a your prepaid card if you used one to deposit to your player account. Sports Betting Some of the most commonly used online payment processing services used by online casinos are NETeller, eWallet, Click2Pay and Moneybookers. Some casinos will also have options available so that you can have your winnings mailed to you in a check, or transferred directly to your bank account via an e-check.
You will want to check out what withdrawal options are available before depositing money. Do not get into a situation where you have no means of getting your payout. For example, you might already have a PayPal account, but if the online casino does not accept PayPal, your winnings cannot be transferred there. Check your withdrawal options ahead of time and set up a withdrawal method to prevent running into stress and frustration later.
Time frame on Receiving Payouts
It is not uncommon for different types of online casino payouts to have different receiving times. Unfortunately, since there is no direct person-to-person contact like at a Vegas casino cashier, most payouts are not instantaneous. Some might be but it will vary from casino to casino. The quickest payouts tend to be with transfers to credit cards, such as your debit card if it carries the logo of a major credit card company such as Visa or Mastercard. Other options, such as receiving a check in the mail, can take up to ten days.
Sometimes the amount of time to receive your winnings is held up for security reasons. To protect your financial information and themselves, some online casinos will hold your winnings until they can verify and approve the request for withdrawal. Unfortunately, there are people in the world who will try to hack into player accounts, request withdrawals and steal your winnings. To avoid this, casinos will request a faxback. That is a form that they send to you that you must fill out and faxback to them so that they can verify that you are the account holder and that you are requesting a withdrawal.
Withdrawal Charges
One more thing that you need to be aware of in regards to online casino payouts it transfer charges. Wire transfers will usually have a charge for the service, and most likely the casino will pass it on to you since it is your money. Some online payment processing services will charge a percentage or a flat rate for their services. If your credit card has to convert your winnings from one currency to another, there might be a charge for converting.
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