Why Do Online Casinos Take So Long to Pay out: Explanation & Tips

Article by : Divya Gandotra Aug 7, 2024

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So, you’ve been lucky to win real funds and imagine how you can spend your winning, but then, you realise that it won’t be as fast as you would like to. Well, there are several reasons for this. Our experience shows that the payout time specified in the cashier section isn’t ultimate since there is also a processing time on the casino’s financial department side. In this article, we will explain why online casinos don’t pay out fast, what tips can help players minimise the waiting time, and what else should be considered to play responsibly, have a safe experience, and withdraw real money from online casinos quickly.

The Antics of Verification: Procedure & KYC Importance

First of all, you can notice information regarding the withdrawal time in the T&Cs. In most cases, operators specify that they may require verification for withdrawals exceeding certain limits, usually, over €2,000. This procedure is also known as KYC (Know Your Customer) and it can be pretty slow since the operator deals with players’ sensitive data and needs to check all the sent documents in person.

In some casinos, you may come across requirements that verification is available only after depositing, but such conditions aren’t common, so players may save time by sending documents for verification right after registration. This will allow gamblers to have a fully verified account by the time they want to withdraw, which provides for faster payouts.

Sometimes, operators may have a special section in the account so that players add their documents and pass the KYC procedure automatically. In other cases, casinos may have a separate email address for verification or ask players to send the scanned copies of their documents (ID, driving license, billing address) directly to the official email address. We should add that some casinos may have an e-verification option, which takes up to a few minutes.

KYC is an important procedure which allows online casinos to make sure that players use their own rather than anyone else’s personal data and don’t use the site for money laundering. That’s why it’s important to provide correct information while getting registered; otherwise, players may face delays during verification and further withdrawals.

Processing Procedures and Regulatory Hurdles

The other aspect which influences the payout time is the processing procedure. When a player leaves a withdrawal request, the casino’s manager needs to manually check some information, including the following:

• player’s identity and account details
• the method used for depositing
• absence of any suspicious activity
• compliance with local regulations

In some cases, the casino may require information about the source of income when it comes to large amounts deposited within a short period, but it’s an exception rather than the rule. At any rate, the operator is doing its best to guarantee safety, check each detail, and keep the received data secure.

This manual review ensures compliance with anti-money laundering (AML) regulations, which prevents fraudulent activities and translates into responsible gambling practices, ensuring that gambling remains a safe and fair activity. These checks are important yet take time and prolong the payout process, so you should consider that the clearer the information you provide during verification, the faster your withdrawal will be processed.

Payment Method Matters: Pick the Fastest Options

First of all, we should note that most online casinos require players to withdraw funds via the method which has been used for depositing at this casino at least once. It’s required for verification purposes. Besides, some payment options provide faster withdrawals than others:

• E-wallets & cryptos: options like Skrill, PayPal, and Bitcoin are the fastest methods which allow players to withdraw within 24 hours, or even instantly.
• Credit/debit cards: Visa, Mastercard, and other bank cards make players wait longer, taking 1 to 3 business days to process a withdrawal.
• Bank transfer: this option has the longest processing time coming up to 7 business days. You should make sure that the account data coincide with your bank account.

Please note that these payment options may charge extra fees. In most cases, fees are applied to bank transfers. Plus, this method may have tougher minimum withdrawal limits (e.g., at least $100).

Beyond the Basics: Other Factors Affecting Payout Speed

In addition to basic qualities which influence the processing time, it’s worth noting some other factors which influence the withdrawal time at an online casino:

• Weekend or holiday requests could lead to delays since the financial department or the bank representatives can be off during these days.
• High withdrawal volume at the casino can slow down processing since big winning amounts (usually, above $10,000) may require extra verifications.
• If you don’t meet the deposit turnover requirements (e.g., 3x), the casino may take longer to pay out or may charge an extra fee.

Keeping the Wait at Bay: Tips for Smoother Withdrawals

Players can’t fully influence the processing time, but a few simple tips will be helpful to make the process smooth and avoid common mistakes which may cause the longer processing time. Here are the tips from our own experience:

• Once the option is available, follow KYC verification right after registration to have a fully verified account when it’s time to cash out.
• Opt for e-wallets or cryptocurrencies rather than credit/debit cards and bank transfers to wait for up to 24 hours rather than 1-3 business days.
• When the casino’s financial department is available only on weekdays, avoid leaving a cashout request on Saturdays and Sundays.
• Examine the casino’s T&Cs to be aware of its processing time and pitfalls to consider, such as the deposit turnover.

Conclusion

As a rule, online casino deposits are much faster than withdrawals since the casino’s financial department may require extra verification, KYC, and AML to guarantee safety. Gamblers should accept this rule and meet a range of requirements to make the cashout process as fast as possible. These are adding correct personal details, verification right after registration, and choosing fast-paying banking options like e-wallets and cryptos. With this knowledge, you can choose reputable casinos with transparent payout procedures and enjoy secure and fast payments.