How instant withdrawals work in online casinos

casino instant withdrawals
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The iGaming companies have undergone an aggressive expansion, and they are trying to maintain the momentum. As the market is becoming more competitive, operators do their best to win over potential players with new promotions and promises of instant withdrawals. Due to the tight regulatory framework, as well as KYC requirements, the payment processing time for gambling businesses hasn’t been great. This is especially true for offshore sites that accept players from the US, Australia, New Zealand, and Canada. Still, this hasn’t prevented operators from advertising as instant withdrawal casinos, and for many players who have experienced frustration due to slow payouts, this sounds very appealing.

Having quick access to your winnings is technically possible, but in practice, things don’t go always as planned. One of the prerequisites of course is to play on a site that has an instant payout feature. You can even find a list of the fastest payout online casino sites if you consult trusted reviewers. Even these sites will mention how exactly the process works, and what’s the ideal withdrawal time that you can expect. Here we will take a look at these claims, explain whether fast cashout is possible, and how it works. 

Why Are Withdrawals Slow in the First Place

Casinos that are locally regulated and fully compliant allow players to instantly access their winnings. That being said, if you hit a jackpot or a big win you’ll likely have to wait for a bit longer for that money to appear in your account. Most of the instant banking options have limitations when it comes to payment volume. Bigger transfers in general warrant further investigation to be cleared. 

When you play on offshore sites you are receiving money from businesses that are based in high-risk jurisdictions. It’s still possible to receive payments from them but banks are required to look into these transfers, before giving a green light. 

Casinos are also regulated and need to be transparent, so every payment request has to be cleared by their team as well. RNG algorithms are at the core of casino games and are even used in regular video games. If the algorithm isn’t working properly then the luck element in the game is removed, and some luck element is there for fairness. Given how your winnings can be a result of a game bug, casinos cannot afford fully automated payouts. They need to check if the winnings were obtained legitimately.  

What’s more the payment processor might require casinos to submit documents and justification for the transfer. So, they will need some of your personal information at the ready if they are to expedite this process. 

How Are Instant Withdrawals Possible Then?

Offshore sites are usually regulated by the commission from Curacao. This is the only regulator that allows operators to use cryptocurrencies for deposits and withdrawals. Even if multiple crypto scandals, or the most recent one with Sam Bankman-Fried have stirred trust in crypto trades, blockchain is still a more efficient network for payments. So one of the ways they can improve the processing time is by incentivizing players to use crypto. 

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Another way to expedite transfers is to have the account fully verified. This means the player has submitted all of the verification documents before they even started playing. Finally, players should read the terms of service in detail. Even review sites list those terms, especially when they are writing about bonuses. Promotions almost always come with wagering requirements. These demand the bonus amount be wagered multiple times before you become eligible for payout. Whenever you claim a bonus, the casino will have to check if the requirements have been met, and this can take time. 

What is The Fastest Withdrawal Time Possible

In theory, it is possible to cash out your winnings within a single business day. That being said all of these conditions should be met.

  • The withdrawal amount needs to be larger than the minimum withdrawal allowed by the casino.
  • Using blockchain as the banking options
  • Not having any pending wagering requirements
  • Having a fully verified account
  • Submitting the withdrawal request early during the casino’s working hours
  • Playing on a reputable site that doesn’t have a massive userbase
  • More users means more payout requests and that can slow down the clearing rate. 

It is tricky for all of these elements to be fully met, which is why operators state that users should wait up to 72 hours for the funds to arrive. The only way to further expedite this process is to be a VIP member. Operators with a loyalty program usually list fast withdrawals as one of the perks. This usually means you get your account manager and your requests have higher priority. Since it’s technically possible to get a fast payout, casinos use that fact to market themselves as instant withdrawal operators. 

Featured image via Andy_Dean_Photog – Envato Elements

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