Fast Payouts Matter – Here’s Why
Few players would place ‘fast payouts’ top of their list of priorities when it comes to selecting an online casino. When, in fact, there is a strong argument to be made for putting cash withdrawals above all other considerations. Why you might ask, there are plenty of excellent reasons. First of all, if a casino doesn't offer a banking method you can use, nothing else matters. You will not be able to play real money games at your preferred venue. Furthermore, many casinos place limits on daily withdrawals. While this might not matter much at the time of opening an account, it will certainly matter a lot when you want to cash out on a big win.
Similarly, many real money players fail to consider pay-out policies before making a cash deposit. Cash withdrawal times can vary significantly between different casinos. Sometimes it can take days to process, plus days to clear through the payment method used. Online casinos don’t offer the instant cash-out solutions provided by their land-based counterparts. Long withdrawal delays are simply not acceptable. You don't have to settle for substandard when it comes to withdrawing your winnings. That's why we have put together this guide to help you understand what is meant by 'Same Day Payouts', how they work, and what you can do to ensure you receive winnings fast.
What is Meant by Same Day Payout?
At a brick and mortar casino, when you want to cash out, you take your chips to the cashier, and they will exchange your chips for cash instantly. This is a same day payout in the real sense of the meaning. Unfortunately, it is neither that fast or straightforward with online gambling venues. When an online casino claims to offer same-day payouts, what they actually mean is that they will process withdrawal requests on the same day. To be clear, this doesn’t mean that your withdrawal will go straight into your bank account on the same day.
Unlike land-based casinos, withdrawals at an online casino need to go through a middleman, which is the bank account or card service provider you are using. The withdrawal might be processed and authorised by the casino that day. However, it will still need to be processed by the banking service provider before it reaches your bank account. There are a few notable exceptions. Some cryptocurrency casinos do have the ability to process withdrawal requests on the same day. Bitcoin and Altcoin transactions are pier to pier and not transacted through an intermediary. If a Bitcoin casino processes same day withdrawal requests, it might then be possible to have winnings in your wallet the same day you apply.
Factors That Influence Pay-out Speeds
There are a few factors that influence the speed of online casino pay-outs. As already mentioned, the first is the time it takes for a casino to start processing the payment. Some casinos, can takes days to even get around to processing a withdrawal request. That's unacceptable, especially if we are talking about a significant amount of money. While your money is in the casino's bank account, it is earning interest for them, not you.
Another factor that can sometimes affect withdrawal times is the amount to be withdrawn. It is not entirely uncommon for online casinos to have different withdrawal policies depending on the amount requested. Generally speaking, large cash-outs of several thousand currency units or more may be subject to greater scrutiny and more security measures. The need to present additional identification to withdraw a large sum of money will slow the process down, especially if you are not in the habit of making large deposits. High-rollers and VIP customers may not be affected by this. Most casinos will give them priority, even when it comes to making large withdrawals.
These days, the majority of casinos appreciate that their customers don't like to wait long to receive winnings. With that said, the most significant factor influencing the time it takes to make a withdrawal from a casino account is the banking method used. By that we mean the payment system we are using to make the withdrawal. All credible online casinos will offer a variety of ways to deposit and withdraw money from a casino account. Often, the only exception to this rule are casinos that deal exclusively in cryptocurrencies like Bitcoin. Some payment methods are faster than others.
The following services offer the fastest transactions:
Players that use cryptocurrency wallets to make payments and withdrawals of Bitcoin, Litecoin, and Ethereum etc. typically enjoy significantly faster transactions. Users can also benefit from anonymous payments and lower than average transaction fees.
Using the PayPal E-Wallet is one of the fastest and most efficient ways to make deposits and withdrawals at an online casino. Transactions are relatively instant, which is excellent news. But while it is in your control, you will still have to transfer funds deposited to your regular bank account if you are planning to cash out entirely.
E-Wallets such as Skrill and Neteller are very popular ways to transact with the online casino. They offer multiple benefits, including superfast and secure withdrawals. They may advertise same-day withdrawal, but you should allow 24 hrs as standard, plus the time it takes for the casino to processes in the first place.
Instadebit, Paysafe and Trustly
There are many other E-wallet type payment solutions accepted by online casinos, and they all have unique advantages and drawbacks. Like the options listed above, Payment solutions such as Instadebit, Paysafe and Trustly can also offer speedy withdrawals. Still, often they are not available in every country.
Keep this in mind
Remember that in casino terms, same-day payouts general means same-day processing. If your payment method states same-day withdrawals, that can often mean within 24 hours. Ultimately, you should try to aim for cash withdrawals to be in your account within 48 hours from the time a request is made.