Withdrawal limits at online casinos
Limitations on your withdrawals can be quite a nuisance. This is one of the reasons we always advice players to read the Terms and Conditions of an online casino before starting to play. Especially with a nice big win, you don’t want to have any surprising when withdrawing your money. However this is still often the case as we read in the questions we get from players.
Online casinos have become much more popular over the years. This is due to the many interesting benefits that online gambling entails. The existence of online casinos ensures that you can immediately choose to play a casino game and make some extra money. Yet there are also a number of possible disadvantages that you will want to take into account and the withdrawal limits are definitely one of them.
Read the Terms & Conditions of the online casino
The moment you choose to play at an online casino, it is always important to take a look at the so-called ‘general conditions’. We know it is not your hobby, but it can safe you a lot of trouble or annoyance later. These conditions basically cover everything you need to know about your online gambling adventures at the casino in question. What conditions are attached to certain bonuses, what options does the casino provide to protect yourself from possible addiction and what about the payout limits?
Many people who have managed to win a nice amount of money at an online casino, resulting in instant happiness. Yet it is not uncommon that this euphoric feeling is followed by a cold shower. Contrary to what many people suspect, withdrawals from online casinos are not without weekly or monthly limits. In fact, with the majority of the providers of online gambling, this is not the case at all.
What are the withdrawal limits at online casinos?
As the name suggests, payout or withdrawal limits are special limits that are related to the payout that you can request in relation to the amounts you have won at an online casino. After all, these parties are not legally obliged to pay large amounts in one go to a player’s account. The condition is that this is actually included in the general terms and conditions of the casino in question.
Are withdrawal limits justifiable?
Online casinos often use divergent reasons for choosing to use payout limits. Some known and often quoted examples are protection of the financial stability of the online casino but also the protection of the player. There is a certain truth in both of these reasons. Yet it must be said that this is not always correct or incorrect. The moment several players win a considerable sum of money within a short period of time, it goes without saying that this can cause the cash flow of the online casino to be compromised. The use of certain (low) payout limits that are implemented periodically can considerably reduce this risk.
There is also something to be said about the second reason cited. Many people who have access to a huge amount of money for the first time do not immediately know what to do with this. This may seem like a luxury problem, but in practice it often causes people who become instantly rich to suddenly end up in poverty. By setting certain payout limits, this risk can be considerably reduced.
The application of payout limits in practice
The reasons behind the use of payout limits by online casinos are certainly not just an excuse to stall payouts. However, it must be said that this does not entail a pleasant feeling for players. In practice, it always feels a bit like you do not really get what you are entitled to. It also does not help that the payout limits that are used by many online casinos are actually completely unrealistic. If you win a large sum of money at certain online casinos, it can happen that it takes several decades before you finally have the full amount won in your bank account. It goes without saying that this is ludicrous.
The above is due to the fact that many online casinos use weekly and / or monthly payout limits. As long as it concerns standard, relatively limited profits, this is not such a big problem. What about the moment when you get a jackpot or even better, a progressive jackpot? The moment you have chosen to play at an online casino with low payout limits, there is a good chance that you will be able to wait very long before you have received the full profit. This in addition, despite the fact that the provider will immediately make the full payment to the casino. This is not really fair.
Processing time varies per withdrawal option
The payout limits that apply are not the only factor that you should take into account with regard to your cash winnings, on the contrary. Many online casinos choose to delay the actual payout as long as possible. This is done by introducing a procedure that consists of several phases, namely:
- The pending time (the period in which the payout can still be canceled by the player). At Casinokings Club we feel that every casino should offer manual flushing to give players the possibility to lock their payouts.
- The approval time (the time that employees of the online casino need to approve the payment).
- The processing time (the number of days it takes before the money is actually transferred on your bank account).
There are casinos that go through all three phases within a very short period of barely 24 hours, but there are also online casinos that stretch for up to one or two weeks. The course of the entire procedure prior to receiving your money is therefore certainly something to keep in mind when you are going to carry out an objective comparison. It can be done pretty quick, but this does not mean all casinos will actually do so.
Are there online casinos without payout limits out there?
Before getting started at a particular online casino, it is always advisable to conduct an objective comparison between the different existing parties. This comparison should not only reveal which bonuses you are entitled to as a (new) player, but what about the payment options as well as the payout limits? These are all important aspects that you as a player have to take into account before you start gambling at a particular online casino. Specifically for the payout limits, in any case, there are very large differences between the various parties. There are online casinos with very strict, low payout limits, but there are also parties that have opted not to introduce payout limits. Needless to say, the latter may be the most interesting for you as a player. With each casino listed on our site, we have added the specifications of the casino, including payout times, pending times, payout limits, option for manual flushing and more.
Make sure you know your casino!
When playing at an online casino, not every player will immediately become rich, but there are still a lot of players that have earned a decent euro with it. The use of the payout limits by online casinos seems to be a way to stall payments or even a way to seduce players into cancelling their payouts and continue playing. With some online casinos this is actually true or at least the appearances are against them. On the other hand, such limits can also be used to ensure the continuity of the online casino, and to protect the player. By spreading the payouts, a lucky winner can’t spend it all in one blow and end up broke.
It is up to each player to decide for him or herself what is acceptable where it comes to payout limits. Some well-known names that have no limits are Mr. Green, Ovo and Rizk Casino. Of course there are also a lot of other parties with very high or even unlimited payout limits. It is up to you, just make sure you carry out an objective comparison before you register at a particular online casino. Good luck!