Yes, online casinos actually payout and do so often. Gambling online is almost as lucrative as playing at a physical casino, with only a difference in the payout percentage. However, there are scenarios where online casino payouts can be legally denied. Here are some of them if you did not know:
You Do Not Have a Legal ID
The minimum age requirement for online gambling is either 18 or 21, depending on your current location. Also, online casinos require you to verify your age during the registration process. As per law, online casinos should only accept photo IDs as proof of the age of their players.
Here are the documents that qualify:
- National identification card
- Driving licence
- Military ID
You Have a Record on the Gambling Intercept Payment System (GIP)
US-based online gamblers should be aware of their status on the Gambling Intercept Payment System. A nationwide online database lists individuals who have outstanding court-mandated financial payments.
In addition, gambling law requires all casinos to transfer the winnings to the state, should your name appear on the active GIP list.
A Software Glitch on the Online Casino’s Platform
It is typical for online casinos to glitch from time to time. However, you are mostly to blame for that happening. Legal online casinos need to prove their systems are in prime condition before obtaining a license.
Furthermore, random inspections by their licensing authorities ensure they always comply with the regulations or risk the closure of their operations.
Online casinos can refuse to pay out if they suspect you of financial fraud. Typically, this happens when you deposit money to your casino account using an unverified payment method. However, this is becoming rare, considering verifying your ownership of the payment methods is part of the registration process.
You are Using the Wrong Location
Online gambling is illegal in some countries. However, you can still gamble online using a virtual private network (VPN). VPN software allows you to mask your internet address by logging in to one of its thousands of overseas servers.
Unfortunately, legal casinos now have security solutions able to detect and report when you do. As such, they can legally withhold your winnings since you are guilty of falsely identifying yourself.
Minimum Betting and Payout Requirements
Often, players accept terms and conditions without reading and understanding them. As such, they are in shock whenever an online casino refuses to release their payments.
Therefore, always ensure that you completely understand the gaming rules and payout policies before placing your first bet.
Multiple Player Accounts
Sometimes, players register multiple accounts in one online casino. However, this violates the platform’s terms and conditions since you are committing identity fraud. However, online casinos continually audit their player registries to identify duplicates.
Additionally, it is now mandatory for you to provide a photo ID to prove your identity before registering an online gambling account.
Your Online Casino is Operating Illegally
Legal online casinos will always display their license information to you as you log in to their platforms. Also, you can always check your location’s gambling authority to know which online casinos have a current operating license.
Your Payment Method is Subject to Extra Scrutiny
Bank wire transfers are one of the slowest methods of receiving your winnings. Sometimes, banks require extra processing time to determine the legitimacy of the payment. Thus, it is not that the online casino is refusing to pay you. Instead, it is the payment method that is taking longer than usual.
So, it is only legal for online casinos to pay out winnings to players. Furthermore, they have resolution channels in place to manage the situation when it arises.
Do Online Casinos Really Payout?
Online casinos need to verify their payment methods with their gambling authority as part of the licensing process. Furthermore, routine inspections by the licensing authorities also make online casinos pay extra attention to maintaining their legal status.
However, there are still instances where an online casino can refuse to pay out your prize money.
In that case, following the below steps can lead to some sort of resolution.
- Stop all you are doing and take a photo of the situation. You will need to show it as evidence when reporting your claim.
- Contact the customer support team and ask them to refer you to the relevant department.
- Ensure that you are not in violation of the casino’s gaming policies. Often, the casino will seek to find a reason not to pay you.
- Pay close attention to the casino’s statement and seek more details if you are unclear on anything. Most court proceedings end in favour of the casino due to inconsistent player statements.
- Report your claim to the casino’s licensing authority
- Take the money
Both federal and gambling authority laws are in favour of the players. Moreover, you can be sure of an unbiased investigation to determine the best course of action. Although most cases result in online casino winning, it is still worth pursuing this method if you believe your claim is valid.
Occasionally, online casinos may decide to compensate you with an out-of-court financial settlement. They do this when it is clear they are at fault and also to maintain their brand image.
Furthermore, most of the payments they can offer you are in the thousands.
Therefore, it is always the best option to take the money and put an end to the proceedings. Because the consequences of the casino winning the legal battle can include you paying their legal fees. Often, it can be in the hundreds of thousands since online gambling operators employ the best legal teams that money can buy.
How Do Online Casinos Pay?
Online casinos can pay you in any of the following methods:
Credit card payment is by far the most common payment method with online casinos. On average, it can take you between 1 to 3 days before your winnings reflect in your card balance.
In addition, the following cards are accepted in most online casinos:
- American Express
Finally, ensure you verify ownership of the credit card with the online casino to avoid any problems with withdrawals in the future.
Online casinos can also pay out their winnings in the form of a cheque. Typically, the operator will address the check as per your gaming account details and mail it to you at your verified address.
It can take up to 7 business days before your receive it.
Alternatively, modern online casinos now issue electronic cheques (e-Cheques) to players since not all of them are within their location. In addition, eCheque payments are faster since they immediately start with the clearing stage.
Bank Wire Transfers
Another way that online casinos use pay you is through wire transfer.
The process involves you providing the below information.
- Your full name
- Current contact information
- A copy of a valid photo ID
- Bank account information is as per your verified online casino account details.
If everything is in order, you can expect your payment in 3 – 5 business days. However, depending on your location, you can receive your winning in less than 36 hours.
Recently, online casinos can now pay you directly to your electronic wallet. In addition, most technology-conscious operators also accept cryptocurrency as a mode of payment, including Bitcoin and Ethereum.
Below are the different types of electronic wallets that online casinos can make payments to:
- Crypto wallets
- Mobile money wallets
Payments via electronic wallets are the fastest, with most of them completed in less than 24 hours. Furthermore, crypto wallets offer you the best anonymity since transactions use blockchain technology.
Is Online Gambling Worth It?
Whether online gambling is worth it is a matter of personal perception. But, with the industry currently over $72 billion in market value, it seems worth it to play a few games.
Moreover, the increasing number of reports of players’ actual wins of millions in prize money only emphasizes the claim.
However, before you get on with opening an online gambling account, take note of these vital points.
Slot machines are one of the most popular online casino games
Playing slots is purely a game of chance. Thus, it adds to the thrill of your online casino experience. Moreover, most of the huge prizes that players win are from the different slot games they play. For example, a Finnish online gambler is the current record holder with a $24 million payout resulting from a $0.25 bet.
Confirm the Online Casino’s License Information Before Playing
You can check the website’s footer section to read the operator’s current license information. Typically, it is a badge of the licensing authority with a registration number. Also, you can confirm the same by checking the entry on the licensing authority website.
Take Note of the Bonus Requirements
Huge profits are the primary motivation for operators in the online gambling business. Therefore, read the terms and conditions carefully to avoid any surprises during gameplay. Often, the casino bonus comes with requirements that always favour the online casino. Furthermore, the practice is legal according to current gambling laws.
Not All the Information About Online Casinos is Authentic
The online casino market is highly competitive. Therefore, it is not unusual to find fake reviews discrediting your favourite online casino gaming. Thus, always seek your information from verified sources before making a decision.
Skill Games Offer You the Best Chance of Winning
Online casinos will always advertise all their games as having equal opportunities for you to win. However, statistics show that you are more likely to win in skill-based games since your strategy will determine how well you play against the house. Here are the highest-paying casino games:
Which Online Casinos Actually Payout?
All licensed online casinos payout their players when they legally win. However, the amount of time it takes for you to access your prize money depends on the payment method you use. Additionally, you can expect further delays if your payment method involves a platform outside the casino’s normal channels.
For example, overseas bank transfers are subject to additional screening before the transaction is complete. Typically, withdrawals can last between 5-8 working days. However, it can take up to 21 working days in severe cases.
The Best Online Casinos that Payout the Fastest as of 2021
The following are the best payout online casinos in the order of the highest payout online casinos.
- Sports interaction casino
- Las Atlantis
- Casino Tropez
- Casimba Casino
- Super Slots
- BetUS Casino
- El Royale
These are the highest-paying online casinos, available today.