A reader sent me an e-mail last week asking about the maximum withdrawals at gambling sites. This got me to thinking that it’s time to talk about getting your money. Winning a bunch of money at an online casino is fun, but it’s even more fun to withdraw that money.
All online casinos have maximum weekly or monthly withdrawal limits. Some sites limit you to a few thousand dollars a week while others will let you withdraw $100,000 or more at a time. It might seem a little shady to have maximum withdrawals at online gambling sites, but there are actually valid reasons for this.
USA Casinos and Maximum Withdrawals
Online casinos that serve the United States have to jump through a few hoops to process withdrawals for customers in the United States. Thanks to the UIGEA, the US banking system makes it difficult for online casinos to process large withdrawals.
Additionally, I suspect that online gambling sites like to maintain liquidity in the uncertain US market. Rather than paying out a bunch of money at once, most sites would rather pay you in weekly installments.
Let’s look at Lucky Red Casino for an example. The maximum weekly withdrawal at Lucky Red Casino is $4,000 per week. This means that if you win a $20,000 jackpot, you’ll be paid in five installments of $4,000 each over a course of five weeks. It would be nice to get that money all at once, but I personally wouldn’t mind getting $16,000 a month after a big casino win.
The one exception at Lucky Red Casino occurs if you win a progressive jackpot game. Progressive jackpots at Lucky Red Casino can sometimes reach six or seven figures. If you win a jackpot that big, Lucky Red Casino will pay your winnings all at once. That way, you don’t have to spend two years getting $16,000 a month. You’ll get the progressive jackpot payment in one lump sum.
The point is, it pays to be aware of withdrawal limits at online casinos. You can find explanations of these limits by visiting the website of any casino and looking for the “banking” page or terms and conditions page. This also shows the importance of choosing reputable casinos. You do not want to play at some shady casino and hope they remember to pay your winnings every week.
International Casinos and Maximum Withdrawals
International casinos are not faced with the same challenges as USA casinos. For example, UK based gambling sites can process large withdrawals by using normal wire transfers, ACH transfers and payments to e-wallets. These real money gambling sites can process massive withdrawals without any problems.
Bet365, for example, can process withdrawals as large as $99,999 at a time depending on which withdrawal method you use. Even better: Bet365 does not impose weekly limits on how much you can withdraw. This is a big help for anyone lucky enough to win a big jackpot.
William Hill goes even further with its withdrawal limits. At that gambling site, you can withdraw up to $2,000,000 at a time. If you win a jackpot bigger than that, William Hill will send you $100,000 a month until the balance is paid. Not a bad deal at all.
Once again, it pays to be aware of the withdrawal limits of any gambling site before you sign up. You will be safe if you stick with big-name brands such as those mentioned here. Both of these companies are located in the UK and are licensed by the UK Gambling Commission.
I’m not going to promise you that you’ll win a big jackpot that next time you play, but it’s nice to have the backing of a reputable company behind you just in case. Stick with big-name, reputable casinos and you’ll get your winnings with no BS.