Cashing Out Gambling Wins

April 25, 2014 Posted in Withdrawing by No Comments
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Here’s a positive subject that will hopefully apply to all of us at some point in time. Knowing how to cash out your gambling wins is an important part of online gambling. It may sound obvious, but few people consider this part of gambling until they catch a big win and have to figure out what to do next.

What NOT To Do

When you’re ready to cash out your gambling wins, do not immediately initiate a withdrawal. You need to first make sure you have cleared any outstanding bonuses and that your account is free and clear. Some online casinos have rules in which they void all winnings derived from signup bonuses if you cash out before you have met the wagering requirements.

If you want to be extra careful, give your casino site a phone call or send them an e-mail to confirm your eligibility to withdraw your winnings. This is a basic first step that I talked about in my big wins post.

If you live in the US or are unsure of the status of online gambling legislation in your country, do not mention to your bank that your big deposit is the result of online gambling. Even though there’s nothing wrong with collecting gambling wins (even in the USA), some $7.00 an hour teller isn’t going to have a deep understanding of gambling law.

If the wrong person at the bank hears the word “gambling” there’s a chance they will tell you they cannot process the withdrawal. In that case, you would have to open an account at another bank. Remember: there is nothing illegal about cashing out gambling winnings. But still, it’s just not worth the hassle.

Cashout Methods

The cashout methods that are available to you depend on where you live. Players from the United States do not have as many cashout options as players from the UK, for example. Here are a few of the most common cashout methods used by online casinos:

  • E-wallets
  • Credit back to your credit card
  • Paper checks
  • Cash transfer
  • ACH transfer
  • Bank wire

E-wallet are one of the easiest cashout methods for online casino players. If you used a service such as Neteller or UseMyWallet to deposit in the first place, you can use that e-wallet to collect your gambling wins.

If you deposited with a credit card, you may be able to have your wins credited back to that card. This service is only available on a limited basis in Europe, though. Not all credit card issuers have the capability to process credits back to your account. If you are unable to use this method, you can select any other casino cashout option instead.

Paper checks and cash transfers are pretty common for US players. In both instances, the casino gets your information and sends the money to you. A paper check can be deposited at your bank like normal. Cash transfers use services such as Western Union to give you physical cash at your local cash transfer station.

ACH transfers are very convenient and I recommend you consider this cashout method if it is available. An ACH transfer is basically an e-check that sends money straight to your bank account. It’s fast, effective and free.

Wire transfers are also very reliable. They often have flat fees associated with them (around $20) but they are great for collecting large gambling wins. Consider this cashout method if you have a lot of money to cash out.

Casino Cashout Rules

Reputable online casinos do not place burdensome restrictions on cashing out. However, many online casinos have a maximum weekly withdrawal limit in the range of $5,000 or so. If you have an extra large gambling win, you might have to spread your withdrawals out over a bit of time.

Again: call or e-mail your customer support team if you have any questions regarding cashing out your gambling wins. Reputable, big-name casinos want their winners to get their money. A few big, happy winners is great publicity for an online casino.

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