Withdrawal Limits at Online Casinos: Things You Should Know
Online casinos allow gamblers worldwide to play their favourite games with real money as a form of entertainment. Every player can access casino games from their PC or mobile device, and – for the most part – the games are available 24/7. While this is incredibly convenient, it does come with some conditions and restrictions, like withdrawal limits.
If you’re new to online casinos, the first step you need to take before playing for real is to put a deposit in your chosen online casino. Only then will you be able to play for real money and withdraw any winnings. However, online casinos often restrict players from withdrawing over a certain amount. Why? You’ll find out in the lines below.
What are Withdrawal Limits?
Withdrawal limits are the maximum amount you can cash out from your online casino account in one request. The limit varies for each casino, and they can also change according to specific bonuses, promotions, VIP statuses, or the withdrawal method you’ve chosen beforehand.
Bonuses or promotions will usually give lower limits or have specific conditions attached to them. For example, if you have some bonus cash from the casino that you haven’t used even after meeting the wagering requirements, you won’t be able to cash out the remaining bonus money. It’ll be forfeited and won’t be considered your account’s active balance.
For VIP statuses, online casinos usually give you higher limits for withdrawal. The higher your VIP status, the higher your withdrawal limit would be. If you’re unsure about your account’s withdrawal limit, we recommend you check the bonus that’s still active in your account and read the bonus terms and conditions.
You can also contact the online casino’s customer support for more information about the bonus or your VIP status withdrawal limits if you have one.
Why Do Casinos Have Withdrawal Limits?
While the main way online casinos keep their business going is via the returns from the house edge, they also use other methods. Withdrawal limits are one of the restrictions imposed on players. This is a way to control withdrawals and comply with any government regulations. It’s also a way to comply with anti-money laundering policies.
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The other reason is to keep your interest in coming back sooner than later. If you can always cash out everything you’ve won and not leave any credits in your account, you’d be less likely to come back and play soon.
On the other hand, if you have even a small credit left in your account, the next time you log into it, you’ll probably feel like it’s easier to play right away without having to deposit.
It’s often also easier for the casino if they can spread big withdrawals over several weeks or months. If you win a massive jackpot of €1,000,000, then the casino gains some relief by paying that out over several months instead of all at once. This better ensures the financial stability of online casinos.
Withdrawal limits can be annoying sometimes, but we can’t deny that it’s an essential part of online gambling. To avoid any hassle, ensure you’ve understood the withdrawal limits at your chosen casino so you won’t have any problems when making withdrawals.
Kevin Flynn is a lean start-up business consultant, PowerMBA, and Senior Financial Markets Editor at Investors Prism. He lives in Leominster, Massachusetts, with his wife…More info on Kevin Flynn