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Managing Online Casino Withdrawal LimitsBy: Mark Freedman, Tuesday July 21st 2009 11 Comments  Email  Print
All online casinos put a limit on how much a player can withdraw at a given time. However they have different ways of going about it. Some casinos put a limit on each withdrawal transaction. Other casinos put a limit on the amount that can be withdrawn in a week. Yet other casinos put the limit on the amount that can be withdrawn in a month. Some casinos operate with a combination of the above types of limits. When players, especially new players, are searching around for an online casino to play at they rarely evaluate these withdrawal conditions. At that point of time they have not even wagered any amount let alone having won at the casino. However this is something that they should look at because there is little they can do except accepting the withdrawal limits later on. For example if the withdrawal limit at an online casino is $2000 per week and the player has won $20,000, he will take 10 weeks to get his full dues. The issue is far from simple. Because the player has no way of rationally estimating how much he is going to win. Also it is very possible that online casinos that offer higher withdrawal limits may be offering less beneficial conditions elsewhere. So the second dilemma with the player is how much weight he should give to withdrawal limits. In the first instance the player should be very clear how much he wants to deposit per week, or in any other period of time. If he does not have absolute clarity on this issue he should not be wagering at all. One thumb rule is that the withdrawal limit per week should be greater than or equal to the amount the player wants to deposit per week. That way he is assured that he can withdraw his own funds immediately and what gets stuck is only the amount won. Optimistic players may look at withdrawal limits that are 1.5 to 2 times the deposit levels. However, the player should never select online casinos with higher withdrawal limits at the cost of certain critical parameters. Registering at online casinos that are not backed by reputed software providers or gaming jurisdictions or are not audited for fairness is a very foolish thing to do. Players should also be clear in their minds as to what to do when they have won large amounts that are far greater than the withdrawal limits. The option of least resistance is to wait it out and get the payments slowly in installments. If the player has to wait three or four weeks in order to get his winnings then this option may be acceptable. But, as in the above example, if the player has to wait 10 weeks then this is not the best option. There is a time value associated with money and money received later has lower value than the same amount received now. It would be in the player's interest to negotiate with the online casino to make some reduction from the total amount and pay the winnings in one installment. The deduction made would have to be greater than the time value of money because the online casino should also get some advantage if it is to be induced to agree. If the player decides to wait it out then he must positively stop wagering further at that online casino. There is absolutely no point in increasing his risked amount. He can opt for another reputed casino powered by the same software provider so that he can play the same set of games. However the player should be clear that by stopping wagering at the online casino is a running a small risk of the online casino stopping the installments and not honoring their commitments. There are two ways to tackle this. One is to continue wagering small amounts sporadically so that the account is kept alive. The better way is to clearly discuss the issue with the online casino and explain to them the predicament. Such a discussion may help in obtaining a one-time settlement from the casino. Article Tools
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Comment by: Melissa J. On: December 16, 2009
It's best to cash out as soon as possible after hitting a big win so as to not tempt yourself to continue playing but it really sucks when online casinos impose these restrictions on preventing you from withdrawing the lump sum in one withdrawal. It's really a pain in the butt.
Comment by: Sil Mondo On: December 05, 2009
Looking at the casinos terms and conditions is the best approach to learning about their terms for withdrawals. In fact I think it's one of the first things that people should do before even making a deposit at an online casino is learning their policies on this. If you get nowhere with the verbiage in their terms docs found on their websites I suggest that you consider contacting the casino via their customer support service channels.
Comment by: Steve Brando On: November 22, 2009
I too don't agree with the fact that they pay you out like this however I think that in general it's your winnings over and above your deposits that are paid out in intervals and that money that you deposited to begin with to win a certain amount can be withdrawn right away. I'm not 100% sure about that but do have a feeling that this is how it works in general.
Comment by: Olivia Robinson On: September 30, 2009
I never really understand why they do this... I know that some online casinos out there don't have any prohibitive terms that require that you withdrawal winnings in stages. I think that these are the online casinos that players should most often gravitate towards.
Comment by: Dilan On: September 06, 2009
Not all casinos are like this you have to find casinos to play at that offer more swift payouts if you're finding that they take a long time to get you paid. I've done that myself and have good relationships with a few of the casinos that I'm currently playing at which is great. Getting your money fast and when you want it when you cash out is a characteristic of a quality casino.
Comment by: bill_knight On: September 01, 2009
I too agree and actually think it's quite ridiculous that you often times can't cash out all of your winnings in one shot. Seems like a scam.
Comment by: Charlie K. On: August 23, 2009
Agreed... I think it would be much better if withdrawals worked in ways that you're able to get everything out at once. I'm sure that there are some online casinos out there that would offer something like this to their players. If not it would be a huge bonus to casinos that would start as I think players would be more loyal to online casinos that work in a way where you can get everything out at once.
Comment by: Laura B. On: August 17, 2009
Yeah it's kind of silly that you can't get everything out in one lump sum. If you were to win a progressive as bentobox said it would take forever to retrieve your funds. I think that they must make exceptions when it comes to larger wins like this.
Comment by: Brady On: August 07, 2009
Totally they have no problem in taking your money in but when it comes to paying out they implement these sorts of policies more then likely to keep the money into the casino so that you play it back before you have a chance to withdrawal it all. Money in a slot machine game for example in a land based casino is hard to resist playing I think that the same thing applies when it comes to online casinos as well and keeping the money in their virtual account.
Comment by: bentobox On: July 22, 2009
I'm in disagreement with how online casinos do this I understand why they do it but the reality is that if a player wins and they'd like to withdrawal regardless of what method they use to withdrawal they should be able to claim and get their full winnings. I'm not sure if it would be the same with a progressive game but can you imagine if you hit a progressive how bummed out you'd be if you'd only be able to claim say $2000 per per week and the progressive was over 1.0 million! Add CommentYou must be signed-in to add a comment: - Sign-in - RegisterMore Articles Chinese New Year Online Slot The Fantastic Sinbad Slot Game Romeo And Juliet In Online Slots Usher The New Year With Fluo Party Valkyrie Online Slot From Elk |
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Look for online casinos to play at that offer better limits on their withdrawals and trust me in the long run you'll be much better off then if you weren't to do this!