Quick Answer:
In short, the casino can take longer than expected to process a transaction to protect players. As the casino handles your money, be it through your own deposits or winnings, they want to make sure that you are definitely attempting to withdraw it. In an attempt to prevent fraudulent behaviour, online casinos have implemented a system known as Know Your Customer (KYC) verification checks. These checks ensure that the withdrawal is coming from the right place. Unfortunately, these checks can take a while, and online casinos will often implement more checks for larger withdrawals.
KYC Checks and How They Can Slow You Down
KYC checks are used to establish a player’s identity. Think of them like a more thorough version of two-factor authentication, and instead of confirming something on your phone, you need to fully confirm your identity. This will require you to send in documents confirming your identity, and can extend to confirming your address, your ownership of your selected payment method or even a bill. While these are quick and easy for you or me to send off, the casino’s processing technique isn’t always so speedy. This can lead to significant delays, especially if a casino labels anything other than cryptocurrencies as having an instant transaction. Most players would be delighted to see that an online casino offers instant transaction times, but this is incredibly difficult to achieve for any payment method other than crypto. If an online casino does this, you can bet that this is the bank’s internal processing time rather than the casino’s. This can lead to players feeling disappointed when your withdrawal takes 1 to 3 business days instead of occurring instantly. It’s always best to check a casino’s terms and conditions for how long their withdrawals can take due to KYC checks.
The Bank’s Internal Process
Whilst the casino’s processing methods are the main culprit for delaying player transactions, the bank’s transaction processing method can also slow down a withdrawal. This is especially true if you are attempting to withdraw from an international online casino, as currency conversion tends to prolong the process. Even if you aren’t, the process can still be extended due to specific laws and anti-money laundering techniques. Ultimately, a bank’s processing time should usually be factored into the estimated time of the payment method, but this can take longer due to the bank’s own internal verification checks.
Wagering Requirements
A casino’s wagering requirements can slow down the withdrawal process too. Some casinos may include a fee for players who attempt to withdraw without completing the wagering requirements, while others will stop the transaction altogether. Before you sign up, check the casino’s terms and conditions to see what the wagering requirements are and how they could affect your withdrawals. It’s beneficial to do the same with any bonus you’re opting into, as they can also come with wagering requirements.
The Best Payment Methods For Speedy Transactions
Whilst the length of both the casino’s and bank’s processing time is out of your hands, there are some payment methods that are easier for both banks and casinos to verify. E-Wallets like PayPal, Neteller or Skrill can be quicker than other methods because the bank doesn’t have to verify the withdrawal, but this still leaves the casino processing time. Using cryptocurrencies like Bitcoin and Ethereum can also reduce transaction time. This is because, similarly to e-wallets, cryptocurrencies don’t require a bank to verify them and thanks to their use of blockchain technology, casinos need to do less to verify transactions made with them.
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Does Irishluck Agree with All of This?
Ultimately, it can be hard to escape the extended transaction time caused by both the bank’s and the casino’s verification checks. Using e-wallets or cryptocurrencies can help reduce the time and crypto has the chance to make the withdrawals close to instant, but truly instant transactions are impossible. The best thing to do is check the casino’s terms and conditions to see how long their verification checks could extend the process, use either e-wallets or cryptocurrencies, and complete any verification checks you’re asked to as soon as you can.
FAQs
Hopefully, we’ve managed to answer all your burning questions about why some payouts take so long at online casinos. If we haven’t, take a look at these helpful frequently asked questions.
My withdrawal has been delayed. When should I contact customer service?
Whilst your withdrawal can be delayed longer than advertised in the banking section, there is a limit. You can check the online casino’s terms and conditions for the maximum time it takes to process a transaction, and you should contact customer service for anything longer than specified.
Can online casinos withhold your winnings?
Online casinos sometimes have the ability to withhold a player’s earnings if they suspect foul play. This is why it’s important to complete any KYC checks asked by a casino, so that you can bypass this issue as quickly as you can. If you suspect a casino of withholding your earnings without a reason, you can always get in touch with the casino’s licensing board.
How long does a withdrawal take for your average online casino?
While the payout time is entirely dependent on the casino, there are average times for specific payment options. E-Wallets and cards will typically take between 1 to 3 business days, direct bank transfers will generally be 1 to 5 business days and cryptocurrencies are often listed as instant.
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Online casino expert of 9 years. Dermot provides quality and in-depth online casino reviews for Irish casino enthusiasts and the latest iGaming industry news. One of his best works, our New Online Casinos page, has helped many Irish players find the latest casinos to play at.
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