Until recently, whether the amount requested was a huge jackpot or a few hundred dollars accumulated over several months of play, withdrawing cash from slow paying casinos often took days if not weeks. The standard procedure involved submitting the request electronically, providing any necessary identification (often by fax), allowing anywhere from 24 to 48 hours for processing and then waiting from five to ten business days for actual delivery of funds.
Now all of that is about to change. Gambling web sites that continue to stall on payments or issue checks by snail mail may soon find themselves left in the lurch. More and more online casinos are discovering that the best way to attract new customers and retain existing ones is to speed up the process of making withdrawals. Indeed, some are now offering instant payments and payouts with just a single click.
Players are mistaken if they believe the main reason for slow payouts is greedy casino management holding on to cash to gain extra interest. In fact, quite the opposite is true. Faster payouts mean better service and greater likelihood of customer loyalty. Most of the well established casinos have always wanted to enable quick withdrawals, but they have been fettered by otherwise well-intentioned laws.
Such laws include anti-money laundering regulations, anti-fraud requirements and restrictions on underage gambling. In order to comply, the casinos must require players to complete verification forms, providing proof of identity, residency and payment. Verifying these and processing requests can be time consuming, but such actions are necessary to protect everyone involved.
As for using snail mail, in many cases it has been the only viable alternative. Most credit card companies no longer accept reversals of funds. Laws such as America’s Unlawful Internet Gambling and Enforcement Act of 2006 preclude wire transfers where many financial institutions are involved. “The check is in the mail” became the default option.
But no more. First of all, many casinos are asking customers to pre-register for withdrawals at the time of making their initial deposits. This gets all of the necessary identifying paperwork out of the way well ahead of issuing the first payment. Verification can proceed separately from any funds request.
Required items may include copies of any credit cards used for the casino account (front/back); a copy of a personal ID, such as a driver’s license, passport or official photo ID; and recent copies of utility bills, bank statements or voided check. Most casinos will now accept scanned copies of these items delivered as email attachments.
By special arrangement with courier services, many casinos are now able to speed delivery of cashier’s checks overnight. Fees may be waived for amounts that meet a certain minimum or for customers who have reached a specified level of play.
The biggest innovation, however, has been increasing acceptance of payment intermediaries, so-called eWallets, by both casinos and players alike. Neteller, Moneybookers, Click2Pay, InstaDebit, MyPaylinQ, MyCitadelWallet and PayPal are just a few examples of such services. They enable both deposits and withdrawals through a virtual bank account, usually within 24 hours and sometimes in as little as ten minutes.
As examples, Bet365 now processes payments via Neteller within 60 minutes, while Party Casino offers multiple eWallets with transfer times of 2~6 hours and a U-Kash option that takes one hour. For U.S.-based players, Bodog currently transfers funds into MyPaylinQ accounts within 24 hours.
Any legitimate “Quick Cashout,” “Fast Withdrawal” or “Instant Payment” process should be clearly indicated on the online casino’s “Cashier,” “Banking” or “Payment” page. All necessary fees should be listed, too. Unless the gambling web site stipulates exactly how their cashier pays out cash and in what time frame, it should probably be avoided. The best of the fast-paying online casinos also have excellent customer support available by live chat or phone to answer questions.