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The Ultimate Guide to Cashing In Your Winnings

  • Published date28 April 2022
  • AuthorGayle Mitchell

Sometimes dreams do come true - even in online casinos! If you have started to play with real money at an online casino and built up an impressive profit over time, or maybe you just got lucky and hit a jackpot all at once, it has surely sprung to mind - how do I get this money out of here?. Withdrawing money from an online casino can be a little more complicated than getting it in there in the first place. While depositing money is usually a simple process, players occasionally have questions about online casino withdrawals.

Cashing out real money from online casinos usually necessitates a few extra steps. You must know which withdrawal methods are available at your chosen casino, how long it will take to cash out, and whether or not the withdrawals will include some kind of fee. But don't worry; we've made all the effort for you, and our casino withdrawal guide has everything you need to know.

How to Make a Real Money Withdrawal from an Online Casino

It's only natural that you'd want to cash in on your initial victories after playing and earning them. Withdrawing real money from online casinos is usually a simple process, and you can usually take advantage of one pretty quickly, depending on the method you ultimately choose.

Each online casino has its own set of withdrawal methods. However, they usually require you to complete a set of fairly similar actions. Here's a step-by-step breakdown of how the procedure goes typically.

  • To begin, sign in to your account
  • Then navigate to the casino's "Cashier," "Wallet," or equivalent section
  • To make a quick casino withdrawal, use the "Withdrawal" option
  • Choose a method of payment. You may need to add withdrawal details here

Bear in mind that most casinos will demand you deposit and withdraw using the same process. This helps them to tackle fraud and money laundering.

From this point, all that’s left is to fill in the amount you want to take out of the online casino, and confirm that you would like to make the withdrawal.

That's all there is to it. You will be able to cash out money from online casinos once you have completed these simple steps. The time it takes to withdraw money from an online casino varies depending on the casino you're playing with and the withdrawal method you have chosen. Withdrawals via cryptocurrency or through e-wallet providers such as GIGADAT can be almost instant, while bank transfers can take up to 7 working days. Contact the casino's customer service department if you have further questions.

Take Note of the Pending Periods

When withdrawing your wins from a Canadian online casino, the easiest way to unnecessary frustration is to forget that there are waiting times associated with payouts. These usually are not very long, but the procedure is often far from immediate. The operator will require time to process your request, and the length of time varies between each casino.

So, don't be concerned if you have to wait a few days; it's normal because the betting operator has to review your request first. And the time it takes to process a request varies by venue. The pending period is about three business days on average, and you can usually rescind your request if you change your mind before that time expires.

You can continue playing with the money in your account if you cancel your request. If you do not cancel the request, you will be unable to access or play with those winnings that have been earmarked for withdrawal.

Minimum Cash-Out Amount, Bonuses, and Withdrawal Fees

Cashing out at casino

Every casino has its own rules regarding the minimum payout amount. The minimum withdrawal amount is usually around ten dollars. Other casinos implement a minimum-play rule where you must spend your deposit a few times over before it is eligible for withdrawal.

It is essential to realize that if you have taken advantage of bonus offers, many come with minimum wager requirements which stop you from withdrawing immediately. You may need to spend it all within a specified amount of time, or wager it a few times over. Provided you follow all of the terms and restrictions, you will be able to withdraw the money you won while using the bonus.

Keep in mind that each casino has its unique set of rules and regulations. So, before you place a wager, examine the small print carefully!

The Best Methods of Withdrawal for Canadians

Most online gaming sites offer a variety of withdrawal methods. Typically, you can have the monies paid out using the same deposit method that you used to deposit them. However, not all deposit methods allow this, so you should know your possibilities.

E-Wallet Withdrawal Options

Neosurf, Instadebit, Interac, and PayPal are now the most popular payment methods. These e-wallets enable players to save money in their online accounts, and deposit and withdraw cash from their online casino accounts easily. E-wallets are safe, quick, and secure.

Generally, your e-wallet should be linked to your checking account which will allow you to move money between your physical account and your digital account with ease.

Withdrawing your winnings to an e-wallet account takes about three working days usually, and it may take a few more days for the money to appear in your bank account after that.

Credit/Debit Card Withdrawal Options

Numerous online casinos accept credit and debit card withdrawals from Canadians, and the process is simple. All you have to do is enter the card information you used to deposit and follow the instructions on the site. Your money should be in your account within a week, and transactions are secure because most credit card firms utilize advanced security measures to safeguard your funds. It is important to note that MasterCard cannot usually be used for online casino withdrawals, although Visa is often accepted.

Wire Transfers Withdrawal Options

Canadians commonly use wire transfers for online gambling withdrawals. To make this type of money transfer, you will need to trust the online casino because you will be providing your bank account information. Normally within ten business days your prizes should be credited to your account. If the deposit method you used is no longer available for withdrawals, wire transfers are an excellent alternative.

What You'll Need to Withdraw

To payout, you must complete the online casino's withdrawal paperwork and include any relevant identity information that is commonly requested, such as:

  • Recent utility bills scanned or faxed
  • A valid driver's license
  • Any other documents demonstrating verification of your present address that can be used to verify your identity

Don't worry; your personal information is secure. While these identification procedures may appear excessive, they are placed to ensure safety and prevent crime. Casinos use the most up-to-date encryption to safeguard any sensitive information. Emailing your documents is the most popular way to transmit data, while some online casinos allow clients to upload documents to their sites.

Once you've entered your information, you'll be able to withdraw funds from the online casino whenever you choose.

What Withdrawal Restrictions Are There?

When making an online casino withdrawal, each casino has its own rules. You should check the terms and conditions before proceeding. The most typical withdrawal limits and a brief explanation are listed below.

Betting/wagering requirements: The number of times you must play through a bonus before you can make a withdrawal. As an example, consider a 20x betting/wagering requirement and a $100 bonus. You must bet 20x100, or $2,000, before you may withdraw funds from the bonus. Some casinos will also force you to play through your money. In this scenario, the wagering requirement is (100+100)x20, or $4,000.

Withdrawal limits: As the term suggests, most casinos limit the amount of money a player can withdraw in a given time. Casinos typically set withdrawal limitations on a daily, weekly, and monthly basis. VIP members usually have higher limits.

Time limits: The number of withdrawals you are permitted to make in a given time-frame. Players are only allowed to withdraw a set number of times before they have to wait again, making it more convenient to batch your withdrawals.

Amount limits: A player sometimes has limits set on the maximum amount of money they can withdraw in a single transaction. In some circumstances, such as following a big victory, certain online casinos will allow players to make a single large withdrawal. However, payment methods may only be able to receive a given amount if a set timeframe (per day or per week) is reached. Therefore it's critical to double-check this to avoid disappointment.

KYC/Security Checks: All authorized online casinos must conduct security checks on new and existing patrons. This guarantees that the consumer is of legal gambling age and that the payment utilized belongs to the customer.

Are Casino Winnings Taxable in Canada?

If you’re wondering whether casino winnings are taxable in Canada, the answer is no. Canadians are not required to pay taxes on profits from horse racing, sports betting, lotteries, online casinos, or other games of chance. On the other hand, if you receive interest on your casino winnings, you must officially declare it. This is a taxable part. You could be penalized if you are caught not paying taxes on the interest.

Easy Cash Out Tips

Cashier casino

The sooner you can access your money, the better. The entire withdrawal procedure should be quick and painless. Before choosing a withdrawal technique, be sure you know how long it will take.

Always select withdrawal options that will not charge you any additional fees for cashing out. It's pointless to win large and then send a portion of your winnings to your e-wallet or bank provider. The greatest withdrawal options usually feature a low or no price, and those are the ones to choose!

Select a method that only employs the best and most financially secure procedures to ensure that your money is always safe.

Choose an approach that is appropriate for your lifestyle. Perhaps you want to keep your online gambling apart from your personal information, or you want something without a daily withdrawal restriction. In addition, if you just accepted a casino offer, you may have wagering requirements associated with that bonus. Make sure you meet these wagering requirements because many online casinos do not allow withdrawals unless these playthrough criteria are met.

Final Word

One of the best aspects about playing real cash casino games is that all winnings may be withdrawn. The ability to withdraw these winnings is, of course, contingent on other circumstances, such as whether or not you have remaining wagering requirements that must be met. So as long as you make sure to do a little reading of the fine print, you’ll have your winning in no time!

Most online casinos include a diverse selection of real money casino games, including slots, table games, and live dealer titles. These games frequently include customizable bet settings, allowing players to adjust their stakes based on their budgets and tastes. But, whatever game you choose, you should now be all set to get the winnings back out of the casino and into your own hands.

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Senior Editor Gayle Mitchell

LinkedIn Profile  Email Address gayle.mitchell@slotsonlinecanada.com

Gayle Mitchell is the leading female expert on casino gambling and has written extensively, presented seminars and was editor of four gaming newsletters. She is the author of seven books, 12 Ebooks, and five Tips booklets. Online since 1999, Mitchell has owned and operated 4 gaming websites. Her writing and teaching style is targeted at educating novice and passionate casino players.

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