Understanding Online Casino Withdrawal Limits
Accumulating prizes and eventually cashing out from an online casino is the ultimate goal of almost every player. Understanding the withdrawal limits come in handy, but it can be crucial to have detailed knowledge about all the actions prior to requesting the payout. In fact, if you deposit money without looking at bonuses, limits, fees and available withdrawal methods, you’re most likely going to get into trouble along the way.
We are going to inspect all the actions that are leading to the final payout, find casinos with the best withdrawal limits, and get you fully prepared for your next winning gambling session!
Plan Everything in Advance
Saying that all you need to do is make a deposit, claim bonuses, play games, and cash out at the end is a pretty vague description and probably incorrect. In order to get the most out of online gambling there are several things you’d want to pay attention to before starting:
- Available casino deposit and withdrawal methods
- Casino bonuses and ongoing promotions
- Withdrawal requirements
- Supported devices
- Eligible countries
- Selection of games, from Live games to Slot machines
You can even make your own table with all these elements by checking them one by one and by going through different casinos. This would take hours or maybe even days, which is why we did the hard work for you and found the casinos with the best specs available on the market, paying special attention to those with the highest withdrawal limits.
Here’s why you should pick the one that has a generous limit. Let’s say you deposit money to some random casino that you haven’t done any research on or that is not on our trusted list of operators. As it is probably a new, small casino without a huge player base, they have set a €5,000 weekly limit on withdrawals.
At some point, you win a crazy €100,000 jackpot! After all the celebration and making calls, you realise that the money needs to get out of the casino and into your wallet. It would take 20 weeks before you get all the money, cashing out five grand each Monday. They problem wouldn’t have a problem with that, but your money is stuck. Even though contacting the casino’s support might resolve the issue, you’re wasting time and ruining the happy moment because of it.
Deposit and Withdrawal Limits Differ Between Online Casinos
That’s right, not only do deposit- and withdrawal limits differ, but it is close to impossible finding the one that has identical lists of deposit and withdrawal methods available. The exceptions are cryptocurrency casinos (such as Bitcoin casinos), but simply because you’re not dealing with fiat money anymore, and special wallets are used.
Withdrawal limits are always significantly larger than depositing. With credit and debit cards you’ll most likely be able to invest amounts in the range of €1,500 to €6,000. E-wallets have double or even triple limits, while services such as Ukash and Paysafe have the worst limits at around €500.
On the other end, we have withdrawal limits which can go up to several million euros! Casinos did not set these amounts themselves. In fact, they are instructed by the government laws and online gambling licensing authorities. If they want to operate legally, they need to be compliant with anti-money-laundering actions.
If you stumble upon an online casino that allows massive deposits and has no licences, make sure to avoid it at all cost. You don’t want to get into trouble because of an irresponsible and possibly criminal website. Authorities make sure that all the money that passes through casinos is tracked and that you are guaranteed to get what you earned.
Why Do Withdrawal Limits Exist?
What usually affects the withdrawal limit is the number of regular players and the approximate amount of cash that flows through a specific casino. They have return to player (RTP) percentages, which allow them to make money, but if there are only a couple of thousand customers playing, the casino would have a hard time paying out someone who won hundreds of thousands. You’ll notice that casinos on our list are actually some of the most popular ones in the world, with millions of regular players.
Think about withdrawing money from an ATM or a bank or any other regulated service. Limits exist everywhere, or at least some requirements and obligations regarding the amount of money you want to pull out. Every legit casino has specialists who analyse and track all deposits and withdrawals, allowing them to find the perfect thresholds.
Even cryptocurrency exclusive casinos have limitations. In this case, however, the casino’s wallet is visible and you can always check the amount of Bitcoin, Ethereum or any other cryptocurrency located in their wallet at all times. Try finding ones that usually have exceptionally high amounts available, as they are able to send winnings to your wallet faster.
Withdrawal limitations are not strictly related to the amount you’re planning to cash up. If terms and conditions say that only one withdrawal request can be sent per day, that means that you can take the money out only once a day, regardless of the amount. Amount and time limits almost always appear together such as €100,000 per week or €300,000 a month.
Even though your playing style is important when looking for a new place to gamble online, it’s always smart to go for those with high limits. Why wouldn’t you?
Verification of identification as part of the KYC process
There are several identification methods and requirements, depending on what stage are you at. The first step appears the moment you decide to register to an online casino. The information they ask for at this point can include:
- An email address and password used to log in the next time you visit
- First and last time
- Nickname, which will be visible to other players sometimes
- Your age
Don’t even think about playing casino online unless you’re 18 or 21 years old (different jurisdictions have different age requirements). Choose whatever email, password and nickname you want.
Always enter your real first and last time. This becomes important the moment casinos ask you for proof of residence or proof of identity (KYC – know your customer process). You’ll have a hard time proving your identity if you used the false info at the registration stage, and even though there are ways to fix this, it’s better that you avoid any complications.
Have images of your National ID or Passport ready to go, although those photos might not be enough, as some places require selfies where you are holding the documents in order to prove your identity.
When it comes to claiming bonus offers or getting other perks at the casino, there’s a new form of verification – identification via mobile. By confirming your virtual identity through a mobile app by scanning a code or simply opening up the application. you get to participate in various promotions at some casinos.
Even though authorities are doing their best to make sure casinos offer fair gameplay, there are several things you can do yourself in order to stay safe from other people (hackers):
- Have backup email addresses
- Use strong passwords and do not store them on your computer or phone (unless you’re using a password protection tool such as 1Password or LastPass), but instead remember or write them down on a piece of paper
- Use 2-step verification (text message or QR codes) or security questions
Don’t let other people use your account, as it costs them nothing but a little bit of time to make one themselves. Casinos might start asking questions after they notice frequent IP changes or multiple sign-ins at the same time. Besides that, you can always suggest that they use your referral code or URL, which brings bonuses to both of you.
Fastest Way to Cash Out a Casino Win
Before coming to a conclusion about the best withdrawal method, you want to take the withdrawal time into consideration as well. If you find cheques the most convenient way of getting the money out, you might want to rethink that. Bank wire transfers and cheques can take up to a month before the money arrives in your wallet!
That’s why using credit or debit cards and e-wallets is a better choice. Between the two, e-wallets have a slight edge because transactions take less time. However, if your end goal is to take real cash from an ATM, then cards could do the work as well. Keep in mind that credit and debit card deposits are instant.
Although withdrawing money using e-wallets such as PayPal, Neteller and Skrill might have some fees included by the online casino, the amount should be insignificant compared to the total withdrawal. It all comes down to how much money you are withdrawing and how long you are willing to wait in the end.
Highest Withdrawal Limit Casinos
This list of the online casinos with the highest withdrawal limits include reliable and trustworthy casinos with many popular slots and games. Keep in mind that these limits might differ if you decide to use other payment methods then the ones mentioned above.
Betfair Casino offers over forty progressive jackpots, live dealer games and cost-free withdrawal in this casino. The most important thing, you can withdraw up to £1,000,000 a day! Progressive wins are excluded from that amount.
Mr Green Casino
Mr Green is an award-winning casino supported by multiple software providers allowing them to provide hundreds of various online casino games to their users. There are literally no limits with Mr Green Casino, except for the limit that comes because of the bank you’re using. It’s usually around €500,000.
William Hill Casino
William Hill Casino has the highest number of active players out of the casinos on this list. If you are from the UK, chances are you have already stumbled upon their land-based casinos. On the other hand, dozens of countries are accepted online. William Hill is the king of withdrawal limits, as they allow transfers of up to €2,000.000! If won prizes are higher than that, they will pay €100,000 until the entire amount is paid off.
It all comes down to joining the most popular casinos if high withdrawal limits are what you strive for. Even if that’s not the first thing on your checklist we mentioned at the beginning, it will come along with becoming a member of an already huge community. Most important thing is to have valid documents and be ready to take pictures as these will be required if you are withdrawing high amounts, or sending a request for payouts which is above the withdrawal limit.