Playing games at online casinos is fun, but undoubtedly one of the best parts about it is when you score a win. As you continue to play and see your winnings accumulate in your account, you inevitably ask yourself the question, “When should I withdraw them?”
Don’t worry, we’ve got you covered! Read on to find out everything you need to know about online casino withdrawals and how to time them to your advantage.
What Do You Need to Complete a Withdrawal Request?
Almost all online casinos have the same criteria for allowing players to withdraw their funds. The first time, as part of the casino’s KYC (Know Your Customer) policy, you’ll be asked to submit photos of your photo ID and a utility bill with your current address on it. This is a standard practice among online casinos, with the purpose of preventing fraud.
Once you’ve verified your identity the first time, the next time you request a withdrawal will be much quicker. You won’t need to resubmit any documents—just submit the request and wait for the funds to arrive in your account.
How to Time Your Online Casino Cash Outs
While there's not necessarily a right or wrong answer as to when you should cash out, there are certain times that may prove better for you than others.
Knowing when to withdraw is often a function of creating a budget and sticking to it. When you initially make a deposit at an online casino, it should be an amount of money that you are willing to lose. While we hope for the best, we need to plan for the worst, so you shouldn’t deposit more money than you’re willing to lose.
We recommend that you maintain the same amount of funds in your account as your initial deposit, even after playing many times. For example, if you deposit $100 and win $200, you should withdraw $200, not $300.
Doing this means that you won’t create a scenario in which you could possibly lose $300—you’ll be sticking with your original deposit, $100, which is what you originally decided you can afford to lose. It also means that you'll still have money left in your account so you can continue playing.
To follow through with this plan, it’s a good idea to submit a withdrawal request after every playing session that ends with winnings. There are several things, however, to bear in mind.
- Casinos usually have a minimum and maximum withdrawal amount, so if you won less or more than those amounts, you won’t be able to submit a request. If you don’t have the minimum for withdrawal, leave the funds in your account and wait until you do have enough. If you have too much (!), withdraw the maximum and withdraw more at another time.
- Promotions and bonus offer that award you funds are usually not available for withdrawals. Therefore, you should think of bonus funds as separate and only available for playing, not withdrawing. In fact, bonus funds are often displayed in a separate line in your banking section. You’ll usually see something like this:
- Cash balance: The money in your account that you can use to bet on or withdraw
- Bonus balance: The money you’ve won through bonuses
- Total balance: Your cash balance and bonus balance combined
- Bonus Summary: Your specific bonus information
- Playthrough achieved: How much you’ve currently bet toward meeting your wagering requirements
- Playthrough required: How much do you need to wager to qualify for the bonus
When to Withdraw Everything
If you’ve been playing at a specific online casino but found another one that you prefer, you can withdraw all your funds from the previous one. This way, you don’t run the risk of forgetting that you have money in that account.
If you want to switch back and forth between casinos, you can, but remember that you don’t want to risk more money than you can afford. If your limit is $100, you can have $50 in one casino and $50 in the other, but not more.
Don’t Count on Withdrawals for Fast Cash
While it’s important to create a withdrawal plan for yourself, one thing you should also keep in mind is when not to request a withdrawal.
If you’re in urgent need of cash, and you think submitting a withdrawal request will save you, think again. Unlike deposits, which are usually instant, withdrawals can take time, anywhere from a couple of days to a week.
The reason it can take so much time is that there are two steps in the withdrawal process:
- The casino’s processing of the request
- Your payment method’s transferring of funds (Different payment methods take different amounts of time to complete the transfer)
Due to the two-step withdrawal process, withdrawing funds from your online casino account isn’t the answer if you need cash immediately.
How to Cash Out Online Casino Winnings: Step-by-Step Guide
- If it’s your first time making a withdrawal request, prepare the necessary documents and photograph them
- Go to your profile section at the casino
- Click on the cashier icon/withdrawal section
- Choose your withdrawal method
- Enter the amount you want to withdraw
- Click “submit” or enter
You may have a window in which you can cancel your withdrawal request. But if you’re sticking to your budgeting plan, there won’t be a need to cancel.
Why do I need to submit a photo ID before I withdraw funds from an online casino?
Casinos request a photo ID and a photo of a utility bill with your current address to prevent fraud. It’s a standard practice among online casinos.
How long does it take to receive my funds after I submit a withdrawal request?
The amount of time it takes to receive your funds depends on two factors: how fast the casino processes the request and how fast your payment method completes the transfer. In general, it usually takes between two days to a week to receive your funds.
Can I withdraw my bonus money?
No, you can’t withdraw the money you got from a bonus offer until you’ve met the wagering requirements. That’s why it’s important to read the fine print before signing up for any promo or bonus.