21 Jan

The Deception of “Instant” Casino Withdrawals

Why so-called instant casino payouts aren’t really instant at all.

Are So-Called Instant Casino Payouts Really InstantAnyone who’s ever gambled online – whether it be a current account in a white market jurisdiction, or a long-ago membership with a shady operation, prior to any standardized iGaming regulation – knows that the payment systems favor the casinos, not the players. You can make an instant deposit with everything from credit and debit cards, to eChecks, to web wallets and more. But when it comes to cashing out your winnings, there’s going to be a much longer wait time. It could be several days, if not a week or two, before you get your hands on that money.

More recently, I’ve seen iGaming websites promoting “instant” casino withdrawals. I’ve also witnessed payment processors claiming the same. The perception is that a player can collect their winnings immediately; just as fast as they would make an “instant” deposit. But as is true of so many things in life, perception and reality don’t always match up.

In the following examination of modern online bankroll management, we’ll talk about erroneous claims, what withdrawals methods really are the fastest, and one way in which it is possible to cash out your winnings without the wait.

Are So-Called Instant Casino Payouts Really Instant?

Unfortunately, no. Most of these claims are completely false. The problem occurs when online casino operators advertise that some of their payments are instant, without mentioning the ‘pending processing’ time that they are, by law, obligated to enforce. If you dig deeper into the fine print, you’ll find it stated clear as day.

Most operations implement a “24 to 48 hour” pending period before processing a payout. Some are faster, boasting “up to 24 hours”. But the truth is, if the casino is licensed and regulated in a reputable jurisdiction, it has no choice but to run verification checks. Even if you’ve already verified your identity, they still have to run a check to make sure everything looks copacetic; that the winnings are legit, and the account hasn’t been compromised. It’s all part of the regulator’s KYC / player protection procedures.

What the casino really means when they say “instant” payment is that, once the pending period is over, they offer payment options that can be processed instantly. But even those might not give you access to the funds right away.

Instant Cash Out eWallets

Most of the “instant” cashout methods you see these days are eWallets, or web wallets. They included payment processors like Neteller, Paypal and Skrill. Once a payment is sent to one of these eWallets, the money shows up within moments. In that way, it can be instant. But how accessible those funds are depends on what type of account the player has.

Paypal, for example, offers their members a physical ATM card. If you sign up for one, you can head to the nearest ATM and withdrawal your winnings as cash the moment they hit your Paypal account. Or, you can go to a retail store and use it like a debit card. Almost every online merchant accepts Paypal, too, so you can buy just about anything online with your casino winnings. But if you want that money in your bank account, you’re going to have to initiate a transfer from your Paypal account to your financial institution, and that will take 1-3 days. Unless you’re willing to pay an extra fee, then it could arrive anywhere from a few minutes to half an hour (assuming you have an account with an eligible bank).

So in some circumstances, yes. Web wallets can provide instant access to your online casino withdrawals. Minus the ‘pending processing period’, of course. But if you want a truly instant cashout experience, there’s only one current way to get it. You’ll have to do your internet betting with a crypto currency, such as Bitcoin.

Crypto Coins the Only Real Instant Payout Method

Crypto casinos have been around for more than ten years, just after the emergence of Bitcoin in 2009. As an anonymous way to send and receive money, Bitcoin became the perfect medium for gambling below the radar of a disapproving and/or over-taxing government.

Over time, Bitcoin and other altcoins became a payment option not necessarily reserved for underground gaming, but for faster bankroll management. As a digital currency, the wait time between cryptocurrency transfers can be as little as a few seconds. Those coins can be converted into cash just as quickly. That just leaves the ‘pending’ time to deal with. Some Bitcoin casinos won’t even enforce that, because they don’t have to.

The truth is, crypto casinos are rarely regulated by a reputable jurisdiction. Most of them boast a license from Curacao, which means nothing in terms of player safety and security. Curacao’s government asks little in the way of compliance, and enforces absolutely no player protections. If an online casino licensed in Curacao implements a ‘pending processing’ time, they are only doing so in hopes that players will reverse their withdrawal request and keep gambling with their winnings.

When an operator boasts genuinely instant casino payouts, then you can assume they aren’t reputably licensed, and that they probably apply to Bitcoin and altcoin payments only. This doesn’t necessarily mean the operators are untrustworthy. some are, some aren’t. It just means that you – the player – need to conduct a little more research into the operator’s background and reputation before trusting them with your money.

Crypto Timing Unpredictable Due to Mining Backlog

If you know anything about crypto currencies, you know that each transactions is completed the moment it is logged, or recorded, on the blockchain. It doesn’t just happen. Actual people, known as miners, record the transactions. If there happens to be a backlog of transfers on a crypto’s chain, it can take longer to complete a transaction.

Some online casinos take advantage of this by charging an extra fee to get your payout faster. I’ve seen this at a few Bitcoin casinos already. They claim that coin withdrawals can take as long as 12 to 24 hours to process, but that, for a small fee, they will expedite the process, guaranteeing you get your money in 10 to 20 minutes, tops. All this really means is that your paying the casino to skip the pending period and process the transaction.

So Is Faster Really Better?

Getting your money faster might seem like a good thing, but in the end, it’s not always worth it. Unless you’re a crypto connoisseur with a need to gamble under the radar, Curacao licensed online casinos aren’t the safest option. Malta and UK regulated gambling sites are the most trusted in the world, enforcing the strictest player protections. While the idea of instant casino payouts may seem nice, the old adage is true; the best things in life really do come to those who wait.

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