Some people don’t want a check. Some people just want cash.
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Ever wondered how the casino cashes out large amounts if the gambler prefers cash? The simple and short answer is that, if you want cash, they just give you cash, regardless of how large the cash out. Most US casinos are required by their relevant jurisdictions to have enough cash to cover their chips in circulation.
If you’re curious, like me, and want to know more, read on. Casino procedures interest me.
First, if the amount is usually over $1000-$2000, the cage will ask for some form of ID. Without your ID for tax reasons, they won’t cash out your chips.
If the amount is over $10,000 per day, on the aggregate, they’ll also ask for your social security number.
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Then the cashier will call for security clearance. Sometimes, before calling security, they’ll ask you where you got the chips.
Now to the cash out part that involves purely cash, when after you and your chips have been cleared.
If you’ve ever cashed out casino chips, you know they count each bill. Wouldn’t it take quite a while to count out $100,000 or more?
It’s actually quite easy if the amount is in $50,000 or $100,000 increments. They give you a sealed pre-counted brick like this. According to the cage manager, these bricks are counted while under surveillance and are always correct.
So cashing out $100,000 is actually easier and faster than cashing out $10,000.
For $10,000, they give you a strap of cash, called a ‘mustard’ strap (so-called because of the mustard color of the band). But first, since the strap is not sealed, they have to run it through an automatic sorter first. Afterward, in my experience, the cashier doesn’t then bother to count it by hand. They just hand you the strap, typically. The exception is if you ask for a count.
The next easiest thing to cash out is either $5000 or $2000 in chips. There are straps of $5000 and $2000, but unlike the $10,000 strap, where the casino cage just gives you the $10,000 strap after the machine count, the casino will manually count out, by hand to you, even after the automatic machine count. My suspicion for this practice is that the cashiers like to count out the smaller straps because there is the increased possibility of a tip, especially if the cash out amount is something like $4004.
If you don’t want the cage to count out the bills, you can tell them that you trust the machine count. However, I’ve had instances where I’m in a rush, and I tell the cashier that I’ll trust the machine, only to be rebuffed by most cashiers who insist on a hand count of an odd amount. I’ve been told that it’s for the eye in the sky because allegedly, they’ve had customers come back and say a bill was missing.
The amount that takes longest to cash out is something odd like $7500. Because since there is no pre-made strap, and even if the amount is exactly $7000, they won’t just give you a $5000 strap and a $2000 strap. They’ll count out the seventy-five $100 bills.
Note that in the event you have a lucky day at the casino, the casino cashier will have the following straps ready.
Here is a strap that I have never ever been given in a casino. I had to ask for it, and the cashier handed it over, without counting it out.
All the colors for the straps above are universal, at least in the US. So if you ask for a purple strap, the cashier will know that you’re asking for $2000.
Oh, and just so you know, I don’t carry this cash on me. I turn it into the cage when I leave the property.
…and now you know.
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The name speaks for itself – this kind of casino will offer the fastest payments out there, sometimes under 12 hours. This makes it quick and easy to access your winnings if you’re fortunate enough to land some major cash. Some fortunate people may find this to be the case, but as a general rule, it simply means that the transaction is relatively fast.
Fastest withdrawal methods
This will depend on where in the world you live. Many people worldwide are increasingly using Bitcoin’s digital wallet for an instant withdrawal after winning big at an online casino. Other cryptocurrencies are also gaining in popularity as instant withdrawal options.
The benefits of using a cryptocurrency digital wallet are numerous. Not only is this payment method anonymous, protecting your identity and online activity, it is readily embraced by online casinos, due to the lack of need for a third party i.e. a banking system. Furthermore, many of the best online casinos will offer bigger bonuses for customers who make a deposit using Bitcoin, meaning that there’s more opportunity to win big and make use of the instant withdrawal option.
Those in Europe have a safe bet with PayPal, which is one of the most trusted online wallets in the world. The strict rules PayPal has in place about which vendors it will accept means that those online casinos who do use PayPal will be regulated by both the governments of their country and in those who are also in PayPal’s approved countries.
Other e-wallets that are well-known in the gambling world are Skrill, Boku, Alipay and Visa. The added bonus customers gain from using this withdrawal method is low fees.
Slowest withdrawal methods
In terms of payment methods, the cheque is commonly known as the slowest withdrawal option. Those wanting an instant withdrawal option should avoid this, as it can take a few weeks for a cheque to arrive, and an additional 7-10 working days on average for deposited cheques to appear as funds in your bank account.
Some casinos can only offer bank account transfers that take 6 to 10 working days to process, so it isn’t recommended to use this method if you can set up an instant withdrawal method such as an e-wallet. Similarly, Visa, Mastercard and Maestro can take around 3 working days to process, so if you are put off this option but also don’t want to use an e-wallet, you could try Skrill, Neteller, Instadebit or EcoPayz, which – while they aren’t instant withdrawals – offer a processing time of 1 to 2 working days on average.
Withdrawal time
There are a few factors which can influence whether a payment method offers instant withdrawal or not. Firstly, consider the online casino’s website optimisation. If it hasn’t been designed well, or uses a poor server hosting provider, it could lead to slower transactions and paying times.
Another factor is your location. For example, if you are living in the US, withdrawal times may take much longer. This is because there are only a few online casinos in America, as there are only a few states which fully permit gambling, such as Nevada, New Jersey and New York. Several others will allow certain forms of gambling, but the rules become complicated, which will slow down the processing time.
Those living in Europe, Australia or Canada, on the other hand, can often enjoy instant withdrawal for their online casino winnings, with many payments reaching accounts within 24 hours or sooner.
Withdrawal speed
There isn’t a lot you can do once a withdrawal process is in place to speed it up. However, there are some steps you can take to prepare beforehand which will make everything go much more smoothly.
Many reputable casinos will require an identity check before releasing funds to an account, so make sure all of your details are ready to go when it’s time to initiate a withdrawal. Furthermore, make sure you plan your time accordingly – if you need money by a certain date, ensure the withdrawal process has a high likelihood of being completed by or before this time.
If you’re living in the US, find out how long the withdrawal process is likely to take in your state, and whether any additional checks need to be carried out by the personnel team at your chosen online casino. Many casinos these days offer a live chat feature so you can find out further details quickly and easily. Alternatively, you could call them if a toll-free number is available, send an email or use the FAQ pages to find out the information you require.
Finally, choose your payment method wisely. Those using e-wallets for an instant withdrawal are likely to have more joy with gaining their cash quickly, as opposed to someone who requests a cheque.
Withdrawal limits
Online casinos will often have withdrawal limits in place, which can vary according to which withdrawal method you are using. There could be just a maximum limit, or a minimum one imposed as well. They could be implemented across a daily, weekly or monthly basis, or several of these timeframes.
Many gamblers will already be aware of minimum withdrawal limits after engaging in welcome bonuses or promotions, which require them to make a minimum deposit of $10-20. However, the maximum withdrawal amount can vary hugely from casino to casino, so it’s worth reading the terms and conditions before signing up as a customer with a particular online casino. Discover the best no deposit casinos here.
If you request a withdrawal amount higher than the limit, an amount equal to the maximum will be paid in installments over a set period of time. For example, if the daily limit is $10,000 and you have requested a withdrawal of $100,000, you will be paid $10,000 a day for ten days, until the full amount has been paid to you.
It may not just be the casino who implements withdrawal limits. Depending on the method you use, there may be limits associated with how much you can withdraw to the account. Some credit or debit card issuers may have limits imposed on how much you can withdraw to your account in one go, and the same goes to e-wallets. Before making such a request, it’s worth doing your research beforehand to avoid any disappointment.
What are the best online casinos for instant withdrawals?
Based on the factors mentioned above we have compiled a list of online casinos that allow you to easily withdraw your winnings through an instant money withdrawal service.
SlotsMillion Casino
This casino has a space-age theme and features a range of casino games ranging from video slots to classic table games like poker, baccarat, and roulette. Withdrawals done via Neteller and Skrill can be completed within 24 hours and the site is accessible using Android and iOS mobile devices. All transactions at SlotsMillion Casino are protected using SSL encryption which guarantees the safety of all cash transfers.
Betsafe Casino
There are plenty of online casinos with fast money withdrawals but Betsafe Casino stands out due to its overall appeal. The site has a modern, easy-to-use interface and also has a unique seed trade system. The casino is also highly ranked by users due to its impressive game portfolio that includes Video Slots, Roulette, Poker, Blackjack Baccarat and plenty more. The site also has a live gaming section that features Blackjack and various types of Roulette. All these great features are functional on smartphone and tablet devices for those who prefer to play while on the go. All fund withdrawals that are done using the site’s e-wallet take between 2 and 24 hours to complete.
Shadow Bet Casino
Shadow Bet Casino is powered by several software providers including Microgaming, NetEnt, NextGen Gaming, Betsoft among several others. Players can enjoy a wide array of slots, table games and specialty games catering to various preferences. Shadow Bet Casino stands out because it is possible for players to withdraw payouts within an hour. This is an amazing processing time and it definitely makes it convenient to carry out transfers via the e-wallet system.
Royal Panda Casino
The modern Royal Panda Casino that has an inviting and intuitive user interface. The site has several features that are not often found on similar platforms. For instance, a multitasking feature allows site users to play up to 4 different games simultaneously. Most of the games are powered by NetEnd and Microgaming and some of the favorite slots available include Mega Joker, Cash Splash, Big Kahuna, South Park and Gonzo’s Quest. Live games are also on offer with special dealers for games like Baccarat, Black Jack, and Roulette. This casino has a great banking system that allows players to withdraw any earnings over a period of between 1 and 3 days.
PlayOJO Casino
PlayOJO Casino offers you a comprehensive online casino experience and this has made it one of the main contenders for the Best New Casino of 2017 Award. Some of the outstanding features of PlayOJO casino include a sleek design, variety of slots, classic casino games, mobile access, and no wagering bonuses. Another great feature is instant payouts which allow players to conveniently access their winnings in the shortest possible time. Find here our selection of the top no wagering casinos.
Bet365 Casino
This is one of the most recognizable brands in online and offline gambling. Bet365 Casino offers a comprehensive portfolio that includes over 600 casino games, sports betting, specialty games and many social gaming options. Mobile users can enjoy full access to the game portfolio via Android or iOS devices. Site users with any problems can contact the support staff who are on standby 24/7 via Live Chat, phone or email. Withdrawals can be done via e-wallet and transactions can take anything from a couple of hours to 3 days depending on specific service providers.
Summary
While payout time is dependent on lots of different factors, it is one of the most important factors to take into account when choosing which online casino to play casino games at.
The information isn’t always easy to find, it may be tucked away in the terms and conditions or at the bottom of a sign-up page but we recommend taking the time to have a look, in order to avoid that frustrating wait to enjoy your winnings; especially if you told the wife you would take her out for dinner.
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