We all think we know something for sure, and when questioned, we reply with so much confidence that the other person does not think it is necessary to re-check the information. This is exactly how common misconceptions are born. When it comes to money, many misconceptions are involved.
Cash outs have been the subject of questions for a long time. There are just as many misconceptions about how cash outs work as there are questions about it, especially when it comes to online gambling. So let’s shed some light on some of the more common misconceptions about cash outs, casino cash out rules, and everything else there is to it.
What is a Cash Out?
What is the meaning behind the word “cash out”? Cash out is an operation that allows you to unlock your winnings. Simply said, it is the process of withdrawing part or the full amount from your balance—whether it is from a bank account, a casino, or anywhere you keep money. So, what are the common misconceptions attached to them?
Casinos Make You Go Through a Painstaking Wait
Normally the first thing you look at when choosing an online casino is their withdrawal methods and payment terms. After all, we are playing to win real money, right? Quite often players are misled into thinking they have full jurisdiction over their winnings and can withdraw money from online casinos at any given time. But usually, there is a waiting period of 7-10 working days, because the casino must carry out certain verification procedures before releasing any winnings to players. This would include confirmation of identity, the payment methods used, and the withdrawal requirements applicable (if the win has come from a bonus offer, free chip or other incentives.) Almost every gambling program and online casino work in this way and the full conditions around timescales for payments and withdrawals are usually stipulated within the policies on their website.
Casinos Play the Terms and Conditions Card
As mentioned above, a cause for delay or decline for withdrawal of winnings can sometimes be down to a player not meeting the terms and conditions of a bonus offer. In this day in age, it’s very common for people to skip the fine print, and this is one of the primary reasons casinos won’t cash out on a prize. Very often bonus codes and promotional offers are attached to some kind of terms and conditions, such as minimum deposit amount, an offer only applicable to certain games, or an offer which is time sensitive, i.e. already expired.
They Don’t Allow You to Withdraw the Full Amount
Again, this is another misconception about online casinos and how they handle cash outs. If you have won a legitimate jackpot, you will without a doubt receive the full amount eventually, but most casinos’ cash out rules will say that they can only issue portions of the cash due to their withdrawal limits. Some casinos impose a daily, weekly and monthly withdrawal limit on winnings up to a certain amount. Some also impose a time limit on withdrawals – which takes us back to the previous point.
Certain online casinos may only be permitted to pay out a minimum or maximum amount of winnings, once per week. For high rolling players, this truth can be a bit frustrating if they have won thousands if not millions on a game, but most of the time, negotiations can be made with the casino to make exceptions in such cases.
The Upside of Casino Cash out Rules
The positive side of casinos paying out in increments is the protection it gives to players if hackers ever attempt to access their accounts. Because the casino has withheld the winnings, the cyber-crooks would not be able to get their hands on a single cent. This also means that the player can request the winnings to be transferred into a different account if needed.
Another upside to casino withdrawal limits is the fact that it could save the player from blowing all of their winnings in one go. If you saw a few thousand in your account available all at once, psychologically you would probably feel like you’ve got more to boot than if you only saw only a portion of the money lying there. Imagine if you’d received a mighty win while drinking all night, and decided to blow the whole thing in one go. The next day would leave you feeling quite hurt when you realized what you’d done—and not just in your aching head!
Our Advice on Casino Cash Outs
Now you have the lowdown on casino cash out rules and a few common misconceptions surrounding them. If you want to avoid disappointment next time you score a win and are expecting to be handed it immediately – you should thoroughly check the terms and conditions surrounding the casino’s offers, withdrawal terms, and payment methods first. That way when you win real money in an online casino, you’ll know exactly how and when you can expect to receive it.