How to Cash Out Your Winnings
Congratulations, you are a winner! You may be ready to claim that cash, but there are several steps you have to take before the money will be in your bank.
Meeting the Terms of Your Bonus Winnings
Every promotion comes with a set of conditions that you have to meet in order to collect the money won. These conditions vary by the type of promotion, but the following are some of the ones you are most likely to encounter:
- Wagering Requirements - Virtually every offer has wagering requirements, also called playthrough. This is the number of times you have to bet the amount of the bonus before you can cash out. For example if the playthrough is 30x on a $100 promotion, you have to bet $3,000 before you can withdraw any money. This is the most important condition to research before accepting a promotion.
- Maximum Withdrawal - Many bonuses will have limits on the maximum amount of money you can withdraw from your account. This amount can vary widely from one offer to another, and should also be seriously considered before accepting an offer.
- Minimum Deposit - For promotions that require a deposit, most will have a minimum amount you have to spend in order to access the bonus.
- Game Limitations - Many offers like free spins and free cash limit either the games that you can play or the amount of your bet that counts toward the playthrough requirements. Free spins can only be applied to slot machines, and many free cash promotions have playthrough limits on various table games.
Legal Requirements for Bonus Winnings
'Know Your Customer' laws mandate that online casinos must verify your age and address as part of anti-money laundering measures. It also serves to ensure that you are old enough to gamble, and that you live in a place where gambling is legal. You will be asked to provide identification before you are allowed to cash out, and you may have to show proof of residence as well.
Cashing Out Your Winnings
Every online casino has a cashier that handles all of the monetary transactions for that site. Here you can make deposits and withdrawals, apply promo codes, and you can see your progress toward playthrough requirements as well. In order to cash out, you will need to navigate to the deposit page of the cashier and submit the request.
If you are using no deposit promotions, do not attempt to cash out two of these promotions back to back from the same casino. Not only will your withdrawal request be denied, but you can actually have your account closed for abusing promotions as well.
The Time it Takes to Get Your Winnings
You should allow three to five business days for money to clear into your bank account after cashing out. This small delay is caused by the security checks the casino has to run in order to disburse your winnings. If you are using a credit card or online site like PayPal to cash out, more security checks are involved and the process may take longer to complete. Currency conversions may come with extra fees and delays if you are not playing with your native currency, so keep that in mind before you accept a bonus for a particular casino.