The best part of gambling, is no doubt, receiving your winnings. You feel an absolute rush when things have been going your way at the tables and you see your bank balance has swollen to the point where you feel comfortable cashing out.
But now you need to know the best way to cash out. Not all options were made equal, and some may take hidden fees that will diminish your returns. Therefore, this guide will give you an in-depth guide on how to safely maximize your winnings through the cash out process.
Top Casino Cash Out Options
- Visa/Mastercard: Cashing out your winnings straight into your card is the most common way to go, however, depending on the casino you may be subject to withdrawal fees. Keep an eye out for these. You can expect to receive these funds within 2-5 working days.
- eWallets: eWallets are so convenient because they’re easy to sign up for, and they can be used everywhere online. If an online casino has an option to cash out to an eWallet, they are typically very trustworthy and secure in their transaction process. Keep in mind that eWallets like Paypal can take hefty sums.
- Bank Transfer: Bank transfers are undoubtedly the most traditionally secure way to receive your money. The only downside is that it can take ages to show up in your bank balance. This requires labor on the casino’s end and is then subject to your bank’s verification process, so it can take more than a week to receive.
- Cryptocurrency: Cryptocurrency cashouts are increasingly in popularity as people become more familiar with the method. Once you understand it, it’s simple. Simply make a wallet, get your wallet ID, input it into the casino’s cashier service, and receive your funds in an extremely short period of time. Cryptocurrency withdrawals also typically don’t have any hidden fees attached to them.
- Cash App Casinos: You can use this app to deposit and withdraw funds at online casinos. If you are new to using this method, you can check this Cash App Casino Guide.
Top Tips For Making an Online Casino Payout
- Understand Your Limits: Once you commit yourself to withdraw, try your best to stick with that decision. It can be tempting to go back in and play some more, but more often than not you will lose your money that way. Gambling responsibly is part of the fun.
- Look For Withdrawal Fees: Check to see if your casino’s cashier services has a charge on transactions. They can be rather minuscule like 2.5%, but no one wants their hard-earned money to be subject to unnecessary fees.
- Evaluate What The Best Method Is: Once you’re ready to cash out, evaluate which withdrawal method is best for you. Typically, debit card withdrawals are the best option but perhaps you want your money in your Bitcoin wallet or in PayPal. They each come with different terms and conditions, so pick the one that’s best for you.
Pay Attention To Taxes
Different countries have different laws when it comes to taxing your gambling winnings. Certain places in Europe such as the UK have no law on taxing gambling winnings, but the U.S. definitely does.
For those in the U.S., you will have to self report your online winnings on the Form W-2G and it must be filed before April 15th. It can be complicated, but it must be done to ensure you don’t get in serious trouble!
Make sure you enjoy your sweet winnings by following the appropriate steps to ensure you get the most out of it. Don’t fall victim to nasty hidden fees and long processing times. The steps above will guarantee you receive your winnings in a timely fashion.