CBM Writer

How Do Casino Deposits and Withdrawals Work?

Gesootdmowytstaonlouhgssoos

January 12, 2021

The ins and outs of gambling are many, yet making deposits and requesting withdrawals at casinos online is one of the essential skills of a web player. With time, the options for depositing and cashing out have expanded and gotten more complicated, or simpler by someone else’s standards. It is our job here at Casino Banking Methods to bring these processes as close to you as possible, so that you can feel confident enough to move your money around with ease.

After completing your first deposit and withdrawal, every other consecutive transaction will require less effort. Let’s assume you haven’t deposited ever at a casino online, let alone withdrawn winnings. How do you do it? Take a few minutes to read our article top to bottom and you’ll know.

Depositing at Online Casinos

A great part of learning the gambling basics is learning how to properly finalise a deposit. Without uploading funds to your online casino balance, you won’t be able to play casino games for real winnings. You can play in demo mode, but you won’t be able to actually win anything, except for the mere satisfaction of getting the combos off. After a successful deposit, all the real money games are at your disposal. So, how does one initiate a deposit? Before we go into the nitty-gritty, keep in mind that you must first prepare.

You ought to make a careful selection of the casino you want to deposit to and the banking method you want to use. CBM can help you with both of these, as we’ve prepared extensive online casino and payment method reviews you can bank on.

The casino that accepts your money transactions should be reliable, licensed and well-protected with advances encryption. In the same vein, the banking method you choose should be easily accessible, secure and efficient. Ultimately, think of your personal priorities and take your picks based on them.

Online Casino Deposits with Credit/Debit Cards

This is arguably one of the most traditional ways to make a deposit to a casino online. After you have registered at the casino site, navigate to the cashier page and look for the logo of the card you carry proudly in your wallet, whether it is Visa, MasterCard or any other accepted card.

The system will guide you through the process with clear and concise instructions. You will need to provide your card details (card number, cardholder name, expiration date and CVV code), as well as specify the deposit amount. Confirm the information upon reviewing the entered details and your deposit request will be submitted and processed.

Key features:

  • Reliability and a longstanding tradition
  • Wide accessibility
  • Requires sharing of banking information
  • Transactions can be on the slower side

Online Casino Deposits with Prepaid Vouchers

Depositing with prepaid vouchers can be done at casinos that accept Paysafecard, Flexepin and similar options of payment. What you need to do first is purchase a voucher, personally at a POS or online, depending on the service you have decided to use.

With a voucher obtained, log in to your casino account and visit the banking page. Look for the voucher logo and click on it to initiate a deposit. You will have to provide a unique numeric code of your voucher and enter the amount you want to transfer.

Prepaid voucher’s balances are limited, so make sure you adhere to this limit, and the limits of the casino. Your name is never revealed, nor is any financial information linked to your personal bank accounts. Confirm the payment and the funds will appear in your balance instantly.

Key features:

  • Limits spending and provides better control
  • Paid upfront without revealing any banking/personal info
  • Easy to use at the cashier
  • Instant deposits enabled

Online Casino Deposits with E-Wallets

E-wallets have become rather favourable solutions for many online casino users looking for a third party payment processor to speed things up with their deposits. Options such as Skrill, Neteller and PayPal offer great service for reasonable fees. They are widely accepted at the majority of top online gambling sites. They also make things easier by allowing you to store money online in a safe environment.

Before you can use an e-wallet to fund your online casino balance, you need to set up an e-wallet account. Then, upload a certain desired amount to the e-wallet. You can source the funds from your debit/credit card, for example.

With the wallet funded and active, you can proceed to choose it as you preferred deposit method at the casino site. Then, you will have to state the amount you wish to send and you will be redirected to the e-wallet login page. Use your e-wallet account ID and password and confirm the transaction. The money will be deducted from your electronic wallet and credited to your gambling balance right away.

Key features:

  • Enhanced convenience and faster transactions
  • Secured by encryptions and multi-level firewalls
  • Added privacy and great record-keeping
  • Not ideal for players who want bonuses, but not fees

Online Casino Deposits with Mobile Payment Options

Yes, one can also deposit at an online casino using mobile credit or mobile phone bill. This is arguably the peak of convenience an online casino player could want. Boku, Payforit, Apple Pay, Google Pay and Siru Mobile all enable mobile casino deposits. The players is required to have a smartphone and a personal mobile phone number, which is almost always a given.

With most of these options, you need to do the following:

  1. Visit your chosen casino site and go to the payment page.
  2. Select a pay-by-phone method.
  3. Enter your deposit amount and phone number.
  4. Receive a text message with a confirmation code.
  5. Enter the code at the casino’s cashier.
  6. Receive a message notifying you of a successful deposit.

The process is, as you can see, rather straightforward. Depending on your mobile plan, the sum of the deposit will be either deducted from your existing credit or added to your next mobile phone bill.

Key features:

  • Strong coverage across Europe
  • Cost-effective and extremely convenient
  • No bank account required and no personal details shared
  • Transactions are restricted to relatively low sums

Online Casino Deposits with Cryptocurrencies

Cryptocurrencies are not a novelty anymore – many casinos online have embraced them, opening an alternative door to tech-savvy players. If you have some coins stored, find a good crypto-friendly casino and join it. If you don’t, you may purchase Bitcoin (or other crypto, such as Litecoin, Ethereum and the like) online, store them in a crypto wallet and then proceed to make deposits with stored digital funds.

Navigate to the cashier page of the casino, select the cryptocurrency as you preferred method of payment and enter the deposit amount. Next, receive and save the unique code – the casino’s crypto wallet address. This way, the system will know where to transfer the funds. Go to your crypto wallet and approve the transaction, by providing the casino’s wallet address and confirming the deposit sum. As soon as the blockchain processes your payment, the money will be reflected in the gambling account balance.

Withdrawing at Online Casinos

Now that you have a general understanding of how online casino deposits work, you can recognise a pattern. Each deposit is built upon these steps:

  1. Joining a casino
  2. Navigating to the banking/cashier page
  3. Selecting a preferred method
  4. Specifying the deposit amount
  5. Providing additional information (when necessary)
  6. Confirming the transaction

Withdrawing money from an online casino account is not significantly different. One can say the process is reversed. Instead of uploading funds to your account, you are cashing out. For this to work you must:

  1. Log in to your casino account
  2. Make sure you are eligible to make withdrawals (no bonuses active, identity confirmed)
  3. Navigate to the cashier page and choose withdrawal instead of deposit
  4. Select a method from a list of available withdrawal options
  5. Follow the instructions (you may need to provide extra information or access third party processors)
  6. Enter the withdrawal amount and confirm
  7. Wait for the money to be deducted from your balance and sent to your desired location (e-wallet, bank account etc.).

Deposits are typically resolved in a matter of minutes. With withdrawals, the situation is not as homogenous. The type of your deposit method often dictates the waiting time, as well as the casino itself. Many casinos online have pending times during which they make final checks in order to release your funds.

Account verification is another important aspect of requesting withdrawals. Prepare to upload additional documents to prove your identity and legal gambling age, as well as the ability to responsibly manage your finances. Casinos normally conduct account verification upon the player’s first withdrawal request.

In recent years, various casino sites are offering fast withdrawals, eliminating the long processing times. They are able to issue fast withdrawals due to built-in KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols. You may also encounter “instant-play casinos” or “Pay N Play” casinos, supporting instant banking functions and enabling users to deposit in a matter of seconds. In the same vein, same-day payout casinos are offering lightning-fast withdrawals, by enticing their players to cash out using, instant banking, e-wallets or crypto.

Summary

For a novice, depositing and withdrawing at online casinos may seem like intense processes demanding full focus. In reality, processing deposits and collecting your winnings will quickly become something you do automatically, without giving it too much thought. The protocols are notably simplified and online banking technologies have found their perfect role in the online gambling arena.

At the same time, safety standards have gone up and completing online money transactions is now more secure than ever. Decide on the method you find to be most suitable for your needs. Then, embrace its benefits, study its use and you will succeed in carrying out deposits and withdrawals correctly.

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