Best Online Slot Win Cashout Methods
The rise of online gaming has been acknowledged by many countries, as more nations are looking to come up with a way to regulate these sites. The US is one of the fastest-growing markets as the number of states that legalize online gambling increases with each passing day.
However, we are not here to bore you to death with laws and regulations. We are here to talk about online slots, winnings and cashing out your money. The good thing about online casinos is that they feature tons of payment methods, but which are considered the best online slot win cashout methods?
That’s what we are going to expand on here, but before we do that, let’s see why you ought to withdraw funds from your casino account and whether it is safe.
Why Withdraw Funds from Your Casino Account?
Let’s start with the security aspect of withdrawing slot wins at online casinos. As you may know, the only casino sites that are considered secure are those that possess a license. Some of the world’s most respected international authorities are:
- The UK Gambling Commission (UKGC)
- Swedish Gambling Authority (Spelinspektionen)
- Malta Gaming Authority (MGA)
Of course, online casinos can be licensed by domestic authorities, depending on the players’ residing country. To check for a license, players just need to access the online casino’s website and scroll to see the license information at the bottom of the homepage.
Additionally, licensed and regulated online casinos are powered by the latest SSL-encryption software, which is the market’s leading security system. It makes sure that unwanted third parties do not gain access to any sensitive information.
As for why would you want to withdraw funds from your casino account, the reason is simple – if you wish to use the funds for various everyday expenses, you need to have them on the account of your payment method, not your casino account.
As long as the money is on your casino account, it can only be used to play the featured casino games for real money.
With that being said, let’s take a look at some of the best online slot win cashout methods.
Credit and Debit Cards
Coming in at number 1, we have credit and debit cards. Considering the fact that they are widely used across the world, it is only logical that they will be featured at pretty much every online casino that has slot games.
One of the biggest advantages that come from cashing out slot winnings with credit and debit cards is the fact that they are extremely secure. Banks have taken massive precautionary measures in the past couple of years and ensured that the online safety of their users is at the highest level.
Just as we mentioned above, credit and debit cards are widely used and are accepted at pretty much every online casino. Hence, you will be provided with massive flexibility, regardless of the site where you plan on registering.
Credit and debit cards come without any additional fees when it comes to withdrawing slot winnings and the funds are usually processed and sent within 3 business days.
Moving on, we got PayPal, another commonly used withdrawal option for slot winnings. There are two major advantages that come with using PayPal to withdraw money. First, we have security. As an e-wallet, PayPal uses advanced security systems which make it almost impossible for unwanted third parties to interfere with the withdrawal in any way.
Secondly, due to the fact that PayPal is fully optimized for online use, withdrawals are often extremely fast. Depending on the casino’s policies, PayPal withdrawals are processed either instantly or in 1 business day.
One thing that you should keep in mind about PayPal is the fact that withdrawals may come with a fee, so make sure you read the banking policies of the casino where you registered an account.
Skrill and Neteller
The third and fourth-best online slot cashout methods are Skrill and Neteller. Both of these methods are owned by the Paysafe Group, which also owns Paysafecard. Both Skrill and Neteller provide players with instant cashouts and that is the reason why a majority of players are fond of using them.
After they request a cashout, funds are transferred within minutes. In terms of disadvantages, Skrill and Neteller have the same disadvantage as PayPal. They are prone to withdrawal fees. However, they are low and acceptable. In Skrill’s case, the most common fee is 3%.
Cryptocurrencies are becoming more and more popular and the reason why we listed them as one of the best online slot win cashout methods is due to the fact that they have the advantages of both e-wallets and credit and debit cards while having none of their disadvantages.
For starters, cryptocurrencies are digital assets and thanks to that fact, every withdrawal will be instant. Their decentralization allows users to have a certain level of anonymity and thanks to that fact, their online security is increased.
Additionally, even though withdrawals are instant, players are not prone to fees. Since cryptocurrencies are not controlled by one centre, no person or group has the authority to impose any fees.
Most Commonly Accepted Cryptocurrencies
As you may know, there are over 2,500 cryptocurrencies today and the number keeps rising. Of course, online casinos do not accept all of them. Instead, they opt in for the most popular cryptocurrencies, which are:
Other digital assets such as Cardano, Binance Coin and USD Coin can be found at some casino sites, especially those that see themselves as “crypto casinos.”
Finally, we have bank transfers, which are secure methods and an option that is available at pretty much every casino site, but they have one major disadvantage. Unlike other payment methods, whose withdrawals are processed within 3 business days, if you request a bank transfer withdrawal, the funds may end up being processed for as long as 7 business days.
Now, we don’t claim that you shouldn’t pick bank transfers, we simply state that out of all the best withdrawal methods for slot winnings, bank transfers are the least efficient.
How to Withdraw Slot Winnings at an Online Casino?
Of course, if you wish to select any of the methods listed above and withdraw your slot winnings, you need to be familiar with the process of withdrawing funds. That is exactly what we are going to talk about in this bonus section.
Register at the Casino Site
First things first, if you wish to play slots for real money and withdraw winnings, you need to be a registered player at the casino. The process of registration is extremely simple. All you have to do is access the casino site, click on the registration button and fill in the required fields. Some of the information that the casino will ask for include:
- First and last name
- Residing country
- Preferred currency
- Phone number
Read the Banking Policies
After you’ve registered an account, played slots for real money and got some winnings, you ought to read the banking policies of the casino. By reading the banking policies, you will get familiar with the minimum withdrawal amount, processing period of each withdrawal method, whether fees are charged or not and what are the accepted withdrawal methods at the casino.
This information will allow you to select a method that matches your personal preferences.
Visit the Cashier’s Section and Choose Your Method
Once you’ve chosen your preferred withdrawal method, it is time to go to the cashier’s section and click on the preferred method. This is where you also enter your preferred withdrawal amount but keep in mind that it cannot be lower than the minimum required number, set by the casino.
Minimum withdrawal amounts vary from one online casino to another. After you’ve entered all the required details, you just need to confirm the withdrawal and wait for funds to be transferred.
Verify Your Account
One bonus note that is worth mentioning is the fact that in some cases, the casino might actually ask you to verify your account before proceeding to withdraw the funds. This is a precautionary measure by casinos to determine whether it is really you who are asking for a withdrawal.
There are several ways through which you can verify your account. Some casinos might send you a code via SMS, some might ask you to visit your email and verify your account there. However, the most common way of verifying is by sending the proper documentation to the casino. These documents are:
- Photo of your ID/passport
- Utility bill
- Proof of address
Once the casino reviews the documentation and approves it, the funds will be processed and transferred. Verification time also varies from one online casino site to another.