Legal Withdrawal Methods for Gambling Sites
Getting payouts from legal online gambling sites is an important subject to understand because choosing the wrong payout method could cut into your profits. The top online casinos offer a wide range of withdrawal methods, which is good in the sense that it means you have a lot of options, but bad in the sense that it means you need to parse the differences between those options. That’s where we come in. We’ll cover all the things you need to know about withdrawal methods at legal online casinos.
The best part about these casinos is that they are legal to use, and withdrawing money from them comes with no consequence. These casinos are located overwhelmingly offshore, making them legal casinos, and the withdrawal methods you can use with them are also 100% legal.
Legal Gambling Withdrawal Basics
Processing Times
When you withdraw from a legal online gambling site, one major consideration is how long it will take for the withdrawal to get to you. For example, it can take weeks for a check to reach you, depending on the postal service, but only minutes for a cryptocurrency transfer to complete. Generally, crypto is going to be the fastest method of withdrawal, followed by wire transfers, money orders, and other traditional financial methods. The least speedy method will almost always be checks, which use physical mail.
Withdrawal Fees
Gambling is fundamentally a margin play, and high fees can reduce your marginal gains, which means that it’s critical to find a withdrawal method with no fees. There are several options for no-fee withdrawals at many major online casinos, most of them cryptocurrency related. Some of the top online casinos offer occasional no-fee withdrawals as long as you stick to a certain schedule – sometimes 1/month, sometimes 1/90 days.
Accessibility
Some withdrawal methods are more reliable than others. This means that you should make sure you pick a withdrawal method that is safe, legal and reliable. Cryptocurrency is reliable in terms of transfers being completed on time, but you do need to cash out if you want to realize your gains. The most accessible methods are still traditional financial methods, but crypto has come a long way in terms of accessibility – all you need is a crypto wallet, and even apps like Cash App have that functionality now.
Withdrawal Limits
Withdrawal limits won’t impact most people, but if you’re looking to move a huge amount of money out of a sportsbook, you’ll need to care about them. Cryptocurrency has the highest withdrawal limits at the vast majority of online sportsbooks, which means you can expect to be able to move tens of thousands of dollars with one transfer when you use crypto.
What are the Best Ways to Make a Withdrawal?
The best ways to make a withdrawal from online casinos are almost always cryptocurrency. Whether you use Bitcoin or Ethereum, the top online casinos will allow you to make no-fee withdrawals that happen in only a few seconds. There is one catch – most of these casinos require you to deposit in cryptocurrency if you want to withdraw in cryptocurrency. Why? Because they don’t want to be used as unofficial crypto exchanges, and allowing people to deposit in dollars and withdraw crypto could get dicey.
After crypto, the best options are player transfers, in which the money is sent via wire transfer to a given account number. These deposit options have lower limits than crypto, but that’s not the end of the world for most people, who aren’t really hitting those limits anyway.
Different Withdrawal Methods
Cryptocurrency – Online casinos take most forms of crypto, although the specifics will vary from casino to casino. This is usually the fastest method with the lowest fees.
Wire Transfers – The next best option, Wire Transfers have fairly low withdrawal limits, but that shouldn’t be a huge issue.
Vouchers – Some casinos let you withdraw in the form of vouchers, which can be redeemed at the casino or sold on the secondary market.
Checks – The slowest method of withdrawal, but also the one that is most familiar to the public at large.
