How do payments work in online casinos?
An online casino may serve up a visually pleasing ‘all-singing, all-dancing’ website, and offer an abundance of the very best games. However, if its payment platform is below par, it simply won’t be able to compete with other available brands.
Players want to be able to deposit money at casino sites with the minimum of fuss, and get playing to accumulate some handsome winnings – that’s the dream, and that’s why you’re there! At this stage, they will be looking for their cash to be easily withdrawable, without having to jump through hoops.
Here, we will review everything that you need to know about online gambling payment methods. By the end of this piece, you should have a much better understanding of what you should be putting on your list of criteria when you look for a new casino site.
How do online casino deposits work?
Put yourself in the situation. You have selected your online casino, opened an account, and now you want to put down your first payment – quickly, easily and securely.
Most online casinos are on the ball with this, and the best sites will provide a robust online gambling payment gateway that is encrypted with SSL technology, among other security measures.
Ideally, you should stick to tried-and-tested payment methods – such as Visa, Mastercard and American Express – as these will afford you extra protection. Meanwhile, you can also rely on e-wallets such as PayPal, Skrill and Neteller to facilitate a fast and secure option for depositing funds. You may even prefer to use the good old-fashioned bank transfer to bring you total peace of mind.
When it comes to the question of how to deposit money in online casino accounts, it is usually a simple enough process. Your chosen casino will have a banking or cashier section, and once logged into your account, you will be able to navigate to select your preferred deposit option and the amount you wish to deposit. Typically, the minimum deposit required by online casinos is $10, but the maximum will vary according to your payment option.
In the vast majority of cases, deposits will appear instantly in your casino account, allowing you to get started on the action within a matter of minutes.
How do you collect your online casino winnings?
How do online casinos pay you? The online gambling payment processing system is essentially the same for withdrawals as deposits.
When considering how to withdraw money from online casino sites, head once again to the bank/cashier section and you will see the ‘withdrawal’ option listed.
Select your chosen transfer method – often, casinos will only allow you to make a withdrawal using the same method selected to make the deposit.
The best online casino withdrawal systems are relatively quick and simple. However, you should note that this process will not be as fast as making a deposit. Both the casino itself and your bank or building society will carry out security checks for fraud or money laundering, so you should expect a withdrawal to take anything from 24 hours (e-wallets) to five working days (credit card or bank transfer) before your funds will clear.
The best online casino withdraw your winnings facilities are free of charge. Always read the terms and conditions before opening an account. If a casino attempts to charge you for making a withdrawal, or adds a processing fee to your payment, you should consider looking elsewhere as there are plenty of providers offering free withdrawals.
It’s also worth remembering that you may need to verify your account before the casino will action a withdrawal. The verification process is fairly straightforward, but you will need to upload a copy of a document proving your identity, as well as a letter or invoice showing your home address.
We cannot emphasize enough that you need to check the casino’s deposit and withdrawal terms and conditions before registering, as this will be a marker of whether or not you can trust the site.
Can you claim online gambling losses?
Many people don’t realize that gambling losses are tax deductible. However, before you start hitting up the taxman, remember that this is in context with your winnings. Overall though, the answer is ‘yes’, you can claim online gambling losses.
All gambling winnings are classed as taxable income, and you should keep a record of your losses and gains to make your tax reporting easier.
You can deduct losses from winnings in casino gaming, poker, sports betting, and much more besides. It is therefore a good idea to get into the habit of accurate recordkeeping when depositing cash from casino wins – it may actually help to improve your performance in the long run.