Online casinos are having a moment. This was one of the industries to benefit most from prolonged restrictions on movement and socializing, even as others faltered. As a form of home entertainment, more people than ever signed up at casino sites and learned what all the fuss is about.
Online casinos are thriving, and there is a dizzying range of options for players in Europe, Scandinavia, and the UK. With so much competition, modern players demand more from their casino provider. As well as a huge selection of games, frequent promotional offers and a good selection of banking methods, there is one thing that all players want – rapid payouts.
Everyone is impatient to see their cash after a decent win, but not all casinos oblige. These days, if you can credibly claim to be one of the casino sites with the fastest payouts, then you have a strong selling point. But what is meant exactly by a fast payout, and why is it so important? And, most of all, where can we find fast payout casinos?
Why do we need fast payouts?
Nobody wants to be kept waiting, and especially not when there is money involved. Hold-ups can be frustrating and tedious, and the bigger the win, the more impatient we get. But fast payouts are more than just a matter of convenience.
Casino operators know that the longer they hold on to your money, the more likely you are to continue using it to play. For many people, this is just fine – after all, if the casino is your favorite way to relax and pass the time then you may just reinvest your winnings as a matter of choice. For others, this is not the case. A player may fully intend to withdraw their jackpot, only to succumb to temptation when they are kept waiting.
This approach doesn’t sit well with regulators, as it contravenes guidelines on responsible gambling. One way that casinos have dealt with the issue is by introducing so-called manual flushing. Although this sounds like something you would do in a bathroom, it in fact refers to freezing funds once a withdrawal has been requested. Players ‘flush’ the money into a holding area so that they cannot be used to play until transferred to an external account.
What are fast payouts?
Manual flushing is all well and good, but not every casino offers it and it still doesn’t solve the issue of waiting around for your cash to arrive. Many casino operators these days have managed to significantly reduce the time it takes to make a withdrawal, and this is a major draw for players.
So, what exactly constitutes a fast payout? As we know from making online transactions, processing times vary depending on a number of factors. However, in order to qualify as a fast payout casino, they should offer a service that sees money transferred within a maximum of 48 hours.
That is on the longer end of the scale, and these days players can expect same-day payments or even instant. There are a few caveats to consider, so let’s look at that now.
Why can payouts be delayed?
Online casinos have a legal duty to prevent money laundering, and their processes must meet international standards in order to keep their license. For this reason, the identity of the player must be verified before any cash is released. The process involves sending electronic copies of a photo ID and proof of address to the customer support team.
If a player wins before they have verified their account, the payout will be delayed until the process is complete. For this reason, it is highly advisable to verify the account as soon as possible after signing up.
There are other restrictions in place that can limit payouts, and again they are all related to anti-money laundering legislation. If players are lucky enough to win a huge jackpot, for example on a progressive slot game, they may be asked to re-submit identity documents. Quite often a big win is paid out in installments, as most casinos have daily, weekly, or monthly withdrawal limits. All the information on this should be clearly available in the terms and conditions.
What banking method has the fastest payouts?
This is another significant factor in how quickly you will be united with your money. Some casino banking methods will always take longer than others, and the casino has no control over this. Traditional payments directly to and from bank accounts are the slowest, as they are subject to the bank’s processing time and can take up to five working days.
The fastest option appears to be e-wallets. These are a type of online service where money can be stored, received, and sent. They can be connected to a bank account and used to pay many different online merchants. A globally famous e-wallet is PayPal, although casino users usually prefer one of the alternatives.
Payments to e-wallets (after account verification, of course) can be instant. The only downside is that many casinos prevent e-wallet users from taking up their bonus offers. For those that value fast payouts above all else, this is not so important. Bear in mind that there may be a delay in transferring money from an e-wallet back to a bank account if that is your intention.
Where to find fast payout casinos
Nowadays, online casinos are falling over themselves to offer the fastest payouts to their players. Realistically, most casino fans should easily be able to find sites that have money in their hands in less than 48 hours.
In fact, even 48 hours could be considered a bit too long to wait these days. Same-day payouts are becoming the norm, and most players now refuse to settle for anything less. A quick online search for fast payout casinos in your country will bring up entire lists of sites that provide instant withdrawals. After that, it is just a matter of choosing the one that ticks all the other boxes on your wish list.