Playing in online casinos is fun, but the users are rarely looking for the entertainment alone. Half the enjoyment in playing casino games is the potential prize money when you win. One important factor when you are looking for a new online casino, is their methodology when it comes to paying out the prize money. Their terms and conditions usually give you every information you need, but they are hard to navigate from time to time. If you have ever wondered what a good payment process looks like, look no further.
What are the Pay-Out Standards at Online Casinos?
If or how you get your hands on your prize money is a question of multiple factors, like:
- how big the pay-out is
- which game or bonus was used
- the provider’s terms and conditions
- the gambling and tax laws in your country
If you want to withdraw winnings, you send a request to the casino provider. You usually have a page in your account settings that will let you manage your gambling funds. Any winnings will first be added to the account and will appear here. You typically find the option or instructions on how to request a withdrawal on this site as well.
You can choose between two payment styles, or the casino will choose to offer just one of the two, depending on the sum:
- payment upfront – these are more likely for smaller sums
- monthly installments – large amounts of prize money will be split up in monthly installments
Small sums can often be withdrawn quickly and without any verification. Larger amounts require you to verify your identity first and therefore take a bit longer to process.
Typically, you will receive the prize money via the same payment method you use to deposit the gambling funds. Depending on the payment method, the withdrawal will be instantaneously or take some time.
What is to be Considered with Online Casino Pay-Outs?
- Does the Casino pay out? – Some casinos will not allow withdrawals of any kind or put up heavy restrictions. Here, the winnings get added to your casino account and can be used as credit on the site. Never use online casinos that won’t allow withdrawals at all or ask for very specific conditions before they pay.
- Payment Methods – Some payment methods will take longer. Digital payment services are often fast or even instantaneous. In your account settings, you can choose how you want to add or receive funds. Make sure to pick the option that suits you most.
- Terms and Conditions – A good casino will communicate their terms transparently and use fair reasoning. Some casinos, however, might try to avoid having to pay out by implementing loopholes in their terms and conditions. Read them carefully to understand whether a provider’s actions are justified if they decided to withhold winnings.
Why does an Online Casino Refuse to Pay Out?
In the casino terms and conditions, you typically find a list of reasons that will allow the provider to refuse a pay-out. The following are reasons why a provider might refuse to pay you:
- You have multiple accounts on their website.
- You are using somebody else’s bank accounts or card information.
- You gave false information when registering.
- The verification process has failed.
- You have played using a VPN.
- Or you have violated the terms and conditions in any other way.
Any of these reasons are fair. By using different or wrong information, a person could easily fake or obscure their identity. Double accounts are prohibited on most casino websites because they can be used for illegal activities like money laundering. If you break these rules, even by innocent mistake, you will have a hard time arguing your case.
What is the N1 Casino Pay-out Methodology?
If you have ever compared online casinos, the name N1 will pop up on top of the rankings frequently. For example, here is a great online casino review of N1 casino that will give you all the necessary information on their service. They evidently have a high quality and safety standard and are adored by many players all around. If you are looking for a trustworthy online casino, you can use N1 as a good reference point for what they should offer.
The payment and withdrawal methods are typically the same. They range from traditional banking to online payment services. The possible withdrawal methods and providers for N1 are:
- Bank Transfer & Credit Cards (Maestro, Visa, Master Card)
- E-Banking (iDebit)
- E-Transfer (Interac)
- E-Wallets (ecoPayz, Mifinity, MuchBetter, Neteller, Pay4Fun, Skrill)
By using digital payment services, the difference between your location’s currency and the casino’s currency will rarely be a problem. For some other payment methods, you must make sure the casino accepts the specific currency. N1 allows the use of:
- Canadian Dollar
- Norwegian Kroner
- Polish Zloty
- Russian Ruble
N1 has limits for especially high withdrawals. They exclude progressive jackpot winnings, however, which will be paid in full. For any other type of prize money, full pay-outs are only possible under €15,000 (or the equivalent in other currencies).
How high these limits are, is tied to the player level in the N1 VIP-Club. A Premier League player can withdraw less at a time than a Major League or League of Legends player.
Major League Ranks 10 to 7
|Major League Ranks 6 to 1
|League of Legends
Processing & Pay-out Time
Withdrawal requests are processed immediately. Most withdrawals are instantaneous, take hours or a day. In most cases, the timespan between requesting and receiving the pay-out lies under 5 hours.
Bank transfers can take up to 7 banking days. While the pay-outs will be processed by N1 on any day of the week, the payment method might not handle transactions on weekends.
For the withdrawal of price money beginning at €2,000, N1 requires you to verify your identity. They ask for a selfie and your ID, and/or another special sign, and/or a call.
Once you have requested a pay-out, the withdrawal process is locked in, meaning you can’t change your mind in the meantime and cancel the order to use the money for gambling funds instead.
A good online casino like N1 will always pay out the prize money. They use the preferred payment method locked in in the account settings. Depending on the amount of money, it will be transferred in total or in monthly installments. Your VIP-rank decides on how much you can withdraw at a time. The payment method is also the deciding factor when it comes to the payment speed. Usually, pay-outs will reach your bank account in less than a day.
Make sure to always use your own and correct data, when setting up the account, so you won’t violate the terms and conditions and lock yourself out of receiving your winnings.