Online Gambling Account
To run online gambling business, one definitely needs a processing (merchant) account to process clients’ transactions and a bank (current) account to use the revenues from the business at one’s own discretion. While the first account. Most online casinos will allow you to make deposits and withdrawals via a wire transfer from your bank account. This can be a good method for large deposits or withdrawals, though there is.
You’ve been spinning the slot machines and hitting some big wins. Now you want to receive your profit straight to your bank account. How do you withdraw your money the easiest and fastest way? In this article we will give you a rundown of all the methods you can use to get your money, and everything you need to know about them.
To get started you need to locate the “withdrawal” section of the casino you are playing at. Once you’re there you should see a list of withdrawal alternatives to choose from. Here is a list of all the withdrawal methods and how to use them:
Bank transfers and card withdrawal (1-3 bank days)
The most common withdrawal method is good old fashioned bank transfer. If you choose this option, a web page will open where you insert your bank details such as bank account number, IBAN and BIC/Swift. Which details that are required varies from casino to casino, but generally one or more of these three are sufficient.
Alternatively, at some casinos, you can withdraw straight to the card you used to deposit with. At these casinos, you can often choose your credit card from a list and just insert a couple of details and your money is straight on its way. Note that this option is often only available if you previously deposited with the card, so if you used bank transfer or an e-wallet as your deposit method, credit card withdrawal may not be available for you. This option is only available for VISA cards, not Mastercards.
It is completely safe to withdraw using bank transfer and card transfer, and you can expect the money to land in your bank account within 1 to 3 days. Some casinos even offer instant bank withdrawals through Trustly.
E-wallets (instant)
The other popular withdrawal option are e-wallets such as Neteller and Skrill. If you have an account at an e-wallet site you can get your money straight to it. Once you have chosen your preferred e-wallet on the withdrawal page, you simply enter your e-wallet account’s email address and your money will be transferred directly to it. Note that e-wallet withdrawals are often only available if you have used it for depositing previously.
Once the money has arrived in your e-wallet account, you can easily send it to your bank account, or keep the money there. Both Neteller and Skrill offers the possibility to connect a Mastercard to your account so that you can use it in stores or ATMs (Note that there’s usually a €5 fee for ATM withdrawals)
Tips and things to be aware of
If you are new to online casino gaming, there are some things you should know about to make the withdrawal process faster. Getting your money shouldn’t be a hassle, so this is how to withdraw money from an online casino the fastest and smoothest way.
* Process times:
Before the money are being sent from the casino to your bank account or e-wallet, the casino has to manually process your withdrawal. How long this takes depends on a ton of factors such as the work capacity of the casino, the volume of the withdrawals in their queue, and if your account is verified or not (you can read more about this subject further down). It can take anything between 5 minutes and 48 hours before your withdrawal has been processed, but most professional and big casinos process all withdrawals within a couple of hours at maximum. If you are getting impatient, contacting the casino’s customer support can sometimes speed up the withdrawal time.
* Same withdrawal method as the deposit:
Most casinos have a rule that states that you can only withdraw using the same method as your last deposit was made with. This means that you can’t withdraw to your bank account if your last deposit was made using Skrill. The reason for this is to prevent money laundering and fraud.
* Playing with a bonus:
If you play using a casino bonus, you must complete its wager requirement before withdrawing the bonus money. If you are playing with a bonus that lets you withdraw your real money balance while still having an active bonus, all bonus funds will be forfeited if you choose to do so.
* Account verification:
The online casinos are legally required to check their customer’s details, so you might be requested to send in some documents before they process your withdrawal.
Documents to send in:
- Scanned copy of your passport or ID.
- Utility bill (usually phone bill or electricity bill) that proves you live at the address you registered with.
- Depending on what payment method you used to deposit funds into your casino account you will be asked for either a bank statement, copy of your credit card, or print screen from your E-wallet to prove that the cards/e-wallet belongs to you.
Sending these details to verified casinos is completely safe, and the casinos do not share this information with anyone. You are also allowed to hide certain sensitive information, such as your CVC code on your credit card etc, when sending in your documents to the casino.
As a general rule it’s recommended that you verify your account as soon as you’ve created your casino account, in order to avoid any issues when trying to withdraw your winnings.
* Fees:
Most casinos do not charge a fee on withdrawals but note that your bank might take a small transfer fee, especially when there is a currency exchange involved. Neteller and Skrill also takes a fee when you transfer from your e-wallet account to your bank account and they give you quite a bad currency exchange rate. It’s therefore recommended to always have the same currency on your casino account as you do on your e-wallet and credit card.
To run online gambling business, one definitely needs a processing (merchant) account to process clients’ transactions and a bank (current) account to use the revenues from the business at one’s own discretion. While the first account type mentioned is easier to set up, establishing the latter one often becomes a problem, since the majority of banks refuse to open accounts for high-risk businesses.
“You may be asked for the purpose of the account, the business model of the beneficiary, the license and location of your business. Banks may decline anything related to gambling.”
Lucas J., had an experience with opening accounts for gambling
What are High-Risk accounts?
High-risk accounts usually are necessary for the number of industries with a high probability of fraud or chargebacks. Unfortunately, e-gambling is one of those industries and burgeoning entrepreneurs trying to open a high-risk bank account often experience rejection and eventually feel defeated.
In order to open a gambling account, the operator needs to contact dozens of banks to compare the terms and rates. Such an intense research work is also needed as the regulations differ depending on the bank: one may consider your company “high-risk” and the other may not have any problems with the gambling provider.
This is why it is a great advantage to build strong longterm cooperation with banks that agree to cooperate with gambling businesses, and obtain the lists of these banks timely.
We can do all the job for you.
How to open EU bank account?
When it comes to running a successful and legal e-gambling business, an operator should always be ready to create a bank account. Usually, having a bank account in a specific country is one of the gambling license requirements. But for many jurisdictions EU bank account works as well.
However, considering the fact online gambling is a high-risk industry even EU residents may experience some issues contacting the banks (for non-EU residents it’s even trickier). That’s why it might be a good idea to hire a team that will take care of the official red tape and will help you open EU bank account.
Here is why GamingLicensing can be your best partner:
- we cooperate with all the EU banks that open accounts to gambling companies;
- we cooperate with numerous non-EU banks that open accounts to gambling companies;
- we constantly refresh our list of partner banks by adding gambling-friendly ones and removing unreliable or those having ceased working with gambling businesses;
- we care about the speed of opening accounts and the quality of their maintenance. For this purpose, we assist in filling in and submitting all the necessary banking documentation and overseeing if bank clerks provide the services timely and efficiently.
GamingLicensing has been providing this service for several years. Our clients run their businesses successfully, using advantages of setting up accounts with our assistance.
Among the features there are the following ones:
- Swift Code & Account number
- Credit card settlements, E-Wallet settlements, convenience in paying your employees
- Reliability of EU-based banks
- Multi-currency
- Expertise in managing exactly gambling businesses’ accounts
- Internet Banking
- Business Card linked to account
- Acceptance of Merchant Services facilities
- Fast payments
Note! We are working with licensed companies. We do not provide the service to unlicensed companies or companies licensed under unreputable jurisdictions.
Choose a convenient banking solution and let us help you every step of the way!