When people sign up for an account with an online casino to play blackjack for real money they are often concerned with making a deposit. Putting money into the online casino is important, but so is taking money out! Many players lack information about how to cash out winnings from their account. We’re going to take a look at things like when to cash out, how to cash out, and online casino withdrawal limits in this guide to cashing out at online casinos.
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When to Cash Out
No two blackjack players are alike. Some are skilled strategists, others are gamblers. Some are card counters and others just play the odds. One thing all blackjack players should be able to agree on is this: you’ll never be a winner unless you are able cash out money from the online casino. Never making a cash out means that you are either losing or giving back all of your card winnings. Either scenario is bad.
Counting Edge believes that you should have a cash out strategy firmly in place before you decide to bet the first dollar at online blackjack. By making a strategy you will be more likely to stick to the plan. With no plan you will just keep gambling until the online casino takes it all back.
A number of methods can be used to help you determine when to make a cash out from an online casino. Perhaps the most simple of these is to set a cash out limit. In other words you will cash out your casino account every time that your winnings reach a certain threshold. Let’s say that you deposit $100. You decide that your winnings limit will also be $100. In that case you would withdraw $100 from the casino each time your casino account reaches $200. The $100 that you leave in the account is your wagering bankroll.
Please note that some players make an initial deposit that is larger than they intend to play with. They do this so that they may take advantage of online casino bonus offers that will match your opening deposit. There are usually some regulations to prevent you from depositing just to claim the bonus and then taking the extra money out as soon as you have been rewarded. You’ll likely have to wait for a period of time. Best to regard that extra money as money you do not intend to bet with and leave it be until you have satisfied the bonus requirements.
Cashing Out Bonus Money
It is necessary here to say a few words about cashing out bonus money that you receive from an online casino. You should know right away that most bonus money offered by online casinos comes with strings attached. The string is that you won’t be able to withdraw that bonus money until it has been wagered a certain number of times. This number can be 50 times or greater.
When you receive casino bonus money it goes into a separate part of your wagering account. It is not mixed in with the money you have deposited. Your bets will be deducted from this bonus fund first. Before that money can be moved over to your regular account it has to satisfy the play-through requirement. Once you have done that you are allowed to cash it out.
What is Required to Cash Out?
Online casinos are required to comply with certain financial regulations. One of these is to obtain identity verification from the casino’s customers. This is done in an attempt to prevent someone from using the online casino for money laundering. Prior to the first withdrawal that you make from the online casino you will be required to provide a copy of your photo ID or passport.
Most casinos will allow you to upload the required documents. You will need to have a clear photo of both the front and the back of the document. In some cases you may also be asked to provide proof of your residence or even a social security number. Each online casino has its own policies in this regard, and you should ask before you initially fund your account.
How Soon Will You Receive Your Cash Out?
Once you have initiated a cash out with your chosen online casino, the withdrawal process can take a certain amount of time depending on the withdrawal method that you have chosen.
For withdrawals to a bank account you will usually receive the funds within 3-5 business days. Withdrawals to a credit or debit card can take longer. If you are withdrawing to PayPal or another online payments account, the payment provider may require you to submit additional information before they will release the money to your account.
Those who are playing blackjack online with Bitcoin or other cryptocurrency may find that it takes less time to receive a withdrawal from an online casino. Funds are usually sent to your crypto wallet right away and could even arrive within minutes.
If you are cashing out in a different currency than that which is used to gamble, you should also plan for delays. Currency conversions can sometimes cause an online casino cash out to take a little bit longer.
Beware Reverse Withdrawals
There is a reason that many online casinos like to make players wait a few days before receiving their deposit. The casino is hoping that the player will catch a losing streak and rethink their withdrawal. To this end the casino provides a window in which a reverse withdrawal can be made. As you might imagine, a reverse withdrawal stops the money from being transferred to your bank account and sends it right back to your online casino account.
It should go without saying that a reverse withdrawal is almost always a bad idea. Don’t do it. Once you have committed yourself to withdrawing money from your casino account, stick to your guns. You can always make another deposit and bump up your casino account if necessary.
Online Casino Withdrawal Limits
Something you will notice when playing at an online casino is that many online casinos have weekly withdrawal or monthly withdrawal limits. This is done for one reason. It is done to prevent an excess of cash outs in a short period of time that the casino might have difficulty covering in a timely fashion. Also, if someone wins a large jackpot it is to the online casino’s advantage if they set a withdrawal limit. The longer the money stays in the online casino, the more likely the player is to lose it back.
If you practice a routine of frequent cash outs like we described above, you will probably not have a problem with the maximum withdrawal limits. Always keep your own withdrawal goals modest and you will accomplish them with ease.
Finally, you should always check the online casino where you play for their fee structure. All online casinos have some type of fees associated with withdrawals. You may want to make larger withdrawals in order to prevent an excess of fees.