The Withdrawal Test: Why Payout Speed Is Our First Filter for Any Betting or Casino Site
When checking an online casino or an online sportsbook, we always pay attention to multiple factors.
The licence, security, featured games and betting markets, as well as bonuses and promotions, are among them.
Payment methods are also tested, but one feature that we pay the most attention to, and is often overlooked, is the actual payout speed.
We’re going to dive a bit deeper into the withdrawal test and explain why the payout speed is among our primary filters for any type of gambling site.
Payout Speed Is A Sign of The Casino’s Trustworthiness
If a casino or a betting site processes withdrawal requests fast, then it’s a sign that it isn’t just secure, but also trustworthy.
Gambling sites with higher payout speed have much higher liquidity, and that makes them stable platforms.
The more stable a platform is, the more secure your money on that particular site is. To add to that, the most secure payment methods often have the best withdrawal times.
Take PayPal casinos as an example. On average, a withdrawal request at these casinos is processed and approved within 48 hours.
One of the most important things that you need to remember before making a PayPal withdrawal is to read the banking policies of the casino.
In many cases, these terms state that you must use the same method for both deposits and withdrawals. As such, if you want to use PayPal as a cashout option, you must also use it to make a deposit.
Faster Payout Speed May Lead to Extra Fees
On some occasions, faster processing may come with extra charges. We inspect the potential fee that a gambling site may charge for this type of transaction.
Be mindful, though – the processing fee of a gambling site is totally different to the processing fee of the payment method.
Let’s take Skrill as an example. When you make payments with this e-wallet, you might get charged a 3% fee from the payment provider itself.
This fee is out of the control of the gambling site, and there’s nothing that the platform can do to avoid it.
However, the platform may also charge a processing fee, especially if it’s a same-day payout in question. Testing the withdrawal speed also means testing potential extra charges.
The goal here is to make sure that the whole experience is as cost-effective towards the player as possible.
Payout Speed is An Indicator of The Available Withdrawal Methods
A casino that allows you to play a variety of games for real money and withdraw the potential winnings within a short timeframe will tell you a lot about the available methods that they have.
Options such as bank transfers are known for being extra secure, but very slow. On average, a bank transfer withdrawal takes up to 7 business days.
E-wallets are known for their fast processing times. These include the likes of Skrill, PayPal, and Neteller. The case is the same with cryptocurrencies.
Crypto options are often regarded as the fastest withdrawal methods. On average, a withdrawal request with them is processed within minutes.
Bank card withdrawals may be fast as well, but they might come with an additional fee charged by the gambling site.
So, if a certain gambling site is promoting fast payouts, then e-wallets, bank cards, and cryptocurrencies are likely among the featured withdrawal methods.
Factors That May Influence the Withdrawal Speed at Gambling Sites
The payment method itself isn’t the only factor that influences the withdrawal speed at a gambling site. There are several other factors that come into play:
- Amount that you’re trying to withdraw: on some occasions, casinos might conduct extra checks if you’re trying to withdraw a larger amount. Extra checks are known to prolong the withdrawal time.
- Verification status: gambling sites are no strangers to asking you to verify your identity before making your first withdrawal. The policies of every casino even state that verification may be triggered at any point. On average, it takes support teams around 24 hours to review and confirm the identity confirmation documents.
- Local regulations: depending on your local regulations, a withdrawal may take longer than expected. For example, if a casino is offshore, an international transaction will have to be made, and these are known for their slow processing. Options such as SEPA are an exception as they allow you to send money fast within the EU, EEA, and several other territories.
Leave a Reply
Want to join the discussion?Feel free to contribute!