When you are looking to play in online casinos, you are probably not only in it for the fun of playing. You bet your money in hopes of winning. But there’s more to this process than just signing up, winning, and then withdrawing your prize money. Different casinos use various ways of paying their winners and often apply specific terms and conditions. How are online casinos handling paying-out winnings in general? And how does popular casino N1 handle it, exemplary?
Pay-out Standards in the Online Casino Industry
Winning and getting access to that money comes with some restrictions that can depend on:
• the amount of money,
• the legislations relating to gambling and taxes in your location,
• the gambling provider’s own terms and conditions,
• the type of game you played/bonus you used.
Typically, pay-outs will be given out with the same method and currency used when depositing. Anything you win will first be added to your account. A good online casino will then allow you to withdraw this money. If a provider doesn’t allow withdrawals at all, don’t use them.
Small sums can usually be withdrawn quickly and without verification. Large winnings take longer to process and most of the time require you to verify your identity before the casino agrees to transfer the money.
If you want to get your pay-out, you send a request for withdrawal. The casino then, potentially after verification, processes the payment and sends it to your preferred payment method. This might take minutes to days, depending on the sum and chosen transaction method.
The winner or casino can pick payment upfront in a lump sum or in monthly installments. The payment in installments is often used for large sums.
Issues with Online Casino Pay-outs
If you want to make sure a casino handles pay-outs the way you picture them, make sure to read the fine print when you register for a new service. Make sure:
a) the casino lets you withdraw winnings at all and
b) how they handle pay-outs in general or for specific games.
This way, you will learn whether there are specific circumstances when payment will be restricted. Some casinos will try to wriggle out of paying by abusing loopholes in their terms and conditions.
Reasons why an online casino might refuse payment can be:
• duplicated accounts,
• failed verifications,
• using someone else’s bank accounts/cards,
• playing using a VPN,
• using false information when opening the account,
• violating the terms and conditions.
N1 Casino Pay-out Methodology
N1 Casino is one of the top online casinos around. If you look at Casinomeister´s impressions of their casino, you can tell their service sets them apart from many competitors by being high quality, player-focused and secure. To give you an idea on what to look out for when it comes to online casino pay-outs, we are looking at the way a popular, highly rated provider handles the process.
Any withdrawal request will be processed instantly. The only exception is bank transfer, which can take up to 5 to 7 banking days.
The pay-out time between requesting the money and it appearing in your accounts lies between under an hour up to 5 hours. Especially for bigger winnings, a pay-out time of under 24 hours is lightning fast.
N1 themselves process pay-outs on any day of the week. Whether your money will appear on your account during the weekend, can be influenced by the payment method you chose. Many banks, for example, handle transfers during weekdays exclusively.
N1 Casino allows transactions in the following currencies:
• US Dollar
• Norwegian Kroner
• Canadian Dollar
• Russian Ruble
• Polish Zloty
Just as there are multiple methods to deposit money into your N1 account, you can select various withdrawal methods. The casino allows you to transfer money via:
|Credit Card||Maestro, Visa, Master Card|
|Bank Transfer||any Bank Transfer|
|E-Wallet||Skrill, Neteller, ecoPayz, MiFinity, Pay4Fun, MuchBetter|
Each payment method has a minimum withdrawal amount. Typically, it is 20 EUR/USD, 200 NOK, 30 CAD, 1,500 RUB and 50 PLN. Bank Transfers have a minimum of €500 instead.
N1 Casino has no limit for any progressive jackpot winnings. Any other type of prize money will be paid in full up to €15,000 or any equivalent in other currencies.
If you win over €15,000, N1 Casino can choose to divide the pay-outs into monthly installments. Those are usually payments of €15,000 each month till the full sum is paid out.
• The weekly pay-out limit is 5,000 EUR/USD, 50,000 NOK, 7,500 CAD, 400,000 RUB, 22,500 PLN.
• The monthly limit is 15,000 EUR/USD, 150,000 NOK, 22,500 CAD, 1,200,000 RUB, 67,500 PLN.
This applies to players of the Premier League or places 10 to 7 of the Major League, unless stated otherwise in specific promotional terms and conditions.
Major League players from place 6 upwards can withdraw:
• 6,000 EUR/USD, 60,000 NOK, 9,000 CAD, 480,000 RUB, 27,000 PLN per week and
• 18,000 EUR/USD, 180,000 NOK, 27,000 CAD, 1,440,00 RUB, 81,000 PLN per month.
League of Legends players can withdraw:
• 10,000 EUR/USD, 100,000 NOK, 15,000 CAD, 800,000 RUB, 45,000 PLN per week and
• 50,000 EUR/USD, 500,000 NOK, 75,000 CAD, 4,000,000 RUB, 225,000 PLN per month.
More exceptions can be made for the most “active and devoted” players.
From cumulative withdrawals reaching €2,000 upwards, N1 mandates an identity verification. If any false personal data was provided, the casino can refuse the pay-out. Typically, the casino asks for a Selfie + ID, Selfie + ID + Special Sign or Call.
N1 has a withdrawal lock feature, meaning once you have requested the pay-out and the withdrawal is pending, you cannot change your mind and directly use the money for gambling instead.
A good online casino always pays out the player’s winnings. The best services immediately process the transfer when a withdrawal has been requested. Large sums might require identity verification and can take more processing time. There are often withdrawal limits for especially large winnings. At N1, for example, any sum above €15,000 will be divided into multiple installments.
Typically, the cash will be transferred using the same currency and payment method that was used for depositing the gambling fund. If a casino refuses to pay you, there might have been unclear information in your user data or you haven’t played according to the terms & conditions of the site or their bonus promotions.