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Are You Ready to Withdraw Your Online Gaming Winnings?
The past several months changed the way Canadians gamble. The coronavirus pandemic changed quite a lot about society in general, actually, and it may be some time before life as we knew it may resume.
When casinos and poker rooms, bingo halls and social clubs closed across Canada in mid-March to prevent the spread of Covid-19, many people needed to find a new form of entertainment, a new way to find those card game challenges and respites from everyday life. Quite a lot of them found those things in online gambling.
Now, as society begins its reopening process, some players are considering a return to their traditional forms of gambling. At this point, many clubs and casinos have yet to reopen – and very few offer games like poker and bingo – so it may be a very long process for some.
For those who are considering how and when to withdraw their winnings from internet poker and online casino sites, we have a few tips.
There is no need to rush the process of withdrawing funds from online gambling accounts. Visit your local casino or card club first – if it is even open and operational yet – to see if they will offer the games and stakes to which you’ve become accustomed.
The process of reopening casinos and halls could be a slow one. It might be best to leave some money in an online account and divide your time between live and online play.
Beware of a Second Wave
Covid-19’s path across the world has been somewhat unpredictable thus far. As countries begin to reopen, some of them are experiencing a resurgence of positive cases. Even if a country like Canada is extremely cautious and slow to reopen, some scientists still predict a second wave of Covid cases at the end of the summer months when the weather cools down.
If this happens, casinos and clubs could close again. It might be good to have some money in an online casino account to play without waiting to do a transfer.
Consider Withdrawal Fees
Most of Canada’s top online casinos offer a wide variety of withdrawal options, many of which are free. However, it is important to check those fees before requesting a withdrawal. If they are not listed clearly on the website, contact a customer service representative to inquire.
Some withdrawal methods, such as wire transfers, incur fees on the bank level, not imposed by the site itself. Also, pay attention to the minimum withdrawal methods, as trying to withdraw a higher amount may incur fees as well. Sites like Lucky Nugget are transparent about their limits and fees.
Decide the Value of a Speedy Withdrawal
Payment processing for withdrawals can take anywhere from two to ten business days, depending upon the chosen method. The fastest options tend to be ewallets like Skrill and Neteller, PayPal, EcoPayz, Trustly and iDebit. Ones that take the longest but are more direct into players’ bank accounts are wire transfers, and Visa credit cards can take up to a week as well.
Players who are Gold VIP members – a status obtained by frequent and/or high-level play – can usually halve the amount of time it takes to receive their deposits.
Keep in mind that players will find a much quicker withdrawal processing period by using the same method as when they deposited. On a site like 888casino, there are many that handle deposits and withdrawals. There will be less of a delay and no requirement that the player submit any new identification documents.
Wait for New Deals
This is an insider tip from a very experienced online casino player. As soon as you withdraw money from your online account, the site will begin trying to entice you to return. The operator will offer better promotions and more lucrative deals to deposit and play again. If you hold out for a few days – or even a week or so – the deals get better.
If you are a high-volume player on a site like Jackpot City, even at low stakes, you might be able to negotiate a better deal to return as well. It doesn’t hurt to contact a customer service representative.
Consider Tax Implications
Depending on where you live, the local, state, and federal governments might impose taxes on gambling winnings. With online casinos, governments have more difficulty following that money. Even so, it is smart to find out what amounts of gambling winnings may be taxed. Stagger your withdrawals and do so in amounts that will reduce any tax responsibilities.
Leave Something for Convenience
The best thing about online casinos and poker sites are the convenience; they are there 24 hours a day. By withdrawing most of one’s winnings but leaving a base amount in your account, you never have to wait to deposit funds. Access to online games is immediate and hassle-free.
Many online players leave their original deposit amount in an account, whether that was $25 or $100. It is something they can withdraw at a later date if necessary or use to play on a moment’s notice.
Reach Out to Customer Service if Needed
This is what customer service representatives do best. They are there to assist with processes like fund transfers and withdrawals. Sites like Captain Spins have a live chat available on the website at all times of the day or night, available without even logging in to your account.