Betting Guide Essentials – Money Matters
What you absolutely need to know about money matters before you start betting on online betting, casino, bingo and poker sites.
There are some basic money matters that you should know before you start gambling on online gaming sites. Many people thought that you can just register an account, start betting, then immediately withdraw profits. However, it is not that straightforward. Here are some essential points you must know before you can make your first withdrawal of cash.
Know Your Customer(KYC) requirement on first withdrawal
Before an account holder can make their first withdraw of cash, they must complete KYC. This process is used by financial regulators to check money laundering activities. Nowadays, all online betting sites require members to fulfill KYC before any withdrawal is permitted.
For KYC, the account holder has to submit two documents. The first one is proof of Identity. This can be Passport, National ID or Driving License. The second required documents is Address Proof. For this Utility/Power/Electricity Bill/Internet/Telephone bill containing legible address in detail is generally accepted. Scanned copies with all four corners of the documents showing will do.
Once the document is received by the online site, they will process to verify them. This may take 3 to 5 days. Therefore, it is advisable to do this as soon as possible, right after registration. This is a one time process. Once your account is KYC verified you can withdraw as per rules.
There are minimum and maximum limits on deposits. This will vary according to the online betting site or casino. Minimum deposit limit into the account is usually £/€/$5 or 10 on most of the gaming sites. Depending on the payment method used, this minimum deposit can be more than the account limit. For Example: Minimum deposit – £/€/$5 for debit/credit card, £/€/$20 for Neteller/Skrill/Entropay, £/€/$50 for Bank Transfer.
There is also a maximum deposit limit which vary according to the deposit method used. Plus you can also set maximum deposit limit for yourself on most of the gambling sites. Eg. £/€/$200 per day, £/€/$1000 per week etc. This can be very handy for self-control and is advisable.
There are minimum withdrawal limits which slightly vary on the online betting/casino sites and on the type of withdrawal methods used. In most gambling sites, it will be £/€/$10 to £/€/$20 for most payment methods. Bank Transfers or Bank Wire are usually more like £/€/$50 to £/€/$100.
Maximum withdrawal limits can vary a lot. The big and large online gaming sites usually have larger limits. These can be one time limit, per day limit, per month limit and so on. One thing to note about withdrawal limits is that a few of the smaller gaming sites have lower withdrawal limits. Eg. £/€/$2000 per month. In those cases, even if you win a big amount, say £/€/$20,000, it will take 10 months to withdraw all of your winnings. Therefore, it is advisable to check these limits with the sites especially if you will be betting big.
Monetary restrictions on Payment Methods
- Depending on the gaming sites, some payment methods are not accepted for withdrawal. For one, Mastercard and Maestro debit/credit cards issued in UK cannot be used for withdrawal.
- Pay by Mobile methods like Boku, Payforit and others can only be used for deposits. Withdrawals cannot be made by these methods. You may withdraw using other net payment methods or by bank transfer or cheque.
- Mobile payment methods generally restrict deposit limits of between £/€/$10 – £/€/$30 per day.
Monetary restrictions on playing bonuses and free bets
Free bets and free bonuses usually have their own restrictions on game-play and also on withdrawals. Many complimentary bonuses like the no deposit bonuses for new players usually have maximum winnings limit attached to it. For Eg. Bonus winnings limited to £/€/$20. In this case even if you win £/€/$100 after fulfilling the Wagering Requirement, you can only withdraw £/€/$20 as cash. The extra winnings will be removed.
When you play bonuses and free bets, there are maximum bet limits. For example. £/€/$2 maximum bet on a single spin on slots. £/€/$2 bet on one roulette or blackjack rounds etc.
In a few casino sites, there are even limits to how much a player can profit. For eg. One casino site promotional terms state that a player cannot withdraw more than 120% of their deposits. Such extreme sites are rare. However, it is advisable to go through the terms of the promotions in detail.