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Casino withdrawal vs. sports betting withdrawal: What you need to know

Think casino withdrawals and sports betting withdrawals are the same? Well, to be honest, they are. Most online betting platforms make them one and the same. However, there are a few things that you should probably know, so we’ll run you through everything.

 

We are under the assumption that you have never gambled before, so a lot of this is going to be very ‘back to basics’ stuff. So, apologies to those who may have been gambling a while, but it is always good to refresh your knowledge, and you may learn a thing or two too!

 

Some sites may not link casino and sports betting withdrawals

 

While some online betting companies operate both online casinos and online bookmakers, your funds on those sites may not necessarily be linked. This means that anything that you have deposited or won at the online casino may not be able to be used when you are dabbling in a dash of online sports betting. You will have to bear that in mind when you are planning your withdrawals. It makes things a little bit more difficult as you’d have to withdraw the money from one side of the betting company first, and then re-deposit it on the other side, which can be a lot of hassle.

 

The reason why the funds are not always linked is because many of these places run the online casino and the bookmaker as completely different businesses, and they don’t want their funds to get mixed up, for tax purposes and other reasons too.

 

However, this does seem to be getting less and less common in the online gambling world. Many companies are doing away with this way of handling things as it is inconvenient for their customers. This is something that you will still need to pay attention to if you land on a website with the intention of using both the online casino and the bookmaker.

 

Withdrawal and deposit payment methods must match

 

It doesn’t matter whether you are withdrawing from an online bookmaker or one of the fastest withdrawal casinos, you can only withdraw to the same payment method that you used to deposit cash in the UK. This is to help combat money laundering.

 

If the payment method that you originally deposited with is no longer available, then you’ll need to reach out to the customer support team of your selected online betting company so that they can provide a solution.

 

Varying withdrawal terms

 

If you have taken advantage of a betting bonus, whether it is at a bookmaker or at an online casino, then you may have spotted something known as rollover or a wagering requirement. Essentially, if you win anything using bonus cash that you have been awarded, you’ll need to play through those funds several times before you can withdraw the money from your account. This is because the online betting company really doesn’t want you to withdraw ‘free’ money from their site. The intention is for you to use those funds to explore what the site has to offer.

 

Online casinos often have higher rollover requirements than bookmakers. It is not uncommon to need to play through online casino winnings from bonus cash over 40x before you can withdraw it from your account. Bookmakers often have much lower rollover requirements, which are often around the 3-5x mark. However, they will also have limits on the types of bets that you can make as a way of controlling the likelihood of you winning cash.

 

Bear all this in mind when you are making a withdrawal. Just because you have won using some bonus cash that you have been given, that doesn’t necessarily mean that you are going to be able to withdraw the cash right away. This is why it is so important that you put the effort into reading the terms and conditions for any bonus that you choose to take advantage of.

 

Larger wins

 

If you are lucky enough to have won a large amount of cash on a progressive jackpot at an online casino then, firstly, congratulations. Secondly, you won’t be able to withdraw the money right away. It can be a rather slow process due to how progressive jackpots work. The online casino also needs to verify the amount of cash that you have won. The same goes for any other major wins at an online casino. Plenty of people have had their cash held back pending further approval.

 

This isn’t really something that seems to apply to online sportsbooks. While we are sure that there are some people that have had their cash held back when they have won larger sums of cash, most online bookmakers already have limits on the amount of cash that you can bet, which limits the size of your wins. This means that if you do place a winning bet, the proceeds are going to be available for withdrawal almost right away.

 

Casino and sports betting withdrawal options are the same

 

Other than this, the whole withdrawal process for online bookmakers and online casinos is going to be pretty much the same. You withdraw using the same methods and the speed is broadly the same. You really do not have to worry about this too much.

 

There may be some variations between websites, as not every online betting platform will accept something like PayPal, but when you are gambling on the same website, it doesn’t really matter what part of the site you are gambling on, you will have the same deposit and withdrawal options available to you.

 

How long do sports betting and casino betting withdrawals take?

 

The length of time that a withdrawal takes is going to be dependent on the online betting website and the payment method that you use. Some places will process withdrawals instantly, while others will take a few days. It will also depend on you. You will need to ensure:

 

-          Your payment details are up to date.

-          That you have verified your identity. Online betting sites cannot legally send you money unless they know who you are and have verified that you are over the age of 18.

 

When you make a withdrawal request, whether it is at an online casino or an online bookmaker, keep an eye on your email. It will let you know the status of the withdrawal.

 

If you’re looking for the fastest withdrawal options in the UK that offers good odds on key markets such as the Champions League outright winner, consider one of these platforms:

 

-          Mr Vegas – Payments processed within 24 hours to 7 days.

-          LeoVegas – Payments processed instantly or up to 7 days.

-          Jackpot Village (Casino) – Payments processed instantly or up to 5 days.

Payment processing times at all these platforms also depend on the payment method used. For instance, withdrawals made to e-wallets such as PayPal will be processed more quickly than credit cards.

 

Final thoughts

 

As you can see – there isn’t too much that you need to consider when choosing an online sportsbook or online casino withdrawal option, which is great for customers. Just read through the withdrawal page on your selected platform’s website, and it should tell you everything that you really need to know about how withdrawals work there.