We live in a technological era with fast payments, access to considerable volumes of varied data, and advanced technologies. For the casino gamer, this means access to more varied games as well as new innovations like live dealer games. It also means that players have more options when it comes to things like payout methods and, in turn, payment times. Modern online casino gamblers not only expect but actively look for faster payments.
Payment times can vary from two or three days on some websites to a matter of seconds at instant payout casinos. According to casino and poker expert Daniel Smyth, players using cryptocurrencies at some casinos can access their winnings in a matter of minutes, potentially even sooner. However, it is worth noting that it isn’t just down to withdrawal methods as some casinos only process payments once a day, which can reduce payment times too.
Instant Withdrawals
Whether you win a big jackpot or accumulate smaller winnings over the space of a week, getting access to those winnings is important. With some casinos, you might have to wait two or three days before the money appears in your bank account or online wallet.
However, advances in payment technologies and especially the introduction of blockchain and cryptocurrency to the industry have seen the rise of instant withdrawal casinos. Where players had to wait up to a week to get their winnings, they can now have the funds within seconds, in some cases.
Why Players Prefer Instant Withdrawals
The biggest obvious benefit of instant withdrawal casinos is getting access to winnings sooner. Rather than having to wait several days, the money is in the player’s account within a few minutes.
As well as giving faster access to money, instant withdrawals can also reduce the anxiety or stress that players feel while waiting for their money. Although the vast majority of online casinos are reputable and fair, there are scams out there. Players who are left waiting days for their money can start to get nervous about where their money has gone.
Quicker withdrawals can also help improve money management. With withdrawals and payments sitting somewhere between the player’s bank accounts and their casino accounts, it is difficult to track exactly how much they have to play with.
Player satisfaction also improves with faster withdrawal times. Not only does this make the experience more enjoyable for the player but it means that casinos are more likely to retain their players, so it benefits everybody.
Faster payments typically means fewer intermediaries and third parties, too, and this typically means that the recipient faces lower charges. This is especially true when using cryptocurrency for overseas payments, when compared to credit cards.
Delayed Payments
Traditional casino payments can take days to complete. This is exacerbated by card and bank payment processing times when sending or receiving money from overseas. With some casinos, the processing time can be further increased by the casino’s own processing times. Some casinos process payments once or twice a day, others may process payments less frequently, greatly adding to the withdrawal time.
What Determines Payment Times?
Several factors determine payment processing times. The payment method used and the casino’s own payment processing practices are the most important.
Casino Terms
There isn’t much players can do to affect a specific casino’s withdrawal procedures. Some will process payments a couple of times a day. Others might only process once a day, and some may submit payments less frequently than this.
While you can’t dictate a casino’s payment processing times, you can choose a casino that offers instant withdrawals. These casinos typically have automated processes in place so that when you hit withdrawal, their software completes the process and you aren’t left waiting for the accounts department to send money.
Payment Methods
Players can influence withdrawal times by choosing the fastest payment methods. Payments to credit or debit cards can take between two and five days to process, while payments to bank accounts typically complete within two or three days. Using digital wallets like PayPal and Skrill can offer access to withdrawals in 24 hours or potentially less.
Cryptocurrency payments, which can be automated on the casino’s end can process and finalize payments within minutes, although the exact time does depend on the cryptocurrency used as well as the casino’s working processes.
It is worth noting, however, that digital wallets and cryptocurrency do not necessarily offer immediate access to spendable funds. To be able to use fiat or local currency, the user must withdraw from a digital wallet or convert their cryptocurrency before withdrawing funds from an exchange or wallet.
Conclusion
Instant payouts have proven a very popular addition to modern online casinos. Using automated withdrawal processes combined with the faster remittances of cryptocurrency and blockchain, players can get access to their gambling winnings in a matter of minutes, sometimes instantly, compared to the several days waiting time of traditional online casinos.