We have had a couple of decent sized wins at online casinos over the years and both times the process of actually getting the money into our bank account was not as straightforward as we expected.
If you are wondering what actually happens after you hit a big win, here is what we have been through.
The verification process
The first thing that happened both times we won big was a KYC request. Know Your Customer.
The casino asked us to upload a photo of our passport, a selfie holding the passport, and a utility (gas/electricity/phone) bill to confirm our address.
We had already verified our account at one of the casinos but they still asked for these additional documents because the withdrawal amount was above a certain threshold (this can be found in Ts&Cs at each casino).
The second casino we had been playing at for months without verifying and the big win triggered the whole process from scratch.
It took about 24 hours at one casino and almost four days at the other. During that time the withdrawal just sat there pending and we could not do anything but wait.
Not a great feeling when you are staring at a five figure balance on screen and wondering if you are ever going to see it!
Withdrawal limits
This is the part nobody tells you about until it happens. A lot of online casinos have weekly or monthly withdrawal limits.
We hit a win once that was bigger than the casino’s monthly withdrawal cap which meant we could not take it all out at once.
We had to withdraw the maximum amount each month until the full balance was paid out.
It took a few months to get everything which was frustrating but the money did come through every single time on schedule.
Always check the withdrawal limits in the terms before you start playing somewhere.
If a casino has a $5,000 monthly cap and you hit a $30,000 jackpot you are going to be waiting a while – just try not to give it all back while you’re waiting!
Some casinos have much higher limits or no limits at all for verified players so it varies a lot from site to site.
Taxes
This depends entirely on where you live. In the US gambling winnings are taxable income and if you win above a certain amount the casino may issue you a tax form.
We are not accountants and this is not tax advice but we would strongly recommend keeping records of your wins and losses and talking to a tax professional if you hit something significant.
The last thing you want is a surprise tax bill the following year because you forgot to report a casino win and have the tax man on your back to pay up.
Will the casino actually pay?
This was our biggest fear the first time. You read horror stories online about casinos refusing to pay out big wins and we were definitely nervous.
Both of ours were at licensed casinos and both paid out in full after the verification was completed.
It took longer than we wanted but the money came through.
We have heard different stories from people who played at unlicensed or no KYC casinos where big wins turned into disputes that never got resolved.
That is a big part of why we stick to licensed sites even when the signup process is more annoying.
