Managing Online Casino Withdrawal LimitsBy: Mark Freedman, Tuesday July 21st 2009
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All online casinos put a limit on how much a player can withdraw at a given time. However they have different ways of going about it. Some casinos put a limit on each withdrawal transaction. Other casinos put a limit on the amount that can be withdrawn in a week. Yet other casinos put the limit on the amount that can be withdrawn in a month. Some casinos operate with a combination of the above types of limits.
When players, especially new players, are searching around for an online casino to play at they rarely evaluate these withdrawal conditions. At that point of time they have not even wagered any amount let alone having won at the casino. However this is something that they should look at because there is little they can do except accepting the withdrawal limits later on. For example if the withdrawal limit at an online casino is $2000 per week and the player has won $20,000, he will take 10 weeks to get his full dues.
The issue is far from simple. Because the player has no way of rationally estimating how much he is going to win. Also it is very possible that online casinos that offer higher withdrawal limits may be offering less beneficial conditions elsewhere. So the second dilemma with the player is how much weight he should give to withdrawal limits.
In the first instance the player should be very clear how much he wants to deposit per week, or in any other period of time. If he does not have absolute clarity on this issue he should not be wagering at all. One thumb rule is that the withdrawal limit per week should be greater than or equal to the amount the player wants to deposit per week. That way he is assured that he can withdraw his own funds immediately and what gets stuck is only the amount won. Optimistic players may look at withdrawal limits that are 1.5 to 2 times the deposit levels. However, the player should never select online casinos with higher withdrawal limits at the cost of certain critical parameters. Registering at online casinos that are not backed by reputed software providers or gaming jurisdictions or are not audited for fairness is a very foolish thing to do.
Players should also be clear in their minds as to what to do when they have won large amounts that are far greater than the withdrawal limits. The option of least resistance is to wait it out and get the payments slowly in installments. If the player has to wait three or four weeks in order to get his winnings then this option may be acceptable. But, as in the above example, if the player has to wait 10 weeks then this is not the best option. There is a time value associated with money and money received later has lower value than the same amount received now. It would be in the player's interest to negotiate with the online casino to make some reduction from the total amount and pay the winnings in one installment. The deduction made would have to be greater than the time value of money because the online casino should also get some advantage if it is to be induced to agree.
If the player decides to wait it out then he must positively stop wagering further at that online casino. There is absolutely no point in increasing his risked amount. He can opt for another reputed casino powered by the same software provider so that he can play the same set of games. However the player should be clear that by stopping wagering at the online casino is a running a small risk of the online casino stopping the installments and not honoring their commitments. There are two ways to tackle this. One is to continue wagering small amounts sporadically so that the account is kept alive. The better way is to clearly discuss the issue with the online casino and explain to them the predicament. Such a discussion may help in obtaining a one-time settlement from the casino.
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