Overcoming Withdrawal Issues at Ontario Online Casinos
Online casinos in Ontario offer a broad selection of withdrawal options, from Visa to PayPal and Interac. However, withdrawals can occasionally turn out to be more complicated than might seem to be the case. Bonus conditions, local regulations, differing processing times and, potentially, associated fees mean that players may need to exercise some patience. Verification is also a requirement to ensure a player is who they claim to be. All of these matters and more are discussed in detail below.
Withdrawal Times Vary
When considering withdrawal times this is a matter that involves both online casinos in Ontario and the financial method involved (which in some instances can include a financial institution, for example withdrawing via Visa associated with a bank account). In contrast to the almost always immediate speed of depositing cash, withdrawal of funds can take longer. Casinos usually make very clear the time for withdrawal for each particular method. New players are advised that, when possible, online casinos prefer the same means of personal finance to be used for both deposits and withdrawals, so it is a good idea to check withdrawal times before making a deposit as this may inform the choice of banking method when first moving funds into an online casino. A casino processing period (sometimes 24 hours) may occur prior to the transaction being approved, at which point a second period of processing (for the transaction itself) will occur.
Even for the same banking method, times can vary from one casino to another. Interac withdrawals, for example, may take 2-4 days at one casino and 24 hours or less at another. As a general rule, Visa withdrawals are on the hefty side, with upper limits of 5 or 6 days, while PayPal tends to be quick (24 hours or less). Because timings are typically presented clearly by an online casino this can be assessed easily to avoid undesired waiting periods.
Local Laws and Regulations
Because online betting in Canada is regulated at the provincial level it is necessary to adhere to local laws and regulations. Internet gaming products regulated by iGaming Ontario can only be played by individuals aged 19 years or older. In addition, playing said games can only be done by an individual who is physically in Ontario. However, when outside of Ontario it is permitted to open new accounts, and to access existing accounts. Verification of accounts is also a requirement, which may take around 48 hours for the relevant documentation to be checked and confirmed. Verification documents may include photographic ID such as a passport or driving license, and proof of address such as a utility bill or credit card statement. To confirm geolocation, online casinos will perform a background check which may require the downloading of an authenticator app (specifics vary from one casino to another)
Multiple Accounts
Many players like to sign up at a number of online casinos, but it is standard operating procedure for betting sites to permit a single account per player. Having multiple accounts is forbidden and, by itself, can be deemed just cause to jeopardize not only withdrawals but a player’s (multiple) accounts, which may be closed. The reasoning behind this rule is that casino bonuses are often generous for new players, and repeatedly signing up is a way to try and cheat the system and receive the benefits on multiple occasions. In addition, existing player bonuses are often provided on a regular basis (perhaps weekly/monthly, with extra special offers for events such as Valentine’s Day or Christmas). Having multiple accounts would allow a player multiple bites at the same cherry.
Processing Fees Vary
In line with the processing time involving both online casinos and the financial method selected, so too do processing fees have these two dimensions. From the casino side of things, processing fees used to be commonplace for withdrawals but nowadays are infrequently imposed on players by betting sites. Information regarding this should be clearly presented, often right alongside information pertaining to withdrawal times. However, while this part will normally be free of fees, financial institutions and/or the banking method itself may impose fees. These will not be apparent on the casino’s cashier/banking page and must be found from the institution/banking system.
Bonus Conditions
One of the most common complicating factors when it comes to withdrawing from Ontario casinos involve bonuses and associated cash/winnings. While match deposit, free spins/cash, and other promotions can be generous they almost always come with a condition pertinent to withdrawals: the wagering requirement. As ever, it is wise to check the fine print of the terms and conditions before opting into a promotion. In addition, every bonus has an expiry date but this is usually long enough that it won’t become a problem (though it’s always a good idea to check and be sure).
The wagering requirement is a condition that must be fulfilled before the withdrawal of bonus money and related winnings can occur. This varies from one promotion to another and is expressed as a multiple of a promotion (a $100 match deposit bonus with a 30x wagering requirement requires a minimum in total wagers of $3,000 to be placed prior to the possibility of withdrawing bonus money). A good wagering requirement is 30x or lower, with 60x being poor, and a terrible figure being 200x. This is because the house has an edge and the longer a player spends fulfilling the wagering requirement the greater the chance bonus cash is whittled away to nothing.
It is also important to know that many casinos apply the wagering requirement through a filter according to game category. Slots tend to be at 100%, whereas other gaming categories such as video poker and table games may only contribute 50% or 20% of a wager towards a wagering requirement. The best way to meet this condition, therefore, is to find slots with a very high RTP (return to player). Even for players who prefer a riskier approach, when in the black it can be wise to use high RTP slots to effectively lock in profits until the playthrough requirement is met and winnings can be withdrawn.
Deposit Only Method Used
The majority of online banking methods supported at casinos in Ontario can be used to make both deposits and withdrawals, but this is not universally the case. In circumstances where this is not possible, most notably with pre-paid card/voucher system Paysafecard, a differing method of withdrawal will be necessary. Online casinos often have a standard default means of withdrawal to cover such eventualities, which may be bank wire transfers or some other method. Bank wires typically have high withdrawal limits but a relatively slow payout time.
For those using a financial system that can transfer money both into and out of an online casino it is often advisable for the sake of convenience (as well as casinos preferring this) to stick with a single method rather than depositing one way and withdrawing another. However, it may also be possible (as per 888 Casino) to deposit using multiple methods and withdraw using the same multiple methods (such as Visa and Interac).
Casino Withdrawal Limit
Banking methods each come with their own withdrawal limit, which may differ according to both the financial system itself and between individual casinos. In addition, there are minimum withdrawal thresholds, which are often at the $10 mark (these also vary according to betting site. PayPal might have a $10 minimum at one casino and $20 minimum at another). Interac often have a lower maximum withdrawal limit than credit cards or PayPal. Visa often has a high withdrawal limit, while the PayPal maximum can differ quite a lot (from $12,500 at Bet365 to $60,000 at FanDuel). Most of the time, withdrawal transaction limits allow for tens of thousands of dollars to be shifted, which means these upper thresholds are only of concern to the well-off, or the very lucky. Large wins may take a little while to turn into cash in the bank, however, due to these limitations.
The matter of withdrawals should be considered early, as deposits made by one banking method are usually withdrawn the same way. While many issues can slow down or complicate withdrawals, these can be overcome with a little patience provided laws and regulations are followed.
