Cashout Guide
Gambling online is fun, but it’s even more fun if you're winning. But withdrawing your winnings can be a hard and long process, unless you know exactly what to do. That’s where we come in.
Canadian online gambling players, listen up! Find out how you can withdraw your cash payouts quickly and painlessly by following our step-by-step process.
How To Withdraw Your Online Gambling Winnings
Three-step guide:
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Go to your online casino account and click the bank icon, or similar icons (hint: it’s the same page where you deposited money), select withdraw, and enter an amount. Keep in mind that each casino sets a minimum and maximum withdrawal amount.
If you sign up to an online casino that offers a welcome bonus, bear in mind that it comes with strict wagering conditions including restrictions on payouts.
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Choose a method for receiving your money. Each payment method has different processing time and rules about administering online gambling transactions.
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Lastly, fill out the necessary personal details and particulars about your preferred method (if needed), and then click Withdraw.
Make sure to have your necessary documents ready, such as valid identification cards, to speed up the process. Also, double-check all the information you enter to avoid further delays.
Top Online Casinos Payout Options
Most Canadian online gambling casinos have lots of options when it comes to payment methods that you can use to withdraw your winnings.
So before you select an online casino and start betting real money, make sure that it has the payment option most convenient for you.
Withdrawal Options
Withdrawing your winnings is easy. The hard part is the waiting time for the processing of payments. Some of the best casinos claim they'll process your request within 24 hours, which is true for most online casinos. But depending which payment option you choose, delays can happen.
We’ve compiled a list of some of the best payment methods in the casino gambling industry. We know because we’ve tested them.
Electronic Wallets (eWallets)
This is one of the most popular payment systems among gambling enthusiasts because of the convenience and security it provides. Netelle, Skrill (formerly known as Moneybooker), Click2Pay, and Ecocard are some of the widely used brands.
Wire Transfer
When it comes to online gambling, Canada loves to use this method of payment because there are less restrictions on processing online transactions. This includes the amount of money you can withdraw.
And since there's no third party involved, payments can be credited in your bank account within 5-10 business days. This method is only advisable for online gambling players who fully trust the online casinos they play at. This is because you’ll need to give your bank details to them.
Credit Card Withdrawals
If you used a credit card to deposit money in your online casino account, withdrawing payouts can works the same way. Simply give your credit card number, including the verification code at the back, and you're done!
Another good thing about this payment method is that Visa doesn't charge fees and it normally takes only 2-3 days for the cash to be credited. Note, though, that MasterCard no longer allows you to withdrawl online casino winnings.
Cheque/eCheque
eCheck is the modern day version of cheque. Instead of receiving your cheque payment through mail, eCheck is linked to your bank account via a routing number. But unlike paper cheque, you don't need to wait for it to be cleared. The funds will be instantly credited to your bank account.
Anyone who has an existing chequing account can request for an eCheck account. Cheque is the oldest and most trusted payment option because of the high level of security banks have to ensure all transactions are legit.
Fees And Taxes
Most payment systems charge fees depending on the amount of money you withdraw. Some do process your requests free of charge. Refer to our review of different payment methods to know more.
When it comes to taxes on online gambling, Canada does impose taxes, but only if you're winnings can be considered as business income, which means you're actually working for your winnings and it's a substantial part of your income. A good example would be professional poker players.
It doesn’t have to be hard to withdraw your payouts. Just make sure to follow our tips and guidelines and choose a safe and secure payment method and you're winnings will be on its way.
Now that you know how it works, start betting real money so you can start cashing in!
