What Affects a Casino's Payout Time?
The time it takes for you to receive your money is not only relative to what payment method you use. For your chosen payment service to process your payment, it must first be approved by the casino's finance department.
All online casinos have finance departments that oversee payments to prevent money laundering and verify that players own the payment methods used on their accounts.
Therefore, a casino's payout times are affected by its finance department's efficiency and working hours. For example, some casinos have staff overseeing payments around the clock, while others may have their finance department working regular office hours.
These are the checks that a finance department performs on every single transaction:
- They look for obscure payment patterns. For example, if a player makes a deposit and withdraws his/her funds without playing, it could be a sign of money laundering. Such behaviour raises a red flag and calls for further investigation.
- They ensure that deposits and withdrawals are made using the same payment method.
- They ensure that you have played per the bonus terms.
- They ensure that your withdrawal does not exceed the allowed amount and/or the permitted number of daily, weekly or monthly withdrawals.
Account Verification and KYC Processes
To prevent money laundering and other economic crime, casinos perform KYC (Know Your Customer) processes to verify players' identities and the legitimacy of their payment methods and funds. This is a process that all reputable gambling authorities enforce, and that all licensed casinos consequently follow to a tee.
Casinos usually perform a KYC process when you request your first withdrawal. You may also have to complement the process if you add a new payment method later.
To complete the KYC process and verify your account, the casino may ask you to send in copies of the following documents:
- A copy of your id card or passport.
- A copy of a utility bill showing your address. The address must match the one on your user account.
- A copy of the credits cards you have used. For safety reasons, you will be asked to cover the middle digits and the CVV code, so that you never reveal your full card number.
- Copy of a bank statement. This could be a scanned copy of a physical statement or a screenshot from your internet bank. You can cover any transactional information and your balance - the important things to ensure are that your name and account number are visible.
- Screenshots of your e-wallet accounts.
A KYC process can take between one to three days to complete, depending on the casino and your participation. Once you have verified your account, the casino can approve your payments after performing all other mandatory checks we have mentioned.