What is Payout Speed and Why It Matters in Online Casino
Online casinos promise hefty rewards to the “lucky” few.
But winning and payout are two different things.
Not all casinos are able to provide speedy payouts to online gamblers.
What is payout speed?
Payout speed is the amount of time it takes for a user to withdraw his winnings from an online casino. With the ever-growing competition among online casino companies, speedy payouts have become a major success element in the industry.
For the most part, it takes 2-3 business days for online casinos to process payouts.
However, it’s not difficult to find gambling companies such as this site that offer quicker turnaround, in a matter of hours, specifically.
Why do speedy payouts matter?
Several things make online casinos successful, despite the massive competition. These include big bonuses, reliable payment systems, wide game choices, quality customer service, and fast payouts.
Here are the top reasons why payout speed gives way to the success of an online casino:
Online casinos that offer speedy payouts take the lead simply because it increases their reputation. After all, online gamblers only care about two things. One is winning. The other is getting hold of that money.
Having fast payouts suggests that the online casino offers quality service. It means that they have a dedicated team that deals with withdrawal requests, making sure that they are processed in a timely manner.
The fact that they can withdraw their earnings within a short period of time increases customer trust, which is an essential factor in the success of any online casino. When online gamblers can get access to their money easily, they trust the gaming platform even more.
How do online casinos do it?
The new technology makes it possible for online casinos to process payouts in a matter of hours. We are talking about fast and reliable payment services, such as e-wallets like Neteller, Skrill, and PayPal.
Through these baking services, online gamblers can use their winnings in a matter of hours. However, some of these platforms have a longer verification process, which delays the transfer of funds to the user’s bank or card.
Other casinos make use of cryptocurrencies such as Bitcoin, which also promise faster payouts. Thanks to the highly secured and speedy infrastructure of crypto. However, in most cases, gamblers will need to withdraw their crypto winnings via a digital wallet, such as Coinbase, Exodus, and Ledger Nano.
Credit and Debit Cards
Another speedy payout option used by online casinos is credit and debit cards. While these payment options are generally safe, many gamblers don’t go this route because of the increasing cases of online fraud and identity theft.
Checks and local fund transfers, along with payouts that require the wiring of funds to the user’s bank account, are usually the slowest types of transactions.
Instant Payouts: The Future of Online Gambling
With the rapidly growing technology, it’s not surprising that instant payouts (getting your money real-time) are going to be the next big thing.
Instant payouts will be a breakthrough in the online gambling industry. Pretty soon, customers won’t have to wait for days, not even hours, to claim their prices.
Currently, some casinos offer almost instantaneous payouts, under a certain threshold. Of course, big winnings will most likely undergo verifications and that can prolong the process. Additionally, most of those that offer instant payouts only offer immediate payment to the user’s payment gateway of choice.
Online gamblers also need to know that most casinos will require a minimum deposit requirement. This means that they can’t withdraw their winnings unless they have a balance of say, $200 or more.
Each casino will also have a minimum and maximum payout amount. Usually, the minimum amount a user can withdraw depends on his banking method. Most online casinos allow their customers to withdraw up to thousands of dollars in one payout.
The question of whether or not instant payouts will be more expensive, it’s not yet clear. Withdrawal fees usually depend on the banking method chosen by the player, not the payout system of the casino.
To provide users with great gaming experience, online casinos need to invest in technology to improve their services.
Few things make online gamblers happy. These include an impressive game range, reliability, impeccable reputation, and most of all – fast payouts.
The future is bright for online casinos. As more and more operators are leveraging technology to provide better gaming experience, online gambling will give the same amount of thrill and excitement as traditional gambling in a safer and more fun environment.