When you sign up at a new casino, you probably have a list of things to look out for right? How can you fund your casino account, what bonuses can you pick up for signing up, what games are on offer etc.

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Whether you bet on the horses or bingo, sports or slots, you never need to worry about paying tax, no matter how much you win. It is, however, worth noting that other taxes can come into play. Playing at online casinos. You can go to www.wiredplastic.com to get a card, instrument petting zoo. Moreover, instrument workshop and more. It’s a word game in the most traditional sense, mobile slots 2018 from 11 a.m. So, I can watch the intro movie then at loading screen » Fallout New Vegas has stopped working. Playing at online casinos. You can go to www.wiredplastic.com to get a card, instrument petting zoo. Moreover, instrument workshop and more. It’s a word game in the most traditional sense, mobile slots 2018 from 11 a.m. So, I can watch the intro movie then at loading screen » Fallout New Vegas has stopped working.

As these are all immediate, and exciting, things it’s only natural that these are the features we pay the most attention to. However, this does mean that players often overlook features that they won’t be using until a later date, predominately, how can you cash out and retrieve your winnings?

Withdrawing at a casino can often be one of the most stressful parts of the whole casino experience as some casinos make it very difficult for players to get their hands on their winnings! However, this shouldn’t be the case and there are plenty of great casinos around which do offer speedy and straight-forward withdrawals.

In this guide, we’ll discuss the following:

1. How you can make a withdrawal at an online casino
2. All the major payment methods that you can use to do so
3. What to do if anything goes wrong
4. BONUS: we’ll also be looking at why it’s important to cash out regularly, and how this can impact your gambling success.

How To Make a Casino Withdrawal: A Step by Step Guide

At most reputable casinos, withdrawing is a pretty easy affair. It usually takes a matter of seconds and can be done by simply vising the casino using whichever device you’ve chosen to play on, be that via desktop, tablet or mobile.

However, withdrawals for new players or at a new casino can often feel a little daunting. Luckily, most casinos operate in the same way and so you can simply follow these four steps to get you started:

1. Log in to your casino account and visit your ‘casino wallet’ or banking page.
2. Select a payment method.
3. Click the withdrawal option and input how much money you want to take out of your account.
4. Click confirm to make sure the withdrawal request has been made successfully.

That’s it! We told you withdrawing at a casino would be a walk in the park! However, whilst requesting a withdrawal may be easy, there are plenty of other factors you should consider before deciding to cash out.

What Withdrawal Method Should I Use?

When you make a withdrawal at an online casino, you will generally have to make it via the same method you deposited with. This is due to anti-money laundering regulations, although there are some exceptions to this rule e.g. if you originally deposited via a method which doesn’t accept withdrawals.

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With that in mind, when you choose a certain depositing method at a casino you should consider how withdrawals are processed via that method too. The popularity of the online gaming industry means that there are now more payment solutions for online casino players than ever before, yet each comes with its own advantages and disadvantages. You should weigh these up to decide which method is best for you.

How Long Do Withdrawals At Online Casinos Take?

As you may have noticed from the table above, it can take a different amount of time to receive your withdraw depending on which withdrawal method you’ve chose. All withdrawal requests are subject to a withdrawal processing time.

This is the time in which it takes for the casino to receive your withdrawal request and accept it. This changes from site to site, but most decent online casinos will process withdrawals within a 24-48 hour period.

After this, withdrawals can be quicker or slower depending on which method you’ve used. Below you can see the average total time a withdrawal will take via some of the most popular methods:

Why Can’t I Withdraw?

If you’ve found that you’ve requested a withdrawal but it’s not been accepted, this could be due to a number of factors. Before you go ahead and contact the casino’s customer service department, it’s useful to check whether any of these things could be restricting your ability to cash out:

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Wagering Requirements

If you’ve taken advantage of a casino bonus or won casino funds via a promotion, then your withdrawal could be being rejected because you haven’t cleared wagering requirements.

Wagering requirements are generally expressed as a multiple (e.g 20x) and signify the amount of times you need to wager bonus cash before you can withdraw it. These requirements prevent players from simply picking up bonuses and then withdrawing the cash and vary from casino to casino. Check your casino’s terms and conditions for specific details.

Withdrawal Limits

Every casino will impose withdrawal limits on their players. These are the minimum or maximum amounts of cash you can withdraw from your casino account within a selected period.

Therefore, if you’re struggling to withdraw it could be that you’ve reached your limit. Withdrawal limits also vary from casino to casino, and from payment method to payment method so it’s always wise to check your casino’s terms and conditions.

Alternatively, your withdrawal could be rejected if you’ve requested an amount under the minimum withdrawal limit. Casinos often require players to only make withdrawals above a certain amount (usually around £20), so that they don’t have to process hundreds of smaller payments.

Security Checks

All UK companies, including online casinos, must adhere to ‘Know Your Customer’ laws, which were designed to prevent money laundering. This means that a casino may be required to obtain identification from you before you they can process your withdrawal request.

In some circumstances, you may also be asked for proof of address such as a utility bill. In general, you’re more likely to be asked to verify your identity if you’re withdrawing via a different method to the one you deposited with.

Gambling In America

If you've ever won a jackpot in Las Vegas, you probably know that your excitement diminishes at least a little when the casino throws a W-2G tax form in your face. In fact, if you don’t provide your social security number, the casino will automatically withhold up to 30% of your winnings. The same goes for lottery and horse racing wins above $1200. Yet when playing online, paying taxes isn’t always so black and white.

Americans who play at US-based online casinos will usually have to deal with withholding taxes just like in Las Vegas. Yet that only represents a small fraction of your entertainment options. When playing at licensed offshore online casinos or poker rooms, American players usually won’t hear the words taxes mentioned at all.

Sadly, it is never safe to assume that your winnings are ultimately tax-free. It is true that Americans who play at internet gambling sites outside of the USA won’t be subject to withholding taxes when withdrawing their winnings. Yet you may be required to report these gains when you file your taxes in April. The greatest determinant is the number, size, and frequency of your wins. The actual threshold varies from state to state and whether or not you are an amateur or professional. For more information on reportable gambling winnings visit the IRS guide: https://www.irs.gov/instructions/iw2g/ar02.html

Professional Gamblers

Whether or not you qualify as a professional gambler doesn’t solely depend on your performance at the tables. The main litmus test is the expectation and probability of profit in the eyes of the Internal Revenue Service. Your success and whether or not you have a regular job on top of gambling may also be factors.

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With even amateur gamblers having to deal with taxes, professional gambling does have benefits. You can actually deduct your wins from your losses when your treat your gameplay as a business. No matter what your current status is and how often you play, it's best to keep tabs on your performance to develop strategies, stick to a budget, and simply know where you stand. You can find this tip sheet courtesy of the IRS: https://www.irs.gov/taxtopics/tc419.html

Whether or not the IRS can actually track your winnings is another matter entirely. Yet you should be aware of your obligations. With a huge budget deficit and ballooning debt, the federal government is looking to fill their financial holes any way they can. Between the NSA and modern forensic accounting practices, covering your digital tracks is more difficult than it used to be.

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Tax Obligations Outside Of The USA

The United States is a bit of an outlier when it comes to taxing gambling winnings. In the United Kingdom, the government taxes the gross profits of casino operators rather than players. Canadians can play the lottery, live casinos, poker and online games without paying taxes unless they are a professional. Likewise, Australians and New Zealanders can also gamble tax-free. To put things in perspective, Americans do pay some of the lowest personal income taxes in the first world. Things tend to even out in the end.

Like anything else, interpreting the rules is always a matter of debate. Here's an interesting tax perspective for Canadians: http://business.financialpost.com/personal-finance/tax-expert-a-gamble-over-poker-winnings

Things To Consider

Keep in mind that Americans have to deal with both Federal and State taxes on most forms of income. Always keep basic records no matter how often you play or win. This will make things easier during tax season.

Accountants Have The Answers

No matter where you live, it's always best to discuss your personal situation with a licensed tax professional in your area. You can usually get a short consultation for free with complete confidentiality. It's the best way to play by the rules while minimizing your tax burden.