5 Mistakes Online Casino Players Make When Cashing Out
You’re ready to cash out from the casino. Great! Don’t screw it up. Too many online casino players make mistakes when cashing out, and these mistakes can cost you money.
Let’s take a look at some of the most common mistakes casino players make when cashing out at Australian online casinos. Knowing these mistakes will help you to avoid them.
Failing to Meet Online Casino Minimum Deposit
The most common mistake players make when trying to cash out is that they fail to meet the minimum withdrawal amount. Depending on where you’re located, you may be limited to the amount you can cash out at any time.
For example, some online casinos may require that you have $100 or more in your account. It’s not uncommon to see some casinos require withdrawals of at least $500 for bank transfers. That’s one reason Bitcoin is used for online casino deposits and withdrawals. The limits are virtually eliminated and you are not handcuffed to a high minimum.
Failing to Verify Personal Information
Most legitimate online casinos now require some form of Know Your Customer (KYC) verification. This requires that you upload documents to verify your identity and physical location. At many casinos, if you fail to provide this information, you cannot cash out. Others will delay your transaction until you provide this information.
Yes, this information is even required for BTC withdrawals. The number of truly anonymous casinos out there is dropping, so get used to KYC verification.
Failing to Clear Online Casino Bonuses
If you are playing with online casino bonuses, make sure you understand the fine print of those bonuses. Often, if you cash out before clearing the bonus, you will forfeit your bonus. In some cases, you may be prohibited from cashing out until you clear your bonus.
Often, you will have to wager your bonus between 30x to 40x to clear it. If you deposit $100 and get a $100 bonus, that means you must wager between $3,000 to $4,000 before you clear the bonus.
Entering in the Wrong Crypto Information
This applies exclusively to Bitcoin casinos. It is vitally important that the information you enter is accurate when cashing out. That’s because once a transaction is sent, it cannot be recovered. If you mistype your wallet address even by one letter, your transaction will be lost and the casino will not help you recover.
The best way to avoid this is to copy and paste the address directly from your wallet. Double-check the address before cashing out. If the wallet receive address you’re using is old, generate a new one to be on the safe side. Few things are worse than entering the wrong receive address and losing valuable Bitcoin.
Cashing Out Too Frequently
Most online casinos have a limit on how frequently you can cash out. Some casinos limit you to one transaction per week, while others limit you to three. Once you reach that limit, you will not be able to cash out.
Some casinos don’t have a limit on the number of transactions, but instead, have a limit on the amount you cash out. This is often not as big of a deal for most players as you have to be a high roller to hit these limits.
Note that at some casinos, these limits only apply to fiat withdrawals. This means you’re limited on how many times you can cash out using credit cards or bank withdrawals. However, you can cash out using Bitcoin or other cryptocurrencies. You can find the details for withdrawal limits in the cashier section of your casino or by checking out the terms and conditions of the website.