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How to withdraw your Winnings from your Casino account


Before withdrawing your winnings from your casino account, you have to know every online casino applies certain policies and procedures to withdrawal process. However, in fact, most policies, procedures and requirements are almost the same in terms of what you have to do. Below there are some easy steps Canadian players have to do to withdraw their winnings. You will see withdraw options you have to use, and learn about the tax situation for gamblers.

Cash Out in Three Steps

  • Step 1: If you want to withdraw your winnings, log into your casino and open the cashier, where you usually deposit your money.

Step 1

  • Step 2: then choose the option to withdraw your funds and select your preferred deposit method.

 Step 2

  • Step 3: at last, provide them with any personal/billing information they need, and then click “Withdraw” to submit the withdrawal.

 Step 3

Every online casino does its best to make the withdrawal process as easy as possible. You just have to follow the casino’s instructions. Although, there may be some points at which you can get stuck. You’d better decide which withdrawal option is right for you before trying to make a withdrawal.

Neteller

Top Casino Cashout Options

Most top online casinos have a wide range of withdrawing options, but they are far fewer than deposit ones. Therefore, before you decide to register with any online casino, make sure that it has such cashout options that work for you – even if there are your favorite deposit methods available. We are going to tell you about some cashout options available for Canadian online players.

eWallet Cash Out Options

Some of the most popular modern payment methods are Skrill (Moneybookers), Click2Pay, EcoCard, Neteller and more. They are known as eWallets. All of them allow you to store money in your online account so that you could spend, save, and withdraw your funds whenever you want. These brands are secure, safe, effective, and fast.

As a rule, your eWallet account is linked to your checking account. You can easily transfer you funds between your land-based bank and digital online account, which can be tied to your online casino. The process of withdrawing to eWallet accounts usually takes up to 3 business days before the money comes to your eWallet account, and it takes some more days to see the funds in your bank account.

Nevertheless, services like online payment systems are a great buffer between casinos and your bank account. The most popular eWallets guarantee privacy, safety and security. You may probably know, some of payment systems are closed for US players, but you should know that they are often do not accept Canadians either. For example, US and Canadian residents can’t use Neteller.

Using Credit Cards for Withdrawal

Many online casinos allow their customers to use Credit cards for withdrawals.  The process of withdrawing is quite simple. First of all, you have to provide them with certain card information you gave to deposit with your credit card, follow the casino’s instructions then and the process will start. The money generally appears in your credit card within a week. The process of transaction is safe, because credit card company use advanced technologies to protect your funds. At the point, you can’t use MasterCard for withdrawal from your online casino account, however there are other companies such as Visa that can be used for cashing out.

Using Wire Transfers to Withdraw

Wire transfers are widely used by US online gamblers as well as Canadians for withdrawal. However, you must trust your online casino to make money transfers of this kind, because they want you to provide them with your bank account information. Your winnings will appear in your account within up to 10 business days. Withdrawing from online casinos with the help of wire transfers is ideal especially if the deposit option you used can’t be used for cashing out. Wire transfers allow withdrawing money irrespective of your residence!

Using Physical Cheques to Cash Out

Cheques are one of online casino cash out options that have been working for a long time and prove that, perhaps, newer ones aren’t better. You can make a withdrawal from your online casino via cheque without paying attention to technical limits or something like that. I can’t but mention the experience and feeling you get when receiving a freshly cut paper check with your winnings! You have to wait several days for processing, and a few days more for delivery.

What You Need to Cash Out

To cash out you have to fill in the withdrawal forms and give all the information they request. The online casino may ask for a little more information before sending you any cash. You can be asked to send scanned/faxed copies of recent utility bills, your driver’s licenses, and/or other documents showing your current address to prove that you are who you say that you are. Online casinos always do it when there is any significant withdrawal to prevent any fraud and identity theft.

You may think such identification policies are excessive at first but a casino has never met you, these precautions are a guaranty of safety.  The most regulated casinos use such procedures to avoid any problems from their governing bodies. Once this information is provided, you will be able to cash from that online casino at a later date.

Canadian Gambling Taxes

There are some gambling taxes in Canada, but they are only imposed on those gamblers whose winnings can be considered a form of business income meaning you are “working” for this winning, and your winnings make up an essential part of your income. Professional gamblers like poker players and sports bettors fall into this category. And many of them often have to use lots of specific strategies to avoid taxes.

However, ordinary players who win in online casinos do not have to pay taxes on their winnings in Canada thanks to the “right to a prize” that exists on the law books. If you manage to really earn a living as a casino player, you’d better take some a bit of your bankroll and hire a lawyer who can help you navigate the murky legal waters.