Withdrawals have always been a hassle for online casino players. Generally, casinos are willing to take your money, but not so when it is their turn to pay.
Add crypto, and you’ll get another layer of complexity. Cryptocurrencies are a relatively new payment method, and not all players had a chance to try them yet. Nevertheless, in this guide, you will see why crypto gambling is not as scary as it seems. Moreover, in a few easy steps, you will learn how to cash out your winnings into a bank account, credit card, or PayPal in a matter of minutes.
How to Withdraw Crypto from an Online Casino
Crypto withdrawals are pretty straightforward. Still, there are several pitfalls you should be aware of.
Choosing a Proper Casino
Arguably, the most important thing to get your winnings out of a casino quick is to choose the proper place to play. If you play at a casino that deliberately freezes payouts to make players return to the game and lose their winnings, there is not much you can do to speed up the process.
Deceitful casinos apply some dodgy strategies geared to support their bottom line. They will give you more and more reasons for the delays. First, they will tell you that they sent your game history for additional checks. Please, wait two more weeks, they say. Then, they will tell you to send them more and more documents to protect your account against fraud.
Don’t start playing at such casinos at all, and you’ll successfully avoid one of the main gambler’s fallacies. No matter how good their bonuses are if it is yet another trick of a shady operator. What’s the use of a good bonus if you can’t withdraw your winnings?
You can easily identify such casinos as they have tons of negative reviews online. It takes several minutes to check what other people say, but one day it may save you much time and money.
Here is the list of crypto casinos with near-instant payouts, free from the abovementioned fraudulent practices.
Withdraw Crypto from an Online Casino Step By Step
Even though online casinos may have different interfaces and apply specific procedures for withdrawals, in general terms, the process includes several simple steps that are more or less applicable in all cases.
- Log into your account;
- Go the the “Cashier” or “Wallet” tab;
- Choose the “Withdrawal” section;
- From the list, pick the cryptocurrency you want to withdraw;
- Specify the amount and your wallet address;
- Verify the account and/or crypto address if needed;
- Get the money into your wallet after confirmation from the operator.
And that’s it. It is that simple to withdraw crypto from an online casino. Naturally, there may remain some unanswered questions, like “Where to store crypto?” or “How to convert crypto into traditional money?” More on that later.
How Long Does it Take to Withdraw Crypto from an Online Casino?
As mentioned before, online casinos vary in withdrawal speed. Some sites provide near-instant withdrawals, while others may require several hours to process your payment, which is not that bad either.
What is essential, though, is that cryptocurrencies eliminate waiting time on the part of the payment system. With bank wires, for example, you will have to wait from 3 to 5 business days before the money displays in your account. When using crypto, money will be at your disposal in minutes after the transaction gets the necessary confirmations in the blockchain.
While we are on the topic, it should be mentioned that cryptocurrencies differ in block times and the number of required confirmations. These two aspects directly impact how much time will pass after the coins leave the casino and reach your wallet. Please note, that all data here is provided as the best estimate. For example, two blocks may be added to the Bitcoin blockchain during the same minute, or there may be no block for a whole hour.
Let’s assume the casino has approved the withdrawal and the coins are passing through the blockchain on the way to your wallet. Depending on the chosen cryptocurrency, you can expect the following processing times:
- Block time – 10 minutes
- Required number of confirmations – 1-2
- Expected arrival – 10-20 minutes
- Block time – 13 seconds
- Required number of confirmations – 12
- Expected arrival – 2.5 minutes
- Block time – 2.5 minutes
- Required number of confirmations – 3-6
- Expected arrival – 10 minutes
- Block time – 1 minute
- Required number of confirmations – 6-50
- Expected arrival – 6-50 minutes
- Block time – 13 seconds
- Required number of confirmations – 12
- Expected arrival – 2.5 minutes
- Block time – 3.5 seconds
- Required number of confirmations – 1
- Expected arrival – 3.5 seconds
Unlike deposits, casino withdrawals usually don’t require the player to pay any additional fee. In other words, the casino pays fees itself. However, if it wants to save money, it may set a lower fee. Then the transaction will gain a lower priority, which means the expected arrival time will increase, particularly so in the case of Ethereum, USDT, and occasionally Bitcoin. On the other hand, withdrawals with Litecoin and XRP should be as close to the estimate as possible because they have low fees.
Why Is My Withdrawal Delayed?
There are several reasons why even a respectable crypto casino may delay withdrawals. Most often, it means that there are some additional actions required from the player’s side. First, check your email, as casinos routinely send all necessary clarifications there. As a rule of thumb, if something is unclear, contact the casino’s support service right at once.
Here are the main reasons why a crypto casino may hold your withdrawal:
If you play with a bonus, there is a good chance you haven’t fulfilled the wagering requirements. Check the Bonus tab in your account to see if there are any bonuses that haven’t been fully wagered yet.
Bonuses, such as a deposit bonus, essentially allow you to play with free money, but that money is not yours. You have to complete the wagering requirements before withdrawing. For example, you may be asked to place bets equal to x40 of your deposit amount. You can check the wagering requirements in the bonus terms. In the case of a 100% deposit bonus with a 40x wager and a deposit of 1 LTC, you will have to place 40 LTC in bets before the money is transferred from the bonus account to the main one.
Moreover, many casinos apply wagering requirements to the deposit itself to avoid money laundering. Often, the casino will ask you to wager the deposit amount three times before placing a withdrawal request.
It’s no big secret that casinos apply withdrawal limits. Congratulations on your big winnings, but be prepared to wait before the whole amount is paid out. By way of illustration, a casino may limit withdrawals to 200 LTC per week and 500 LTC per month. That’s the way how casinos ensure their solvency in the case of massive jackpots. High rollers usually enjoy increased withdrawal limits.
It may be somewhat counterintuitive, but crypto casinos require their players to complete identity verification before enabling withdrawals, like their traditional counterparts. Cryptocurrencies indeed provide a high degree of anonymity and don’t require any verification to use. Still, crypto casinos are regulated by conventional laws and therefore are subject to the rules pertaining to AML/KYC. The verification also allows casinos to ensure that their customers are of legal age.
One of the main advantages of crypto gambling is that you don’t have to verify the payment method. Casinos consider crypto wallets as verified by default, so all you have to do is send a proof of identity (a government-issued ID) and a proof of address (a utility bill). As you don’t have to verify the payment method, crypto dramatically simplifies the process.
There is no need to worry about your data. Casinos use the latest encryption techniques to protect any sensitive information. Some smart players prefer to verify their accounts before making a deposit, not when it comes to the withdrawal. This way, they can avoid any possible complications later and speed up the payouts. Go to your profile or contact the support to see if there are any documents the casino expects from you.
How to Turn Crypto Winnings into Cash
Unfortunately, in most places, you can’t directly pay for dinner or other goods with crypto. But it is not a cause to worry either. Nowadays, it’s trivial to convert your crypto winnings into cash thanks to one of many trusted exchanges or brokers.
One of the most straightforward ways to cash out crypto is Coinbase, the biggest US exchange. To convert crypto into cash at Coinbase:
- Visit the Coinbase website and click “Get Started.”
- Open a new account using your full name and email address.
- Verify your account according to the instructions.
- Connect a payment method, such as a bank account.
- Withdraw crypto from the casino into the wallet provided by Coinbase.
- Sell crypto for a fiat currency of your choice and withdraw it using the abovementioned payment method.
You can also use one of the P2P exchanges that conduct trades directly between users.
How to Store Crypto Winnings
You may decide to save your crypto winnings, expecting the price to go up. Alas, the casino is not the best option to store crypto as you may be tempted to play, so it’s always better to withdraw the winnings at the earliest convenience.
We recommend using exchanges as a wallet, since they closely resemble traditional payment systems and are easier to use than most crypto wallets in general. Moreover, you can always convert crypto into fiat at an exchange without any extra transfers.
Nevertheless, if you have decided to hold crypto in your personal wallet, consider Exodus. This is a multicurrency wallet with an incorporated crypto exchange and a friendly user interface. However, keep in mind that you will be solely responsible for the safety of your crypto, as Exodus doesn’t hold funds or require personal information for accounts.
For more significant amounts, it is better to use hardware wallets. A hardware wallet is a device that stores user’s private keys needed to authorize outgoing transactions on the blockchain. The main principle behind the hardware wallets is to fully isolate the private keys from an easy-to-hack computer or smartphone. The most prominent hardware wallets are manufactured by Ledger and Trezor and cost between $50 and $150.