This article is the third in a series about common terms and conditions that players need to be aware of when clearing online casino and poker bonuses. These include matching deposit bonuses and no deposit bonus codes and coupons. The previous two articles discussed wagering requirements and bonus restricted countries. Part 3 will be about maximum cashout rules, and how to go about cashing out winnings.
Maximum Cashout Rules
First, a max cashout rule is simply the maximum amount you can cash out in winnings, derived from a bonus. In the case of poker, this is never an issue. It is also never an issue for matching deposit bonuses. If you have made a deposit, then max cashout rules do not apply. The maximum cashout rules usually only rear their heads on casino free play and no deposit bonuses. The usual max cashout is 5x or 10x the free bonus, or some flat amount. For example, the $75 Win Palace no deposit bonus has a 5x max cashout rule, so players can cash out a maximum of $375 after meeting the wager requirements. Other casinos choose to do a simple flat maximum, such as $100 or $50.
Why do casinos impose maximum cashout rules? To protect themselves from either a huge score from a ‘non-depositing’ customer, and to also cut down the costs of running no deposit promotions. There are many games that only provide the casino with a 5% or less ‘house edge’. That’s a lot of coin flipping, and it is not uncommon at all for savvy casino players to go on a great run and build up a lot of winnings, even with small starting amounts like $10. We have even seen no deposit players hit jackpots! If there were no max cashout rules, then it would just take a few big scores to make no deposit bonus deals and coupons, hugely unprofitable for online casinos and they would quickly disappear.
Are max cash out stipulations fair? While it is disheartening to win a lot of casino credits and then find out you can only cash out a fraction of them, we believe it is entirely fair for the casino to place limits on winnings derived from a free money bonus. The player is risking absolutely nothing. The casino is giving the player real money and a shot at winning more money, and only requiring an account registration.
If a player wants to take advantage of the best VIP benefits and have a go at jackpots with life altering totals, then it makes sense that they will need to risk a few of their own dollars to become a depositing player.
How to Cash Out from Online Casinos and Poker Rooms
If you have made a deposit already at the poker room or casino, then your most likely cashout method will be the same method you used to make your first deposit. In fact, many online casinos require your first cashout to go back to your initial deposit method. This helps combat fraud and underage gambling. By requiring the first cashout to go back to the initial deposit method, it cuts down on the incentive for a kid (or criminal) to use stolen deposit details to get money onto a site.
If you are looking to cash out winnings from a no deposit bonus code or coupon, you will almost always be required to make a successful first deposit, and submit photo ID. Some sites even require you to scan and email a copy of your credit card (if you used one to deposit). The casino isn’t tricking you into make a deposit here. By requiring the deposit and proof of ID, they are able to confirm who you are vs. your account profile details, and this also helps lower incentives for fraudsters and underage gamers, as it makes it harder for them to profit from their activity.
If you have read my story, you know that I started with a $10 no deposit bonus at an online poker room, and built it to over $1000 before attempting my first withdrawal. I had to make a deposit first, and made the huge mistake of depositing the minimum. I went on to play for a couple of years at that site, and would have loved their nice first deposit bonus match. It was a 100% match and I only deposited $20, so only got a $20 bonus. Lesson learned. If the casino is trustworthy and you have a chance at a big bonus, take it!
Finally, if you enjoy online gambling, then it makes sense to start an account at an “e-wallet” like Neteller or Moneybookers. You can deposit money straight to your e-wallet, and practically every online gaming site accepts those two methods of deposit and cash out. Depositing and cashing out are almost always faster when an e-wallet is used. Besides the speediness and convenience, there is also the fact that keeping your gambling / entertainment money in a separate online wallet, will help you not mess up with your bankroll management and “oops”, blow the rent on a slot game!
This concludes our three part series on online casino and poker room terms and conditions. If you have any questions not answered here, feel free to contact us for a thorough answer!