So, it seems like you’ve been on a winning streak and reached a point where you think about withdrawals or maybe you want to lock in the losses and take out what’s remaining.
Either way, withdrawals don’t go as smoothly as deposits, and that’s expected. After all, with withdrawals you are taking money away from the casino, and with deposits you are funding their businesses.
Cashing out from a crypto casino may be more difficult, especially for crypto casinos, where you don’t have the traditional FIAT currencies and bank accounts. Instead, you have to worry about digital wallets, wallet addresses (one wrong thing and poof! The money is gone), gas fees, and more.
Yes, some things like casino promotions and games may be similar in both industries, but when it comes to withdrawing money, there are some differences.
So, as a person who doesn’t know much about cryptocurrencies, you probably think of it as a science-fiction movie that is hard to understand.
However, crypto withdrawals shouldn’t be that complicated. You just need to follow certain steps, and you’ll have your digital asset in your wallet sooner than a traditional FIAT money transfer.
How Do Crypto Casino Withdrawals Work?
Before we start with the techy stuff, let’s go through the steps you need to take in order to withdraw crypto from an online casino. Don’t be scared, these are quite simple steps that you’d probably understand since you’ve already deposited crypto into your casino wallet.
Here, unlike traditional online casinos that might take days to process a withdrawal (not their fault, more the bank’s fault), crypto casinos are designed with speed in mind.
We are talking instant transactions (in minutes or seconds). Why? Well, the network is live 24/7 and miners are processing transactions all the time. Bank holidays don’t have any meaning here!
The time that the actual transaction is being processed is determined by how busy is the network, but in most cases, you’ll get your money quite quickly (from minutes to hours).
But wait, how does this work? When you withdraw, the casino processes your request and sends the crypto to your digital wallet. From there, you can either keep it as a cryptocurrency or convert it to fiat currency (like USD, EUR, etc.) via a crypto exchange.
Step-by-Step: How to Withdraw Your Winnings
But is it just about clicking the “Withdraw” button or is there something more to it? Well, depending on the casino, the process of withdrawing your remaining crypto from your wallet may be as simple as clicking a button, but you still need to know and prepare for some things.
Here is a step-by-step guide on things to consider when withdrawing crypto from a casino.
Choose Your Withdrawal Method:
- Crypto Wallet: Most players prefer to withdraw directly to a crypto wallet. It’s fast, secure, and gives you control over your funds.
- Direct to Exchange: Some casinos allow you to withdraw directly to a crypto exchange, where you can convert it to fiat money.
Initiate the Withdrawal:
- Head to the casino’s cashier or banking section.
- Select “Withdraw” and choose your preferred cryptocurrency. Bitcoin is the most common, but many casinos offer options like Ethereum, Litecoin, or even newer ones like Solana.
- Enter the amount you want to withdraw.
Confirm Your Wallet Address:
- Double-check your wallet address. Crypto transactions are irreversible, so you want to ensure you’re sending it to the right place. (You wouldn’t want to send that money to somebody else)
- Paste your wallet address into the casino’s withdrawal form.
- Check the gas fees (transaction fees). Sometimes if the network is too busy, the gas fees may be high, in which case it is better to wait for a quieter time. This is for cryptocurrencies like Bitcoin, while others have smaller gas fees.
Complete the Withdrawal:
- Click “Withdraw” and wait. Depending on the casino, this could take anywhere from a few minutes to an hour. Some casinos, like 7Bit or BitStarz, are known for instant withdrawals, especially when using crypto.
Wait for Confirmation:
- After the casino processes your request, you’ll receive a confirmation email or notification. The funds should appear in your wallet shortly after.
What If You Run Into Issues?
Sometimes things don’t go as smoothly as expected. Here are some common problems and how to deal with them:
- Delay in Processing: If your withdrawal is taking longer than expected, check if the casino has a pending period or if the blockchain is congested.
Crypto transactions rely on network speed, so during high traffic times, you might experience delays.
- Incorrect Wallet Address: If you’ve entered the wrong wallet address, your funds might be lost. Always double-check before hitting that “Withdraw” button.
- Casino Verification: Some casinos require additional verification for large withdrawals. If this happens, be prepared to provide documents like ID or proof of address.
Tips for Smooth Withdrawals
Want to make sure everything goes off without a hitch? Here are a few tips:
- Stick to the Minimums: Each casino has a minimum withdrawal amount, often around 0.001 BTC or equivalent. Make sure your winnings exceed this amount to avoid any issues.
- Understand Fees: Some casinos may charge a small withdrawal fee, especially if you’re withdrawing to a non-preferred cryptocurrency. Be sure to check the fee structure before you proceed.
- Use a Reputable Casino: Not all crypto casinos are created equal. Stick to well-known names like mBit, Wild.io, or Katsubet for reliable and speedy withdrawals.
