Did you know that in the early days of online casinos, you may have had to pay a small transaction fee to be allowed to withdraw your hard-earned winnings? This is one such withdrawal requirement that is now defunct. In this article, we take a closer look at withdrawal requirements of the past and present.
What Used to Happen?
Back in the day, whenever you decided to withdraw funds from your account after a lucky win, the casino would charge a small fee for the transaction. It could be a few pounds or a small percentage of the total amount being withdrawn.
This money would be deducted from the total credit being withdrawn; meaning players would never take home their full balance. Thanks to this practice being frowned upon by players and the authorities alike, many governing bodies such as the Competition and Markets Authority (the CMA) made changes to the legislation around terms and conditions to ensure that no companies could continue with this ruse.
Another withdrawal requirement employed by certain brands required that players withdrew their money in small instalments instead of being allowed to take out as much as they wanted in one go. This was widely deemed unfair and was thought to cause some people to continue gambling instead of stopping and making a withdrawal – a pattern that would certainly be beneficial to the casinos.
What Happens Now?
Nowadays if your bingo balls come in or your slot reels line up, when you come to making a withdrawal, by law you have the right to take the full amount of credit present in your account (subject to T&C’s and wagering requirements). The CMA firmly believes that everyone has the right to enjoy all the money they’ve won and are closely scrutinising the practice of casinos which seek to frustrate this process.
Are the Casinos Following Suit?
Casinos are already making changes to their withdrawal policies. ‘Jumpman Gaming’ which power brands such as Slot Games and ‘Progress Play’ are two such casino providers who have taken strides to remove unfair policies. However, when it comes to some of the biggest names in the industry, the practices employed do vary.
It’s clear that while many casinos are beginning to relax their withdrawal requirements, players still need to be vigilant to ensure they’re choosing a casino which will let them take potential winnings home.
Fortunately, the climate is changing in the gambling industry and great attention is being paid to make sure that casinos treat their players fairly. We predict that it won’t be long before withdrawal requirements are a thing of the past!