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 It could be a few pounds or a small percentage of the total amount being withdrawn.
This money would be deducted from the total credit being withdrawn; meaning players would never take home their full balance.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.Continue Reading