Whether you play casino games at mobile casinos or online casinos, you are quite anxious to make a winning. When you win on a slot machine, table game, live casino, Keno or Bingo, you are ready to get back your winnings in Naira as soon as possible. But it’s not so simple as you think to get back your wins or cashout at casinos. Every online or mobile casino has different policies, procedures, and expectations. But the reality is that, in terms of what you really have to do, most are nearly identical. What you should understand and know before making a withdraw is important. For hassle free withdraw follow the steps given below.
How to withdraw your winnings at mobile casinos?
How to withdraw your winnings at mobile casinos or any online casinos simple method:
- In order to cash out your winnings, open your casino site on your mobile or web browser and navigate to the cashier or banking page, where you originally deposited your money.
- From here, select the option to make a casino withdrawal and choose your preferred deposit option.
- Finally, give them any personal/billing info that they need, and click the ‘Withdraw’ button at the end to submit the withdrawal.
Withdrawal methods to choose before starting cashout at the online casino is very important. Before you even attempt to make an online casino withdrawal, you must decide which withdrawal option is right for you. Most premium online mobile casinos will offer you lots of cash out options, but not as many as you can use to deposit funds. For this very reason, before ever selecting a casino, make sure they have a cash out option that works for you – even if you see that your favourite deposit method is supported.
There are many different payment methods available to those who would like to play for real money online, depending on how fast and cheap you would like transactions to be, what your budget is, how important privacy is for you, and what the legal constraints of your location might be.
The most common available banking options for online mobile casinos and some of their features.
Credit Cards Withdrawals
Credit card cash outs are relatively straightforward. All you need is to provide the online casino all of the same billing/card information that you provided to make your credit card deposit, and let the process work in reverse. These can be processed in less than a week in some cases, and they’re extremely safe, due to the considerable protections offered by your credit card company. Note that MasterCard can no longer be used to withdraw funds from your online casino account, though other brands like Visa are still quite useful. There are very few Nigerian friendly online casinos that allow credit card withdrawals.
Wire Transfers Withdrawals
Using wire transfers to cash out your real money winnings is ideal, especially if you used a deposit option that cannot be used for withdrawals, like MasterCard, and it should be an option no matter where you live! You need to trust your online casino to make a transfer of this kind since it requires you to share your bank account information. However, by cutting out the middle man, your casino money will arrive directly at your fingertips within about 5 to 20 business days. Minimum withdrawal is R1500 (R200 fees)
Cheques & eChecks Withdrawals
Most popular method is cheques and eChecks at almost all mobile casinos. Cashing out of an online casino site via cheque works no matter what technical limits you may face, and there really is something to say about the experience of receiving a freshly cut paper cheque with your winnings – you can’t frame a wire transfer! Expect a few days for processing, and then a few more for delivery. You can also use eChecks, which is just a safe and reliable as using physical cheques, but much quicker.
SID is a web-based payment service that allows South Africa residents to pay as well as make a withdraw at an online merchant directly from their bank account via their Internet banking facility. Payment is instantly debited from their account and the merchant is immediately notified that the payment has occurred. A credit card is not required!
eWallets are though less used for withdrawals but are still popular option. You can use EcoCard, Skrill, and Neteller are collectively known as eWallet services because they let you store money in an online account – like an electronic wallet – ready to spend, save, and retrieve whenever you feel like it.
In most cases, these online accounts are linked with your checking account. You can seamlessly move money between your physical bank and digital account, where it can be used in conjunction with your online casino. Withdrawals to eWallet accounts generally take 2-3 days before the money appears in your eWallet account, and you’ll need to allow a few more days to pull the funds down to your bank.
- Using Skrill the minimum Withdrawal is R500 | Withdrawal Time: 48-72h |
- NETELLER the Min. Withdrawal: R500 | Withdrawal Time: 48-72h |
- ECOPAYZ the Min. Withdrawal: R500 | Withdrawal Time: 48-72h |
If you use Bitcoins then you can make a withdraw with Bitcoins and the minimum withdrawal with BTC is R1000.
Winnings in Nigeria are taxed
Nigeria does levy taxes on punters, 20% on all the winnings. There’s no exact figure how much can you cash out at a casino without taxes, but if you consider gambling to be your work, and your winnings represent a substantial part of your income, chances are that you’d need to pay taxes on your winnings. Professional punters fall into this category for sure, and there is a massive grey area for gamblers like poker players and sports bettors that have to use a lot of very specific strategies.
If you are a professional gambler and need to pay taxes on your winnings. Gambling tax rates are determined from time to time, according to the concerned regulatory authority. These rates apply uniformly to both land-based and remote gambling. At the national level it is 20% of gross revenue for lottery, while in states like Lagos State, it is 2.5% of the gross revenue.
The National Lottery Regulatory Commission has recently given a mandate to its licensed sportsbook operators to pay 1% and 2% gross on monthly sales turnover to the National Lottery Regulatory Commission and National Lottery Trust Fund respectively as and when due.
In instances where short code services (SMS/USSD) are used by operators to provide betting services, the following tax rates will be applicable: 2% and 3% on gross monthly sales turnover to the National Lottery Regulatory Commission and National Lottery Trust Fund respectively as and when due. Furthermore, the Federal Inland Revenue Service has mandated a 5% VAT on a number of taxable consumer goods/services, although the implementation has been stalled. Lottery and gambling activities have been included in this new development. It is worth noting that the collection of VAT will be an automated process to ensure efficiency and transparency. The reality of this new development awaits to be seen.
The Federal Inland Revenue Service (FIRS) recently announced its plan to implement an automated 5% VAT on all online betting transactions, although this tax regime has been temporarily suspended after operators kicked against it; no one is sure what the final position of the FIRS is and what the proposed automation will look like. It is feared that the implementation of this tax or any other additional taxes is bound to discourage players from patronising licensed operators and will probably drive the industry underground.
Points to remember before you think to make a withdrawal at online or mobile casinos
Always read terms and conditions associated with withdrawals. Infact you can read the withdrawal policy at the online casino and understand things better. Most casinos only offer cash outs via the same method you used to deposit.
The faster you can have access to your cash, the better. Withdrawal should be speedy and easy so find out how long your withdrawal method of choice takes before you use it.
Make sure that you use a service that practises top of the range security and encryption. Use trustworthy services with fraud protection policies to make sure your money stays yours.
Choose a withdrawal method that works for your lifestyle. Perhaps you’d like to keep your personal details separate from your online betting. Or perhaps you’d want one without a daily withdrawal limit. Do your research and make the choice that’s right for your gambling habits.
Online casinos’ real money welcome bonuses usually come with some conditions attached and a common feature of these conditions are time limits. Fast payouts may not be possible at some casinos because they expect you to play a large number of times or games before you can withdraw your winnings and so it is often best to pick different casinos. The best casinos online tend to feature bonuses that have simple and realistic welcome bonus conditions, and where withdrawing your real money winnings is a fair and straightforward process.
Documents are required if you attempt a withdrawal at online or mobile casinos. You might need to submit the online casinos your ID proof mentioning your place of residence, country and other details Any utility bill, Driving license, Social security number can suffice the above for withdrawal purposes.
Many online casinos specially the bitcoin casinos offer instant withdrawal, where you can have your winnings in your hand in a couple of hours. There is a wide range of available banking methods, and not all of them might be appropriate for you, so always review them and find which suits you the best.
Finally always better to consult the online casino help support for more details and avoid any rogue casino that doesn’t listen to your grievances or doesn’t withdraw on time. Play at recommended mobile casinos and have peace of mind to get back your winnings on time.