Have you ever wondered how online casino withdrawals are processed? For most players, one of the key factors when it comes to choosing which UK-licensed online casino to wager at is how long it takes for the operator to process deposits and withdrawals.
While most deposits are instantaneous, the time it takes for the casino to transfer winnings from your wagering wallet to your bank account or eWallet can vary quite drastically.
Some casinos, such as LeoVegas, can process eWallet payments in a matter of minutes, while Visa, Mastercard and bank transfers can take up to seven working days.
But why do these times vary so greatly, and what actually happens when you enter the amount you would like to transfer from your wagering account into your bank account and click “withdraw”?
We sat down with Mickael Marceau, Group Head of Payments at Kindred Group – which operates UK-licensed online casino brands such as 32Red and Unibet – to find out more.
FIND MY CASINO (FMC): SO, WHAT ACTUALLY HAPPENS WHEN A PLAYER CLICKS “WITHDRAW”?
MICKAEL MARCEAU (MM): At Unibet casino, a withdrawal request is immediately sent to our fund security system and team who then check and verify the request.
The team takes a number of things into account based on the player’s risk factor – each player is assigned a category of risk when they open an account with us.
Once they have checked and approved the transaction, the request is then sent through our various payment service providers and credited to the player’s bank account.
This whole process usually takes around four minutes. That said, the time it takes for funds to reach player accounts can be impacted by the type of payment method used, currency, etc.
Here at Kindred Group we are working hard to deliver instant payments wherever possible.
FMC: WHAT ARE THE FASTEST PAYMENT METHODS FOR WITHDRAWING?
MM: The fastest method for withdrawing from an online casino is instant banking.
Here at Kindred, we work with providers powered by the latest technologies that are directly connected to banks in the UK.
This means that as soon as our fund security team has approved the payment, it can be transferred to a player’s account instantly. eWallets such as Skrill and Neteller also offer fast payments.
Our players can choose how they would like to deposit and withdraw in the cashier section of their player account.
FMC: ARE SOME PAYMENT METHODS MORE SECURE THAN OTHERS?
MM: All of the payment methods we offer are extremely secure and we go to great lengths to ensure that our players can deposit and withdraw with confidence.
Every payment partner we work with must go through our thorough procurement and compliance review to ensure full security of funds.
This entails a full review of the company including how it is set up and structured, the people running it, its financial stability, the products it offers and how they work.
It is a comprehensive review and ensures that we only work with the most reputable payment partners that offer safe and secure transactions.
FMC: WHAT STEPS DO YOU TAKE WHEN IT COMES TO PROTECTING PLAYER FUNDS AS WELL AS ANTI-MONEY LAUNDERING AND FRAUD?
MM: We use several systems, both internally and externally, to monitor all transactions.
These operate on different rulesets depending on the risk we are looking for and take into account factors such as payment method (different methods have different risk factors) and player profile.
In addition to this, we have several teams of highly proficient analysts who constantly monitor transactions to ensure that we are fully compliant and that all associated risks are mitigated.
These rules, systems and teams monitor all types of risk from financial fraud to compliance breaches via money laundering, account takeovers and more.
This means that players can deposit and withdraw from our online casino brands safe in the knowledge that we are doing everything we can to protect their funds.
FMC: WHAT IS THE MOST POPULAR PAYMENT METHOD FOR ONLINE CASINO PLAYERS IN THE UK?
MM: Debit card remains the most popular among UK players. We are seeing an increase in people using PayPal but Visa and Mastercard are still the method of choice for the vast majority.
Most withdrawals are also done via debit cards and the great news for UK players is that we are currently upgrading our payout mechanism for even faster Visa and Mastercard payments.
FMC: FINALLY, WHAT ARE YOUR THOUGHTS ON CRYPTOCURRENCIES? WILL WE SEE MORE UK-LICENSED ONLINE CASINOS ACCEPTING BITCOIN AND ETHEREUM IN THE COMING MONTHS?
MM: I don’t think the technology and ecosystem of cryptocurrency is quite there yet for it to be used to deposit into and withdraw from online casino sites.
Take the volatility of the currency as an example. If you had deposited 1 Bitcoin in December 2017 the value of any potential winnings would have been halved by now.
This is obviously not fair for the player, so I do think we are a long way off being able to deposit and withdraw with cryptocurrencies.
Of course, there are plenty of other ways players can deposit and withdraw at an online casino that are safe and secure, and with super-fast transaction times.
