If you have ever visited a land-based casino or played a game online, then you have most likely heard of withdrawal, cashout, or deposit limits. As the name implies, these are limits set by casinos and they restrict players. The limits vary from casino to casino and some casinos have different limits that are usually based on your level as a player.
While a beginner may have a deposit limit of $200 and a withdrawal limit of $500, an advanced player might have a limit of $500 and $1000 respectively. Most players don’t like these limits because they see them as no more than restrictions that kill their game. When you visit an online casino, you must read the terms and conditions to understand the limits and see if it is something you can live with.
Difference Between Cashout and Withdrawal Limits
You are more likely to lose than win when you are gambling. This is a fact every frequent gambler knows. However, you still have the chance to hit the jackpot when you are playing different games in the casino. If you are fortunate enough to enter a winning streak or hit the jackpot, you will want to collect your money without restrictions or limitations. It is frustrating to withdraw your $20k jackpot in batches of $500 daily. Some casinos even set monthly limits which may be higher than the jackpot. Keep in mind that there is a difference between cashout limits and withdrawal limits.
The cash-out limit is the amount of money you can cash at a time and it typically depends on the deposit or bonus amount. If the cashout limit is x10 of your deposit amount which is $50, your cashout limit will be $500. In most casinos force players to forfeit any amount, they win that is more than the cashout limit. So, if you win $1000 and your cashout limit is $500, you will only be able to withdraw $500. You will have no choice but to forfeit the remaining $500. You can see how annoying this can be for a player who wins big. If you’re still not convinced that learning the withdrawal limits and maximum cashout, keep reading.
The Importance of Cashout and Withdrawal Limits
1. Safety Against Frauds
Setting withdrawal and cashout limits are primarily meant to protect casinos from fraud but it also protects the players. How does this work? If your account is hacked by someone, and you have a lot of money in it, they can withdraw everything before you know what is happening. However, if there is a daily withdrawal limit of say $500 and you have $2000, you will still have $1,500 by the time you discover what is going on. If a player hits the jackpot by cheating, the withdrawal or cashout limit will save the casino from taking significant losses.
The casino will be able to find out what is going on and put an end to it before it goes too far. Imagine a situation where a gambler cheats their way into a $200,000 jackpot but the withdrawal limit on the casino is $1000 daily. Before the gambler can get away with the money, the casino will most likely find out that it was a fraudulent transaction and block subsequent transfers.
2. It Allows Casinos to Pace Payments
You’re not the only one who is going to win money in a casino each time you play. More than one person will win and the casino has to pace the payments to avoid running out of cash. It allows them to maintain a level of financial stability while they cover all bets effectively. It also helps them to recover when they take heavy hits. If too many people are on a winning streak during a given period, it would be hard for the casino to make payments if there are no limits.
3. Limits Help You Protect Yourself
Cashout and withdrawal limits can be annoying, especially when they are low. However, you should choose a casino with limits than one that promises to let you take all your earnings. Some fraudsters use no limit offers to attract clients and lure them into making deposits. When it is time to withdraw your jackpot, you will be delayed with one excuse or another until you’re finally blocked.
4. Limits Save Casinos Money
Casinos are happy when you’re a whale that never wins. When you’re always winning, they become unhappy and try to trick you into playing away your winnings before you leave. For land-based casinos, they do this by offering you drinks, a free hotel room, free food, etc. With online casinos, the best way they convince you to keep playing is by setting withdrawal limits and offering you amazing bonuses when you win.
Without a withdrawal limit, you can take all your winnings as soon as you get and use it for something else. If there is a limit, you have to wait for days or even weeks before you can claim your prize. During this period, you might end up gambling with the money you have won.
5. It Might Help You Save
When you receive significant winnings at a slower pace, you will eventually be forced to rethink poor choices. If you have the self-control required not to gamble away all your winnings, withdrawal limits will do you good. Just see your casino as a bank. Rather than taking all the money and finishing it on one purchase, you can take it little by little. This will help you attend to pressing needs rather than spend on luxuries.
Withdrawal and cashout limits come with advantages and advantages. The limits vary from website to website but make sure that you always read the terms and conditions before you start playing. This way, you will not be surprised whenever you’re unable to withdrawal all your winnings after you hit the jackpot.