Online slots that you can play on Wizard Slots are the most popular casino games currently in circulation. The gross gambling yield (GGY) in Great Britain increased from roughly 8.4 billion British pounds in 2011 to approximately 14.4 billion British pounds in 2018. Slots make up a very large portion of the GGY. People seem to love this game for its simplicity and potential for huge prizes.
But what happens if you manage to win a sizeable amount of money on slots? While that is a rare situation, it is by no means impossible. Are there limitations to how much you would actually be able to withdraw? We provide the answer in this article.
Withdrawal limits can be a casino players’ worst nightmare. In simple terms, this is a “ceiling” for how much you can withdraw at any one time or daily. Some casinos do not have any withdrawal limits which is highly favourable for the customers. However, casinos like that tend to be very scarce. Most online casinos will have withdrawal limits in place so they have time to make up for their losses, i.e. your winnings before they need to pay out your funds.
If hundreds of players cashed out large sums of money at the same time with no limitations, this could be a threat to the casino’s financial stability. The worst-case scenario for any casino is being in a position where they cannot accept new bets from players because they are experiencing a funds shortage. That is why withdrawal limits are in place.
- In most casinos, a daily withdrawal limit will be somewhere between £1500 and £25000.
- Your maximum weekly withdrawal could be between £7500 and £125000.
Now let’s look at why the withdrawal limits in online casinos can be any player’s worst nightmare.
There have been many jackpot winners in the past that ran into significant problems when trying to withdraw their jackpot wins. Some casinos have special rules and regulations in place in the case of a customer winning a jackpot. They might give you an offer of withdrawing your prize in one lump sum, with the deduction of some taxes and fees. In other cases, a casino might label you as an “annuity winner” which means you will have your jackpot paid out to you in small portions monthly. This process can be very lengthy, sometimes as long as 30 years. Not ideal is it?
Some people have even been cheated by casinos out of their winnings. For example, a player won $4.1 million in 2009 at Joyland Casino. She found out that she could only withdraw $9,000 per month, which means it’d take 39 years to get all paid out. When she raised up her concerns with the casino, they offered her to take out half of her winnings at once with the other half forfeit. She accepted the offer. Joyland Casino kept $2 million that wasn’t theirs – progressive wins are made up of players’ bets.
While it is safe to estimate that your maximum weekly withdrawal could be around £100’000 in most casinos, it all depends on the circumstances of your wins. Regular wins usually do not cause any delays and are paid out as normal but if you’re lucky enough to win a jackpot, you could be ripe for some negotiation with the casino. We hope that you do incur some sizeable wins and as always, gamble responsibly and keep it exciting!