Let’s face it, the majority of us want to win our bets. Yes, the thrill of the bet, win or lose, is what draws a lot of people in. As we constantly remind our readers, you should bet only what you can afford to lose, but the fact of the matter is that we want some return from our bets. Smart bettors see betting as an experience. It’s a chance to research, work out which bets are going to offer the best return on their stake and then execute those bets. But, as we know, it doesn’t always work like this.
However, when we do win, it’s then usually pretty wise to withdraw it and then spend it on something that you like. If you’re new to online betting, then there’s a few things that you need to know before you process your withdrawal.
Withdraw Back to Deposit Method
When you sign up to a bookmaker, you will choose from a number of betting deposit options. This is the process that you use to load up your account and then place your bets. Most bookmakers are going to ask you to use the same withdrawal method as your deposit. So, if you’ve used a debit card when you signed up and made your first deposit with that, then this is going to have to be the method that you use to withdraw your money, as well.
The reason that they do this is so that it stops people being able to move money from one payment method to another. For example, it would be possible to make a deposit with your debit card and then move that money into an e-wallet. The money then becomes hard to track (if needed) which can cause issues for problems such as money laundering.
Changing a Withdrawal Method
It’s worth noting that you can contact the bookmaker to change the withdrawal method though. This is for times where a debit card might have expired, or you’ve closed an account with an e-wallet and no longer have access to that account.
The bookmaker can take a number of different routes here. They may require you to make an additional deposit with your new payment process before then being able to withdraw it all back to that method. This proves that you have access to the account. They also may limit the amount you can withdraw to that account if you are unable to prove that you have access to it.
How Long Do Withdrawals Take?
This is probably the most infuriating thing about betting online, which is the withdrawal times. Bookmakers are obviously able to take payments into your account instantly, but when it comes to withdraw, the process can take a little longer. The process and times will depend on the method of your withdrawal. You will find that they can range anywhere from just a few hours to weeks. As a rule of thumb, you should be looking around 2-5 working days for most withdrawals to be processed back to your account.
E-Wallets: Quick Turnaround
The fastest withdrawal methods are that of e-wallets. With this it’s very quick for a bookmaker to process the payment as there are very few people involved and there are very few processes that slow the bookmaker down in terms of account verifications and things like that.
Debit Cards: 1-5 Working Days
Next up you have things like debit cards. These are the most popular methods and usually take between 1-5 working days for them to be processed. Realistically, the time it takes should be as easy as transferring money from one account to another, which is instant, but the bookmaker has a series of checks that it needs to carry out. These are things like verifying your account information and banking information to make sure everything is in place.
Cheques & Bank Transfers: The Slowest
The longer ones to withdraw and process are things like cheques and bank transfers. These are manual processes, so they take a good while. It could be that these are posted from abroad as well, which adds to processing times. You’re likely going to be waiting for weeks with these, rather than days like the others.
Are There Any Fees?
Very few bookmakers charge fees these days for withdrawing. However, some still do and it’s worth checking before making your deposit. This is because, as we stated already, some bookies only allow you to withdraw to the deposit method that you signed up to the bookmaker with.
Are There Withdrawal Limits?
You will find that most bookies will limit the amount that you can withdraw. But this limit is on a per transaction basis and if you want to clear out your whole account, then you will be able to. What’s pretty common is that you can only have one withdrawal that is processing at any given time. So, as we mentioned about each withdrawal taking a certain amount of time to clear, you may have to wait until that one withdrawal has cleared before you can fire off another one.
Some bookmakers will allow you to increase your withdrawal limit, although these are generally set pretty high anyway. We’re talking tens of thousands for most bookmakers. If you want to move larger sums of money than this about then it’s probably best to contact the bookmaker directly. When you work with large sums, they likely will delegate someone to your account to help you directly with large transactions.
What Is KYC?
KYC stands for Know Your Customer and is part of a series of new requirement’s that have been rolled out by the UK Gambling Commission. The process is designed to help prevent problem gamblers from playing and also exposing gambling companies to vulnerable people.
KYC is now a huge part not just in the withdrawal process, but also the deposit process as well now. Essentially how it will work is that the gambling company is now to be held responsible for the people that they allow to bet with them.
Put in Place to Protect Vulnerable Customers
The UK Gambling Commission have stated that they must work harder to prevent people who shouldn’t be playing from playing. If they are caught out, then the gambling company is going to be made accountable and already huge fines, wroth multiple millions per incident have been processed for some of the biggest gambling companies in the world
If you note that we are referring to them as gambling companies, because KYC has been rolled out to everything from bookmakers, casinos, poker rooms bingo halls and everything in between. This is a gambling industry proposal, not just a betting industry proposal.
How Does KYC Change the Process?
The biggest change that players will see is the amount of information that they need to provide to the bookmaker before signing up and making their first deposit. It’s always been common for bookmakers to ask for proof of ID, etc. when making your first withdrawal, but now these documents need to be shown before you first deposit.
But, the timing that you might be asked to provide documents will vary, so it could be that the bookmaker might not ask until a withdrawal has been processed as it’s not quite fully rolled out yet across all bookmakers.
What Documents Do You Need for KYC?
The first thing that we want to highlight is that you’re going to be asked to provide more documents than you might usually for a betting account. This is now non-negotiable and if you are not willing or not able, the bookmaker will simply turn you away or refuse to process any withdrawals.
Our advice is to assume that you need these for all betting accounts. The reality is that you won’t need all these documents, but you will need some, so the quicker you can produce them, the quicker it can then be processed, and you get access to the bookmaker or are able to make your withdrawal. Items that may be requested:
- Proof of earnings (payslips, invoices, pensions, etc.)
- Bank statements to highlight disposable income for betting
- A trust deed in your name
- Proof of payments made to you
- Other evidence that proves “affordability”
- Photo ID (passport, driver’s license)
- Proof of address (utility bills)
As you can see, the list is pretty extensive, but the bookmaker needs to know what you can afford to bet. This is then tagged to your account and from there they can work out how much you are betting and easily flag a player if they are exceeding the money they are earning. The information is stored safely with the bookmaker and they will have been forced to create teams that are trained in dealing with these pieces of sensitive information.
What Happens If You Can’t Give the Documentation?
Initially the bookmaker will work with you to provide other information. This could be from a host of other things, but if they still aren’t able to satisfy the KYC terms that have been set out for them, then they might restrict your account. They will certainly be reluctant to process any withdrawals and in extreme circumstances they may close your account and seize your funds.
How Soon Do I Need to Provide KYC Details?
This will be different for each bookmaker. The official rules are that the bookmaker must obtain this information within 72 hours of a player opening an account. This allows them to deposit and start betting, but it won’t allow them to make a withdrawal within this timeframe if documents have not been provided.
Other bookmakers may ask for them before the account is fully opened. It’s a little like getting a verification email for a new account, that you need to click the link before starting, except for this you need to provide your documents before being able to play or deposit at the bookmaker.
If you’ve followed our advice and have all relevant documents ready to go, then you should be able to get this pushed through pretty quickly. Remember, it’s in the bookmakers interest to get this passed as soon as possible to get players betting, so they are likely working at maximum capacity as a result.