If you are a newbie in online sports betting, you might have realized that there is simply just so much information that you need to take in and absorb–strategies in betting, reading odds and lines, as well as understanding how bookies work online. One of the things you need to know about your bookie is the way they handle payouts or withdrawals.
If you have not yet chosen your bookie, now is the right time that you decide which among the virtually countless choices you would go. Feeling confused with so many bookies to pick from? Review sites like nostra bet, which keeps an updated list of the most recommended and top-rated bookies, can help you with this.
Meanwhile, here are some tips on how to better understand how your bookie might handle payouts or withdrawals.
There will be the need for identity verification–most likely
One of the most common letdowns newbie bettor get when they try to make their first withdrawal is that only then that they realize that they need to provide verification information before getting their money.
Is this unfair? Does this mean that your bookie does not want to give you your money? It may feel that way for you, but it is not. The verification process is usually one of the security protocols that licensed betting sites should follow as part of protecting themselves as well as their customers.
Processing time may vary
Don’t expect that you can get your money through a bank transfer in three same time frames that should you use your credit card in getting your money. Simply put, you should understand that not all withdrawals methods work equally. Some of them may process your transactions faster, while some may take a few days longer than others. So, plan what method you would use ahead of time, especially if you have plans of using the money, you’ll get for something.
Some bookies only allow withdrawals on specific days
You may have collected all your winnings, and you thought that this could be the day that you throw a celebration for how lucky you are as a bettor or how good you are as a master betting strategist. However, you lose all the celebratory mood when you see that your bookie only allows withdrawals every Friday–and it’s just Tuesday.
It is true that a lot of bookies only allow withdrawals for a specific day or a specific number of days only. There are several reasons why bookies do thi8s, but one of them is that so they could have an easier time managing all the transactions and making sure that they have enough funds for every withdrawal for every specific day.
Cryptocurrency withdrawals are rarely instant
One of the most common misconceptions about using cryptocurrency, such as Bitcoin, is that transactions with it are instant. There is simply no truth to this.
While BTC transfers usually are faster than credit card, debit card, or bank account transfers, it is still not close to being instant. At the fastest, you can expect a BTC transfer to finish and get credited to your wallet in 15 minutes. However, it usually takes a few hours to several hours at the most. Although very rare, there are also reasons why a cryptocurrency transfer would get delayed.
Before you go
The truth is that a real and legitimate betting app would never trick you into undisclosed terms and conditions, as doing so might risk them losing their license and having their registration revoked any time. However, a lot of people still fall into surprises and get shocked by the specifics of how they can withdraw their money simply because of one thing: they have not taken the time to read the fine print in the terms and conditions given to them and just went to to “agree” to it.