Withdrawing your Online Bingo Winnings
“Oh my goodness, did I really win $1500.00????? I can’t believe it. I have never won money like this before at bingo. Oh my, Oh my!! Now what do I do?” Now that is the big question. What to do once you have a good win.
Over the years, the online bingo industry has grown by leaps and bounds. With this growth has come the influx of numerous high cash prize winners and also has come with them, the ups and downs of winning and receiving the money.
Almost every online bingo site has their own rules concerning cashing out your winnings
The objective of this article is to inform you, the online bingo player, what to look for in the rules and regulations and how to understand each of them.
In a perfect world of online bingo, if you win some cash, you would be able to click a button that says CASH OUT and your winnings would go directly into your hand. Sorry, that isn’t how this works. There is a lot more red tape, so to speak, in the online bingo industry. If you win, you expect to be paid and in a timely manner. Below, please find different variations of how to cash out.
Promotional bonus with minimum wage requirements – Some online bingo and casino sites require players to wager their deposits and promotional bonus’s they received x amount of times before a withdrawal can be processed.
An example is – To make a withdrawal, you must first wager your deposit and your bonus 20 times. If you make a deposit of $100.00 and the promotional bonus was 100%, you would have had $100.00 cash plus $100.00 in promotional bonus bucks. This would equal $200.00. You would need to wager $200.00 x 20 = $4000.00 before you could make a withdrawal of your winnings. At most online bingo sites or casino sites you can call their support or email them to receive your total wagers to date. Some players feel this is an astronomical figure to wager but believe me, it goes fast.
Loss of promotion bonus upon withdrawal – Another way that online bingo sites have overcome the promotion bonus offer abuse is to allow their players to withdraw their winnings but upon withdrawal, they will also forfeit any bonus bucks in their account.
There are a few spins on this however. Some online bingo sites allow you to withdraw your cash and keep your bonus bucks up to 50% of the cash left in your account. Example: You have 100.00 cash in your account and $200.00 in bonus bucks. If you withdraw $50.00 cash and leave 50.00 cash in your account, you would be allowed to keep $25.00 of your bonus bucks as well. If you were to withdraw all of your $100.00 cash, you would forfeit your entire $200.00 bonus as well.
Recently, I came across a new type of requirement to be completed prior to withdrawal. You must allow a certain amount of time to pass from your deposit time to your withdrawal time. Example: No withdrawals will be processed from your account until 7 days after your deposit.
The amount of time it takes to receive your winnings varies as well. Some online bingo sites will remove the winnings from your account as soon as you request cash out so that you may continue playing whereas some sites will not remove them until the cash out is processed.
Either way, your cash out request does have to go through a process. Most online bingo sites require players to wait 24-48 hours for their withdrawal to be processed. First, the withdrawal request needs to be approved and then the withdrawal will be processed.
Some online bingo sites specifically state what days of the week the transactions will occur such as: All withdrawal requests made prior to Sunday evening at 11:59 pm EST. and Wednesday evening at 11:59 pm EST. will be approved and completed on Monday and Thursday prior to 11:59 pm EST.
This indicates that if you requested a cash out prior on Saturday evening at 9:00pm, your withdrawal would be completed and in your pocket sometime on Monday before 11:59 pm EST.
Another process that sometimes needs to occur prior to receiving your withdrawal request is some type of documentation or statement from you concerning your winnings. Online bingo sites survive through word or mouth and advertising.
If someone wins a large sum or money, the online bingo site may require some type of a story or statement from the winner to be posted on their newsletter or bingo site, before the withdrawal request can be approved.
I hope that the information above will help you with your withdrawal requests. Before your deposit into any online bingo or casino, please be sure to read all the FAQ’s and deposit and withdrawal information on the online site. Most online bingo sites offer 24 hour support whether by phone, email or live support chat online. USE IT!! It’s your money and you should know what will become of it before you spend it.