It would be fraudulent to say that players come to an online casino just to gamble. Each of them at heart dreams of winning a certain amount of money. The bigger the amount, the better. However, there is a pitfall to this desire. It is called in short and simple – the limit.
A limit implies a certain amount of money that cannot be exceeded. This applies to both deposits and withdrawals. If everything is more or less the same with deposits, there is a large variation in the number of withdrawal limits.
Land-based casinos do not normally have limits
Have you ever wondered why land-based casinos continue to be so popular in the age of digital communications? Why do many players, whose country bans all forms of gambling, travel to more open neighbouring countries for casino tours?
The answer lies in several reasons. Firstly, it is the presence of an atmospheric environment. No online casino comes close to the ambience of a real casino. The real casino also offers the chance to socialize – to talk to the players, to interact with the dealer. The latter, in turn, allows you to learn the rules of a new game. For instance, have you ever wanted to learn how to play blackjack? Go to a land-based casino! The friendly croupier will be happy to help you learn the ins and outs of the game.
There is one important feature of land-based casinos. It lies in the lower payout percentage compared to remote venues. For online casinos, the average payout percentage of games is 95-96%. In the case of real establishments, this ratio is much lower. It rarely exceeds 89%. Let me explain what this means. It means that from each dollar betting the casino will get 11% (vs. 5% to online casino operator), and the rest – 89% (vs. 95% to online players) will return to players as winnings. Agreed, the difference seems substantial. It seems like a great injustice in life. In reality, it is not.
You have to remember that land-based casino operators have much more financial expenses – maintenance of the building, surrounding areas, staff salaries, maintaining the halls in proper condition, etc. In the case of an online casino, all of these expenditure columns do not exist. Accordingly, the money saved is used to pay out winnings. Knowing this nuance, don’t be in a hurry to give up on offline houses. They have something to replace this disadvantage.
Whichever online casino comes your way, you should be prepared to get very lucky one day. And then you will have one very big problem. It has to do with the payment of your winnings. The fact is that any remote institution has requirements to pass additional verification to pay out large sums. In addition, it will set a limit on the withdrawal. In land-based casinos, such a problem simply doesn’t exist. If you win 50,000 USD, chances are you’ll get that money right at the casino’s cash desk.
If the amount is higher and you don’t have it in the casino’s cash register, you’ll be given whatever they can. You will be asked to collect the remaining winnings the next day. Agreed, this is a significant advantage of a land-based casino over online establishments.
Online casinos usually have withdrawal limits
Above I have already touched on the subject of online casino limits. Now I want to go into it in more detail. Imagine this. You play in an online casino, you win an incredible amount of money. Let it be 80,000 USD. That’s awesome! Unbelievable! You are already imagining where you will spend your winnings, but according to this blog post, the harsh reality awaits you.
You are told by the casino that you need to go through an additional verification procedure. You persist in doing so hoping to get your winnings after a few days of waiting. Along the way, you keep imagining where you will spend your money. And then it hits you again – now you find out that online casinos have withdrawal limits.
For example, in one transaction you can withdraw 2,000 EUR, in a week 5,000 EUR, and a month 15,000 EUR. So, calculate how many months you will cash out your winnings. That’s as much as half a year! I am sure, by the time this period has passed, you will have lost some of your money. By the way, the example I gave you is the most common withdrawal limit. The most generous operators may offer an amount much higher. For example, there are a small number of institutions where the maximum monthly limit is 50,000 EUR. So getting the amount I gave above as an example will be reduced from 6 months to 2 months.
Limits at online casinos also have their nuances. The standard amount of limit for all players can be increased and in some cases, it can be cancelled completely. This applies to loyalty programme participants. For example, some operators increase the withdrawal limits depending on the player’s status. In such cases, these limits cease to apply to those who have reached the highest rank in the programme.
The next point concerns winnings in games with progressive jackpots. More often than not, the developers will take it upon themselves to personally pay out the winnings. This is done by making a one-time payment from his or her “wallet”.
In exceptional cases, there may be an agreement between the developer and the operator to share the winnings. In this case, there may be limits from the operator’s side. Information on how to pay out in such situations is always described in the Casino Rules.
Biggest winnings at casinos ever
It is unlikely that our ancestors could ever have imagined that it was possible to win unbelievably large sums of money through gambling. We, on the other hand, have been lucky. Modern history knows a large number of cases where a player, betting an insignificant amount, received a fabulous win. Such situations are very numerous. They continue to stimulate us to bet at the casino, whether it is remote or land-based. As an example, I will give you a few situations.
In 2003, a lucky man who wished to remain anonymous was able to turn his 100 USD wager into 39,700,000 USD in the halls of Las Vegas casinos. That’s the amount brought by Megabuck, a slot machine from renowned software developer IGT. The same slot machine also distinguished itself in 2000. It brought luck to a woman with a further tragic fate. Her winnings amounted to 35,000,000 USD.
Now let’s move on to online casinos. There are only two slots leading the way – Mega Fortune and Mega Moolah. These two games have been ranking video slots with the highest payouts in online gaming history for years. Their minimum jackpot hit is “only” USD 11,609,942. But a slot model called Mega Moolah has made it into the Guinness Book of World Records as the highest winning video slot. It brought its winner 17,879,645 USD. The mass of cases with big winnings allows us to believe that anything is possible. Any bet we make can win. This continues to attract players to gambling for years to come.