Bitcoin casino cashout guide: How to cash out in 4 steps
Crypto gambling is all about fun, but it’s no secret that most of us players want to make a quick buck in the process.
Cue the exciting and rewarding process of cashing out!
However, as exciting as it may be, there are several challenges you’ll face along the way.
These include casino fees, gas fees, minimum withdrawal amounts, and, worst of all, waiting.
In this article, I’m going to take you through:
- How to withdraw in 4 simple steps.
- How to deal with common cashout issues.
Bitcoin casino withdrawal tutorial: 4 simple steps
First things first, let’s get you up to speed with how to withdraw your winnings from a crypto casino:
1. Head to the casino’s Wallet or Cashout section
Casinos usually make it easy to find the wallet section.
This is where you’ll typically see your bankroll balance, usually located at the top of the screen.
For all the rebels out there, you can go against the flow by finding the withdrawal option within the ‘account’ section.
Pssst: Check out my dedicated casino deposit guide if you’re new to crypto gambling.
2. Enter your withdrawal amount
Here’s where things get a bit tricky.
This is the step where the casino will inform you whether you meet the minimum (or maximum, in some cases) withdrawal amount, as well as the wagering conditions.
You’ll also see the estimated gas fees for your transaction and/or potential casino withdrawal fees.
As you can see from the example above, I don’t meet the minimum withdrawal requirement or have enough to cover the gas fees. When I hit ‘confirm’, the casino told me as much.
One thing I love about crypto gambling brands like Stake and BC.Game is that they’re super transparent during the withdrawal process. In other words, they tell you what you’re doing wrong instead of leaving you feeling baffled.
3. Enter your wallet address
Copy-paste, copy-paste, copy-paste!
I strongly advise against typing out your wallet address in this step.
It is one of the worst gambling mistakes you can make, and often results in funds being sent off into the ether – never to be recovered.
Good luck trying to get the casino to refund you if you make this mistake: it won’t happen!
You have to enter the right address if you want to receive your funds. Once you’ve done that, click ‘withdraw’ or ‘confirm’ (it varies from casino to casino).
4. Wait for your funds
Depending on how busy the network is and how proficient the casino is, you’ll either receive your funds instantly or have to wait.
If you had to deal with KYC upon cashout, you could end up waiting up to 5 days for the casino to verify your details. Oof.
This is one reason many players prefer casinos that request KYC upon signup (you can complete the process before you have to put money on the line).
You can always opt to play at Bitcoin casinos with instant withdrawals and avoid the wait altogether.
Common casino cashout issues
Cashout headaches at Bitcoin casinos often revolve around three main culprits: casino-based fees, crypto gas fees, and withdrawal limits.
Let’s look at each of them in turn:
Casino withdrawal fees
Some casinos charge handling fees on deposits and withdrawals. They’re few and far between, but they’re out there. Many only “reserve the right” to charge handling fees, especially on larger cashouts.
So, if you’ve won a significant sum and try to cash out, you may be surprised to find the casino charging up to 5% for “handling” this transaction.
You’re not likely to see handling fees on smaller amounts, unless you’re playing on a smaller platform. In any case, we’ve got a dedicated guide to crypto casino withdrawal fees that will break the concept down for you.
Gas fees
Next up, we have gas fees – something you’ll probably be familiar with if you’ve ever made transactions using crypto.
In any case, I’ll explain the idea:
- What They Are: Imagine the blockchain as a busy highway. Gas fees are like tolls you pay to the miners to make sure your transactions get processed on this digital highway.
- Why You Pay Them: These fees make sure your actions on the blockchain, like placing bets or moving money in and out of a crypto casino, happen smoothly and fairly.
- They Can Change: Sometimes, especially when the network is busy, these tolls can go up. Some cryptos have higher gas fees than others. For example, Ethereum has the highest gas fees, while Binance is often said to have the lowest.
You can combat high gas fees by choosing to withdraw at a later stage when the network isn’t so busy. When you withdraw, the casino will give you an estimation of the gas fees you’re going to pay, which is how you can determine whether or not to go ahead with the cashout in the moment or later on.
Returning to a previous example, we had to pay $0.20 when we withdrew $9.10 from Stake.
Minimum withdrawal limits
Crypto casinos set minimum withdrawal limits to make sure that the fees and costs of processing withdrawals don’t eat up tiny transactions.
It’s like making sure the pizza delivery guy doesn’t spend more on gas than the cost of your pizza.
Withdrawal limits keep things efficient for the casino and make sure players aren’t losing out on small withdrawals due to casino or gas fees.
As I said before, high rollers who deposit hundreds or thousands of USD in crypto won’t bat an eye at the minimums. A withdrawal amount of $20, but for players who prefer making and withdrawing smaller profits, this may be seen as a bit unreasonable.
So in the end, minimum withdrawal limits work in our favor as players, but it doesn’t make them less annoying. So, before you deposit at any crypto gambling site, I’d advise you to check out their rules about cashout fees and minimum withdrawals.
Every casino has its own way of doing things, as I explore in my guide to casino transaction limits, and knowing the deal can save you some surprises when it’s time to cash in on your winnings.
Final thoughts
So there you have it, your complete guide to Bitcoin casino cashout.
Remember that the key to having fuss-free cashouts is ensuring you’re prepared for any gas fees and withdrawal limits so that they don’t come as an unwelcome surprise.
I’ll be sure to keep you in the loop about any new instant cashout casinos that pop up in the near future.
By the way, if this is your first time withdrawing from a crypto casino, and you’re still new to the industry in general, my new beginner’s guide to crypto casinos could be of use!
