Accredited Casino new rule suggestion?

[baabaa006]

I have noticed a number of threads showing disappointment at maximum cashout limits at Casino's.

This is not a cap on the amount that can be won from a ND bonus but a maximum daily/weekly limit on the amount that can be withdrawn if you manage to win something.

Now these same Casino's will happily take unlimited deposits but once you withdraw they say you can make a maximum withdrawal of $nnnn.

There is no valid logic behind these terms except to try and encourage you to play back your winnings.

For this I believe any accredited casino should have to honour the full amount of any withdrawal request.

[Roanan]

Originally Posted by baabaa006

I have noticed a number of threads showing disappointment at maximum cashout limits at Casino's.

This is not a cap on the amount that can be won from a ND bonus but a maximum daily/weekly limit on the amount that can be withdrawn if you manage to win something.

Now these same Casino's will happily take unlimited deposits but once you withdraw they say you can make a maximum withdrawal of $nnnn.

There is no valid logic behind these terms except to try and encourage you to play back your winnings.

For this I believe any accredited casino should have to honour the full amount of any withdrawal request.

Land based casinos are required to have enough cash on hand to cover every chip in play on the floor plus all progressives combined. At least that is the case for Nevada and British Columbia casinos. The state/provincial laws makes that a requirement.

Last time I checked, online casinos weren't based in either jurisdiction and have no such requirements.

Until draconian laws, such as the UIGEA, get lifted and Canada and the USA can start housing and licensing online casinos and implementing similar requirements to the brick-and-mortars, this will always be a problem.

[elscrabinda]

I can see the logic in casinos having max cashout limits, but I think that:

a) Progressive jackpots should not be subject to such limits as I believe such money is held centrally by the software provider and can therefore be made available instantly

and b) that if a casino has absurdly low cashout limits, players should come to their own conclusions about the reliability of playing at such a place. Casinos should realise that whilst it may help their cashflow to have such limits it makes them look amateur and short of cash

[Casinomeister]

If we were to remove all casinos that have cashout limits from the Accredited Casino section, there would probably be about five left .

You can't compare the banking processes of online casinos with their brick and mortar counterparts since online casinos are just that - online. And they challenges that change daily - money transfers and constant regulatory and banking policy changes. It's a very complex situation and I'm sure most operators would agree with this. You have to be one your toes - especially if you cater to US players.

As long as the payments are reasonable, I don't see a problem. Progressive jackpot wins that are pooled ought to be exempt - and they are for the casinos listed in here (except for the Wager Works casinos - read the disclaimer).

Players need to exercise restraint when dealing with these payments and not play them back. That's strictly up to them.

[JHV]

I agree with Bryan but who determines what is the "reasonable" amount? There are Accredited List casinos currently listed who would happily accept $100,000 from me instantly, let me wager $20,000/minute...BUT they have a $500/week payout cap.

There are definitely money juggling complexities for casinos that most players aren't aware of, but I don't think the above example is acceptable, even if stated somewhere on the website in T&C (just my opinion).

[JHV]

Hijack!

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/hijack.

[Casinomeister]

Originally Posted by JHV

I agree with Bryan but who determines what is the "reasonable" amount? There are Accredited List casinos currently listed who would happily accept $100,000 from me instantly, let me wager $20,000/minute...BUT they have a $500/week payout cap.

There are definitely money juggling complexities for casinos that most players aren't aware of, but I don't think the above example is acceptable, even if stated somewhere on the website in T&C (just my opinion).

$500 a week? where?

And I know that if you're a regular player, many of these casinos waive these payments and just send it in one lump sum.

[Jasminebed]

I do understand the need for online casinos to manage their money. I also understand a player's need to manage theirs.

For the purposes of Accredited Casinos here at CM, I propose that:

If a casino has daily/weekly/monthly payment limits, and a withdrawal by a player exceeds those limits, the casino must flush the remaining player balance upon request or pay it in full immediately.

.

It is then up to the casino operator if they will accept deposits from the player while some of the withdrawal is still pending.

IMO any casino that would refuse deposits from a player that has a (for whatever term) ongoing income from your casino would be crazy.

I have and sometimes still do play casinos with cashout limits. If I was fortunate enough to be in the position that I was receiving $1,000 weekly from a casino, it would increase my gambling budget quite a bit. My first choice would be the casino I won at I expect, as long as everything was going well.

It would do a lot to promote my loyalty to have my win handled professionally, even if I couldn't have it all at once. And once the procedure is in place, keep to our arrangement so I don't have to chase you down and send emails and beg for the money I won.

Players that choose to play at casinos with withdrawal limits must realize these are in place. I wouldn't deposit 10,000 with a casino that will only pay me 4,000 per month.

Casinos can, and do, make special arrangements for VIPs. I've read so many terms and conditions for so many different casinos, I can't always recall which terms I read where, or the exact wording. But often these terms are phrased in terms of "may limit withdrawals" rather than "will limit withdrawals".

If you make very big deposits, or even just place very high bets, where you are likely to have a withdrawal that will exceed withdrawal limits, make prior arrangements with the casino, or choose to accept their terms.

But in the interest of fairness, don't leave that money in the player's account if a flush is requested. This is in regard to withdrawals exceeding a casinos daily/weekly/monthly maximums.

Casinos should still have the right to set their own policies for reversal times and policies for other withdrawals.

[RobWin]

Originally Posted by JHV

There are Accredited List casinos currently listed who would happily accept $100,000 from me instantly, let me wager $20,000/minute...BUT they have a $500/week payout cap.

Originally Posted by Casinomeister

$500 a week? where?

Yea, I am curious too which one of the "Accredited Casinos" only offers $500 a week as a cap withdrawal ! ??
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[spiderlegz]

Originally Posted by Casinomeister

$500 a week? where?

And I know that if you're a regular player, many of these casinos waive these payments and just send it in one lump sum.

English harbour group for Neteller, Moneybookers and Click2Pay.
http://www.englishharbour.com/payouts.php