Large Win vs $4000 weekly withdrawl

[Joshk007]

First time poster here, I recently hit it pretty big with a Casino, being cagey as to who as really don't want any grief.

Anyway, they have a $4k a week withdrawl limit, it does say on the casinomeister profile for the Casino that for larger win's larger payouts can be arranged but the cashiers are not hearing of it.

Basically I had my first 4K paid out yesterday and my balance is sitting at 32K still ($22K as pending withdrawl and 10K as active balance)... at this rate it will take 8 weeks to claim my winnings. I am still playing and at this time still winning, not sure if they expect me to get impatient and loose it all? I can state as fact that while it may go down, it will not be reducing by much.

Any thoughts how I can get quicker access to this, its impossible almost to win anything near this amount so would think they would join me in being excited and maybe utilise the publicity that I would happily provide.

I would note that they processed the first payment very quickly and professionaly, but I do worry about issues with subsequent payments.

Thoughts?

 

[Nifty29]

Unless you name the casino, nobody can help you.

If you knew what the limits were before you played, then I'm not sure what your issue is. I mean, if it says limit is $4k (except for you) then fair enough.

You say they paid the first one quickly, so as far as I can see they've kept their end of the bargain.

The limits are there specifically for large winners like yourself, so I doubt they will make exceptions, even if you try to bribe them with good PR.

 

[Joshk007]

WOW mate, nice way to be a bit negative. I didn't ask for exceptions, your right their T&C's do state 4k, however it does say on this VERY website exceptions CAN be made. And I didn't name the Casino as yet for the very reason that it is their T&C's, thought a forum was for discussion, someone may have had some thoughts. Keep your negativity to yourself mate.

Unless you name the casino, nobody can help you.

If you knew what the limits were before you played, then I'm not sure what your issue is. I mean, if it says limit is $4k (except for you) then fair enough.

You say they paid the first one quickly, so as far as I can see they've kept their end of the bargain.

The limits are there specifically for large winners like yourself, so I doubt they will make exceptions, even if you try to bribe them with good PR.

 

[Joshk007]

Sorry, I know you were just trying to be clear. Just hard not to be able to celebrate what should be a happy occasion. Given the ammounts I have lost over the years, which I know all gamblers can understand.

WOW mate, nice way to be a bit negative. I didn't ask for exceptions, your right their T&C's do state 4k, however it does say on this VERY website exceptions CAN be made. And I didn't name the Casino as yet for the very reason that it is their T&C's, thought a forum was for discussion, someone may have had some thoughts. Keep your negativity to yourself mate.

 

[lnspin]

Honestly, just stop playing for 8 weeks. Get all the $$ you won in and then close account and play elsewhere where there is no weekly limit

 

[Joshk007]

Honestly, just stop playing for 8 weeks. Get all the $$ you won in and then close account and play elsewhere where there is no weekly limit

This Idea I can live with, I assume given the first payment was made that they are not going to try and find a reason not to pay subsequents ( I am fully verfiied etc). There are many horror stories floating around but this is a certified casino so I will just have to hope that it goes smoothly.

 

[just play]

I knew exactly what you meant right away....

I clicked Club World because I had the same exact question last year, (not saying this is the casino you are playing at, I'm just using it as an example) it says this when you click accredited casinos and click the casino name.

Payout Limits: $3000/week (arrangements can be made for bigger wins)

A few years ago I did have arrangements made for me to get paid out more than their limit, but it was only by $1,000 or so, last year I asked and was told no.


You can go up to the top of the forum and click I-gaming Reps and find the casino and pm the rep to see if they in fact do make arrangements for bigger wins, if not....PLEASE don't reverse!!! 8 Weeks seems like a long time, but just think after the 8 weeks is done you will have 32K!!!

 

[Joshk007]

I knew exactly what you meant right away....

I clicked Club World because I had the same exact question last year, (not saying this is the casino you are playing at, I'm just using it as an example) it says this when you click accredited casinos and click the casino name.




A few years ago I did have arrangements made for me to get paid out more than their limit, but it was only by $1,000 or so, last year I asked and was told no.


You can go up to the top of the forum and click I-gaming Reps and find the casino and pm the rep to see if they in fact do make arrangements for bigger wins, if not....PLEASE don't reverse!!! 8 Weeks seems like a long time, but just think after the 8 weeks is done you will have 32K!!!

Thanks heaps! I have done as suggested, if they are unable to help I will just have to wait patiently, it is pretty exciting news, just doesnt seem real until the $ hits the account

 

[just play]

So do you have any plans for the money? This is exciting news!!!

And here I am waiting impatiently for our measly tax refund.

You could buy a new car, put a down payment on a house...OMG I would be going crazy, lol.

Congrats


(and if they can't make arrangements, don't be disappointed, just try and wait patiently)

 

[Joshk007]

So do you have any plans for the money? This is exciting news!!!

And here I am waiting impatiently for our measly tax refund.

You could buy a new car, put a down payment on a house...OMG I would be going crazy, lol.

Congrats


(and if they can't make arrangements, don't be disappointed, just try and wait patiently)

Can't deny that my mind keeps making plans (it's like the "what would I do if I won Lotto...), I am however trying to avoid disapointment should something go wrong, with your large win was it honoured over the multiple weeks or did you have difficulty with each weekly payment?

My plans include a small holiday, pay off a credit card and savings..

 

[rockycatt]

if they are on the accredited list you will be ok just think of it as a leagle settlement and refrain from playing anything that might dent the remaining balance spread your play around . and stick a sign on your pc as I do saying only fools play it all back

and enjoy the win R C

 

[just play]

Can't deny that my mind keeps making plans (it's like the "what would I do if I won Lotto...), I am however trying to avoid disapointment should something go wrong, with your large win was it honoured over the multiple weeks or did you have difficulty with each weekly payment?

My plans include a small holiday, pay off a credit card and savings..

Woohoo!!!


Like Rocky said...If this is an accredited casino, there will be no problems at all, and nope I had no problems.


I'm not sure on all casino rules, I am from USA we are very limited to where we can play, but some casinos make you request the $4,000 every week...meaning you have to log in every week and make a withdrawal. You can ask the casino rep any questions you may have.

 

[Darlabean]

Annuity versus Large Payout indeed

I actually posted something last week about which casino's had higher table limits(only way to hit big totals IMO). The folks at the Club World Group are a first class bunch(if its 4K per week probably them) and I can say if you have the self control you will get paid out.

I'm looking to play but it doesn't pay to make any deposits in any of their other casinos until I get fully paid out. Right now I'm looking at the end of June before I'm fully paid out(don't make me post another SS Rockycatt). They use one processor for all of their properties so unfortunately Lucky Red, High Noon and the rest will have to do without me until Summer.

Still looking for a $250 - $500 table limit place outside of Club World so if any knows let me know.

Congrats!

 

[mattsgame]

You could ask them to temporarily lock the account until the full amount is paid out to you and go and play at another casino with the winnings you have already received, rather than going and going and then realising most of it is gone.

Another option is to just uninstall the casino for a few weeks, (does not have to be the full 8 weeks) and play else where, that way you will receive a good chunk of the winnings before they do disappear.

Congrats on the win and enjoy it!! (even if its in 8 weeks)

 

[mrmark21]

I've got more than one bank account, So I'd snap my card so I couldn't spend the money until the whole withdrawal was paid out. I'd also uninstall the casino and as Matt suggested request a temporary lockout for eight weeks.

Personally I'd ask for a long term lockout, smaller payments be made and enjoy not having to work for a long time or maybe buy a boat

 

[Joshk007]

Thanks Guys! At least I can be exicted on here, its kind of the secret past time still. Nice to have a place to chat with fellow online gamers. P.S, first 4K just hit my account after withdrawing from MoneyBookers.com last night, pretty fast!

 

[quber]

Right now I'm looking at the end of June before I'm fully paid out(don't make me post another SS Rockycatt). They use one processor for all of their properties so unfortunately Lucky Red, High Noon and the rest will have to do without me until Summer.


Congrats!

This is the bit I don't understand with casinos making limited weekly payouts. If you had been paid it all straight away then by summer they would probably have a good chunk of it back, as it is you won't touch them till summer so some other casino is going to get your money. It just doesn't make sense and I don't know why they don't see this.

We are gamblers and any winnings we get are seen as extra play time, the quicker we get our money the quicker we can give it back.

 

[Slotster!]

This is the bit I don't understand with casinos making limited weekly payouts. If you had been paid it all straight away then by summer they would probably have a good chunk of it back, as it is you won't touch them till summer so some other casino is going to get your money. It just doesn't make sense and I don't know why they don't see this.

We are gamblers and any winnings we get are seen as extra play time, the quicker we get our money the quicker we can give it back.

The only reason is cash flow / insurance / covering their backs.

Larger, well funded operations would never have such a restriction in place.

 

[Nate]

Like others suggested - Contact the Rep for the Casino. I have had exceptions made at places with a weekly limit. My limit was increased to almost $10k.

Nate

 

[SirWegs]

Check their terms and conditions what does it say?

 

[muziq]

congrats on your winning post some screen shot mate lol was it slots



i dont have anything more to add please be patient and don't play it all back

 

[michielm1]

What you shouldn't forget about these smaller payments, is that they definately benifit the player. if you would have gotten 32k on your acc at once, you better know the IRS gambling department is already planning their next team building party.

when amounts over 5 k hit your account in the Netherlands, there's an automatic signal to the IRS... how did you obtain such? oh you say you won???? WRONG..... WE won! and you lose 29%

 

[vinylweatherman]

What you shouldn't forget about these smaller payments, is that they definately benifit the player. if you would have gotten 32k on your acc at once, you better know the IRS gambling department is already planning their next team building party.

when amounts over 5 k hit your account in the Netherlands, there's an automatic signal to the IRS... how did you obtain such? oh you say you won???? WRONG..... WE won! and you lose 29%

It may help the player in this respect, but it seems a significant number don't have the willpower to deal with trickled payments, and end up playing much of a big win back. This benefits the casino, not the player. Having the big win all at once at least removes it one step back from immediate temptation, and even where the player decides to play on, they are unlikely to shove the entire sum into another casino.

The moral argument is that once the bets are settled, the money belongs to the player in any case, it should be for them to decide whether they want it all at once, or leave some behind for further play.

I cannot see even the smallest land casino telling a player they have to come back next week for anything greater than $4000. They would set their table limits according to the operating float they have available, and players would be given 100% of their balance once they decide to leave. Of course, the casino might send a host after the departing player and offer them incentives to stay a while longer, but the money would be in the players' pocket, not held to ransom till next week if they chose to ignore the offer and leave.

Fortunately in the UK, winnings are not taxed, it is the activity that is taxed, and said taxes fall to the operator, forming part of the corporate taxation regime.

Trying to tax individual wins as players receive them must surely be more bureaucratic, as well as involving end users directly in what can be a complex area of law. In the UK, we can just play, we don't have to keep records of all our bets, losses, and wins in order to prepare a tax form at the end of the year, nor have to face employing an accountant to guide us so that we minimise the liability. It is the casino that has to prepare a corporate tax return based on players' betting, and as a corporation, they are much better placed to carry out this task than an individual player.

In practice, taxing players means tax ends up not being paid at all, as the operator is not liable for it, and the player only has to worry if they have had a big enough win that automatically generates a notification to the tax office.

 

[Nifty29]

It may help the player in this respect, but it seems a significant number don't have the willpower to deal with trickled payments, and end up playing much of a big win back. This benefits the casino, not the player. Having the big win all at once at least removes it one step back from immediate temptation, and even where the player decides to play on, they are unlikely to shove the entire sum into another casino.

The moral argument is that once the bets are settled, the money belongs to the player in any case, it should be for them to decide whether they want it all at once, or leave some behind for further play.

I cannot see even the smallest land casino telling a player they have to come back next week for anything greater than $4000. They would set their table limits according to the operating float they have available, and players would be given 100% of their balance once they decide to leave. Of course, the casino might send a host after the departing player and offer them incentives to stay a while longer, but the money would be in the players' pocket, not held to ransom till next week if they chose to ignore the offer and leave.

Fortunately in the UK, winnings are not taxed, it is the activity that is taxed, and said taxes fall to the operator, forming part of the corporate taxation regime.

Trying to tax individual wins as players receive them must surely be more bureaucratic, as well as involving end users directly in what can be a complex area of law. In the UK, we can just play, we don't have to keep records of all our bets, losses, and wins in order to prepare a tax form at the end of the year, nor have to face employing an accountant to guide us so that we minimise the liability. It is the casino that has to prepare a corporate tax return based on players' betting, and as a corporation, they are much better placed to carry out this task than an individual player.

In practice, taxing players means tax ends up not being paid at all, as the operator is not liable for it, and the player only has to worry if they have had a big enough win that automatically generates a notification to the tax office.

Are you seriously comparing land with online casinos in regards to payouts? Come on VWM. You know the score. Its apples and oranges.

Online casinos have to move money around constantly to top up ewallets and processor accounts, and as a result they need to place some kind of limits to make sure everyone is paid. I'm sure you would be real happy if you received an email saying "sorry we had some big winners this week so there's nothing left to pay you until NEXT week". Funds management is a juggling act for online casinos.

Granted, some casinos are better at it than others, like 32red and inetbet who pay very fast and in full. Personally, I think any group that is established with a stable and large player base should have no problem paying big winners in full.....especially if they are playing high stakes. However, that is not the reality.

The important issue here is that it was clearly stated upfront that there were limits. If one doesn't like such limits, one should not play there. I would have thought anyone playing at $250-500 per hand (I don't know what that's like being low calibre 'n all) would avoid any casino who is only prepared to pay them 8 TIMES THEIR BET in winnings per week. Think about that for a minute. Imagine you visit a casino with withdrawal limits of 8x bet and you bet $1. Yes, its not gonna happen, but the premise is that same for someone like the OP.

If its in the terms, and one accepts the terms and plays, there's really nobody to blame but oneself if they bet big and hit big and take months to be paid.

 

[LHofsdal]

My Personal Opinion

My personal feelings on weekly withdrawal limits is that they really do stink. I was fortunate enough to win a lot of money back in 2010, and because of these weekly limits, I lost almost 10 grand when the whole EWX debacle took place. I could only withdraw the weekly limit, it took almost a month to get what I won. Then because I had used EWX to deposit it could only be withdrawn back to the web wallet. Then I could make 1 withdrawal a week from the web wallet.

If I could have withdrawn the whole amount the first withdrawal I would not have lost so much when the sh*t hit the fan with EWX. If the casino has a huge jackpot, and it was won, they should pay it out all at once, especially if the player is from the USA. With processors disappearing faster than anything, and the good ol' DOJ doing their best to close all these web wallets, there is a chance more people out there can loose a lot of money, by having these limits in place.

Again, this is just my personal opinion, from my personal experiences.

LH

 

[vinylweatherman]

Are you seriously comparing land with online casinos in regards to payouts? Come on VWM. You know the score. Its apples and oranges.

Online casinos have to move money around constantly to top up ewallets and processor accounts, and as a result they need to place some kind of limits to make sure everyone is paid. I'm sure you would be real happy if you received an email saying "sorry we had some big winners this week so there's nothing left to pay you until NEXT week". Funds management is a juggling act for online casinos.

Granted, some casinos are better at it than others, like 32red and inetbet who pay very fast and in full. Personally, I think any group that is established with a stable and large player base should have no problem paying big winners in full.....especially if they are playing high stakes. However, that is not the reality.

The important issue here is that it was clearly stated upfront that there were limits. If one doesn't like such limits, one should not play there. I would have thought anyone playing at $250-500 per hand (I don't know what that's like being low calibre 'n all) would avoid any casino who is only prepared to pay them 8 TIMES THEIR BET in winnings per week. Think about that for a minute. Imagine you visit a casino with withdrawal limits of 8x bet and you bet $1. Yes, its not gonna happen, but the premise is that same for someone like the OP.

If its in the terms, and one accepts the terms and plays, there's really nobody to blame but oneself if they bet big and hit big and take months to be paid.

I have bank accounts, and being 2013, funds can now be moved in an instant. A well oiled business does not need a weekly limit to cater for fund movements, at worst it needs an "up to xx days" term for large withdrawals to cover the additional time it might take to move their funds from A to B. This is probably how the good casinos handle this, and I know FROM EXPERIENCE that some of my biggest wins have involved funds being moved in from elsewhere.

A specific example is my £66 withdrawal from Lucky Nugget. It was paid in two installments, and when I queried why only half had turned up, I was told the other half had to be moved in from their bank to their merchant account to cover payment. This took an additional 3 days, so clearly weekly limits are not NECESSARY in order to move funds around.

It is probably that casinos use weekly limits so that they DON'T have to move funds around, but can instead wait for fresh deposits to keep the individual merchant accounts full enough to pay the withdrawals. This points to a smaller operation running on a tighter float, which would make the juggling of funds harder to manage, so they decide to use weekly limits instead.

The problem is lack of transparency, and of course instability in the industry that has lead to players on an extended payment schedule being left high and dry, whereas payment in one go would have gotten them their money long before any shit hit a fan.

Players have seen this go on, so of course get worried if they are held to ransom by time and weekly limits in case their casino runs into problems mid way through the schedule.

If there was a cast iron guarantee of players' funds being independently secured in the event of operator failure, players would be less worried about such problems, and may be more accepting of staggered payments.

The other problem is casinos who try to water down the worry by saying arrangements can be made for bigger wins, and when it happens, refuses to even consider making such arrangements as though it isn't something they really do when confronted with this situation. I suspect that arrangements are only ever made over network progressives, where the money comes in full straight from the network, and the only constraint for the casino is the volume they can shove through their processor network.

 

[Jasminebed]

Congrats on a big win Josh! I suggest you tell someone in your real life, this will help you stay strong and not play it back, because you will have to tell them you did this!

And if it was a casino in ClubWorld Group, take notice as said earlier that this limit will apply to all casinos in the group, and I think it may well be so at other casinos with others in their group.

Make a plan for how to spend this money. That helps you to keep on track.

And we are all rooting for you, come ask us for support any time.