Payout limits, especially the ones applied on jackpots

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nikantw

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I found one at sportingbet and posted it in the accredited updates. Limit of 20k per 30 days (50k for UK) that specifically states is also applied on Jackpot wins.

https://www.casinomeister.com/forums/threads/sortingbet-has-limits-also-applied-in-jackpots.83137/

I just found another at Mybet, was going to name the thread after it but figured there could be more out there. So I made this thread where everybody can post the ones they find.There is no point for casinos that are already in the rogue section, but it is a must know for all others.

Mybet was accredited but now on grey zone (for unresponsive rep). This was not mentioned. They say the 20k limit is "for all products", than means it wil also apply on progressive jackpots.


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Betreels Casino

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Usually the word: "products" means things like: Casino, Sportsbook, Bingo, Poker, Liver Dealer, Virtual Racing.

Reading their terms now:
You do not have permission to view link Log in or register now.
- it is different to what you have above:

"4.4.4. If you win EURO 100,000 or more (excluding progressive jackpot wins), we reserve the right to divide the payout into ten installments, paid with 10 per cent every month for 10 months until the full amount is paid out."

It looks like they only apply restrictions when it is €100,000 or more and no restrictions on Progressive Jackpots.
 

4048

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Usually the word: "products" means things like: Casino, Sportsbook, Bingo, Poker, Liver Dealer, Virtual Racing.

Reading their terms now:
You do not have permission to view link Log in or register now.
- it is different to what you have above:

"4.4.4. If you win EURO 100,000 or more (excluding progressive jackpot wins), we reserve the right to divide the payout into ten installments, paid with 10 per cent every month for 10 months until the full amount is paid out."

It looks like they only apply restrictions when it is €100,000 or more and no restrictions on Progressive Jackpots.
Does this mean a 90k payout is instant but if you win 100k you get 10k monthly?
 

nikantw

Banned User
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Usually the word: "products" means things like: Casino, Sportsbook, Bingo, Poker, Liver Dealer, Virtual Racing.

Reading their terms now:
You do not have permission to view link Log in or register now.
- it is different to what you have above:

"4.4.4. If you win EURO 100,000 or more (excluding progressive jackpot wins), we reserve the right to divide the payout into ten installments, paid with 10 per cent every month for 10 months until the full amount is paid out."

It looks like they only apply restrictions when it is €100,000 or more and no restrictions on Progressive Jackpots.
I have this from a later version for Greek market.

You do not have permission to view link Log in or register now.


I am pretty sure they mean jackpots included. Otherwise there would have been something like "no restrictions on Progressive Jackpots", like in the one you found for UK.
 

Betreels Casino

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I went onto live chat and there is a €20k monthly limit for Greek Players.

On the question of Progressive Jackpots, it seems there are limits imposed there, but as you can see, it was hard to get a definitive answer (sorry). So, Greek players should probably be made aware of these restrictions and hopefully reach an arrangement that sees them paid quickly.


(01:43:23)

*** Scot joined the chat ***

(01:43:23)

Scot: Hi

(01:43:39)

*** Theodoros joined the chat ***

(01:43:47)

Theodoros: Hello Scot, welcome to our Live Chat. How may I help you?

(01:43:55)

Scot: In your terms for Greek players, you have point 4.4.4

(01:44:04)

Scot: The payout limit per month is € 20,000, calculated on 30 business days. All payment requests exceeding the payout limit will be paid out every 30 working days until the desired payment amount is reached. In the event that you initiate a payment of more than € 100,000, we re-serve the right to divide the payout into ten instalments. The aforementioned provisions ap-ply to all products offered by us.

(01:45:02)

Scot: two questions: 1. Why is there a cashout limit for Greek Players 2. Does this limit apply to Progressive Jackpots?

(01:45:51)

Theodoros: Please give me your username, your full name, your address and your date of birth, so that I can take a look for you.

(01:46:17)

Scot: I don't have an account yet. I don't want to register if I don't know the answers to these questions please

(01:47:10)

Theodoros: Are you Greek?

(01:47:40)

Scot: Not Greek, but I am moving to Greece next week to take up a new job.

(01:48:13)

Scot: Would you mind answering the 2 questions please?

(01:48:21)

Theodoros: Not at all.

(01:48:25)

Scot: Thank you

(01:48:59)

Scot: English players don't have the cashout limits, so wondering why Greeks would

(01:49:21)

Scot: If I live in Greece, but have a UK passport, will these limits apply to me?

(01:50:02)

Theodoros: There are no cash out limits, simply large amount of winnings are paid out in instalments.

(01:50:25)

Scot: so the €20,000 limit does not apply to Greeks?

(01:50:36)

Scot: It's in the Greek terms : )

(01:50:58)

Theodoros: Let me have a look, since I am Greek.

(01:51:24)

Theodoros: I believe you have translated something wrongly. ☺

(01:51:39)

Scot:
You do not have permission to view link Log in or register now.


(01:52:11)

Scot: It is written in English. It states there is a €20k per month limit

(01:52:51)

Theodoros: Ok, I see what you mean now.

(01:53:20)

Theodoros: You will still get paid your winnings, but in instalments, like I mentioned earlier.

(01:53:36)

Scot: But is it set to 20k per month?

(01:53:56)

Scot: because English customers have a €100k+ limit

(01:54:36)

Scot: I am a high roller and often have wins greater than €20k

(01:55:02)

Scot: I just need to be sure before I join

(01:55:39)

Theodoros: If you are a high roller, then you may qualify for our VIP program and receive VIP treatment.

(01:56:07)

Scot: Thank you... however my initial 2 questions have not been answered yet : )

(01:56:35)

Theodoros: The General Terms apply, as mentioned.

(01:56:49)

Scot: Is there a 20k monthly limit for Greek Players

(01:57:20)

Theodoros: Yes, as stated in the Terms.

(01:57:29)

Scot: Thank you

(01:57:40)

Scot: and, does it apply to Progressive Jackpot wins?

(01:58:37)

Theodoros: In these cases, exceptions can be made, but those our checked case by case.

(01:59:21)

Scot: So even Progressive Jackpots incur a 20k per month restriction?

(01:59:48)

Scot: I love playing Progressives

(02:00:01)

Theodoros: Not necessarily.

(02:00:29)

Scot: Sorry Theodoros, but I really don't understand : (

(02:01:09)

Scot: if I win €3 million on a PJ, will I be paid in full or over 150 months?

(02:01:56)

Theodoros: Progressive wins can be paid out in larger amounts, it will definitely not take 150 months!

(02:02:15)

Scot: Ok, so you aren't able to say for certain.

(02:02:19)

Scot: Could you please do me a favour? Could you please check with management and email me, confirming what you said was accurate?

(02:02:52)

Scot: I don't like gambling if I am not sure of terms

(02:04:31)

Theodoros: When it comes to progressive wins, you will come into an agreement with management regarding the way you will get paid.

(02:04:50)

Scot: but will it be paid in full or in installments?

(02:05:23)

Scot: Because in the General Terms, there are no restrictions on PJ wins

(02:05:56)

Scot: If you win EURO 100,000 or more (excluding progressive jackpot wins), we reserve the right to divide the payout into ten installments, paid with 10 per cent every month for 10 months until the full amount is paid out."

(02:05:56)

Theodoros: That is why you will reach to an agreement.

(02:06:27)

Scot: Ok. Thank you Theodoros

(02:06:36)

Scot: Appreciate your time

(02:07:01)

Scot: Could you please email this chat for my records?

(02:07:10)

Theodoros: Thank you for your time too Scot.

(02:07:26)

*** Scot has rated the chat Good ***

(02:08:00)

Theodoros: You will receive a transcript to your email address as soon as this chat is concluded.

(02:08:55)

Scot: Awesome!

(02:09:00)

Scot: Have a good weekend

(02:09:20)

Theodoros: You too and enjoy your time in Greece.

(02:09:48)

Scot: I am sure I will : )

(02:09:50)

Scot: Bye bye
 

nikantw

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Since Lucky Dino has an offer and is accredited, I had a look...
Nothing as bad as Sportingbet, but the terms leave a lot of room for the casino. I tried to get a more straight answer from live chat.
Not what I was hoping for, and I found some more limits and fees.

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nikantw

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Bwin (grey zone), also has the same term with sportingbet

10.3

You agree that the maximum amount that You may withdraw is twenty thousand US Dollars ($20,000) (or the equivalent amount in EUR or GBP currency) every 30 business days. All amounts larger than twenty thousand US Dollars ($20,000) can be paid every 30 business days until the full withdrawal amount is reached. This condition also applies to winnings of progressive jackpots.

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trancemonkey

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Progressive wins are paid directly from the games provider to the casino in one installment - the funds are stored and held in Escrow so they are entirely ring-fenced for when it's won, so there is absolutely no reason whatsoever for any casino to have that term.... it's purely predatory.
 

SlotGrinder

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Betat 25,000 limit / month, but it will never take more than 10 months to get your money.

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So they keep operating making money in order to pay you ? Do they not have £250k in spare funds or they just don't want to give it up in one lump sum ? Just wondering how much money these casinos have in reserve to make payments . I guess they just throw all their money into a pot which includes operating costs , wages , money for yachts etc and then hope they have enough to payout if anyone wins ?:laugh:

In the poker world it used to be that deposits were ringfenced . Obviously it's different because the entire pool of players cant win more than they have deposited so the casino has no risk of having to make payments over and above the amounts that are deposited

but I would assume that casinos have some payment fund where they allocate £X per player and keep it in reserve ?
 

Casinomeister

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Progressive wins are paid directly from the games provider to the casino in one installment - the funds are stored and held in Escrow so they are entirely ring-fenced for when it's won, so there is absolutely no reason whatsoever for any casino to have that term.... it's purely predatory.
Spot on. I know for a fact that Playtech progressives go straight into a player's account. I have seen the screenshots and spoken to their senior reps at ICE to confirm this. There was an issue about ten years ago where the owner of the casino made off with half the player's winnings (about $2 million) by exploiting one of these clauses, and nothing was ever done about it. Nothing. Nada. Diddly squat. This is why these terms get me riled up.
 

nikantw

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So they keep operating making money in order to pay you ? Do they not have £250k in spare funds or they just don't want to give it up in one lump sum ? Just wondering how much money these casinos have in reserve to make payments . I guess they just throw all their money into a pot which includes operating costs , wages , money for yachts etc and then hope they have enough to payout if anyone wins ?:laugh:

In the poker world it used to be that deposits were ringfenced . Obviously it's different because the entire pool of players cant win more than they have deposited so the casino has no risk of having to make payments over and above the amounts that are deposited

but I would assume that casinos have some payment fund where they allocate £X per player and keep it in reserve ?
A new casino, without many players yet, you could say they need limits (not on jackpots). But the truth is that the money in your acc are not real, it only becomes real when you make a cashout (The Wolf of Wall Street).
So any way the casino has to delay a payment saves them money, a lot of money, because chances are you are going to play it back, especially if you have it sitting there for 30 business days!
 

colinsunderland

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Yeah I have mixed feelings on payout limits (excluding provider jackpots obviously). On the one hand if I had a freak win of £300k I wouldn't want to wait 15 + months for it, however if a casino is new, then if 10 people won £300k in a month they might not have enough money to pay them. But the easy way to fix that problem is limit the max stakes on the games.
 

nikantw

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Could be new, or not. It is the 1st time I notice this term in 32Red. I think it means any win will be capped at 120,000:

5. The maximum payout for any one 24-hour period for any one customer is £120,000 in the casino and £100,000 on the casino network. The daily maximum payout in the casino excludes winnings on 32Red's progressive casino games, payouts of which are governed by the Jackpot amount.
 
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quber

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Microgaming and Netent will not allow a progressive to be held by the Casino, but as we all know Playtech will. So if you do play a progressive make sure it is from a supplier that will ensure you get it.
 

brianmon

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Could be new, or not. It is the 1st time I notice this term in 32Red. I think it means any win will be capped at 120,000:

5. The maximum payout for any one 24-hour period for any one customer is £120,000 in the casino and £100,000 on the casino network. The daily maximum payout in the casino excludes winnings on 32Red's progressive casino games, payouts of which are governed by the Jackpot amount.
I think, in this instance, they're using the word 'payout' to mean 'withdrawal'. So if you won £150,000 you could withdraw £120,000 and then would have to wait 24 hours to withdraw the remaining £30,000
 

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