Spin Palace - 50 weeks to withdraw my winnings

RexBorgersen

Dormant Account
Joined
Mar 25, 2012
Location
Norge
I have been playing at Spin Palace Casino for a while and 3 weeks ago I was depositing 1.000 NOK ($167) to my account. After 4 days of playing my account balance was $235.000.

My problem started when I requested a cash out, my cash out request was denied and my money was sent back to my player account.

I was told that cash outs was based on earlier deposits and that I could withdrawal a maximum of 5 x my total deposits to Spin Palace pr week. (about $4.000) so for some reason Spin Palace want me to use 50 weeks to withdrawal my winnings...

I have playd a loot of online casinos, and I have never heard of this policy. This means that if you deposit $100 one time and wins $1 million it will take you 2000 weeks to get you money......

This can`t be correct? What can I do to get my money?
 

Nifty29

Dormant account
Joined
Jun 20, 2001
Location
Turn right, then right. then right again
I have been playing at Spin Palace Casino for a while and 3 weeks ago I was depositing 1.000 NOK ($167) to my account. After 4 days of playing my account balance was $235.000.

My problem started when I requested a cash out, my cash out request was denied and my money was sent back to my player account.

I was told that cash outs was based on earlier deposits and that I could withdrawal a maximum of 5 x my total deposits to Spin Palace pr week. (about $4.000) so for some reason Spin Palace want me to use 50 weeks to withdrawal my winnings...

I have playd a loot of online casinos, and I have never heard of this policy. This means that if you deposit $100 one time and wins $1 million it will take you 2000 weeks to get you money......

This can`t be correct? What can I do to get my money?

How did you manage to turn $167 into $235,000 (or is it 235,000 NOK)?

Anyway, the maximum withdrawal limitation is clearly stated in the terms and conditions, which you agreed to when creating your account. You may not have read them, but unfortunately it is no excuse.

As long as a term is stated, then you are bound by it. I'm afraid there may be nothing you can do.

I don't think the term is a good one....in fact I think it is crappy...but you can't just pick and choose the terms you like or don't like. Use it as a learning experience and make sure you read what you're agreeing to.
 

bsilva028

Banned : multi-account fraudster
PABaccred
PABnoaccred
Joined
Jul 16, 2010
Location
portugal
I have been playing at Spin Palace Casino for a while and 3 weeks ago I was depositing 1.000 NOK ($167) to my account. After 4 days of playing my account balance was $235.000.

My problem started when I requested a cash out, my cash out request was denied and my money was sent back to my player account.

I was told that cash outs was based on earlier deposits and that I could withdrawal a maximum of 5 x my total deposits to Spin Palace pr week. (about $4.000) so for some reason Spin Palace want me to use 50 weeks to withdrawal my winnings...

I have playd a loot of online casinos, and I have never heard of this policy. This means that if you deposit $100 one time and wins $1 million it will take you 2000 weeks to get you money......

This can`t be correct? What can I do to get my money?

turn $167 to $235.000?? wow, what magic you use to do that? lol

positive side: $4000 per week during 50 weeks? its more than 1 year receiveing $4000 per week without do nothing
negative side: a big big part of casinos have max cashouts per week, so its usual to take more time to receive such value
 

RexBorgersen

Dormant Account
Joined
Mar 25, 2012
Location
Norge
How did you manage to turn $167 into $235,000 (or is it 235,000 NOK)?

Anyway, the maximum withdrawal limitation is clearly stated in the terms and conditions, which you agreed to when creating your account. You may not have read them, but unfortunately it is no excuse.

As long as a term is stated, then you are bound by it. I'm afraid there may be nothing you can do.

I don't think the term is a good one....in fact I think it is crappy...but you can't just pick and choose the terms you like or don't like. Use it as a learning experience and make sure you read what you're agreeing to.

It is 235000 USD!

got lucky i guess. Deck the halls.
They say i can withdraw 5 times my total deposit a week. Thats 5 times 6600 USD. Thats 33.000 USD- And still i only get 4000 pr week. Why?
 

Nifty29

Dormant account
Joined
Jun 20, 2001
Location
Turn right, then right. then right again
It is 235000 USD!

got lucky i guess. Deck the halls.
They say i can withdraw 5 times my total deposit a week. Thats 5 times 6600 USD. Thats 33.000 USD- And still i only get 4000 pr week. Why?

"Got lucky I guess"?? Geez do you win stuff like that all the time??

Most people here would be jumping for joy. What were you betting to win that much??

Many casinos have a max weekly withdrawal which countermands all other withdrawal rules. If the weekly max for all cashouts is $4000 per week, then that includes you.

The 5xdeposit rule is obviously aimed at lower depositors or new customers. It's a stupid and unfair term, but its there and you accepted it.
 

RexBorgersen

Dormant Account
Joined
Mar 25, 2012
Location
Norge
"Got lucky I guess"?? Geez do you win stuff like that all the time??

Most people here would be jumping for joy. What were you betting to win that much??

Many casinos have a max weekly withdrawal which countermands all other withdrawal rules. If the weekly max for all cashouts is $4000 per week, then that includes you.

The 5xdeposit rule is obviously aimed at lower depositors or new customers. It's a stupid and unfair term, but its there and you accepted it.

I avrg 50 USD pr Spin on a few slots. That gave 1800 times the money a couple of times.. dont worry, im jumping!!!!!
 

CakeKing

On a Break
Joined
Aug 30, 2011
Location
Finland
First of all id like to congratulate on ur winnings.

4000 per week is a huge amount(for me atleast).However since where talking about 235000 they could atleast bend the limit a lil.

I see that spin palace casino is accredited so you should ask the rep if he/she could do anything.

Off Topic got any screenshots from ur winnings :eek2:
 

RexBorgersen

Dormant Account
Joined
Mar 25, 2012
Location
Norge
First of all id like to congratulate on ur winnings.

4000 per week is a huge amount(for me atleast).However since where talking about 235000 they could atleast bend the limit a lil.

I see that spin palace casino is accredited so you should ask the rep if he/she could do anything.

Off Topic got any screenshots from ur winnings :eek2:

Thanks. No Screenshots of the wonderfull wilds.
 

secret2

irishbrit62
Joined
Nov 30, 2008
Location
New York, United States
That is just fantastic!

Since it's 'Tax' day here, I will not comment any further but just to add, you are ONE lucky...um..person. I would not be upset at their terms in the least.:)
 

butterflyboogie

Senior Member
MM
Joined
Jun 4, 2008
Location
Casino Oblivion
Congrats

Honestly, I can understand you wanting it all at once, you could buy a house:) however, the $4k per week is like winning the publishers clearing house....Seriously, in the long run you may have a time where 4k will look great coming into your account each week....wow...that is phenomenal...I'm so happy for you!! Now don't play it back....even if you have to switch casinos for the next year. :D
 

LaHutti

Sr. ÜberUnter Ass. Man.
PABaccred
PABnonaccred
Joined
Mar 19, 2008
Location
East and West
Wow dude !!

Please make sure you don't play it back !!
If I was you I would uninstall, and not even consider playing anywhere, until I was paid in full.
The term sucks, but as long as they're paying each week, I would be a happy camper.

I would have loved to see some screenshots by the way...holy crap.
 

chayton

aka LooHoo
webmeister
PABnonaccred
CAG
Joined
Jun 5, 2006
Location
Edmonton Canada
Well I have to say that $4K per week sounds pretty good to me too, but it seems a little low for a Microgaming casino, doesn't it? To be honest I've never really checked WD limits at the casinos I play. Mostly because I never win anyhow. ;) But I'm going to do that right now.

Congrats on the win though - too bad you hadn't won on a progressive, I think those are paid out in full. Although I could be wrong.

EDIT: I just looked at the Casinomeister Accredited list, and all the MG casinos are marked 'withdrawal limitation: NONE' - Including the Palace group casinos.
 

mattsgame

Meister Member
webmeister
CAG
Joined
Sep 17, 2009
Location
Out Of Town
4k per week is still a nice piece of change :) Wish I was paid that a week, It does suck, but it is in the T&C.

If I was you I would un-install the casino and wait to be paid it all, and if you want to play, then play somewhere that does not have this rule. There are a select few casinos that do not implement a max cashout rule.

Congrats on the win!! Enjoy it!! :thumbsup:
 

chayton

aka LooHoo
webmeister
PABnonaccred
CAG
Joined
Jun 5, 2006
Location
Edmonton Canada
I looked up the terms on the SP site, I think the OP misunderstood the term a bit - that it meant that they should get 5x total deposits paid per week. What the term actually says is that if your withdrawal is 5x (or more) than your lifetime deposits across all the Palace Group casinos that you're limited to a max cashout of $4k per week.

BTW in the terms it says that progressives are exempt from this rule, so next time win a progressive! ;) Also that the rule is enforced on the 'discretion' of the casino manager - so maybe you'd be able to work something out if you play nice, who knows?
 

maxd

PAB (Complaints) Manager
Staff member
Joined
Jan 20, 2004
Location
Saltirelandia
Original thread title was "Spin Palace denies payment..." which is clearly false, they wanted to pay out over an extended period.

Thread title changed to reflect the true nature of the OP's situation.
 

KasinoKing

WebMeister & Slotaholic..
webmeister
PABnonaccred
CAG
MM
Joined
Aug 25, 2004
Location
Bexhill on sea, England
Thanks. No Screenshots of the wonderfull wilds.
Could you not get some from PlayCheck? I've seen other people post those.

Congratulations on your fantastic result! :notworthy
I would definitely take the above advice to contact their rep & see if a quicker time-frame can be agreed for your cash-outs.
$4K a week is ridiculous for a balance like that IMHO :(

KK
 

maphesto

Dormant account
Joined
Jun 5, 2009
Location
Sweden
A big congrats to the OP! :thumbsup:

According to the standards Bryan has setup for accreditation:

Operational Standards

Must pay winnings in a timely manner.


Even if it's not up to members here to decide what timely manner is, I have to say that ONE YEAR :)eek:) is way too long.

I can't believe that anyone would think that ONE YEAR is timely manner...
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
I guess the big fear in this sort of ridiculous restriction is what happens if the casino goes under before the payments are complete - are these funds insured?

The other thing that always intrigues me in these protracted payout arrangements is the question of interest...in this case, with winnings of $235,000 being eked out over 50 weeks, that has got to be a useful amount, and I wonder whether it is added to the winnings or simply ignored by the operator and kept in the casino kitty?
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
I guess the big fear in this sort of ridiculous restriction is what happens if the casino goes under before the payments are complete - are these funds insured?

The other thing that always intrigues me in these protracted payout arrangements is the question of interest...in this case, with winnings of $235,000 being eked out over 50 weeks, that has got to be a useful amount, and I wonder whether it is added to the winnings or simply ignored by the operator and kept in the casino kitty?

Any interest is kept by the operator. No doubt, this is notional interest, as the money would remain in the "float" and be used as operational funds, and the $4000 weekly payments would come from this float, rather than from a specific amount set aside.

Many casinos have similar rules, but it IS rather unusual to see this in place at Microgaming, where operators tend to be better funded and have the liquidity to handle large non-progressive payouts in one lump.

What should matter here is proper verification of the players' documentation, not how much they have deposited in the past. It also means the casino is unlikely to see much of that money being played back during those 50 weeks, but up to $4000 per week could end up being deposited at competitors, who could capture this player for good by NOT imposing such daft restrictions should they "deck the halls" again.

These seems little danger of Palace Group going bust in the next 50 weeks. NO current exposure to the US market, and the non-US market has probably stabilised after the recent global crisis with the banks hit world economies.

There is no point whatsoever in playing any further with this large win, as any further win will only make the payment period longer, and only losing money will make the payment process faster, but it will STILL be $4000 a week.

Far better to invest that $4000 elsewhere and try to win. Better still would be to carry on depositing around $200 per session as before, and move the leftovers from the $4000 weekly payout out of gambling altogether, perhaps buying something needed for the house (or even a house itself), decent car, TV system, etc.

A session like this is unlikely to happen again, so this is a lifetime opportunity to walk away with $235,000 from an investment of under $200, and a total lifetime investment of $6600 at the casino.


In theory, you could deposit enough to bring $235,000 under 5x your lifetime deposits, play it through a bit (1x to 2x min), and remove this restriction from the cashout and get the $235K + additional deposits out in one go.
 

Mousey

Ueber Meister Mouse
Joined
Sep 12, 2004
Location
Up$hitCreek
This is a Microgaming casino? I'm speechless.... :eek2:
 

Jasminebed

Game old gal
Joined
Mar 13, 2008
Location
Ontario
I'd like to offer you my sincerous congratulations, that's an amazing win.

I've taken the liberty of contacting the rep to let him know about this thread, and your need for a modification to the weekly withdrawal limitations.

You can reach him yourself here https://www.casinomeister.com/forums/members/, but I'm betting he can find your account details anyway:D

The Palace Group has been around for a long time, and it's good that you won somewhere reputable and extremely likely to be there a year from now. Worse case scenario, you will have a nice little weekly boost to your income for the next year.

I truly hope they can do better than usual for you though.
 

RexBorgersen

Dormant Account
Joined
Mar 25, 2012
Location
Norge
Any interest is kept by the operator. No doubt, this is notional interest, as the money would remain in the "float" and be used as operational funds, and the $4000 weekly payments would come from this float, rather than from a specific amount set aside.

Many casinos have similar rules, but it IS rather unusual to see this in place at Microgaming, where operators tend to be better funded and have the liquidity to handle large non-progressive payouts in one lump.

What should matter here is proper verification of the players' documentation, not how much they have deposited in the past. It also means the casino is unlikely to see much of that money being played back during those 50 weeks, but up to $4000 per week could end up being deposited at competitors, who could capture this player for good by NOT imposing such daft restrictions should they "deck the halls" again.

These seems little danger of Palace Group going bust in the next 50 weeks. NO current exposure to the US market, and the non-US market has probably stabilised after the recent global crisis with the banks hit world economies.

There is no point whatsoever in playing any further with this large win, as any further win will only make the payment period longer, and only losing money will make the payment process faster, but it will STILL be $4000 a week.

Far better to invest that $4000 elsewhere and try to win. Better still would be to carry on depositing around $200 per session as before, and move the leftovers from the $4000 weekly payout out of gambling altogether, perhaps buying something needed for the house (or even a house itself), decent car, TV system, etc.

A session like this is unlikely to happen again, so this is a lifetime opportunity to walk away with $235,000 from an investment of under $200, and a total lifetime investment of $6600 at the casino.


In theory, you could deposit enough to bring $235,000 under 5x your lifetime deposits, play it through a bit (1x to 2x min), and remove this restriction from the cashout and get the $235K + additional deposits out in one go.

Thanks for the tip! So of i make one Big deposit i my Get a bigger cashout rare that 4000 pr week?
 
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