JJ’s Complete Guide to Withdrawing Bingo Winnings
Let’s cut to chase guys. We all love winning at our favourite bingo site. However, winning means little if you don’t know how to withdraw bingo winnings. Allow us to give you all the information you need on withdrawing your bingo spoils.
- 1 What are wagering requirements?
- 2 Are there sites with no wagering requirements?
- 3 What’s the lowest amount I’ll have to deposit to claim winnings?
- 4 Is there a maximum withdrawal amount?
- 5 How long does withdrawing take?
- 6 Does it take longer to transfer to an e-wallet?
- 7 Can I transfer money from an e-wallet to a bank account?
- 8 Can I split winnings between 2 different accounts?
- 9 Are bingo winnings taxable?
- 10 Do I need ID to withdraw winnings?
What are wagering requirements?
One of the best tips for withdrawing bingo winnings that we can give you is to always be aware of wagering requirements. This is the amount that you will need to bet in order to release winnings. For example, many promotions with bonus funds will be subject to wagering requirements.
Wagering requirements are found in the terms and conditions of any site or promotion. They are shown as a multiplier value. Look for sites with zero or low wagering requirements, e.g. 4x. This means that you’ll only have to wager 4 times the bonus amount before you can claim your winnings.
Are there sites with no wagering requirements?
Yes, there are sites on the web without wagering requirements. However, they are very rare. Below are a few sites with extremely low wagering requirements. On these sites, you’ll only have to wager twice before accessing winnings.
What’s the lowest amount I’ll have to deposit to claim winnings?
So, we’ve mentioned that to claim your winnings you will first have to make a deposit. The size of this deposit will depend on the site that you’re playing on. Most sites on the web have a minimum deposit policy of £10. However, in some cases, you will find sites that will allow you to deposit £5. The sites below all allow £5 minimum deposits:
Is there a maximum withdrawal amount?
Yes. Most sites will cap the amount that you are able to withdraw at any one time. So be aware that even if you manage to win large amounts, you may not be able to get your hands on it all at once. Be sure to check the terms of the site you are playing on to find out the rules.
In addition to singular withdrawal limit, most sites will have caps on withdrawals over a period of time. You’ll find daily, weekly and monthly limits. Therefore, if you’ve already reached any of these limits you will have to wait until the period is over to withdraw your winnings.
How long does withdrawing take?
This both depends on the site you are playing on and the payment method you choose. The slowest method of transfer is generally a wire transfer. Debit and credit card withdrawals can sometimes take up to 6 days. Again this is dependent on the site. It is always advised that you check the banking section for more information. The following methods tend to offer speedy withdrawals:
Does it take longer to transfer to an e-wallet?
No, it does not take longer to transfer to an e-wallet. The above methods are have one thing in common. They are all e-wallets. Therefore, the opposite is true. It’s usually faster to withdraw using an e-wallet. It doesn’t tend to matter which e-wallet you use. Most e-wallets will have the same withdrawal transfer time. In fact, some sites will process your withdrawal within 24 hours when you use this method!
Can I transfer money from an e-wallet to a bank account?
Yes! Absolutely. This is the beauty of an e-wallet. With any e-wallet service, you will be able to transfer money to and from your bank account to your e-wallet account.
This means that you can top up your e-wallet any time you like. It also means that once your winnings have been deposited into your e-wallet account, you can transfer them back into your bank account.
Can I split winnings between 2 different accounts?
Yes, generally if you have made deposits via different methods into your account and your winnings are equal or lower than this then it will be split across those methods. It is unlikely to be a voluntary option to split winnings. Any withdrawals are returned to players using the same method that the player used to deposit. This is why split withdrawals will only occur when multiple deposit methods have been used.
Payments will be made to each method based on a hierarchy system. Check the terms of the site to see which method is paid first. If the withdrawal amount is larger than the deposit, then the remainder will generally be paid to you via a single method of your choice.
Are bingo winnings taxable?
In the UK, no tax is charged on bingo winnings. This stands in contrast to most other parts of the world. In the UK, you are only subject to tax if you are organising games of bingo. Therefore, bingo clubs will pay not players.
Other parts of the world such as the US, winnings at bingo are subject to income tax. Therefore, if you are playing in these territories then you will not be able to spend the full amount of your winnings.
Do I need ID to withdraw winnings?
Yes, most sites will require a form of identification before you will be able to withdraw funds. This is to reduce the risk of fraud occurring. Check the terms and conditions of withdrawals on the site you’ve won on. This will tell you which forms of ID are accepted. Many sites will accept:
- Photographic ID
- Credit cards
- Proof of address
- Notarized documentation
Withdrawing winnings needn’t be a confusing or complicated process. However, this relies on players knowing what to do. We hope that our guide has given you the knowledge that you need. Our top tip is to always check the terms and conditions of the site you wish to play on. This way, you’ll find out the wagering requirements and withdrawal process. These two factors can vary widely between sites, so checking every bingo site you play on is essential. This way you’ll never be caught out and unable to access your hard-earned funds.