Anyone who has ever gambled online will have noticed that whilst depositing money into an online casino is extremely straightforward, this hassle-free approach disappears when the time comes to cash out your winnings.
After making a withdrawal request, the majority of online casinos initiate a ‘pending period’, whereby it can take up to four working days for a money request to be processed (Some brands are better than others in this department). During this period, you have the option to cancel the withdrawal with a single click and continue playing.
The motive behind this is obvious; online casinos hope that the player will change their mind, reverse the withdrawal and push their luck a little further. Sometimes this may work out in the user’s favour, but it is more likely that the balance will be lost back to the casino.
Many players have lacked the self-control to wait for a cash request to be processed, especially since many casinos will contact them during the wait offering extra bonuses for reversing the withdrawal. This has been an easy way for casinos to bump up their profits. This is where Locked Withdrawals come in.
The Locked Withdrawal
The concept of the locked withdrawal is simple. After requesting a withdrawal of winnings, the casino displays a lock symbol. Clicking on it makes the request irreversible, so there’s no chance of changing your mind.
The UK has become the world’s largest regulated online gambling market with a total revenue that exceeded £14bn in the last 12 months – almost double the rest of Europe combined. For this kind of growth to continue, operators need to integrate more player-friendly features into their platforms.
Locking withdrawals aren’t the only important consideration when selecting an online casino. You should also factor in withdrawal times, game selection, payment options and bonuses, all of which can vary substantially from one operator to the next. The industry wants the best for consumers and should be continuously pushing to raise standards across the entire market. You can compare features of each online casinos via our reviews.