How to cash out your online casino winnings in 2024
So, you're ready to enjoy your casino winnings and just have to withdraw the money into your account? Discover how easy it is for Canadian players to cash out their winnings. We've covered everything from the fastest payout options to tax conditions.
How to quickly cash out your winnings
Every online casino has different policies, procedures and expectations when it comes to withdrawing. However, in terms of what you have to do to start the process, most of them are similar. Here, we've broken it down into three easy steps:
Visit your chosen online casino. This can be done via your mobile or desktop browser or by opening the app. The withdrawal section is usually in the 'Cashier' section, where you initially deposited your money.
Make your withdrawal. Select the option to cash out and choose your preferred withdrawal option.
Check your banking details. Before clicking withdraw, check that the casino has all your correct personal and billing information and that no ID documents or wagering requirements are outstanding. Once you're happy everything is in order, click the 'Withdraw' button to submit your request.
Top cash out online casinos
Most premium online casinos will offer you lots of cash out options, but not as many as you can use to deposit funds. For this very reason, before ever selecting a casino, make sure they have a cash out option that works for you - even if you see that your favourite deposit method is supported. Here are our top online casinos when it comes to payout speed and range of payment methods:
Banking methods for Canadian casinos
There are many different payment methods available to those who would like to play for real money online, depending on how fast and cheap you would like transactions to be, what your budget is, how important privacy is for you, and what the legal constraints of your location might be. Below is a quick summary of the most common available banking options for great Canadian casinos and some of their features.
| Payment method | Type of payment method | Payout speed | Fees | Deposits | Withdrawals | Visit |
|---|---|---|---|---|---|---|
 | Card | Instant | Small percentage fees | ✅ | ✅ | Visa Casinos |
 | Card | Instant | Minor fees | ✅ | ✅ | Mastercard Casinos |
 | Card | Instant | Minor fees | ✅ | ✅ | Credit Card Casinos |
 | eWallet | Instant | Up to $2 | ✅ | ✅ | Skrill Casinos |
 | eWallet | Instant | $1 | ✅ | ✅ | Instadebit Casinos |
 | Bank transfer | 5-7 days | Minor, depending on your bank | ✅ | ✅ | echeck Casinos |
 | eWallet | 5-7 days | Percentage fees | ✅ | ✅ | Paypal Casinos |
 | Bank transfer | 4-6 days | Minor fees | ✅ | ✅ | Interac Casinos |
 | Pre-paid card | Instant | No fees | ✅ | ❌ | Paysafecard Casinos |
 | Card | Instant | Minimal. Annual fees for the card. | ✅ | ✅ | Amex Casinos |
 | Card | Instant | Minimal fees | ✅ | ✅ | Maestro Casinos |
 | e-bank transfer | Instant | Less than $2 | ✅ | ✅ | iDebit Casinos |
 | Pre-paid card | Instant | Minor fees (for withdrawals only) | ✅ | ✅ | entropay Casinos |
 | eWallet | 1-3 days | No fees | ✅ | ✅ | Citadel Casinos |
 | eWallet | 1-4 days | Percentage fees | ✅ | ✅ | ecoPayz Casinos |
 | Pre-paid card | Instant | Minor fees | ✅ | ❌ | Prepaid Casinos |
 | Bank transfer | 5-7 days | Minor fees | ✅ | ✅ | Bank Transfer Casinos |
E-Wallet withdrawals
Modern services like EcoCard and Skrill, and Neteller are collectively known as e-Wallet services because they let you store money in an online account - like an electronic wallet - ready to spend, save, and retrieve whenever you feel like it. The big names are all very popular, safe, and effective, not to mention fast.
In most cases, these online accounts are linked to your checking account. You can seamlessly move money between your land-based bank and digital account, where it can be used in conjunction with your online casino. Withdrawals to eWallet accounts generally take 2-3 days before the money appears in your eWallet account, and you'll need to allow a few more days to pull the funds down to your bank.
Luckily, though, services like this provide a great buffer between online casinos and your personal bank account, which makes them ideal for privacy and safety reasons. As you may already know, some of these options are tough for US players, but you may not know that Canadians often get caught in the crossfire as well. Neteller, for example, cannot be used by anyone in North America (including Canada)!
Credit card withdrawals
Credit card casino cash outs are relatively straightforward. Input the same billing/card information that you used to make your credit card deposit, and let the process work in reverse. Most credit card withdrawals can be processed in less than a week, and are extremely safe due to protections offered by your credit card company. Note that MasterCard can no longer be used to withdraw funds from your online casino account, though other brands like Visa are still quite useful.
Wire transfer withdrawals
Wire transfers have become the de facto withdrawal option for most US online gamblers out of necessity, and many Canadians enjoy the same benefits. You need to trust your online casino to make a transfer of this kind (since it requires you to share your bank account information). However, by cutting out the middleman, your casino money will arrive directly at your fingertips within about 5 to 10 business days.
Using wire transfers to cash out your real money winnings is ideal, especially if you used a deposit method that can't be used for withdrawals, such as MasterCard — it should be an option no matter where you live!
Cheque & eCheck withdrawals
This is one of those long-standing online casino cash out options that proves that, on occasion, newer isn't better. Cashing out of an internet casino site via cheque works no matter what technical limits you may face, and there really is something to say about the experience of receiving a freshly cut paper cheque with your winnings - you can't frame a wire transfer! Expect a few days for processing, and then a few more for delivery.
You can also use eChecks, which is just as safe and reliable as using physical cheques, but much quicker. As with all deposit options, you'll have your money sooner rather than later if you stick with our recommended online casinos.
How withdrawal speeds can affect bonuses
You'll find that real money welcome bonuses at online casinos usually come attached with terms and conditions such as time limits. Fast payouts may also not be possible at some casinos due to high wagering requirements, which is a condition that determines how many games you must play before you can withdraw your winnings.
The best online casinos tend to offer bonuses that have simple and realistic T&Cs, to make withdrawing your real money winnings a fair and straightforward process.
What you need to enjoy fast withdrawals
What makes online casino withdrawals worthy of your time? Our review team considers a range of factors when rating withdrawal processes. While withdrawal speed sits high on our criteria, the variety of accepted banking options comes first.
Depending on the banking methods you use and whether you live in Canada or another country, some casinos might not be appropriate for you due to the limited banking options. All of the top-rated casinos on our list offer a wide variety of deposit and withdrawal options. Some online casinos on our list also offer instant cash out options, meaning you can withdraw your winnings on the same day you request the real money.
Our review team also examines whether the gambling sites offer high-quality games with intuitive, well-designed software and real money bets, and how they compare with each other. Another major factor we consider is the safety and security of online gaming withdrawals for players in Canada. To protect your data, we look to see if deposits and withdrawals are encrypted.
Canadian gambling taxes
Canada does levy taxes on gamblers, but only if their winnings can be considered a form of business income. If your casino winnings aren't considered to be your main income, you're excluded from paying taxes on them! This is due to Canada's "right to a prize" law.
So, how much can you cash out at a casino without taxes? There's no exact figure, but if you consider gambling to be your work, and your winnings represent a substantial part of your income, chances are that you'd need to pay taxes on your winnings. Professional gamblers fall into this category for sure, and there is a massive grey area for gamblers like poker players and sports bettors that have to use a lot of very specific strategies.
If you are a professional gambler and need to pay taxes on your winnings, you can expect to pay the following:
| Income Tax % | Income Range |
|---|---|
| 15% | $46,605 |
| 20.5% | $46,603 |
| 26% | $51,281 |
| 29% | $61,353 |
| 33% | $205,842+ |
If you find yourself earning a living as an online casino player, we'd recommend that you speak with a lawyer who can help you navigate the murky legal waters.
Top tips for easy cash outs
Always do your homework first and read any T&Cs, as most casinos only offer cash outs via the same method you used to deposit. You don't want to get caught out at the point you want to withdraw your winnings!
The faster you can have access to your cash, the better. Cashing out should be speedy and easy so find out how long your withdrawal method of choice takes before you use it.
Make sure that you use a service that practises top of the range security and encryption. Use trustworthy services with fraud protection policies to make sure your money stays yours.
Choose a service that works for your lifestyle. Perhaps you'd like to keep your personal details separate from your online gambling. Or perhaps you'd want one without a daily withdrawal limit. Do your research and make the choice that's right for your gambling habits.
How our shortlisted casinos are rated
There are so many ways in which casinos vary from each other that it might seem difficult to find the right one. That's why our team of dedicated reviewers and professional players do the legwork for you, to help you choose the best online casinos in Canada. Here are the factors we look at when determining a casino's rating:
Game range
The more games a casino has the longer you'll be entertained. Top Canadian casinos offer poker, roulette, blackjack, slots, bingo, sports betting and many other games to their players.
Player support
The best gaming sites provide their players with good, reliable customer support that can be reached at any time through a number of different communication channels.
Banking options
There are many different banking options available at top online casinos. Instant withdrawals are definitely one of the criteria to help you choose the right casino for you.
Bonus amounts
A good casino will ensure that its welcome bonuses, promotions and perks keep your bankroll looking healthy so you can play for longer and become a loyal casino member.
Software
The best casinos offer sleek, powerful software that is easy to use and pleasant on the eyes. It needs to run well on all devices, such as iOS and Android, or anything else that supports a WiFi connection.
Mobile gaming
Many people nowadays spend very little time on their computers, so in order to be a top-rated casino, gaming sites need to be able to offer mobile gaming. It shouldn't use up too much bandwidth and needs to be designed with comfort and speed in mind, no matter whether you are an iPhone user, own an Android phone, or prefer tablets and iPads.
Online safety
While online casinos' fast withdrawal speed, software, banking options and all the rest are very important, it is essential that your personal and banking information stays strictly between you and the casino. That's why we look for top-notch 128-bit SLL encryption at casinos, so you don't need to worry about your data being stolen or shared.
Cashing out FAQs
You can withdraw your winnings from online casinos in a number of ways. They can be sent to credit cards, eWallets, or directly to your bank account. You can also choose to have withdrawals from online casinos in Canada sent in the form of a cheque or eCheque. You can even have them delivered to a cryptocurrency wallet.
The time it takes to receive your winnings from an online casino will range from a few hours to more than a week. Since there’s so much variation, you’d be forgiven for asking yourself “How long does TonyBet take to withdraw?” before you consider registering with them, or any other operator. An instant cash out casino can send your winnings fast when you use a method like a credit card or an eWallet to accept payments. It might take longer when you initiate a bank transfer.
Yes, your banking method will make a difference when cashing out online through casinos in Canada. An online casino cash out might take just hours if you send a withdrawal to a credit card or a cryptocurrency wallet. It could take days or even more than a week when you use other banking methods, like wire transfers.
Yes, most Canadian online casinos have minimum withdrawal amounts, though they’re often as little as just $10. You may also have to meet withdrawal requirements before removing money from an online casino account. For example, you may need to wager with bonus funds a certain number of times before an online casino makes them withdrawable.
The top Canadian online casinos offer ultra-fast payouts. Betway Casino, 888 Casino, Casumo Casino, and Royal Vegas can all provide you with the fastest payouts around. By picking the right withdrawal methods through these online casinos, you can get access to gambling winnings quickly.
