Why is the withdrawal method always bound to deposit method

Every online casino will require you to withdraw your money to the same payment method you used to fund your account. This is with the exception of certain payment methods like MasterCard and prepaid vouchers that do not facilitate withdrawals back to them. The reason for this is because all casinos must comply with anti-money laundering and fraud prevention laws in order to protect your own security. Withdrawals must be made by the same method as the original deposit unless otherwise authorized and all casinos will state that in their withdrawal terms. While a casino might not delve any deeper into this for you, let’s try and explain exactly what this means for you.


Online gambling is an industry that offers ample opportunity to criminals wishing to launder money and with this being a multi-billion dollar industry with thousands of gambling sites around the world, certain laws and regulations have to be in place to prevent these criminals. Legitimate online gambling and betting sites may be targeted and used by criminal gangs to disguise the source of illegal funds. And this is exactly why an online casino must know the source where the funds have come from. This is often proven in the verification stage before a withdrawal is accepted. Disguising the source of illegal funds can be done in a number of different ways. A player can deposit money under a false name and wager a minimal amount before withdrawing it from the account, thus providing a new source for the funds. A remote gambling account could be used to store funds before transferring them to a legitimate account and pretending they are winnings.


Online casinos are very aware of their obligations in the area of anti-money laundering. They provide you with a gambling account to enable you to solely use it to place bets and participate in casino games. If, however, you are, for whatever reason, found to be depositing and withdrawing money without genuine play, you will of course be liable to have your account suspended and indeed the circumstances will be investigated by the authorities.


Most anti-money laundering laws openly conflate money laundering. This is concerned with the source of the funds and also with terrorism financing which is concerned with the destination of funds when regulating the financial system. Money laundering can vary in complexity and sophistication may or may not treat payments in breach of international sanctions as money laundering. There are some jurisdictions that differentiate these for different purposes. Some jurisdictions may define money laundering as obfuscating sources of money, whether it be internationally or by just using financial systems and services that do not carry out and comply with procedures that identify or track sources or destinations. This is why the verification procedure is so important when making your withdrawals. Online casinos that are regulated and are complying with these laws have to carry out these checks, whereas if a casino is not regulated and does not comply with anti-money laundering laws, it is likely to be targeted by these criminals. The transmission of funds must go to the same destination where the original source of funds came from. In this case for online casinos it the exact reason the withdrawal method is always bound to the deposit method.


Okay, so let’s break this down for you a little bit more. This example can apply to both online casinos and land-based casinos. A player either walks into a casino or plays online and deposits or buys chips with illicit cash. The individual in question will play for a relatively short period of time and either request a withdrawal or cash in their chips. For a land-based casino, when the person cashes in their chips, they will expect to take payment in check or at least get a receipt so that they can then claim the proceeds as gambling winnings. They have therefore turned the original illicit funds they used to deposit into legitimate gambling winnings.


However, with online casinos, it is of extreme importance that the casino verifies the source of the player’s deposit. They must know that the source of the funds are not illicit funds and for this reason they can only allow any winnings to go back to this method once it has been verified as legitimate by the security department. If the verification process showed that the source of the funds was not legitimate, the withdrawal would be cancelled and the account could be frozen and the player will inevitably be banned.


As well as the casino comply with these anti-money laundering regulations, any withdrawals that would go to a different payment method than the one used to deposit would incur extremely high fees for the casino. However, the main and most important reason is for anti-money laundering compliance.


We briefly touched on this earlier, but an ideal situation for you would be to deposit via a payment method that allows withdrawals. Payment methods like MasterCard and prepaid vouchers more often than not do not allow withdrawals back to this method, making the withdrawal process last a lot longer. Make sure the source of funds you use to deposit is solely yours and you will never fall in danger of breaking any money laundering laws.