What exactly is the question here?
You want to know where the casino gets the money to pay your profits from?
Then there's this thing called house edge. Basically a casino has an advantage and more player money ends up being lost than won statistically. This averages out to the house edge percentage. For example dice usually has a 1% house edge.
If you're inquiring about transaction fees, it's a different matter. Transaction fees are paid to the network, but also sometimes the casino keeps a profit if they charge more than the network. Very rarely a casino will charge less for a transaction than it costs, although it happens. In these cases the money comes from their profits made form other losing players. Otherwise the user making the withdrawal pays for it.
Topic: How Casinos Manage Withdrawal Limits and transaction Fees - page 2. (Read 225 times)
Some casinos eat the fee(not many) but for the most part the fee comes out of your wd. The min wd is $10, the wd fee is roughly $1 you'll need $11 to receive $10. Honestly, if you're worried about withdrawing the minimum, you probably shouldn't be gambling at all.
Nah, I'm not worried at all about it. Just thinking about how stuff works at online casinos.
Several casinos have their minimum withdrawal fees that they have set up and which all their clients must adhere to. Personally I know that the minimum withdrawal fee by casinos is mostly to offset or process transaction fee that could happen during withdrawal. But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
You are definitely getting something very wrong here, first, there is nothing like "minimum withdrawal fee" on casinos, what casinos have is "minimum withdrawal limit" which is the minimum amount you can withdraw, the fees the casino is going to charge you to process your withdrawal is often stated separately, for example..There is no way you win a $100, and withdraw exactly $100 out of the casino when they said you will charge $10 as withdrawal fee, if and when you are withdrawing the $100, the casino will deduct $10 which is the fee that covers the blockchain transaction confirmation as well.
And lets say that you a casino charges $1 for withdrawal, with a minimum withdrawal limit of $1, the casino excepts you to only request for withdrawal when you have and are withdrawing more than $1, for example, if you request a withdrawal of $2, $1 will be deducted and the remaining $1 sent to your provided wallet.
This is how it works and I hope this is easy to understand.
The OP should understood it by now, because most casinos are already showing their withdrawal fees upon withdrawal. If not, they will deduct it from the amount you are withdrawing. Very few casinos don't charge for withdrawal fees. Do remember, there is transaction fee in any blockchain. But for some, the fees are quite small, and that's when some casinos will shoulder that amount. But for btc, usdt, eth - in most casinos, they charge a certain amount upon withdrawing these currencies.
For example, in stake, they change the min withdrawal limit as well as withdrawal fees in btc, depending on the current fees on this network. However, it doesn't change everyday, it can be weeks depending on the market trend. You just need to look the fees and min withdrawal limit before withdrawal so you won't be surprise.
Some casinos eat the fee(not many) but for the most part the fee comes out of your wd. The min wd is $10, the wd fee is roughly $1 you'll need $11 to receive $10. Honestly, if you're worried about withdrawing the minimum, you probably shouldn't be gambling at all.
Nah, I'm not worried at all about it. Just thinking about how stuff works at online casinos.
Some casinos eat the fee(not many) but for the most part the fee comes out of your wd. The min wd is $10, the wd fee is roughly $1 you'll need $11 to receive $10. Honestly, if you're worried about withdrawing the minimum, you probably shouldn't be gambling at all.
The post has been edited. I got the terms mixed up.
feels like you are talking about the minimum withdrawal amount, because as far as I know when withdrawing from a casino and they have a withdrawal fee they would either deduct it from the fund you have on the casino or on the fund you are going to withdraw. I think you should clarify some things since a lot of the members who have commented on your thread(including me) is a bit confused.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
Several casinos have their minimum withdrawal fees that they have set up and which all their clients must adhere to. Personally I know that the minimum withdrawal fee by casinos is mostly to offset or process transaction fee that could happen during withdrawal. But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
You are definitely getting something very wrong here, first, there is nothing like "minimum withdrawal fee" on casinos, what casinos have is "minimum withdrawal limit" which is the minimum amount you can withdraw, the fees the casino is going to charge you to process your withdrawal is often stated separately, for example..There is no way you win a $100, and withdraw exactly $100 out of the casino when they said you will charge $10 as withdrawal fee, if and when you are withdrawing the $100, the casino will deduct $10 which is the fee that covers the blockchain transaction confirmation as well.
And lets say that you a casino charges $1 for withdrawal, with a minimum withdrawal limit of $1, the casino excepts you to only request for withdrawal when you have and are withdrawing more than $1, for example, if you request a withdrawal of $2, $1 will be deducted and the remaining $1 sent to your provided wallet.
This is how it works and I hope this is easy to understand.
The part I bolded is not really clear - do you mean withdrawal fee or the minimum amount that can be withdrawn from the casino? Clarifying this would help us understand better what it is that you want to know and in return a proper answer will be provided - for now I doubt anyone understands your question.
Exactly... These are two different things and he's like mixing up the whole thing thereby, making his post more complicated.The minimum withdrawal LIMIT is set to retain a gambler that would just wanna wager and get away with their winning... Sometimes, people do awful things; like registering on a casino and making their first deposit just to claim the casino's bonuses.
I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
Your post isn't clear dude.. you're saying two different things in one caption.We have withdrawals limits -- maximum & minimum.
We also have withdrawals fees....
::/::
But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
You might want to consider checking my your post and making adjustments to it as it’s very difficult to get what you’re trying to ask here.
The part I bolded is not really clear - do you mean withdrawal fee or the minimum amount that can be withdrawn from the casino? Clarifying this would help us understand better what it is that you want to know and in return a proper answer will be provided - for now I doubt anyone understands your question.
Several casinos have their minimum withdrawal fees that they have set up and which all their clients must adhere to. Personally I know that the minimum withdrawal fee by casinos is mostly to offset or process transaction fee that could happen during withdrawal. But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
Im not sure I understand your question. There is "Minimum withdrawal amount". This is the lowest amount a casino allows you to withdraw at once. In your example, it is $10. ANd there is "Transaction fee". This is a cost some payment processors charge for withdrawing your money from the platform. In most casinos I play at, the transaction fee will be deducted from my total withdrawal at that time.
Several casinos have their minimum withdrawal fees that they have set up and which all their clients must adhere to. Personally I know that the minimum withdrawal fee by casinos is mostly to offset or process transaction fee that could happen during withdrawal. But what I don't understand is how this works. If a casino says their minimum withdrawal fee is $10 and I have won $100 which I want to withdraw. I am able to withdraw the $100. so where did the money the casino use in processing the transaction fee come from?
They have the minimum withdrawal for a different purpose, they are doing this to retain the gamblers and encourage them to gamble more. Like for instance, the minimum withdrawal is $100, now if you still have low money then you will be force to gamble more and that serve its purpose, I don’t think the purpose for this one is solely because of the fees.
Several casinos have their minimum withdrawal amount that they have set up and which all their clients must adhere to. Personally I know that the minimum limit by casinos is mostly to offset or process transaction fee that could happen during withdrawal. But what I don't understand is how this works. If a casino says their withdrawal limit is $10 and I have won $10 which I want to withdraw. I am able to withdraw the $10. so where did the money the casino use in processing the transaction fee come from?
*Edited for better understanding
Thanks
*Edited for better understanding
Thanks
Jump to: