Bitcoin Forum

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

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.

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.

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The part I bolded is not really clear - do you mean withdrawal fee or the minimum amount that can be withdrawn from the casino?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.

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.
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....

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.

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.

The post has been edited. I got the terms mixed up.

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.

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.

You might be able to send a pm to an operator or community manager and get an actual response. UserU, Stunna, Sir John Slotty or whatever his name is, or any number of other operators on the forum might be able to give you a detailed answer.

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.

Cool. Thanks.

Only an operator or someone that knows the full details can provide such answers because I know for a fact that all platforms have different ways that the handle withdraw limits and fees so you'll defo get different approaches to it. Anything other than that is speculation. For one, I think that these platforms allocate a small portion of their profit to settle fees — an added bonus for players to continue patronizing them vs going to other platforms where the entire fees are borne by the users.

Reminds me of when FTX (now defunct exchange) offered zero withdrawal fees amongst all exchanges at the time.

Usually casinos either cover the minimum withdrawal with the profit from their operations as a business, while others will substract the fee from the balance to be withdrawn itself. There is no brainier there, I think, all is relstively straight forward.
If there is something which cashes my attention about casinos and their withdrawals if how they have managed to handle the insane number of request from thousands of gamblers at the same time, that is more interesting.
In that topic, my personal theory is they use some bit or script in order to automatically process all those withdrawals which involve small quantities, while Big withdrawals are managed by a human being and signed manually, in order for the casino to reduce the risk of lost funds.

In a lay man understanding I think fees are deducted from the amount in withdrawal,  let say staie have a $1 fees on their withdrawals, so if you have won the minimum witdrawable amount and you hit the withdrawal botton,  your fees get deducted from the entire amount and you get credit with whatever remains from that winning as your credits.

I may be wrong any ways and just as others have e suggested,  you have to contact an operator to get the accurate and clearer picture of how this works.

Just like exchanges, some of them will charge you the withdrawal fee from the minimum amount needed to be withdrawn. Some might deduct the fee first, and whatever's left will be considered as the available amount you can withdraw.
 
If you only have $10, which is the casino's minimum withdrawal limit, some might not allow you to withdraw it. You will need an extra $1-$2 in order to cover the fee, and the minimum can be withdrawn down to wherever you are sending it.

you have to understand that these fees are imposed upon the customer to ensure that the business stays active, and oftentimes in casinos, they have multiple facets of transactions that they could incur fees to, deposit for example, allows the casinos to right then and there play with your funds by giving you credit while they take your real money, drinks, other amenities, and in some cases, lodgings and stays are also other ways casinos make bank, so if they could allow your 10 dollar withdrawal as you are trying to say, I guess that's because the fees are literally "on the house" for your particular case.

Some casinos like stake are also charging the fees directly from the money that you're trying to move, so, let's say you have 10 bucks you want to withdraw out of the casino wallet, they could take it out directly from the wallet itself, charging you virtually nothing but leaving you with less money that what you wanted to have withdrawn, for some this works as it doesn't require you to put out even more money in the process, to some this is cumbersome, as it forces you to have less than what you would've wanted. 

If you win $10, and maybe that's the minimum withdrawal limit for that casino, and perhaps the casino says their withdrawal fee is $1, but after you withdraw the $10, no fee was charged, that should tell you that the casino might have offered you a zero-fee privilege. If a fee was charged, that means $1 will be subtracted, and you cannot send out only $9. You will definitely need to keep gambling in order to win extra money to be able to meet the withdrawal limit after the fee is removed. 

Most casinos set their minimum withdrawal amounts with a primary goal in mind: to offset or cover any transaction costs that might come up as a result of the withdrawal. If you withdraw $10 from a casino that has a $10 minimum withdrawal limit, it's highly likely that they have already taken into account the fees associated with the transaction.

Casinos can get discounts or special rates from payment service providers because of the high number of transactions they make, so these costs are already covered within their fee structure. Typically, a casino makes quite substantial profits from its gambling activities and thus any such additional costs (like transaction costs) could easily be borne out of these profits. In general, these fee structures do not substantially eat into their revenue stream. So, we see that even though there is a nominal withdrawal amount specified by casinos as well as a potential transaction cost involved, it doesn't really impact them significantly due to their profit margins.

It is possible that players are charged transaction fees directly at some casinos. Let's say the transaction fee amounts to $0.50, in this case, the casino would still receive $9.50 out of the $10 that was withdrawn. However, it doesn't affect them adversely because, in general, they take into account these transaction costs when setting their minimum withdrawal amounts.

I think that in the first instance the doubt of one player is the doubt of many. You don't need to go to a CEO or MIT to find out or know that.

In particular, one gets used to obtaining the information on site (casino), that is, everything is there, and mainly everything has been explained by the casino; (1) the withdrawal fee is paid by you, (2)or by the casino in a " payment" offers zero fee.

In the first case, (1) there is undoubtedly an "abuse" on the part of some casinos, not all,  some exorbitant fees, with ridiculous things such as: minimum withdrawal $10, payment rate per fee, $7.

Also, in this group there are those that offer variable withdrawal rates, yeah, you assign it yourself,and finally there are those that have a "symbolic" withdrawal rate, since sometimes it adjusts to the withdrawal rate network, but the reality is that no casino wants to have Txid queued due to fee payments, so having a withdrawal waiting for not paying $10, $20 is ridiculous, so in essence a high fee payment should not matter to you, if that fee is between 1%-3% of the amount WD.

Check carefully the conditions of the Casinos when withdrawing, there are so many to choose from that you will find some reliable ones that adapt to your withdrawal and fee payment tastes.

(2)On the side of the casinos that have "0" fees, the "gossip" is that they come from where the rainbow light falls, well, it is a metaphorical phrase, obviously from their coffers*, it is a kind to marketing, Branding, etc.

^{*You Deposits,losses : )}

You are considering here casino like what in your signature, Bitcasino and Sportsbet which doesn’t charge withdrawal while the majority of the casino deducts the fee on the withdrawal amount which means the user pay for the fee.

In your example, casino pays for the fee since they are using the free withdrawal fee as selling point feature to attract customers.

But normally, minimum withdrawal amount aside from what you mention is use to avoid micro players withdraw immediately their money after few successful winning bet so that they will engage more on gambling and potentially lose their bankroll.

This is not really complicated, there are two possibilities for this, if you try to withdraw 10 dollars you may not receive the 10 dollars in full, and you will receive just a portion of it as the transaction fee gets reduced from the total, the other option is for the casino to pay the fees and if you withdraw 10 dollars you receive all of that money in your wallet, however in this case the casino is paying the fees out of all the profits they got from gamblers, so this is their way to give something back to you.

It could be that not all casinos do make compulsory withdrawal charge for all amounts of withdrawal, and the gambler preferred withdrawal option to where he's withdrawing the money to could be what may not demand for a processing transaction fee - it all depends on the casino.

Take a close look at  this  (https://www.betpack.com/guides/banking/betting-deposit-and-withdrawal-fees/)

I also agree with the statement that the casino is interested in the player continuing to play. High transaction fees can help a player continue playing while expecting a large sum. Also, if there is a long withdrawal time, especially in a casino with little reputation, it can be assumed that the player will stay in the system longer and lose all his money faster. But when it comes to withdrawal limits, you probably also need to consider factors such as the fact that the casino needs to maintain its financial stability, and this makes the limits different.

You didn't see any cents that were cut from your withdrawn amount? I mean, there must be something that is missing even if it's only a small amount upon receiving the amount said.
Or you might have some cents in your balance that was used before the withdrawal took place.
I have not tried using the currency USD yet so I don't really know how much the transaction fees are. But I am using USDT with a $1 transaction fee. I guess it will depend on the currency that you are using. There are cryptocurrencies that have very low transaction fees which means you might not even notice it.
Maybe in USD, it's free because it won't go through the blockchain or other stuff that needs processing fees.

I'd assume the fees they pay come from their pockets or via the profits they get from the house edge since most casinos have several games with a higher house edge.

Then again, it depends on the timing because fees aren't always expensive, I remember one casino mentioned that they sometimes charge more than usual to cover the overall fees they spend. If it does reach that point where it's getting costly, casinos won't hesitate to increase the minimum limits to reduce the withdrawal requests they receive.

It depends really, I cannot imagine that a casino will ever eat any unnecessary fees. If you withdraw $10 then you will most likely receive 9.75 if the Blockchain fee was $0.25 at the time. The only way I picture them covering the fee is for high rollers or regular customers, where they know they'd likely be able to recover the  transaction fee amount back over time through player account losses. Can you point to any casino that operates in the way that you described? The minimum limit may also be a method to trap player cash, especially people depositing small amounts, with the aim of getting players to blow the last of their funds on the site instead of withdrawing them.

I remember when I was trying to withdraw from an online casino, I had to make a bet just to offset or "earn" the withdrawal fee that the casino took from my withdrawal. And just like the others said, it makes it more of an additional "gamble" from the player.

I'm not sure what casino you are talking about but when I try to withdraw from where I play, it's included in the total withdrawal time.

Yes, there is no organization that won’t have a withdrawal fee that is what keep them balance so it is always necessary for a fee to come in place and I understand it very well so don’t just feel very bad maybe when you see some shortages in  your money or some drop down in profits and maybe you are seeing that it is not complete compared to what you have one and you may be getting angry over it you have to understand that it is a system that can also take their own transaction fee to cover up the transaction to your bank so it just, everyone intention in gambling is to make money that is how the intention of the company owners wants to make money too

Why don't you ask a crypto casino owner? I'm sure that 99% of the gamblers(including myself) don't know how a crypto casino handles hundreds or even thousands of withdrawal transactions every day. Are the withdrawals handled manually or automatically? I think that it's more likely that there's some sort of automatic system to handle this. Almost all websites, that are paying out money to their users have a minimum payout. What if some website pays out money to it's users via Paypal? There are transaction fees charged by Paypal and I assume that the website covers those transaction fees, when paying a certain amount to the users. Maybe the same applied to crypto transaction fees, the crypto casinos are covering them, when they are paying crypto to the gamblers.

I suppose that casinos use an hybrid approach, in which small withdrawals are handled automatically as a way to speed up this process, and only those that are on the high side or connected to accounts with suspicious activity are handled by the customer support, this way casinos can obtain the benefits of both systems, in which they allow their customers to receive their money in a wallet they control in minutes, while still protecting themselves during the big withdrawals and only allow them once everything is in order.