Gambling platform require wager on first deposit before withdrawal

[AmoreJaz]

This is not new anymore. For any new user in a gambling platform there is a criteria for wagering before any withdrawal can be made. My experience with an online casino made me lose all my money deposited because back then I did not know how the wagering stuff worked. So what i do advice my colleagues at work or friends is that deposit a little money that you can afford to lose. Then when you're done losing you can make as much withdrawal as you would want to make with the platform.

Aside from depositing small amount of money first, better check their ToS in terms of wagering requirements. Because most gambling sites state their withdrawal requirements. The OP mentioned about 5x wagering requirement for first deposit, this is somewhat normal in most casinos. Though some will only implement 1x wagering requirement. Lucky if you find some casinos without wagering requirement so long you play some of your deposits.

One reason that most casinos won't allow withdrawal without using some of your deposits is that they are thinking that you may be only using their site to wash your money, and you are just using their site as a third party to convert your coins to other coins. This will be against their AML/KYC policy, especially for those licensed gambling sites.

[Coin_trader]

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Aside from depositing small amount of money first, better check their ToS in terms of wagering requirements. Because most gambling sites state their withdrawal requirements. The OP mentioned about 5x wagering requirement for first deposit, this is somewhat normal in most casinos. Though some will only implement 1x wagering requirement. Lucky if you find some casinos without wagering requirement so long you play some of your deposits.

FYI this is not normal. In fact, I only see this kind of wagering requirements on Trustdice.com which is always the subject for criticism against them aside from the max win/max bet limitations on their bonuses. Their ToS is full of peculiar requirements that pure casino advantage.

X1 to no wagering is the normal measurement for deposit in able to withdraw it. I believe the KYC itself and the betting history is already enough to easily detected money laundering since it’s easy to spot the one who will just gamble to mix.

[Fivestar4everMVP]

I've recently come across in a platform that has a requirement fora customers to wager their first deposit at least five times before they can make a withdrawal.
This is my first time to encounter a gambling platform like this.

So I want to hear what can you say about this. Is this even legal and good?

I also want to know why they have some terms and conditions about this.


For example:

OK, with three pages of discussions already, it's possible that someone else much have said or mentioned this, but all the same, here is my opinion.

First, imposing a 5x wager of first deposit before one can withdraw is outrageous, it's too much for me (I dont know about other people here), what is normal and I am comfortable with is between 2x to 3x, a wager requirement on first deposit should never be more than 3x.

And secondly, for why casinos ask this?, personally, I've always believed that they implemented this feature in order to make their platform unsafe for money launders. Over the years, it's been a known fact that some people launder money through gambling casinos, such feature as this deters launders from wanting to use such a casino for that type of activity.

[Wexnident]

~

And I'm assuming they also have a minimum deposit? At that point they might as well combine the two really imo. Anyway afaik, it should be perfectly legal? It's their casino/site after all so their platform their rules. Kind of iffy ethically I suppose but that's about it. Requirements for withdrawals have always been a thing before but it usually isn't this extreme afaik? There have been other posts about similar casinos before though so I guess things might be changing or something?

Kinda sad since we moved from doing KYC to be able to withdraw to adding more requirements like this. Probably will never move to a casino like this one if I can lol.

[Poker Player]

And secondly, for why casinos ask this?, personally, I've always believed that they implemented this feature in order to make their platform unsafe for money launders. Over the years, it's been a known fact that some people launder money through gambling casinos, such feature as this deters launders from wanting to use such a casino for that type of activity.

Technically speaking, I think it is not money laundering that we are talking about, although it is often referred to in the ToS, it is more a prevention of using them as mixers, so that an outside observer, such as a tax official, loses track of some funds.

If you have $1M in cryptocurrencies coming from drug sales, not by depositing them and withdrawing them from a casino (that does not have wagering requirements) they suddenly become legal. If you want to use them to buy a house, for example, the origin of the funds is not justified before the tax authorities of your country. What has been lost by doing that is the trace of the origin.

[Darker45]

And secondly, for why casinos ask this?, personally, I've always believed that they implemented this feature in order to make their platform unsafe for money launders. Over the years, it's been a known fact that some people launder money through gambling casinos, such feature as this deters launders from wanting to use such a casino for that type of activity.

Technically speaking, I think it is not money laundering that we are talking about, although it is often referred to in the ToS, it is more a prevention of using them as mixers, so that an outside observer, such as a tax official, loses track of some funds.

If you have $1M in cryptocurrencies coming from drug sales, not by depositing them and withdrawing them from a casino (that does not have wagering requirements) they suddenly become legal. If you want to use them to buy a house, for example, the origin of the funds is not justified before the tax authorities of your country. What has been lost by doing that is the trace of the origin.

But isn't that exactly what money laundering is all about? The trace of the origin of the funds is effectively erased, therefore, the funds now look legitimate and clean. Casinos have become closely associated with money laundering because they have been providing an easy way for launderers to obtain a new source of their dirty money. Even here in my country, prominent brick-and-mortar casinos have also been involved in large money laundering activities.

[michellee]

It is normal to see some casino make a requirement of wagering one or more times their money in their first deposit. That requirement will also necessary when they wants to make a withdrawal. Some casinos have high requirement and makes gamblers difficult to withdraws their money.

Casino is a business place so they will not gives the money by free. If they have a make sense requirement, that will not be a problem but if not, we could be suspicious with the casino. But reputable casino will not trying to scams their members because that requirements is only something that the gamblers must do before they can takes their wins money.

Every casinos will have heir own terms and conditions and we must obey their rules. You are lucky if the wagering doesn't needs too much money or more than 4 times to wager your money because you can use small bet to withdraw your money.

[SamReomo]

But isn't that exactly what money laundering is all about?

That's not exactly money laundering but its surely an illegal way to generate money. Drug sales are prohibited in most countries and thus any money one generates from those prohibited drugs is more likely illegal and unethical. It may be somehow related to money laundering but it isn't exactly money laundering.

[Dr.Bitcoin_Strange]

Just as the first comment  already stated, that's the one reason that makes some casino to add such rule to their casino, another reason for wagering requirement is to prevent unfair play by some customers that might want to cheat and abuse bonuses. Most casinos have this wagering requirement but they don't raise it as high as 5x wagering but only limited it to 2 or 3x at max.

[stompix]

~

If you have $1M in cryptocurrencies coming from drug sales, not by depositing them and withdrawing them from a casino (that does not have wagering requirements) they suddenly become legal. If you want to use them to buy a house, for example, the origin of the funds is not justified before the tax authorities of your country. What has been lost by doing that is the trace of the origin.

But isn't that exactly what money laundering is all about? The trace of the origin of the funds is effectively erased, therefore, the funds now look legitimate and clean. Casinos have become closely associated with money laundering because they have been providing an easy way for launderers to obtain a new source of their dirty money. Even here in my country, prominent brick-and-mortar casinos have also been involved in large money laundering activities.

Money laundering means the money is clean and you have proof you have won it without questioning the source.

It works perfectly in real-life casinos because nobody was tracking how many chips you bought and how much you lost, ten guys would come in, buy $1000 chisp each, and hand it to the guy who would "win" 9500 at the end of the day and here you got clean won money, 10:1 ratio.
With online casinos it doesn't work, you can put in 1 million you take out 950k, but the IRS will still like to know from where you got that 1 initial million, and so will the casino, you can't explain the initial deposit, in the first example that wasn't a problem.

Anyhow, 5x rates are a bit excessive, at 95% for slots you're close to losing 23% of your deposit anyhow on average the casino will make 1/4 of all first-time deposits. I would understand that on bonuses since it's free money but this...

[EluguHcman]

I have not heard of a gambling platform like that in my entire gambling experience, if I may ask OP,  how does it look like it you did ride on with it?

Maybe your encounter Would tell better but if I must say, such platform is not trustful and why would they want to accumulate bettors first lines of deposit before enabling withdrawal?

I have a big doubt that such is phishing of being a scam.
Maybe others with more experience can tell more.

[Fiatless]

For some casinos, they'll claim that it is used as a means to prevent money laundering through their sites - so that players wont just register an account and withdraw it instantly to a different address, so to prevent this they will have to wager it first. Although, personally I think 5x is a bit large - like for bcgame you'll have to wager your deposit once before you'll be allowed to withdraw and that's kinda okay compared to the 5x.

I don't know how wagering five times will prevent money laundering, once or twice should be enough. Since it is for the first deposit money launderers can easily invade these restrictions by depositing a small sum for the first deposit. And subsequent deposits can be easily laundered since there are no restrictions. Most of the casinos I have used require gamblers to wager their first deposit just once before withdrawal. I see this strategy as a means of trying to force gamblers to increase gambling activities. There are high chances that you might lose the majority or even all your first deposit wagering five times if you Re not lucky.

And secondly, for why  :)casinos ask this?, personally, I've always believed that they implemented this feature in order to make their platform unsafe for money launders. Over the years, it's been a known fact that some people launder money through gambling casinos, such feature as this deters launders from wanting to use such a casino for that type of activity.

Money launderers will always look for loopholes to carry out their criminal activities. Except that there is a law that mandates the casino to put in place this stringent law, I don't think it is necessary. The gambling industry is a very competitive one, so this casino just scaring new customers away from the platform.

[BABY SHOES]

First, imposing a 5x wager of first deposit before one can withdraw is outrageous, it's too much for me (I dont know about other people here), what is normal and I am comfortable with is between 2x to 3x, a wager requirement on first deposit should never be more than 3x.

And secondly, for why casinos ask this?, personally, I've always believed that they implemented this feature in order to make their platform unsafe for money launders. Over the years, it's been a known fact that some people launder money through gambling casinos, such feature as this deters launders from wanting to use such a casino for that type of activity.

I don't think this is an excessive rule with 5x wager say $0.2x5=$1 only one dollar is needed to fulfill this rule so that they can withdraw their balance in the account.
This is usually the case when a player wins a bonus or giveaway on X social so when the casino credits the first person and 5x wager is required as a condition.

In essence, the casino just wants to print even though it is not money laundering with only small money, because this is already their AML policy so it must be obeyed.

[mindrust]

I think that's legal. Since they tell you in their ToS, you should read it and decide if you really want to play in that casino or not. There are many casinos that don't do auto-withdrawals I think. Somebody is probably checking it every time somebody makes a withdrawal request and if people deposit and withdraw money without playing, that would create lots of redundant work for the casino employee. Also, if a player plays 5 times before making a withdrawal request, the chances are he will lose his deposit to the casino anyway. That means the player won't have any money and he won't be making any withdrawals. Smart decision on the casino's end. If I were the owner of the casino, I would do the same thing.

[DaNNy001]

Just as the first comment  already stated, that's the one reason that makes some casino to add such rule to their casino, another reason for wagering requirement is to prevent unfair play by some customers that might want to cheat and abuse bonuses. Most casinos have this wagering requirement but they don't raise it as high as 5x wagering but only limited it to 2 or 3x at max.

Even if the rules are placed because of some certain reasons like money laundering and others, I still feel its too high it just as if the casino is actually telling you that your money is gone once you make that deposit. Believe to roll over x5 in gambling is never an easy task and am sure it's one of their shady tactics to actually trap some gamblers there.

[stomachgrowls]

Just as the first comment  already stated, that's the one reason that makes some casino to add such rule to their casino, another reason for wagering requirement is to prevent unfair play by some customers that might want to cheat and abuse bonuses. Most casinos have this wagering requirement but they don't raise it as high as 5x wagering but only limited it to 2 or 3x at max.

Even if the rules are placed because of some certain reasons like money laundering and others, I still feel its too high it just as if the casino is actually telling you that your money is gone once you make that deposit. Believe to roll over x5 in gambling is never an easy task and am sure it's one of their shady tactics to actually trap some gamblers there.

If we do really tend to make up some comparison on the current existing sites or platforms then you could really be able to tell that this one is really just that too much when it comes to this aspect
on where 5x the amount deposited to make some withdrawal is really just that impossible. Whereas majority of the current existing are really just that having that 2x or 100% of the said amount.
On the moment that you would really be finding yourself depositing into this site or platform then it would really be that feeling like that you are really that being trapped into this site
because it would really be that likely that you would really be ending up on losing all the money or deposited funds on the moment that you would be trying out to catch that requirement.

Therefore, it would really be that ideal or recommendable that you should be avoiding this place and look for another one. We do have tons of sites that we do have
on which it would really be that much more better than on what OP shows.

[_act_]

Even if the rules are placed because of some certain reasons like money laundering and others, I still feel its too high it just as if the casino is actually telling you that your money is gone once you make that deposit. Believe to roll over x5 in gambling is never an easy task and am sure it's one of their shady tactics to actually trap some gamblers there.

To win 5 times of your first time deposit on a casino or any other gambling site can not be about money laundering. It is even not related to money laundering at all. It is simply just a means that nearly all gamblance that make first time deposit in the gambling site will not be able to win but lose. That is what I see more about it. I can not use the gambling site when there are other good gambling sites.

[serjent05]

This is not new anymore. For any new user in a gambling platform there is a criteria for wagering before any withdrawal can be made. My experience with an online casino made me lose all my money deposited because back then I did not know how the wagering stuff worked. So what i do advice my colleagues at work or friends is that deposit a little money that you can afford to lose. Then when you're done losing you can make as much withdrawal as you would want to make with the platform.

Aside from depositing small amount of money first, better check their ToS in terms of wagering requirements. Because most gambling sites state their withdrawal requirements. The OP mentioned about 5x wagering requirement for first deposit, this is somewhat normal in most casinos. Though some will only implement 1x wagering requirement. Lucky if you find some casinos without wagering requirement so long you play some of your deposits.

The required wagering requirement for a deposit is somehow huge.  Most casinos only require 1x wagering of the deposited amount to be able to withdraw.  But then, their casinos their rule and I agree that if one is serious engaging in the casino as his gambling platform, then one must read and understand the TOS and other documents thoroughly.  Always ask the support stuff if something is not clear, and do not make assumptions.  That is where most of the player end up in trouble.

One reason that most casinos won't allow withdrawal without using some of your deposits is that they are thinking that you may be only using their site to wash your money, and you are just using their site as a third party to convert your coins to other coins. This will be against their AML/KYC policy, especially for those licensed gambling sites.

No, they (the casino) wanted to have a chance to win the deposited money and make the player lose their fund.  It makes no sense to say that the wagering requirement is to make sure that the player is not using their casino to clean up the history of the fund.  Wagering the money does not change the fact of where  the money came from.

Even if the rules are placed because of some certain reasons like money laundering and others, I still feel its too high it just as if the casino is actually telling you that your money is gone once you make that deposit. Believe to roll over x5 in gambling is never an easy task and am sure it's one of their shady tactics to actually trap some gamblers there.

To win 5 times of your first time deposit on a casino or any other gambling site can not be about money laundering. It is even not related to money laundering at all. It is simply just a means that nearly all gamblance that make first time deposit in the gambling site will not be able to win but lose. That is what I see more about it. I can not use the gambling site when there are other good gambling sites.

Yeah I agree with you, it is more on the casino trying to make the gambler lose their first deposit.

[shivansps]

I've recently come across in a platform that has a requirement fora customers to wager their first deposit at least five times before they can make a withdrawal.
This is my first time to encounter a gambling platform like this.

So I want to hear what can you say about this. Is this even legal and good?

I also want to know why they have some terms and conditions about this.


For example:

Yes, I believe that this is most likely being done to prevent people from laundering money so easily. But in order for this to be clear, it is necessary to immediately tell visitors about this, so that later it will not be an unpleasant surprise for the player.
I personally encountered similar conditions when I had a free ticket for, in my opinion, $20, and I was not allowed to withdraw less than $100, but this is a little different than what you are talking about.
To answer your question, you can do this, but you need to warn about it right away

[darkangel11]

If the requirement is a part of ToS you have to accept then it's legal.
IMO this is a part of AML requirements. They probably had people deposit money just to wash it and withdraw without wagering.
The way I see it, it's not going to change much if you are to wager 5 times before withdrawing, because you can do it with a fraction of the money, but if you are to wager the whole amount 5 times then it's a scam. Imagine that you have $1k and you put that on a sports match that you win and now you have $2k and can't withdraw because they want you to wager that initial 1k 4 times more. Chances are you will lose everything.
Makes me wonder if in such situation you'd be allowed to withdraw profit, so 1k, leaving another 1k to wager 4 times. If not - it's a scam.