5 btc max withdrawal at most casinos?

[rdbase]

So I don't want to mention the casino I've been playing at and give it any bad publicity........but I have a few questions about how bitcoin casinos work as far as withdrawing goes.  I've been playing at this casino for a little over a month consistently- every day. I love their software and I became a VIP betting pretty big (their maximum on most games). The manager there is very nice. So at first I lost almost 1 btc.........then I won 2.4 bitcoins and withdrew.  It took around 24 hours for a withdrawal which I thought was long but I love their software.  Then I lost a little over 5btc in a few weeks and stopped for a bit. Those were multiple deposits that totaled that.  Then on black Friday they offered me a match bonus up to 2btc since I'm VIP. Anyway, I put in 2btc and played the 20 times requirement to earn the bonus.  I ran it up to 8.7 bitc and attempted to take out 7.7 btc.  After waiting 30 hours without getting my money........I got an e-mail from the manager saying:

 "The maximum withdrawal you can do at one time is 5BTC.
For wins larger than this we pay out the winnings in installments according to a schedule which we agree on together."

To me, that seemed crazy. It's one thing to have a maximum of 5 btc at one time (which I couldn't find a word of that policy on their site including FAQ's).  The problem is that I'm supposed to wait on a installment plan or schedule for the other 2.7?  That blew my mind. Is that the policy of most btc casinos? I bet sports big on Nitrogen and play big on Seals with Clubs. I don't have any problems withdrawing any amount and it's very fast. I honestly don't mind the 5 btc maximum if I can get my money in around 24 hours......then do another withdrawal of up to 5btc and get my money in another 24hours. That's fine with me. Any other installment plan or time schedule seems like bad business or they lack the funds. Am I being unreasonable? Maybe the casino stuff isn't for me........it's just for fun while I'm bored waiting for a poker game. 

To update- as I was writing this I got my 5btc after 31 hours.  Rather than taking out the other 2.7 and keeping 1 btc to play with.........I withdrew the entire 3.7 just now we'll see how long it takes. We never really worked out an installment plan so it might take awhile lol.  Any comments appreciated.

[james.lent]

I would think the reason they're doing that is because they're out of funds. Simple as that.

Played big on seals as well, never had any issues with withdrawal

[madhatter.]

I first heard that here. Most likely they are out of funds. Play only on big and established websites you will get your funds faster.

[cheekychap]

Some of the sites that I play on, do not allow instant withdrawl of more than 1 BTC.
For any amount greater than that, they usually process it manually.
This varies with differnt casinos.

[SW725]

I know a casino that offers 40 btc cashout limit.

[thompete]

There shouldn't be a limit to withdraw money from a casino.
The only limit they can have is how much to process instant withdrawls or maximum bets allowed.

[james.lent]

yes instant or manual aint the issue here, op is stating that the casino requested an installment plan.
i suggest op to reveal the site here, so more people wont keep depositing coins. from the looks of it they're rolling deposits to support cashouts without any backup funds

[SW725]

There shouldn't be a limit to withdraw money from a casino.
The only limit they can have is how much to process instant withdrawls or maximum bets allowed.

If they dont set a limit they might get bankrupt?

[DebitMe]

There should be no limit on the amount you can withdraw, and to be honest, 24 hours seems like a pretty large time frame for a cashout, but thats just me.

I would advise to stop playing at the casino, and post the casino's name so that others will know not to play there and can withdraw funds that they may have.  I agree that if it was within a 24 hour time window then a 5 btc limit may be more appropriate (for security reasons and what not), but it is also really fishy that you are unable to withdraw YOUR MONEY.

That is simply the advice of someone who has been taken for tens of thousands of dollars worth of bitcoin over the last 3+ years and knows the signs of a scam/dying website.

[asdlolciterquit]

There shouldn't be a limit to withdraw money from a casino.
The only limit they can have is how much to process instant withdrawls or maximum bets allowed.

If they dont set a limit they might get bankrupt?

why? they are not their money!

[rdbase]

Thanks for the replies everyone. I'll keep you updated if and when I get my other 3.7.........

[hopenotlate]

 "The maximum withdrawal you can do at one time is 5BTC.
For wins larger than this we pay out the winnings in installments according to a schedule which we agree on together."

just agree on together for an istant withdrawal of the remaining 3.7  

Joking of course: how can they state that bolded part?  
I mean: I asked for a bigger withdrawal than 5btc, so it is clear I want my btc istantly, but you denied it so  it is clear we disagree on that.

If I was you I wouldn't play for big amounts of btc there anymore: if you like their casino and they will honour your withdrawal request I would suggest to play there keeping you eventual winnings far lower than 5 btc and keep withdrawing (wishing you luck) more often for smaller amounts than your doing now.

If you like to play big just change casino

[calci]

 "The maximum withdrawal you can do at one time is 5BTC.
For wins larger than this we pay out the winnings in installments according to a schedule which we agree on together."

Woe, thats really not right. They should just send it to the address you request it at.

[Ron~Popeil]

Classic sign of a problem casino. They don't have the funds in reserve to cover losses and are counting on the house edge to keep them going. I would get what you can and move on. 

[Brewins]

It might be a protection against exploits like the malleability stuff, so a vulnerability with withdraws won't dry all their hot wallets.

But still it is concerning, because make all withdraws depending on manual confirmations and without limits  would be more effective.

[Miitch]

This is why Bitcoin Casino's should always show their cold storage wallet so you know they can cover your bets

[Snail2]

I can imagine three scenarios:

- This could be a security feature like the daily withdraw limit on cards,
- they are paying from the hot wallet (with most of the funds in the cold wallet) and that might been low on BTC in that time,
- they are really using some sort of "fractional reserve" scheme.

[rdbase]

Thanks for the replies everyone. Many of you are making good points. I haven't seen the other 3.7 and it's been 22 more hours. Not sure when that's coming. While I was losing during the month they said as a member of the VIP club they will give comp points that convert to cash paid out at the beginning of the month. They haven't paid that yet and I'm not expecting it..........as they probably get the feeling they lost a customer. At this point I just want my 3.7 and I'll just stick with Seals and Nitrogen.  

[kuusj98]

Only reason I can think of is that they want to eliminate cheating.
If someone finds an exploit he could keep withdrawing as much as he'd want.

[CrackedLogic]

It's usually because they are running low on funds.
But was this a recent added limitation?