A Guide to the Fastest Payout Online Casinos
When it comes to choosing an online casino to play at, the speed at which they process and payout withdrawals is one of the most important considerations for Canadian players. Once you have won a decent amount of money, the quicker you can get it out of the casino and into your bank account the better.
However, which are the fastest payout online casinos? Why are fast payouts so important and what payment methods are the most efficient to use? Well, you have found your way to the best place to get answers to those questions and more. We have put together our own list of recommendations with regards to the fastest paying online casinos that Canadian players can enjoy.
At our recommended online casinos, players can expect:
- Quick payouts
- A variety of different payment options
- Strong licensing from regulatory authorities
- Responsive customer support
- A great selection of casino games
All of these online casinos are also mobile-friendly which means that they can be enjoyed on smartphones and tablets as well as desktop and laptop computers.
Top Fastest Paying Online Casinos 2020
|Online Casinos:||Payout Time||Licensed By||Visit:|
|Jackpot City||Mostly Instant to within 48 hours Depending on Payment provider||Canada Kahnawake Gaming Commission, Malta Gaming Authority.|
|Lucky Nugget||Instant to within 48 hours Depending on Payment provider||Canada Kahnawake Gaming Commission, Malta Gaming Authority.|
|Casumo||Instant to 6 Days Depending on Payment provider||UK Gambling Commission, Malta Gaming Authority., Swedish Gambling Authority|
|LeoVegas Casino||Instant to 6 Days Depending on Payment provider||Canada Kahnawake Gaming Commission, Malta Gaming Authority.|
|Vegas Paradise||Instant to 7 Days Depending on Payment provider||UK Gambling Commission, Malta Gaming Authority.,|
|Cloud Casino||Instant to 5 Days Depending on Payment provider||UK Gambling Commission, Malta Gaming Authority.,|
How We Review the Fastest Paying Casinos
It would be easy to just list the online casinos that are known to pay out quickly but this is not the only consideration that we make when recommending casinos to our Canadian readers. For the purpose of this guide, payout speeds are of course the primary aspect that we look at but those speeds mean nothing if the casino falls short in so many other areas.
We have a team of testers that have tested and continue to test these online casinos and many others. They look at every aspect of an online casino before forming an overall opinion on whether it is good enough to make our list of recommended online casinos.
When deciding which fast payout casino is good enough for our list of recommendations, we consider each of the following:
- The payout speeds at the casino: Our top priority is how quickly the online casino processes withdrawals. An online casino that processes these withdrawals quickly shows that they are healthy financially, are well run, and value their customers.
- The licensing that the online casino has: An online casino with licensing from the likes of the Kahnawake Gambling Commission, UK Gambling Commission, or the Malta Gaming Authority is one that has to adhere to strict regulations. These regulations are in place to protect the gaming experience of players.
- The quality of customer support available: We also test the customer support of the online casinos. Ideally, an online casino will have 24/7 support which can be reached in a variety of ways.
- The number of payment options to choose from: While having the fastest payouts is great, not giving players many payment options to choose from is not ideal. This is why we like casinos that offer a good mix of payment methods such as e-wallets, credit cards, bank transfers, and even cryptocurrencies.
- The reputation of the online casino: We will only recommend online casinos that have a good reputation with others that have played there. Generally speaking, if an online casino has a good reputation, you stand a good chance of enjoying a fair experience.
- The game selection at the online casino: Most online casinos will over at least a few hundred games to play, so this is not always our top priority. That said, the more choice a player has, the least likely they will get bored and go somewhere else.
What is Deemed Fast Payouts?
It is important to understand that an online casino is not responsible for the whole process of getting the money from their bank accounts to yours. The only aspect an online casino controls is the processing and releasing of the funds. The payment methods then take over with the speeds varying depending on tose payment methods.
Ideally, you want an online casino that processes payouts within 1 to 2 days. You then add on the time that the payment methods can take to transact your money. Bank transfers and credit/debit cards can take a few days on top while e-wallets will usually be with you within a day once the online casino has processed the withdrawal request.
Why Fast Casino Payouts Matter
The obvious answer to this question is that faster payouts matter because players want to get their hands on their winnings quicker. There is no doubt that everyone would rather have their winnings within a day or two instead of a week or two.
There is another reason why speedy payouts matter, however. That reason is that the speed at which players receive payouts can tell us a lot about the financial health of an online casino. If an online casino is processing payments quickly, it would obviously mean that they are doing well, have their house in order, and essentially have plenty of funds and cash reserves.
On the flip side, an online casino that has slower payout times might:
- Be struggling financially due to a lack of players, poor financial management or other issues.
- Be using other players deposits when they come in to pay withdrawal requests.
- Not keep player funds segregated away from operating funds.
If you are at an online casino which used to have fast payouts but is now taking longer to process them, this could be a bad sign. It could spell trouble for the casino and in cases like that, we suggest you get all of your money out and find another fast paying online casino to enjoy.
We continually test the online casinos that we recommend to make sure that they are still consistently delivering the fasted payouts among other online casinos. If we find that one starts to slip and is now being a little slower with payouts, we will consider moving them off the list and adding another.
Why Progressive Jackpot Wins will Not be Fast Payouts
While you should expect fast payouts for small to medium-sized withdrawal requests, you should not expect to get fast payouts when you win a progressive jackpot. These can be in the millions and therefore there are reasons why it might take some time before you get all of your money.
- The win needs to be checked and verified
Just like landbased casinos, big wins are checked, double-checked and triple checked to make sure that the win is legit. Casinos are in the business of making money, after all, so they will want to make sure nothing untoward has happened before handing out the money. They want to establish that the win was fair and that there was no cheating involved or a possible malfunction with the game and/or software.
- The win is so big that it needs to be paid in instalments
Another reason why progressive jackpots can take time to be paid out is that many online casinos will only pay out in instalments. This is a big hit to their bottom line, so not many will be able to write off such big wins in a single payment.
Avoid casinos that will only pay out something silly like 10k per month. You will be waiting for a lifetime if you won millions. Instead, go for those that use a payment plan to have all of your money delivered to you within 10 months in instalments. Some online casinos may even offer you an upfront payment but of only a portion of that win. This will usually be around 60% of the total you won – so probably not worth it.
If you prefer to play these type of slots, make sure that you read the terms and conditions at an online casino regarding how they payout large progressive jackpot wins.
The Best Payment Methods for Quick Payouts
If fast payments are what you are looking for, your best bet is to use payment methods that are renowned for being exactly that. There is no point signing up to a fast payout casino and then choosing something like bank transfers or cheques for your withdrawals.
The fastest methods are cryptocurrencies and e-wallets followed up by credit/debit cards:
- Bitcoin: Bitcoin and payments from other cryptocurrencies are starting to make their way to many online casinos. If you can find one in Canada that lets you use cryptocurrencies, you will get the fastest payouts possible, see Bitcoin Casinos here. In fact, you may even get your withdrawal on the same day from the fastest payout online casinos.
- PayPal: PayPal is the worlds most famous e-wallet but you will not find it at all online casinos. Ideally, you should be receiving your money within 24 hours two days max using this payment method.
- Skrill: Skrill is a lot more common at online casinos and so we recommend that all players have an account with them. You are looking at payouts from Instant to within 48 hours using this e-wallet.
- Neteller: Another common e-wallet used by online casinos is Neteller. This will also allow you to receive withdrawals instant or within 48 hours if used at a fast paying online casino.
Those are the fastest payment methods that you can use when at an online casino. Following those are credit debit cards where you should expect to get you money in about 3 days and bank transfers which can take up to 5 business days. You can read more about the different online casino payment options here.
Tips on Increasing the Speed of Your Payouts
Even if you do pick a fast payment method, you are still going to be at the mercy of the online casino for the processing of your withdrawal. For that reason, we suggest that you follow these tips to ensure that this processing can be done quicker by the online casino that you are playing.
- Verify your account straight away
At any legit online casino, you will have to verify your identity at some point. This usually happens when it comes to making a withdrawal request. Some casinos will allow you to win small amounts without the need for verifying your account while others may want verification done before any withdrawal.
In our opinion, it is best to just get your identity verified as soon as you sign up to an online casino. Get it done and dusted and you will get a far quicker withdrawal process when you do make that first withdrawal. This process can take days and even weeks, so better to get it done as early as possible.
Online casinos want to verify that a player is old enough to gamble, are gambling from a country that is not restricted, to make sure you do not already have an account, and to make sure that you really are the person that you say you are.
- Complete any wagering requirements
If you have been using an active bonus or promotion at an online casino, these may hamper you getting a payout quickly. A lot of times the terms and conditions say that bonus funds must be wagered anywhere between 5x and 80x before they can be withdrawn.
All casinos will have different terms attached to their bonuses so it is important to read and understand them before taking part. Many players ignore bonuses altogether due to playthrough requirements and other terms but many simply cannot ignore the potential for free money.
- Don’t fall foul of terms and conditions
It is also important to read the full terms and conditions at an online casino and not just for the bonuses and promotions. There will be terms in there that can allow the casino to forfeit any winnings and payouts if you break them.
Cheating at games, playing from a country that is not allowed, or harbouring threatening behaviour are just some of the things you should be avoiding if you want to get your funds paid out quickly.
- Join the VIP program (if the casino has one)
While VIP programs are often reserved for high rollers or players that play regularly, spend a lot or both, if possible you should try and sign up for one. VIP members usually get a bunch of perks with faster payouts often being among them. A withdrawal request from a VIP player will jump to the front of the queue ahead of standard players.
- Choose a fast paying online casino
Of course, the best tip is to join the fastest paying online casinos in the first place. We have offered our recommendations above but you may find others that fit the criteria. Online casinos that payout fast and give you access to quick payment methods are the best place to play if you value quick payouts.
Fastest Payout Casinos FAQ
How long should I expect payouts to take?
You should expect to wait no longer than 2-3 banking days for e-wallet withdrawals, 3-4 banking days for credit/debit cards, 5-7 banking days for bank transfers/wires, and no more than 2 weeks for cheques. The most important aspect is how quickly the online casino processes and releases your payment. This should take no longer than 48 hours tops.
Do payment speeds vary from casino to casino?
Yes and this will mainly come down to the aforementioned processing times. Some online casinos will process your withdrawal request within a day while the worst may take up to a week to get around to releasing your payment. Choose one of our recommended online casinos to be sure of fast payouts.
Does the size of the withdrawal affect the payout speed?
It can do if you are requesting a large payout. Each online casino will be different with some placing a cap on how much you can withdraw daily, weekly, or monthly. Progressive jackpot wins will also affect the payout speeds as these are big sums of money that will take longer to process and to pay.
Will I need to verify my identity?
You may be able to get away with withdrawing small amounts but at some point, you will have to verify your identity. Many online casinos ask for this on your very first withdrawal while others may let you withdraw a cumulative amount before requesting. We suggest verifying your account with customer support long before you even make a withdrawal request.
When is the best time to request a withdrawal?
There is no best time to withdraw really. Players will still have to wait for the payments to be processed and then the payment methods to complete the transactions during banking days. The day or time that you make your request will usually have little bearing on how quickly you will receive your funds.
What are the best payment methods for fast payouts?
The quickest withdrawals will happen with either cryptocurrencies or e-wallets. Of course, you then have to transfer to your bank or in the case of cryptocurrencies, convert them into fiat currencies if you wanted to spend them. The key point is that the funds are out of the casino and in your control.