Despite most casinos having a FAQ section for their players, there are still many questions that may not have been answered for curious players. This includes what happens if the casino goes bankrupt, and why players need to send in their documents for identification. Why and how do I have to identify myself? The fact that you have to identify yourself at many casinos when you register – but at the latest when you request a withdrawal – has legal reasons above all. First of all, the casino operator must ensure that you are not a minor in terms of protecting minors. Then the rules for combating money laundering and counter-terrorism also apply to casinos licensed in the EU. The data must be stored (in accordance with the General Data Protection Regulation) and transmitted to the competent authorities.
This is to prevent money from illegal sources from being “washed into” the casinos and being credited back somewhere as innocent winnings from gambling. There are different ways of identification. From scanning and uploading your ID card or passport to verification with ID in Live Chat and procedures such as Post-Ident, many things are possible. The casino operator can determine that. In any case, the name, date of birth and address must be clearly checked for accuracy. What if I hit the jackpot? It depends on the jackpot, you could say. If it is a “normal” jackpot in a game of the casino that only applies to this casino, then you will get the jackpot credited to your account and you can use it under normal conditions – usually with a maximum amount per week or month – cash out. In any case, things are different with progressive jackpots, which apply to all players worldwide in one game.
The online casino then usually forwards them to you in one – with no payment limits. However, all rules for preventing money laundering and identification verification also apply. All the rules are ideally found in the terms and conditions. Why can’t I cash out bonuses right away? Bonuses are incentives for online casino providers to get people to play or sign up at the casino. Certain conditions are always tied to these bonuses. The operators don’t want to give anything away, they want to make them play. In addition to free spins, there is usually a bonus amount in the amount of a certain percentage on a deposited amount. So with a 100 percent bonus on a 10 euro deposit you have 20 euros that you can bet. Most of the time, however, only in certain games or only at certain heights. You may not be able to bet everything at once, but only defined portions of the bonus. Bonuses often have to be wagered multiple times before they can be paid out (and thus won profits). For example, reinserting 40 times is a common value. If the demands for re-use go high, then the bonus conditions are not good and clearly disadvantage the player. When in doubt, refuse such bonuses or look for another casino.
Practical tip for dealing with deposit and withdrawal limits Anyone who is informed must not fear any nasty surprises: So read the terms and conditions carefully. Pay attention to “unfair” conditions. If you have to deposit at least 10 euros, but can only request withdrawals from 100 euros, for example, this is borderline Most of the time, you cannot withdraw larger amounts at once. Plan a longer period of time until you have your profit in the account. Pay attention to bonus and other conditions if you want to withdraw winnings. Bonuses or wagers often have to be wagered multiple times to be paid out. If the conditions are not met, profits can be forfeited. Verify your identity. The casinos have to comply with legal requirements, including those relating to the Money Laundering Act, and only pay out money when your name, date of birth and address have been checked. It only plays best at online casinos licensed in Germany or in the EU. These give you a certain security. What if the casino goes bankrupt? If the online casino you are playing in becomes insolvent, it depends on where the casino is located.
The large online casinos licensed in Germany offer relative security under German consumer protection laws. However, the “German” licenses are only valid for Schleswig-Holstein. You can only play there if you have “a residence or habitual residence in Schleswig-Holstein” – by the way, according to statistical information, “only” 2.89 million people. The case of “basically legal” EU-licensed casinos offers you the application of EU consumer law in any case. However, this can of course also mean that you would have to conduct longer processes – with jurisdiction, for example, in Malta. At non-EU licensed casinos, your money is likely to be gone in the event of bankruptcy. In some cases, the game makers enter and pay players their winnings. This is usually the case with large progressive jackpots anyway, since these are not managed in a single online casino at all. Whether you get money back in the event of bankruptcy depends on many factors. The risk is, of course, greater with smaller, less known online casinos than with the larger providers.