What Happens when You Win a Really Big Sum of Money at a Casino?

Verification

Starting with verification which is the biggest determinant of whether you’ll be able to withdraw the winnings, yet most people don’t know how to do it right. As part of verification, you need to show these documents for checking:

Proof of Identity

In order to confirm your identity, you will need to provide a copy of:

Legally operating online casinos must enforce KYC policies due to licensing requirements from gambling commissions. They ensure the player’s age, that he is not underage and self-excluded from online gambling. 

The main reason why online casinos need to verify the players’ age is to mitigate underage betting, as some youngsters try to register accounts using their parent's IDs. The minimum legal age for betting is 18 years.

Proof of Address

Proof of address documentation is used by online casinos to prove the gambler’s country of residence to ensure the player isn’t residing in a country where online gambling is banned.

To verify your address, you will have to share a copy of either: 

For any of these documents to be eligible, they need to show your name and address them clearly. Additionally, the document you present need not be more than 3 months old.

To send proof of address, follow the same procedure as with KYC. Go to your account section on the casino's website or email them the required documents.

Greetings

For some online casinos, expect to get called, whereby the online casino representative officially introduces him/herself and proceeds to exchange some pleasantries. After the greetings, you’re taken through the different options for the casino to disburse your winnings.

Withdrawing Limits

After the casino has verified your details, it’s time to obtain your winnings. Most online casinos set maximum withdrawal limits which can be the daily, weekly, or monthly limit.

Some online casinos set very low limits in the hope that the player may lose some of the money as he/she does the withdrawals because it might take up to a couple of years for the players to get the reward in full.

Different casinos have different limits, with most of them having a maximum limit of €5,000 in a single transaction.

Taxation

After the life-changing win, you need to understand the tax implications. In most countries across the globe, money won in casinos is taxed just like any other form of income. However, in Ireland, money won from gambling is not considered capital gains and is not subject to income tax.

Payment Processing Time

You’ll get your payment fast upon completing all the necessary checks. Online casinos do this, hoping you can start gambling back the money you’ve won as soon as you receive it.