I haven’t won really big in a casino or sportsbook, so I’m making this topic to get information from users who have already hit big, or who know stories about bettors who have.
My question is, do casinos release big wins instantly, like it’s just part of their normal process?
I haven’t won any big amount of money from casino also before, and honestly I haven’t seen anyone that have won big amount of money before, so I don’t really know how it’s been done. I gamble with little amounts of money, and my win is not always big, and the people that I know are the same with me. I have heard someone win huge amount of money before, but it’s a local gambling company in my country, I think they didn’t allow the person make withdrawal immediately, he was invited to their office, he was given some awards, then he was allowed to make withdrawal.
But I don’t think making withdrawal should be difficult after winning a huge amount of money, because if you lose a huge amount of money, the casino doesn’t care about you. I don’t think they should request for additional Kyc if you have completed your kyc before.
This should be the case. Once someone has completed KYC when processing a deposit, the casino shouldn't require it again when processing a withdrawal. I've also never won a large bet before, nor have I seen anyone else win a big amount in person. However, from some literature I've read, the casino apparent reason for slowing down the withdrawal process actually has a logical purpose, to comply with tax regulations that require additional KYC verification when someone wins a large amount.
There may be other reasons why a casino has such a policy, but I think the most important one is that the casino still disburses the money, even if it takes several installments. On the other hand, I'm sure many people would still prefer to avoid having their name publicly announced if they win a large bet, because privacy is paramount.