Published on December 13th, 2020 | by Bibhuranjan

What You Need To Know About Betting App Payouts

Gambling is a fun hobby to have. The thrill of wagering and the risk of either losing or winning the bet is just what gets some people hooked on it. Also, the fact that a lot of games look beautiful and are simple to learn and play adds appeal to the entire thing. Of course, there is the undeniable truth that gambling is entertaining. However, one more thing is also true about gambling–not only it is entertaining, but it is also a rewarding experience to have, at least from time to time. Now, this is where betting app payouts come to play.

Whenever you go and bet on an Android or iOS cricket betting app, one of your top expectations is, naturally, that you would eventually be able to cash out money that you have won from your wagers. Especially if it’s a huge win, finally making your withdrawal can be a very exciting thing. However, it may sometimes not work the way you expect it to. To avoid any shocking moments of confusion when it comes to payouts, here are the things you should know about how it works.

Have you verified who you are?

In almost all legal online betting sites and apps, identity verification is one of the security measures that they implement, as protection both for them and for you, the customer. Some apps require to have their customers undergo a verification process during the sign-up process, while some let people play games and make wagers without any verification. At what point would they look for it, then?

Some sites require you to verify right before you request your first payout. Verification should be easy–after all, all you need is an ID and sometimes a proof of billing–but it can be a hassle if you expected to be able to cash out now only to be prompted about it. So, make sure you consider this factor before planning your withdrawal.

Payout every day, any day? Maybe not

You may have amassed a decent amount of money from your previous winnings, and you thought that today is the day that you cash it all out and treat yourself to something fancy. However, your plans turn to stone when you realize that your site or app does not pay out until Friday—and it is only Monday today.

So, check about payout dates for your app. Some betting apps only open for withdrawals on specific days of the week. One more thing is that some work with a minimum and maximum withdrawal, so it is also a good thing to check on it before making either a huge taking out or a small one.

Not all payout methods work the same

There are many ways for you to get your money out of your in-app wallet–you can have it credited to your debit card, straight to your bank account, or be sent to your enrolled e-money wallet. However, not all methods work the same.

Some require longer processing time than others. For example, you may be able to have your money credited to your e-money wallet instantly or within a few hours at the most but transferring it directly to your bank may take a day or several ones.

Your profit depends on the odds

Just because you won a bet means you get huge money. Remember, most wagers are made under specific odds, or the probability of the outcome happening. Odds dictate how much you can win should you win the bet. For example, money line odds of +200 means that you get to win $200 for every $100 you bet. So, if you wagered for $500 and won, you would make a profit of $1000.

Photo by Benjamin Sow on Unsplash

Tags: betting, cricket betting, iOS betting apps, online betting

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.