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Treat Reverse Withdrawals with Caution

April 16, 2010

When players put in a request for withdrawal of their funds at online casinos they are usually told that the process will take from 24 to 48 hours. The reason given is that there is already a queue for withdrawals and also online casinos have to verify that wagering requirements have been met. Once the withdrawal request is made the funds are no longer available for wagering with the player. Players are told that should they desire to cancel the withdrawal request during this period their funds will be immediately credited to their account and can be used for wagering. The request for cancellation of the withdrawals is known as reverse withdrawals in online casino parlance.

Online casinos lose absolutely nothing by allowing for this option. If players do not exercise it then their funds will be remitted as instructed in due course. These funds belong to the player and he has every right to take them away. However if the player reverses the withdrawal then those funds come back into play and there is every likelihood that the player may lose them while wagering at the casino.

The option for reverse withdrawal provided by the online casino should be treated with caution. Just because an option exists it need not be exercised. Good players do not make withdrawal requests in haste. They assess the funds that they will be requiring for wagering in the immediate future and leave that amount in their casino accounts and withdraw only the excess. Such players would never have to make reverse withdrawals unless they have entered the wrong amount by mistake. Players who are not disciplined about their wagering habits are the ones who fall into the trap of reverse withdrawals. They do not have any plan for the amount they want to wager and may be tempted to argue that they would have lost the money in the first instance. Therefore they may be tempted to use their winnings for wagering again. However with so much emphasis on responsible gambling these days such players are bound to be very few.

Many online casinos have understood that the option for allowing reverse withdrawals is not conducive for responsible gambling and are doing away with it voluntarily. If not eliminating it completely they are narrowing down the time period in which the player can make a reverse withdrawal. However some online casinos have moved in the other direction. They are offering a bonus to the player if he performs a reverse withdrawal transaction. If the bonus is 40% and the player makes a reverse withdrawal of $100 then he will immediately get $140 to wager with. But the player making the reverse withdrawal and availing of the bonus should realize that the bonus is not cashable and will be taken away by the casino after the wagering requirements are met. Also he is committing his own funds to a fresh set of wagering requirements. Reverse withdrawals are bad but availing of bonuses on reverse withdrawals is worse.

All online casinos have to be licensed by regulatory authorities in their jurisdictions. These regulatory authorities frame rules under which the online casinos are bound to function. The authorities should take cognizance of reverse withdrawals and bonuses on reverse withdrawals and forbid online casinos licensed by them from engaging in these practices. If a player has withdrawn excess amount by mistake then he can rectify the error by making a fresh deposit. Reverse withdrawal is not essential for this purpose.

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