Disappointing Withdrawal Policy Changes at Bwin
Winning progressive jackpot is supposed to be exciting. But too often first excitement wanes too quickly. Suppose you finally hit a multi-million jackpot just to find out that it will take a couple of decades to receive the full amount of your win. That’s frustrating, isn’t it? But that’s what Bwin has just done. The operator added the following section:
Just a few players chasing progressive jackpots carefully read casinos’ T&C. Meanwhile, a lot of casinos set a limited maximum withdrawal players are allowed to get within certain time, including cases when players win progressive jackpots. This doesn’t seem fair, considering operators don’t have to pay that amount by themselves. It’s the network that transfers them the money, and these funds come from players’ losses.
Suppose you’ve won Mega Moolah Mega Jackpot. Happy winners on average get just over $5 million. Microgaming will transfer this amount in full to the operator. The procedure of paying out massive jackpots isn’t regulated. That’s why many gaming sites take advantage of the situation and delay payments.
If you win $5 million jackpot at Bwin casino, you’ll have to wait for more than 20 years to get paid, because maximum withdrawal is $20,000 every 30 business days. It’s too long to wait, and you aren’t insured against the possibility of the operator going bankrupt or being closed. Sometimes casinos offer to pay smaller amount as one payment. In this case operators collect the difference.
It’s always more profitable for gaming sites to pay less or spread out jackpots over a couple of decades. Some players might think that getting paid $20,000 a month for twenty years is a good deal. But it’s not. Money can be put into a bank and players will then collect interest payments. $5,000,000 at 2% annually would earn $100,000 per year. When it comes to big amounts of money, interest earnings are significant enough to take them into account. Casinos won’t pay you an extra dime if they keep your money for years, so you basically lose.
When a player hits a jackpot, casino that sets jackpot withdrawal limits hits a jackpot as well. Imagine how much interest they can earn, or how much they collect if you prefer getting smaller amount to be paid immediately.
Neither networks nor gaming operators have to sacrifice their own profits to pay jackpots, because it’s actually players’ money. Millions of players contribute their share to make someone’s dream come true. If you think what Bwin and other operators do isn’t right, always pay attention to T&C whenever you plan to join a new gaming site. There are those that pay you the whole amount of jackpot immediately.