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The cost of withdrawing

  • 17 Jul 08
  • Written by

Withdrawing cash from online bingo

As a follow up to the latest forum discussion regarding the cost of withdrawing winnings from sites, we have been looking around to see what the consensus is on this contentious issue and those that surround it.

We all know that only depositing players are eligible to play in most tourneys and to win the jackpots (on most sites) but how much more should you need to deposit on top of your game play in order to get at your fair share of the pot?

The Answer

The answer for most sites is none or a little to bring up the difference if it's a small win or if
you have won bonus points. If you win a modest amount at most sites
it's sensible to keep the amount won as bonus points in your
account in order to boost your status as a player on the site. If your
site is asking for additional monies in order to recoup your
winnings it’s worth checking their terms and conditions to
see where you stand especially if the site won't commit to a date when you will have your money by.

If your winnings take the form of bonus points, be aware that the problem with
withdrawing bonus points on any online bingo site has always been that
you stand to lose any which are left over and it may take time to build
up your status again. For most players working toward extra bonus or a
grand prize as a result of collecting bonus points is half the reason for
playing. Having their status reduced to zero without making the most of
the benefits on offer would seem to be rather fruitless.

The Taxman

However, if you are lucky enough to win a cash prize at a site it's worth remembering that once you do get your mitts on the money you are responsible for
telling the tax office about your windfall. Often sites disclaimers
state that big winners’ names will be used as promotion for the site and underline the fact that they are not responsible for the tax returns of the player. This leaves the responsibility with you to make sure you inform the Inland Revenue before someone sees your picture and informs them for you.

After all, any bingo win should be a joyful reward to your loyal play and not a time where you pay again for the privilege of winning whether it's in the form of an additional fee to take out your money or with a fine from the tax office later.

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