Landing big wins from a bet at the bookies is the dream of many punters. But you may not always know what to do if that big break comes through.
This Wizard Slots blog post will discuss what happens if you win big at the bookies. We'll also explore if bookies care if you win or lose, if they can ban you for winning too much, or how they payout big wins.
Continue reading to find out!
What Happens if You Win Too Much in Bookies?
Several things may happen if you win at a bookie, all leading to ensuring that you get your money. However, if the definition of too much means you are consistently winning a suspicious amount of money, you may be suspected of cheating because it is nearly impossible to always win a gambling game.
Let's say you are making a series of legitimate wins that happen to be massive, like the Coral winner who won £823,000 in April 2017. In that case, the bookies will typically verify your winning ticket/s and your personal information to make sure you are who you claim to be and the owner of the winning ticket.
They will then either pay your amount on the spot in cash (if it is a land-based bookie), depending on how big it is, or they may pay it into your account, which may take a few days. Again, this all depends on the amount of money you won and the bookies' terms and conditions.
If the way you won is suspected to be illegitimate, there may be a more extended investigation and even a denied payout, depending on the conditions surrounding your win.
Can Bookies Ban You For Winning Too Much?
Yes, you can potentially be banned at the bookies for winning too much if you are suspected of making fraudulent bets that consistently win.
You may also be banned for consistently making large suspicious bets that always result in wins, as that may indicate money laundering or some other illegal activity, including inside information.
Basically, if your big wins are a result of an unfair advantage over the other bettors, the bookies have the right to permanently ban you from their premises. However, before they ban you from their premises, bookies may follow specific steps that involve giving you a warning and temporarily closing your account.
Do Bookies Care If You Win or Lose?
Yes, bookies care if you win or lose. Bookies may be a place of entertainment for many, but they also are a place of business. Therefore, the bookies have to make a profit somehow.
What's a better way of making a profit than having more players playing at your bookies?
And that may only happen if the winners actually get paid their dues.
So, while bookies do not control how the games you bet on pan out, they pay out your possible wins. The more people win, the better off they are because then more people might be attracted to the bookies and potentially place their bets there.
In addition, if bettors are losing from time to time, that means they are most likely playing properly and not trying to cheat the bookies.
How Do Bookies Pay Out Big Wins?
Each bookie may have a different policy regarding paying out big wins. These policies may also be different depending on whether it is an online bookmaker or land-based.
For example, in some cases, land-based bookies may only be able to pay your full win in cash right after the winning bet event has ended.
Online bookies may also be able to pay you immediately after the event, but they might deposit the money in your account, and then you can withdraw it from there. Sometimes, the money can be paid in instalments instead of a lump sum.
More significant payout amounts typically require a more detailed and thorough security check to ensure the money was won legitimately and the potential winner is the rightful owner of the winning bet.
To avoid disappointment, it is best to read the bookmaker's terms and conditions to know exactly what to expect should you win big.
Conclusion
In conclusion, winning big at the bookies can happen. But, before you can see the money you won, there may be some security checks, terms and conditions and regulations the bookies may have to go through before paying out.
If you did not make questionable bets, you should be able to receive your money in due time. But, if there is a suspicion of foul play, getting your money, if at all, may take a while.