Are you constantly annoyed by your consecutive failed OKBet withdrawal requests, believing the notion that the website is a scam? We assure you that it’s not! You just have to follow some simple things, which this blog will enumerate.
To begin with, online casino gamblers prioritize claiming their winnings quickly and hassle-free. Most platforms boast of transferring the funds in as quickly as 5 minutes.
However, in the spirit of adhering to the country’s gambling laws and as per the Philippine Amusement and Gaming Corporation (PAGCOR), withdrawals made by users must be met with caution. This is to avoid money laundering and other fraudulent activity; depending on the preferred withdrawal method, the money would be reflected in the account within five to 15 minutes.
When we say “preferred withdrawal method,” this means the different types of options players get to choose to receive their money. It could be sent to their e-wallets, such as GCash or Maya, or it can be directly deposited into their bank account through bank transfer.
But to successfully receive the money, a user must follow the requirements of the online betting platform. Anyone wanting to claim their money needs to meet turnover requirements, pass the KYC verification process, etc.
The government agency requires these measures to protect the platform from being infiltrated by criminal organizations. At the same time, it is also meant to safeguard players.
For instance, the KYC verification ensures that anyone who attempts online gambling is of legal age and is financially capable.
Another example is that probing the background of a potential user discourages criminals from trying to launder money and using the platform as its scapegoat.
Oh, OKBet is licensed by PAGCOR. It must follow the agency’s guidelines to avoid risking its license.
So Why Can’t You Withdraw? Here’s the ANSWER!
If you are struggling to withdraw your funds from your OKBet account, there are two possible reasons:
First and foremost, all players must have their identity verified by the OKBet KYC team. KYC stands for “Know Your Customer.” The process is for the platform to protect itself and its players against reputational damages.
The KYC has a set of guidelines, although it will differ from country to country. In the Philippines, online gambling operators must ensure via KYC that the identity of the player is legitimate and also to gauge their risk profile.
Why? Because online casinos are prime targets for money laundering, fraud, and other financial crimes. Hence, it is of grave importance to not just accept anyone who wishes to gamble.
At OKBet, players must first prove their identity and show proof that they have the financial capability to gamble. Otherwise, any withdrawal attempt will be rejected, and the account will be frozen.
To avoid getting your withdrawal request rejected, ensure you have passed the KYC verification, which will take up to 24 hours to process. The duration was set to ensure that the player’s background has been extensively investigated and to avoid any future violations from PAGCOR.
Getting verified is easy. Head to the OKBet website and contact Customer Services. Prepare your identification card before informing the representative that you wish to be verified.
The process will only take at least 15 minutes to complete, and once you pass the KYC verification, you will be notified through SMS that your account has been fully verified.
Unmet Turnover Requirement
If your account has already been fully verified and still encounters a failed withdrawal attempt, chances are you have not met the turnover requirement of OKBet.
The turnover requirement is the amount that must be wagered before attempting to withdraw the winnings. The amount is based on your deposit.
Here is an example for context:
Juan deposited P500 and played OK Slots. He hit the jackpot worth P10,000. When he attempted to withdraw, the system rejected his request.
It was found out that Juan hit the jackpot after spending only P250. Therefore, he still needs to bet P250 before trying to claim his winnings.
Also, be careful when requesting multiple withdrawals because it can be flagged as suspicious, and the risk agent might consider freezing your account. Ensure that once you have submitted a request, wait for it to be successful.
Withdrawals at OKBet are easy if you follow the steps and reminders when you create your account. Ensure that your account has been fully verified and follow the turnover requirement based on your deposit. If any other concern arises, feel free to contact the platform’s Customer Service.