How to Cash Out Your Winning Bet

You’ve just won a huge bet! Congrats!

But now what do you do with your newfound wealth?

You can use several options to liquidate your asset. Learn about the most popular ways to cash out a winning bet below.

E-Wallet

If you have a major credit card, you can typically use it to purchase goods and services online. The same is true for debit cards.

Once the transaction is finished, the goods or services will be delivered to your home or office. In the meantime, the funds will stay in your account. You can then withdraw the money in cash or use it to purchase more goods and services.

ATM

If you’re blessed with a great credit card, you can use it to withdraw cash from an ATM (automated teller machine).

You’ll need to find an ATM that accepts your credit card. Search for the nearest ATM to you or consider looking for online banking and paying bills with your credit card.

This option is certainly convenient because you can use it anywhere there is an ATM and there are dozens of places you can use your credit card. You don’t necessarily have to travel all that far to use this option.

Check

You can write a check (cheque) for the amount you won against the casino. When the check is received by the casino, the funds will be deducted from your account.

The downside is that checks usually require several days to clear. So, if you want to have the money as soon as possible, you can’t use this option. However, you can ask the casino for an extension on the check.

All-in-One Wallet

An all-in-one wallet is a special sort of “hard” wallet that stores several different sorts of payments—including credit cards, gift cards, and even some types of cryptocurrency wallets. (Here’s a short video tutorial to show you how it works: https://youtu.be/oIwV7wq5CQ.)

If you use several different sorts of payment methods, you can store them all in one place. This makes keeping track of your finances much easier because there’s only one place to look if you want to make a purchase—and that’s the all-in-one wallet.

The downside is that all-in-one wallets are somewhat more expensive than traditional wallets. They’re also usually larger. So if you want to keep your wallet discreet, this option might not be for you. But for anyone else, this could be the ideal solution.

Use Cash

You can use cash (or any other form of “real” money) to purchase goods and services at any store that handles cash. (Some restaurants, bars, and gas stations might also accept cash.)

If you have a lot of cash, you can make a withdrawal from an ATM (as mentioned above) or pay with cash at the store. (However, this option is generally not recommended because you might not want to go around paying with cash all the time. So it’s better to use a credit card or an e-wallet to pay for things now instead of using cash then going back and forth between wallets and credit cards.)

Liquify

Liquify is a service that allows you to liquidate your cryptocurrency into cash. (As the name suggests, you can use it to liquify both cryptocurrencies and fiat currency.)

You can either purchase a prepaid Visa gift card with your digital currency or choose to have your coins/tokens converted directly into cash. You’ll need to sign up for an account on the Liquify website in order to make the latter option work. (You cannot use a credit card to make a purchase because that would be a form of fraud. The Liquify website will prevent you from doing that.)

After you make a purchase, you’ll receive an email with your unique voucher—which you can then use at any Visa machine to withdraw cash.

The downside to this option is that you have to first purchase a Visa card in order to make use of the service. (You can’t use your credit card for this purpose because that would be fraudulent. But you can use a debit card.)

Buy Stocks

You can also purchase stocks online—with your credit card or using cryptocurrency. (Learn more about investing here: https://medium.com/@philipkorrespondent/become-an-i-stock-investor-with-just-a-few-tips-97d9d7b23f5.)

After you make the purchase, you’ll have to wait for the stocks to be released by the company and for the market to “wake up” to the new price. Then it’s just a matter of keeping track of the profit (or the loss). (You can’t use this option if you’re a first-time buyer because the websites that allow you to purchase stocks usually have some sort of minimum purchase requirements. So first-time buyers must use cryptocurrency or buy stocks through an affiliate program.)

The downside to this option is that you need to have either a lot of money to invest or you need to know what you’re investing in. Otherwise, you might end up buying something that drops in value before you can sell it. (You can use tools like MetaTrader 4 or 5 to avoid this scenario.)