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Dike Frencis
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Merrybet Withdrawal Rules

publication - Apr 05, 2024

changed - Apr 17, 2024

Learning the basics of any sportsbook payment method is a crucial step for those who want to succeed in the field. Managing your betting finances and being able to withdraw them at any time is one skill all bettors must possess.

Merrybet

About Merrybet

Nowadays, Merrybet is one of the top reputable bookmakers in Nigeria. The sportsbook’s popularity is primarily due to its competitive odds and fast processing of payments. Additionally, the sportsbook boasts an extensive list of deposit options. If you are interested in more information on the platform, check out our Merrybet Nigeria review with additional details. Keep reading this article to learn more about Merrybet’s payout system.

Withdrawal Conditions

Merrybet Withdrawal Conditions

As with any transaction, certain conditions must be met before you can fully benefit from the service. When it comes to Merrybet’s withdrawals, limits to both maximum and minimum payout sums apply. These restrictions are an essential part of maintaining the sportsbook’s security and anti-fraud policy. 

Minimum Amount

The minimum sum that can be withdrawn through a Merrybet account is ₦1,000. It is important to note that you cannot withdraw your deposit sum directly, only your winnings.

Maximum Amount

The maximum sum that can be withdrawn through a Merrybet account is ₦500,000. Make sure you have correctly entered all your banking details, as the processed payments become solely your responsibility. 

Maximum Daily Amount 

The maximum payout sum at a time, equal to the highest daily amount, is ₦500,000. Since the official regulations state a 24-hour banking procedure, you will not be able to receive more than the maximum in a day.

Methods

Merrybet Methods

Merrybet ensures that its regular users can benefit from quick and reliable processing methods. Today, Nigerian bettors can choose between two transparent payout systems.

Bank Payout

Your winnings are automatically credited to your Merrybet account as soon as a game is updated. Once your account has been credited, all you need to do is click on “Payouts” and enter your bank details to withdraw your winnings. Your Merrybet account balance is immediately reduced by the amount withdrawn.

Express Payout

The method is an exclusive way to receive instant payouts by cashing any winnings into your account. This procedure only requires entering a PIN code to activate the withdrawal. At the same time, please note that you can only receive the winning sum without the amount you deposited.

In-App Payout 

The bookmaker offers payment services through a mobile version for the convenience of some bettors. The process is quite simple and only takes a few minutes. 

Depending on the mode selected, you can follow two guides to receive your winnings. 

Bank Payout

  • Step 1

    Open the Merrybet app.

  • Step 2

    Register or login to your existing account.

  • Step 3

    Proceed to the Payout section.

  • Step 4

    Select Bank Payout as your method.

  • Step 5

    Enter all essential bank account details and verify the transaction.

Instant Payout

  1. Open the Merrybet app.
  2. Register or login to your existing account.
  3. Proceed to the Payout section.
  4. Select Instant Payout as your method.
  5. Enter your PIN code to process the payment.

Lite Mobile

The format is another payment method you can use on Merrybet. Lite Mobile withdrawal follows the exact same algorithm for processing your winnings, so feel free to choose between the bank or instant payout system.

Website Payout

If you are not familiar with the app and prefer the desktop version, follow the guide below.

  • Step 1

    Visit the official Merrybet website.

  • Step 2

    Register or log in with your account username and password.

  • Step 3

    Find the “Payouts” section in the top header.

  • Step 4

    Select the preferred withdrawal option: bank or instant payout.

  • Step 5

    Wait for your winnings to be processed – this can take up to 24 hours.

Commission Fee

MerryBet Commission Fee

There is currently no commission fee for punters on Merrybet. However, stake and payout limits do apply, and incompliance with the regulations can lead to negative consequences for the bettor. Make sure you are entering valid information at every step and keeping track of all your transactions.

Cash Out

A customer can use the cashout feature to get a certain amount of their potential winnings before the event they bet on concludes. The sum cashed out depends on when it is withdrawn and the current likelihood that the wager will succeed. As a result, it might differ from the stake in value.

Currently, the option operates for single and accumulator bets.

Merrybet users can benefit from two types of the feature:

Full

  • Regardless of the event’s outcome, the money cashed out is credited to your account balance, the betslip qualifies as claimed, and the system stops processing it.

Partial

  • The bettor will enter only a partial cash-out amount. The system uses the remaining balance to determine a new stake and potential winning after completing the partial cash-out. This gives the user the chance to win more money in case they end up winning the wager.

Also, ensure that you are familiar with the limitations regarding the Cash out feature.

  • Not all events and markets offer the service; you will have to check for relevant information on the platform.
  • The full cash out cannot be used together with a bonus, only a partial cash out in certain instances.
  • The partial cash out is limited to one bet slip and can only be used once per game.

Transaction Duration

As noted on the official bookmaker website, the maximum duration of a payout transaction is 24 hours. You can contact customer support in case of any arising difficulties.

How to Check Payout

Make sure you are always monitoring any ongoing payouts to avoid unnecessary losses. You can track the payment processing through your Merrybet account or contact your bank for financial receipts. 

Potential Issues

Merrybet Potential Issues

Despite the transparency and accessibility of all withdrawal methods of Merrybet, there are a few potential issues that can occur in various scenarios. Let’s review some common ones along with possible solutions.

User Issues

You may experience a few struggles with the system, especially if you are a beginner or new to the bookmaker. A popular reason for such challenges is a lack of understanding about how the procedure is carried out and what is required.

  • Read the on-site instructions carefully.
  • Fill in accurate personal and bank information.
  • Experiment with both types of withdrawal options to find the optimal version.
  • Verify the entered information as required.
  • Do not attempt to go under or over the limits of payouts.

Technical Difficulties

An even more popular issue occurs due to technical difficulties. For some bettors, system maintenance can lead to temporary unavailability of withdrawal services. At the same time, we have outlined a few basic techniques to resolve such issues.

  • Try temporarily switching to a different payment method.
  • Explore other ways of accessing the services (mobile or desktop).
  • Contact customer support to understand the severity of the issue and if there is anything you can do by yourself.

Payout Issues

If you are struggling to receive your winnings, there are a few potential reasons for that.

  • Your account verification is pending. Please wait up to 24 hours for the process to be completed.
  • The payment limit is exceeded. You can find the relevant information regarding withdrawal limits on the Merrybet website. 
  • The system is lagging on its own. If the issue still needs to be resolved in over 24 hours, feel free to contact customer support.
  • If you are trying to receive the deposit sum instead of the winnings, which is not allowed by the system.

Payout Inquiries 

If you are still waiting for payment after a day of requesting it or experiencing any other technical difficulty, please contact Merrybet’s customer support. The service guarantees instant feedback and resolution of issues within a short period of time.

Conclusion

Merrybet Conclusion

You can simplify your entire betting experience by understanding the basics of all payment procedures. Merrybet maintains its favored status among other sportsbooks in Nigeria thanks to its easy-to-use interface and clear policies. Hopefully, you can easily receive your first winnings after reading this guide!

FAQ

How do you transfer money from your bank account?

Use your personal card information to transfer money from your account to your wagering account.

Is there a way to transfer money from a Forex card to a bank account?

Make your transfer request after entering the valid bank account details, and wait for the processing to be completed.

What is the maximum cash withdrawal limit?

The maximum cash withdrawal limit on Merrybet is ₦500,000.

What does “the stake limit exceeded” mean?

There is no strictly defined maximum stake. Maximum winnings is N10,000,000 per betslip. If a customer places a bet with a possible winning amount of more than N10,000,000, the system caps the maximum possible winning amount to N10,000,000, and the bet is accepted.

How long does an instant payout take?

Usually, the process takes a few minutes, but the duration can be prolonged to 24 hours.
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