Roobet withdrawals go through crypto first, then to your bank

Roobet is an online gambling platform that holds your winnings in cryptocurrency, usually Bitcoin or Ethereum. To get money into a traditional bank account, you must first withdraw from Roobet to a crypto wallet you control, then convert that cryptocurrency to dollars through a separate exchange, and finally transfer those dollars to your bank. There is no direct path from Roobet to your bank—the cryptocurrency step is mandatory.

The entire process typically takes three to seven business days, depending on which crypto exchange you use and your bank's processing speed. Each step involves fees: Roobet may charge a withdrawal fee, the crypto exchange charges a conversion fee, and your bank may charge an incoming wire fee. You will also see price fluctuation on the cryptocurrency side, since the value of Bitcoin or Ethereum changes constantly.

Key Takeaways

  • Roobet only withdraws to a cryptocurrency wallet—you cannot send money directly to a bank account from the platform.
  • You need a crypto exchange account (such as Coinbase, Kraken, or Gemini) to convert your cryptocurrency to dollars before depositing to your bank.
  • The full withdrawal chain takes three to seven business days and involves fees at each step: Roobet, the crypto exchange, and potentially your bank.
  • Your bank may flag or delay the deposit if it is unfamiliar with crypto-sourced transfers, so contact your bank in advance if you are withdrawing a large amount.

Step 1: Set up a cryptocurrency wallet and exchange account

Before you can withdraw from Roobet, you need two separate accounts outside of Roobet: a crypto wallet and a crypto exchange. A crypto wallet is where Roobet will send your cryptocurrency—think of it as a holding account. A crypto exchange is where you convert that cryptocurrency to dollars and then transfer to your bank.

For the wallet, you can use a free wallet service like Coinbase Wallet, MetaMask, or Trust Wallet. Write down your wallet address—a long string of letters and numbers—because you will need it when you initiate the Roobet withdrawal. For the exchange, open an account at a major platform such as Coinbase, Kraken, Gemini, or Kraken. Each exchange requires identity verification (they will ask for a government ID and proof of address), which takes a few hours to a day. Link your bank account to the exchange account so you can transfer dollars out later.

Step 2: Initiate the withdrawal from Roobet

Log into your Roobet account and navigate to the withdrawal or cashout section. Select the cryptocurrency type you want to withdraw (Bitcoin, Ethereum, or whatever Roobet offers). Enter the wallet address from Step 1 and the amount you want to withdraw. Roobet will show you the withdrawal fee—this varies but is typically 0.5% to 2% of the amount. Confirm the withdrawal.

Roobet will send the cryptocurrency to your wallet within minutes to a few hours. You can check the status by pasting your wallet address into a blockchain explorer (a free website that tracks cryptocurrency transactions). Once the transaction shows as confirmed on the blockchain, the cryptocurrency is in your wallet and Roobet's part is complete.

Step 3: Transfer cryptocurrency from your wallet to the exchange

Log into your crypto exchange account and find the deposit or receive section. Select the cryptocurrency type (Bitcoin, Ethereum, etc.) and copy the deposit address that the exchange provides. Go back to your wallet and send the cryptocurrency to that exchange address. The exchange will charge a network fee—usually $5 to $30 depending on how busy the blockchain is at that moment—which is deducted from the amount you send.

The transfer typically completes within 10 minutes to an hour. Check your exchange account to confirm the cryptocurrency arrived. Once it shows in your exchange balance, you are ready to convert it to dollars.

Step 4: Convert cryptocurrency to dollars on the exchange

On your crypto exchange, find the trade or convert section. Select the cryptocurrency you just deposited and choose to sell it for US dollars (or your local currency). The exchange will show you the current price and the fee—usually 0.5% to 1.5% of the sale amount. Confirm the sale. Your exchange account balance will now show dollars instead of cryptocurrency.

The conversion happens instantly, but the price you receive depends on the exact moment you sell. If Bitcoin is worth $45,000 when you sell, you get that rate; if it drops to $44,500 a minute later, you would have received less. This price movement is a real cost of the process and is outside your control.

Step 5: Transfer dollars from the exchange to your bank account

On your crypto exchange, go to the withdrawal or send section and select your linked bank account. Enter the amount in dollars you want to transfer and confirm. The exchange will deduct a wire fee—typically $10 to $25—from the amount sent. The transfer will be initiated as an ACH transfer or wire, depending on the exchange.

ACH transfers take two to three business days; wire transfers take one business day but cost more. Check your bank account after the expected timeframe. If the deposit does not arrive within the stated window, contact your exchange's support team with the transaction ID.

What happens if your bank rejects or delays the deposit

Some banks flag deposits from crypto exchanges as suspicious, especially if the amount is large or your account has never received a crypto-sourced transfer before. Your bank may place a hold on the deposit for up to 10 business days while they investigate, or they may reject it outright and send it back to the exchange.

To reduce the risk of rejection, contact your bank before you initiate the withdrawal and tell them you are expecting a deposit from a crypto exchange. Provide the exchange name and approximate amount. If the deposit is rejected, it will return to your exchange account within three to five business days, and you can try again or contact your bank to ask what information they need.

Frequently Asked Questions

Can I withdraw directly from Roobet to my bank account?

No. Roobet only withdraws to cryptocurrency wallets. You must convert the cryptocurrency to dollars on a separate exchange before your bank will accept it.

How much does it cost to withdraw from Roobet to my bank?

Fees vary but typically total 2% to 5% of the amount withdrawn. This includes Roobet's withdrawal fee (0.5% to 2%), the exchange's network fee ($5 to $30), the exchange's conversion fee (0.5% to 1.5%), and your bank's incoming wire fee (if any). You also lose money to price fluctuation on the cryptocurrency side.

What if I withdraw and the cryptocurrency price drops before I convert it to dollars?

You receive fewer dollars. If you withdraw $1,000 worth of Bitcoin and Bitcoin's price falls 10% before you sell it on the exchange, you will have only $900 worth of Bitcoin to convert. This is why some people convert to dollars immediately after the cryptocurrency arrives at the exchange.

Do I need to report this withdrawal to the IRS?

Possibly. Cryptocurrency withdrawals and sales are taxable events in the United States. If you won money on Roobet, you may owe taxes on those winnings. Consult a tax professional or visit the IRS website for guidance on gambling winnings and cryptocurrency reporting.

How long does the entire process take?

Three to seven business days. Roobet to wallet takes minutes to hours; wallet to exchange takes 10 minutes to an hour; conversion is instant; exchange to bank takes one to three business days depending on the transfer method. Delays can add days if your bank places a hold or if the blockchain is congested.