Two of the key factors to consider when opening a new sportsbook account are the nature of Deposits and the ease of Withdrawals. How you make your payments and how you receive your winning. In this article we aim to give you a handy overview.
How To Deposits Funds Into Your Sports Betting Account
It’s pretty simple. Every online sportsbook will detail its most popular gambling deposit methods. Many may offer certain bonuses for using certain methods once or repeatedly. But country of residence can play a key part. Some payment methods are only applicable if you live in a certain area. Let's take a look at each of the most common options you’ll see:
Major Credit and Debit Cards
These will include, Visa, Master card, Vida Delta, Visa Electron and Maestro solo. For the vast majority of the largest online sportsbooks, the credit / debit card method will be the fastest way to get going. Of course, if using a credit card, the credit check system will apply. If the payment does not go through, some sites will refuse your deposit, but many will offer solutions if you give them a call and get a representative on the line.
E-wallets are essentially third party companies that offer to handle the deposit position for you. It’s best to set up an account with an E-wallet first, and then open your account with a sports book. You fund the balance in your E-wallet with cash, bank deposits or by card, and then use that balance to place deposits and make withdrawals from the online betting site. You want to keep one account with this method, as payments are smoother and faster if the withdrawal is to the same account as the deposit was made. E- wallet examples include;
- Click and Buy
Many of these E-wallet platforms are heavy on security and money laundering, so expect lengthy account setups. With Paypal and Skrill for example, you will have to verify your address and accept and verify bank deposits. This may be a more secure way favorable by some people but it certainly is not the fastest and most widely available for US bettors.
Instant Banking and Online Banking Payments
This payment method is what you might find the least widely accepted option if you live in the US. Sportbooks provide their account details and you instruct your bank to make payment. This is usually done online and the transaction can be instant.
Only some sportsbook will be able to offer this method if you reside in certain states. If this is your preferred payment method the best to try first would be Bovada or Betonline.
Prepaid cards work like gift cards; you load the card with the desired amounts and then provide the details of the card to the bookmaker for the transaction. An example is Paysafecard, formally UKash. With these cards your payments to a sportsbook are normally in the form of a voucher, and the entire amount of the voucher is deposited. It can be possible for users to convert large vouchers into smaller ones, however, meaning that the amounts you deposit can be controlled.
Other Deposit Options
If none of the above methods suit your needs, here are few others that may help:
- Instant e-check: These online cheques usually take a few days to clear. This delay can mean a long waiting time before the sportsbook can make your funds available.
- Cash transfer deposits at BetUS.
- Bank wire transfer deposits to Pinnacle: Pinnacle seem to accept bank wire transfers from certain states.
Most of the largest and well known online betting sites will accept most if not all of these options. When selecting which ones to go with, check their individual lists of currencies and methods they support. This so that you can work out the best way for you to get your balance ready for bests quickly.
The Most Popular Card Methods Used
Visa cards: The extent to which Visa cards are accepted globally is high, but within the US acceptance varies. In comparison a Visa gift card or prepaid card is much more likely to be accepted.
Mastercard: Mastercard probably has the lowest acceptance rate among sportsbook sites, but at the largest sites transactions are still possible, so it can be worth a try.
EcoCard: Is a card that offers instant secure and safe payments. It's a prepaid virtual credit card that can be funded with your bank account.
Click2Pay: Click2Pay is another E -wallet that can be used to make deposits. It's one of the most established platforms in the market, so will provide one of the most efficient services. The funds placed on the E-wallet have to be taken from credit card or bank account that you own. Fees apply if you add a balance before depositing, for many depositing using Click2play without adding first to the balance will be free.
Prepaid Visa and Mastercard: These are much easier for sportsbooks to accept. Visa in particular is to Mastercard cards. But generally gift cards or prepaid cards will create fewer problems, especially for US bettors.
Bank Wire: This method involves an instruction from your bank to directly pay the betting site and this creates processing barriers. It's not likely going to be an option with many sites, especially for new customers. Typically you have to be a member for some time and meet certain conditions for this to be possible.
Bank Draft or Cheque: As long as it's a certified cheque it will be widely accepted but it’s not instant, it can take time in the mail, then it will take time to process once reviewed. Personal cheques are usually not accepted.
Sportsbook Deposit: Is one of the most popular deposit methods globally. But for online betting companies within the US, platforms like Skrill will be less widely accepted.
NETeller Deposit Like Skrill you are offered a card, which allows secure and pre-paid deposits. The fees and benefits are what the two rival services compete offer so finding the one that matches your needs is the challenge. The two form the largest method of deposit payment outside the US.
Person To Person Deposits: It is possible to fund your online sportsbook account by international money transfer. This method usually involves a lot of phone calling to set up payment details. Some sportsbooks will only handle such processes over the phone or by customer service chat if they offer such a feature. The issue with this method also is that in terms of fees, banks are famed for charging really expensive international payment fees. You may have to shop around the high streets to find the best rates.
Cash Transfer Services: Money orders are huge in America, the main advantage being the sheer size of the companies offering these services. Western Union and Moneygram have been around forever and have outlet stores thickly spread all over the world! Services of this magnitude offer security, speed, and reliability. Popular cash deposit methods include:
- Western Union
- Bank Wire
- Instant eChecks
The thing with these services is that it's way more complicated than card payments online from both your perspective and that of the betting site. For example with Western union, you’ll need an account with before you make any money sends.
You have to grab the details of the betting sites bank to pay, arrange the send with western union, then provide the tracking numbers given to you by Western union to the betting site and physically take the cash to a western union store. This process is clearly explained on the Western union website when you have made an account, as it will be with all the other companies listed above.
Bitcoin: Bitcoin is a little different. It's a platform that does not work off the rates controlled by a single governing body or central bank. Instead it's a network of individual volunteers performing and recording the platforms transactions. It's essentially an independent currency. It means that the exchange rates cannot be impacted by any single person or entity.
In the beginning years of Bitcoin exchanging your traditional currency for gimmick money might have looked at like a less reliable shady idea for many. This has changed, however, as by the start of 2014 the total market value of Bitcoin capital was reported to be worth more than $10bn. The price of one Bitcoin now may be more than many are willing to deposit, but since its birth a range of smaller units has become available for lower budgets.
Instant eChecks: Far more accessible in Europe, Asia and Australia, American gamblers will find sites that operate with this method quite limited. E-checks may seem more secure than the traditional paper cheques, but are not necessarily more favorable than a credit card.
If there are any security issues or problems with the transaction credit card companies are very good at handling these situations and disputing with the vendor you have paid. With e-cheques you don't have this insurance.
Making Deposits In The U.S
Today the US market has been subdued due to the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The Act does not specifically cover all types of online sports betting within the US. What it does do making it very difficult for gambling sites to accept deposits in US dollars from United States residents. However, there are still a large number of sites that operate off-shore offering US bettors ways to open accounts, and get on with betting legally within certain states.
At the moment betting online although certainly hugely popular in the US market, is still somewhat of a grey area. Within States such as Nevada, Oregon, Delaware and Montana for example there are no laws that make online sports betting illegal.
But in certain states for example Washington and Maryland, recent legislation has been put in place to make gambling on online betting sites illegal. They are laws that are primarily directed at the sportsbook makers or the site owners and not really the individual user, but it's still not legal to bet online in these states. That said as far as is public knowledge no individual US user has yet been charged for placing bets from within the US online.
Through our extensive research, it is our belief that any individual player from the US should encounter no major issues betting online. We are however simply gaming fans, and are not authorized to guarantee anyone complete success finding online sportsbooks that accept the custom of US based users. Our aim is to provide information and advice on enjoyable gambling practices.
If you decide to gamble, you do so at your own risk and are solely responsible for checking the current laws applicable to your State of residence or participation. We strongly support and encourage the principles of responsible gambling.
In 2015 the sportsbook that seems most accommodating of US bettors is Bovada. They offer easy deposits and withdrawals for US Dollars and is certainly one of the most established sites in the US facing market.
Frequently Asked Questions
Which cards are most likely to be accepted when depositing online?
Visa cards above all are the best bet, followed by MasterCard and American Express.
What should I do if my card is refused?
Most of the largest betting sites will be able to process the transaction over and over again, this can solve the problem just fine, Call their customer services for more help. Alternatively you will have to try one of the other methods we have detailed that might be possible.
Which pre-paid cards are best?
You must use a prepaid card that has a Visa or Mastercard symbol. You must also ensure they are eligible for international transactions and online shopping. Otherwise you risk having them restricted.
Is Bitcoin a huge risk?
It’s not a fixed currency, so technically the value of Bitcoin’s and subunits can change overnight. But recent history is key and at the moment Bitcoins are in great shape. Try a little before you try a lot more is a key suggestion.
Is there a one stop shop for online betting?
No, all online betting sites will differ in how they operate and what they are able to offer you. So it comes down to your personal needs and preferences. Bovada offers one of the widest ranges of deposit and withdrawal methods so it's a good place to start.
The American online sports betting industry is still going strong, how can it not? With some of the world's best sports industries to enjoy! When it comes to betting, however, the rest of the world is more relaxed about it. Skrills abandoning of the US market was a huge sign for a lot of people that the American game was dying. But the increasing use of global sites like Bet365 and Bovada has proved that there is still a lot to play for!
When it comes to withdrawing your winnings, every site will have different systems, best seen as hurdles to get over. Many will offer bonuses or rewards for having a fixed schedule payout. This can be a good thing though as a safe practice is withdrawing regularly to prevent the temptation of placing much larger, more risky bets.
How To Cash Out With Ease
By Credit Card or Debit Card: All sites that offer the credit card deposit option will offer to make payments to your card on file. They may suggest crediting your account with your credit card and making payments back to you to a personal bank account. This is one of the fastest ways to get paid. Commonly the transaction may take a few days longer than you are used to for card payments of this sort.
Neteller: Like many other online wallets this platform will receive the payout from your sportsbook and add it to your Neteller balance, which then can be paid to your linked bank account.
Skrill: For bettors not located in the US, Skrill is an online wallet that can offer great rates in a platform that makes making real time payments as easy as sending an email.
Paypal: Paypal works the same way as Skrill, an online wallet that holds a balance for you. Many online betting sites will feature this payment method and it is so well known for security in the online payments market. Paypals fees per transaction, in particular international exchanges, can be less competitive than many less famous companies, so it's best to have a look around before settling.
Bank Transfers: Far less widely accepted or used among sportsbooks. But those that do offer this method will do so within around 2 - 3 working days. This is usually only an option if you reside in the same country the sportsbook is based in. Otherwise it is restricted or incredibly pricey in terms of fees and exchange charges.
Cheques: Many sportsbooks still offer sending cheques in the mail. Bare in mind that this method is one of the slowest forms of withdrawal. Three weeks in the mail, up to a further one -two weeks processing time - you do the math.
Click2Play: Taking payments out with this method is usually as simple as making deposits, although fees will be incurred. For example, to withdraw from Click2Play to a debit card, there is a one off fixed fee of £10. For pay outs in the form of cheques it can be up to 20 Euros.
Instadebit: An alternative E-wallet that offers very efficient deposit payments. Like Skrill it can be integrated with a lot of sportsbook accounts easily and handle currency exchanged from a wide variety of countries. This service commonly imposes deposit and withdrawal limits on new users so it may take time to develop the transaction capabilities you are looking to make.
Bitcoin: Regarded as one of the safest options on the internet for claiming winnings. The platform allows players to stay anonymous, to safely deposit and cash out funds with nothing but an individual Bitcoins address. As a plus this method is relatively fast, and means practically no transaction fees.
Frequently Asked Question In Withdrawals Of Sports Betting Funds:
Is online sports betting illegal in America?
The current legislation makes it hard for US companies to process payments as it’s illegal for banks to pay sportsbooks. This is meant to stop just any individual opening a sportsbook without a license. But it is not illegal for a US individual to place sports bets online.
Which online sportsbook would you recommend?
Choosing an online sportsbook is always difficult, but the best vendor that offers the most established and overall ease of use platform is Bovada. They welcome American bettors, show relatively quick withdrawal speeds and have great customer service staff.
What are the biggest problems with E-wallets?
For users in Asia, Europe and Australia, these platforms are great, secure and not too pricey. For Americans, however, the UIGEA legislations make them a no-no for online sites. So For US bettors they are supremely limited to a few and not very established companies running this method. The other thing to consider is these platforms usually retain the right to hold or restrict balances while in their control. This can apply huge delays to transaction times and heavily disrupt the experience.
What are the most popular withdraw methods in order?
- Credit Cards
- Bank Wired and Cheques
- Person to Person - Western Union or Moneygram
What documents will you need before being able to withdraw?
The majority of betting sites when it comes to paying out wins will require strict identification and verification of your account. The following common documents are a good idea of what you will need most of the time:
- Official Photo ID
- Front and back of the Credit card used to open account
- Utility bill or recent proof of address
This is usually just the first time, and once these are verified it's usually never needed again for future withdrawals.
What if my payout is not processed?
Don't panic, it's likely just a clerical error. The site will provide you an estimated time of arrival, but at times even this can be outreached. If it is a person to person cash transfer, these usually come with tracking details so the payment can be checked on. Only if the payment is taking longer than a few working days over the estimated time is it a good idea to call the sites’ customer services. Any time before this and they will advise you to wait. They will then be able to give you more information or process the payment again.
Ultimately it is still perfectly possible to places bets on your favorite sports in the US, and if you're based anywhere else in the world the options are wide open! Start at the world's most popular casinos to get a feel and then when you think you have specific needs check out more of the market. If you have a larger budget you might like the idea of setting up multiple accounts with a variety of vendors, this way you can experience their good and bad points first hand simultaneously while you enjoy the ride!
Ready to start? Please visit our recommended sites below:
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