Sportsbooks Deposits And Withdrawals
Sportsbook deposit and withdrawal options have changed a lot over time. Each option has its unique advantages and disadvantages.
We’ll walk you through each of the options that US sports gamblers have at online betting sites. Ranging from credit cards to cryptocurrencies, our complete gambling site deposit and withdrawal guide will give you detailed information and the safest websites to bet at.
Complete Guide To Sportsbook Deposits & Withdrawals
Safest Online Betting Sites 2020
US Sportsbooks’ Deposit Options
Despite the lack of many international options, depositing into online sportsbook from the US is still relatively straightforward. Funding accounts can be done instantly through more traditional methods, and there are multiple options for the recreational bettor or the high-limit professional.
Below, we’ve listed the top options for funding and withdrawing from online sportsbooks.
Each link will give you step-by-step deposit instructions for each method, including any additional fees and the availability of withdrawal options for your winnings from an online sportsbook.
- Credit Cards
- Inter-book Transfer
- Bitcoin Cash
- Bank Wire
No Electronic Wallets for US Sports Bettors
The UIGEA and government interference have made using an electronic wallet an unwise decision. Even if an e-wallet could potentially facilitate online gambling transactions for US players, there would instantly be a target on its back. The potential convenience would not be worth the risk of having funds seized by the government.
Popular Deposit Methods At Online Sportsbooks
Betting With Credit Cards
Using a credit card like American Express is one of the best options for depositing at online sportsbooks and other betting sites. They’re convenient (nearly everyone has at least one), and deposits are processed instantly.
Sportsbooks that accept credit cards are the norm, not the exception, in today’s online betting market.
Take a closer look at MasterCard and VISA betting sites with this quick deposit guide and the top sportsbooks for each payment method.
Sportsbooks That Accept MasterCard
MasterCard has been a trusted payment processor for decades and is one of the safest and most cost-effective ways to deposit into online betting sites. Making a deposit using MasterCard only takes a few simple steps that can be completed in just a few minutes.
Step 1: Choose a Sportsbook and Sign Up – Pick from the best online sportsbooks that accept MasterCard and create an account. Sign up for the sportsbook. Once you signed up, head to the cashier page and click deposit. Then choose the MasterCard option.
Step 2: Make a MasterCard Deposit – Input your credit or debit card information into the slot provided and choose your deposit amount. This usually includes your name as it appears on the card, the card number, expiration date and the CVV number, which is the 3-4 digits on the back of the card. Be sure to enter any relevant bonus codes to be sure you take advantage of any deposit or reload bonuses offered by the sportsbook.
Step 3: Prepare Documents for Withdrawal – Before you can make a withdrawal, betting sites will generally ask for proof of identification as part of their KYC protocol. This will usually involve sending a photo of your ID and the front and back of your credit card. Most sportsbooks that accept MasterCard don’t have that available as a withdrawal option, but to receive a payout using other methods you will still need to verify your identity.
Best MasterCard Sportsbook: SportsBetting.ag
SportsBetting.ag is one of the top choices for as a MasterCard sportsbook. They’re one of the best sportsbooks online when it comes to bonuses, betting limits, and payout speeds. Deposits with MasterCard are free and have a minimum deposit of $25 and a maximum of $2,500 per transaction.
New depositors will receive a 50% Up To $1,000 Welcome Bonus when they input the bonus code “SB1000” when
Sportsbooks that Accept Visa
Finding sportsbooks that accept Visa isn’t a problem if you’re betting sports online. Visa has a higher acceptance rate and availability compared to MasterCard. Betting sites will accept Visa more than any other card type. Just like MasterCard, deposits take only a few minutes and usually have no fees. Even Visa gift cards have a decent acceptance rate.
Step 1: Choose a Sportsbook and Sign Up – Pick from the best Visa sportsbooks online and create an account. Once you make your account, head over to the cashier section and choose Visa as your deposit option.
Step 2: Make a Visa Deposit – Making a Visa deposit is the same process as a MasterCard. Input your name as it appears on the card, along with the card number and CVV number on the back of the card. Choose your deposit amount and click submit. Be sure to enter any bonus codes for any deposit and reload bonuses.
Step 3: Prepare Documents for Withdrawal – Just like Visa, sportsbooks require ID verification to prevent fraud and money laundering. Typically, management asks for a photo or scanned copy of your driver’s license and the same for the front and back of the credit or debit card you’re using to deposit. Once that is reviewed and approved, most sportsbooks offer a variety of payout methods.
Best Visa Sportsbook: BetOnline
Plus, additional bonuses such as a 25% Lifetime Bonus Guarantee on reloads and a 100% Bitcoin Bonus on players’ first deposit using the crypto-currency. Claim any of these bonuses when you sign up at BetOnline.
Gambling Restrictions: When Your Credit Card Doesn’t Work
If you try to deposit with a credit or debit card and your transaction doesn’t go through, you still have many options. Most of the time, if your card is rejected, it is because most credit and debit cards are defaulted to not accept international transactions.
This can often be solved as simply as calling your credit card company or bank and telling them to allow international transactions on your card. It’s wise not to mention you’re using your card for online gambling, as, while this is not illegal, banks are not allowed to let customers knowingly use their cards for online gaming transactions at offshore betting sites.
If you enable international transactions and your card still doesn’t work, try your deposit again later in the day or call the support staff at the sportsbook. Sportsbooks use different payment processors at different times of the day, and the support staff may also have access to other processors.
Betting With Cryptocurrencies
These days, every online sportsbook that accepts Americans has Bitcoin available as a cashier option. Regarding the other cryptocurrencies, it’s hit or miss. Ethereum, Litecoin, and Bitcoin Cash are next most popular, and there are dozens of others that are accepted by a portion of online sportsbooks.
There are thousands of alternative cryptocurrencies, and the list that sportsbooks accept may expand as they become more and more common. In our in-depth guide on betting with cryptocurrencies, you can learn all about the benefits of betting with cryptos as well as the most recommended and safest online sportsbooks.
Bitcoin has been a savior to the offshore betting industry, for both bettors and online sportsbooks. The crypto-currency offers levels of near-anonymity, and it is nearly free to send and receive.
Transactions take a matter of minutes or hours and not weeks. Withdrawals can be as fast as 15 minutes at the best Bitcoin sportsbooks. It’s the definitive elite cashier choice, especially for payouts, where it’s faster and cheaper than all other methods.
Lower Cost, Higher Security
Converting fiat-currency to BTC and vice-versa does come with a fee, but that’s all you will be paying when using Bitcoin. Using traditional currencies, such as the USD for a payout via check, bank wire, or money transfer will cost bettors 10% or more of their profits. Bitcoin is a no-brainer if you want to maximize the amount you have to bet and reduce withdrawal fees.
BTC also offers excellent security once you understand how the blockchain works and sign up for an exchange and wallet.
When it comes to speed – there is no comparison. Payout speeds at most sportsbooks are around 24-48 hours. Some BTC-only sportsbooks even process Bitcoin payouts instantly
This crushes the 1-2-week period for checks and bank wires at a fraction of the cost. It also makes moving around funds between sportsbooks much easier.
For more information on Bitcoin and a guide to using BTC to deposit into online sportsbooks, check out our Bitcoin deposit page.
Sportsbooks that Accept Bitcoin
Finding the right betting site that accepts bitcoin is not that hard to do anymore. BTC has been used for online gambling for many years now, and has become a standard deposit and payout method at most of the top sportsbooks. Below you can find an easy guide to learning how to make a Bitcoin deposit at an online betting site:
Step 1: Choose a Bitcoin Sportsbook and Sign Up – Pick from the best online sportsbooks that accept Bitcoin and other cryptocurrencies and make a deposit. Be sure to check for any bonus offers and look to maximize your bonus. Some sites will have bonuses specifically for BTC deposits, so it’s important to look out for these promotions before making a deposit.
Step 2: Deposit Using Bitcoin – Choose Bitcoin (BTC) as your cashier option when depositing. You will receive a BTC Address from the sportsbook that is usually valid for 10-20 minutes. Send your Bitcoins to that address.
Step 3: Wait for the Bitcoins to Arrive – This can take a just a few minutes to several days depending on the blockchain’s traffic. Most sportsbooks will instantly convert BTC to USD upon receiving your deposit. The rate of exchange is locked in when you send to the BTC address provided by the sportsbook. Changes in the BTC price after it is sent will not affect the locked in price.
Step 4: Getting a Bitcoin Payout – Cashing out works by asking for a payout from the sportsbook and providing them with a BTC address for payment. It will be converted from USD to BTC and sent to your address of choice. This usually takes from 24-48, but can be as quick as 15 minutes and as long as a week.
KYC is usually less extensive with Bitcoin, but the sportsbook may still ask for proof of address and ID verification before processing a payout. Some sportsbooks, usually BTC-only, offer almost full anonymity and don’t have any KYC process before sending out BTC payments.
Top Bitcoin Sportsbook: Bovada
Bovada is one of the best sportsbooks for Americans and ideal for Bitcoin. Their BTC payouts are typically processed in under 24 hours or less. Many are processed in less than an hour. The maximum deposit per transaction is $5,000. Their payout amounts are more substantial than other sites. Bovada allows players to cash out up to $9,500 every three days with Bitcoin.
They have a 50% up to $250 bonus for players on their first deposit. There is also a 50% Match Bonus up to $500 on their first Bitcoin deposit. Make fast and secure bitcoin deposits when you sign up at Bovada, and start placing your winning bets.
Best Online Sportsbooks for Withdrawals
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Withdrawing Your Funds From Sportsbooks
Online sportsbooks require personal information at sign-up and will usually ask bettors for more documents before they can withdraw. This is standard procedure for the vast majority of online gambling sites and is known as the know-your-customer (KYC) process. It is done to protect both players and operators from fraud.
Sites may ask for copies of the front and back of the Credit Card you used to deposit, along with a photo ID of some kind. This can be a passport or a driver’s license. Some may ask for a utility bill or bank statement. Scanning the documents is the simplest way to do this, but a digital camera can also work.
“There’s little risk of your information being shared with a third party if you stick with trusted online operators.”
While this information is sensitive, it’s purely for identity verification purposes. There’s little risk of your information being shared with a third party if you stick with trusted online operators.
This is yet another reason to avoid sportsbooks that have a poor reputation in the industry. Not only do you have to worry about being paid on time, but your personal information may also be at risk.
Once your documents are verified, the sportsbook will almost never ask you to send more documents or go through the process again. After this protocol is complete, withdrawal requests should be processed in a timely matter.
Payment Processing Report
For the latest on payment processing accross the world of sportsbetting, check out safest Betting Site’s acclaimed monthly payment processing report.
Delayed Payouts From Betting Sites
Once you have requested a withdrawal and received a confirmation email that it is being processed, generally all that is left to do is wait. The sportsbook will give an estimated timeframe for each method and may or may not notify you when they send the payment.
For person-to-person transfers, the shop will give players a corresponding number to pick up the transfer amount, but in the case of bank wires or paper checks, there is usually no notification that the payment has been sent.
If you don’t receive your payment in the allotted timeframe that was quoted by the sportsbook, it doesn’t hurt to give them another few days or week for them to make good on the withdrawal. Just like any business, these sites have delays, especially during busy times of the year such as the NFL season or March Madness.
If the payout request still lingers, contact customer support via email, live chat or phone. Inquire about your withdrawal request and ask how long they think it will be until it is processed. It’s best to be cordial with customer service representations, as these guys are your first path to management.
Regardless of your method, it shouldn’t take a sportsbook, even in the much maligned US-facing industry, longer than two months to make good on any payout request. Person-to-person transfers should be processed within days while checks and bank wires may take several weeks. Bitcoin, a crypto-currency, shouldn’t take more than a few days.
Once You Receive Your Withdrawal
If you receive a bank wire, you won’t need to do anything to receive your withdrawal request. It will simply appear on your bank statement once the wire goes through. The same applies to person-to-person transfers.
However, neither of these are the most popular choice for withdrawals. Paper check is the cheapest and most widely used option, but it can also be slightly riskier. Banks can’t knowingly accept checks issued by online gambling sites.
If possible, deposit the check through an ATM to avoid potential questions about its origin. Many checks are from foreign accounts and look different than domestic checks. A bank teller may ask you a few questions when you deposit a check.
Obviously, don’t mention it’s related to online gambling. A bank will never steal your funds for depositing a check from an online gambling site, but may be forced to close your account if they suspect that you’re receiving funds from online gambling sites due to federal regulations.
Withdrawals: It’s Actually a Painless Process
The above seems like a lot to worry about, but most of it is precautionary. We’ve deposited and withdrawn from offshore sites for over a decade with only minor issues.
The story is the same for most online bettors based in the United States. We’re just in the business of keeping players informed about potential obstacles along the road.
Non-US Sportsbook Deposit Methods
Paysafecard – New International Payment Option
Neteller – Popular International eWallet
Skrill / MoneyBookers – Solid Choice for Bettors
PayPal – Strong eWallet
Many countries also have domestic payment processors that accept online gambling transactions. For example, Instadebit is connected to the Canadian banking system and available exclusively to residents of Canada. The regulated online gambling climate in Europe offers players other options.
Deposit & Withdrawal FAQ
Still not sure about the deposit and withdrawal options at online betting sites? We have all the answers to the frequently asked questions in order to help you feel comfortable betting at online sportsbooks.