Deposit and Withdrawal Guide
As we discussed in our offshore history article, online betting in the United States has had an up and down history over the past decade. Deposit and withdrawal options have also changed a lot over that time frame.
Each deposit and withdrawal option has its unique advantages and disadvantages. We’ll take players through each option available in the US market and also profile those that left (or were forced out of) the US online gambling industry.
Best Betting Sites for Deposits 2017
First, let’s look at the options that are no longer available in the US market:
Non-US Sportsbook Deposit Methods
Neteller – Popular International eWallet
The online e-wallet and payment processor, Neteller, is still the leader in online gambling payments across the world, but was once even larger. Their owners were indicted in 2007 and Neteller was forced out of the US market following the passage of the UIGEA.
Skrill / MoneyBookers – Solid Choice for Bettors
Another e-wallet, MoneyBookers was established in 2001 but rebranded themselves as Skrill in 2011. The company is second only to Neteller in processing online gambling transactions and operates in over 200 countries. US players have been essentially banned since 2008, and the company accepts no new accounts from the United States.
PayPal – Strong eWallet
The e-commerce giant is available for just about every nation, but Americans cannot use the service for transferring online betting payments. In regulated markets, such as the United Kingdom, players can use the service to deposit and withdraw to and from online sportsbook accounts.
Unlike Neteller and Skrill, from its beginning, PayPal has strictly banned payments relating to online gambling in the United States.
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.
No Electronic Wallets for US Sports Bettors
While these were once used in large numbers by US citizens in online gambling markets, the UIGEA and government interference have made this an unwise decision for operators.
Even if an e-wallet today began facilitating online gambling transactions for US players, there instantly would be a target on its back. The potential convenience would not be worth the risk of having funds seized by the government.
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 players step-by-step deposit instructions for each method, including any additional fees and the availability of withdrawals.
- Credit Cards, Debit Cards, and Gift Cards
- Person-to-Person Transfer (Western Union, MoneyGram)
- Checks/Money Orders
- E-wallets and E-checks
- Bank Wires
- Inter-sportsbook Transfer
- Bitcoin (crypto-currency)
- Litecoin (crypto-currency)
Credit Card Deposits at Sportsbooks
Using a credit card or debit card 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.
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 make 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 $1,500 per transaction.
New depositors will receive a 75% Welcome Bonus up to $1,000 when they input the bonus code “NEW1000” when making their first deposit at SportsBetting.ag.
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 required 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
BetOnline.ag has emerged in recent years as a top sportsbook for players worldwide and one that accepts both Visa and MasterCard. They offer a whopping 50% First Deposit Bonus up to $2,500 for players on their first deposit. Use the bonus code “NEW2500”. 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.
If Your Credit Card Deposit 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.
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. Utilizing a crypto-currency may seem a bit too daunting for some, but millions of people around the world have adopted it with relative ease. We may see a day when crypto-currencies like Bitcoin are more heavily utilized than the U.S. banking system.
As mentioned above, not only will you save a lot of money using Bitcoin as a cashout option, but when it comes to speed – there is no comparison. Some BTC-only sportsbooks process Bitcoin payouts instantly and many in just a few hours. Bitcoin payout speeds at most sportsbooks are around 24-48 hours. 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, which allows bettors to have money in multiple sportsbooks and expert line shopping.
For more information on Bitcoin and a guide to using BTC to deposit into online sportsbooks, check out our Bitcoin deposit page.
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.
Before You Can Withdraw
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 known-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.
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.
What If I Don’t Receive My Payout?
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.
It’s Actually a Painless Process
The above stuff 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.