Deposits And Withdrawals – FAQ
How do I deposit at an online sportsbook?
It’s as simple as making an account and choosing a cashier method. Deposit options will vary depending on the sportsbook you choose. We cover all methods in our Deposit and Withdrawal Guide.
How do I withdraw from a betting site?
By logging into your account and requesting a payout. It’s the same method you used to deposit but in reverse. Generally, you can withdraw with any method that you used to deposit with previously. Checks and bank wires are usually available as a withdrawal method regardless of your deposit method.
How long should it take a sportsbook to pay?
Provided you’ve completed your know-your-customer (KYC) process (which can add time to processing) it depends on the method you choose for withdrawal and the sportsbooks you’re using. Also, the time of year may have an effect on processing. Online sportsbooks are usually backed up with withdrawal requests after the conclusion of the NFL season and Super Bowl.
Checks: About 2-3 weeks. Some sites can process checks in about week.
Bank Wires: These are probably identical to checks, but perhaps slightly longer.
Money Transfer: Money transfers are done via Western Union and MoneyGram. They’re both typically processed in 48 hours or less. The fastest speeds with this method take less than a day to process.
Cryptocurrencies: If you’re betting at sites that accept cryptocurrencies, withdrawals are often instant. The fastest sites pay in a matter of minutes, but a few hours are probably the average. For fiat-sportsbooks, the process takes a bit longer but is still the fastest and most cost-effective option. Withdrawals are processed in 1-2 days on the high end and can take up to a week on the low end of processing speeds.
We have full cryptocurrencies guide on depositing and withdrawing at online sportsbooks. In addition, we report on the speeds in the offshore industry each month in our monthly sportsbook payout report.
What is the best deposit and withdrawal method for betting sites?
There are still a lot of cashier options for players, but we think cryptos such as Ethereum, Litecoin or Bitcoin blows every fiat-method away by a large margin. It’s free deposit and withdraw at most betting sites and has the shortest processing time. We have a set-by-step guide to using Bitcoin at online gambling sites for those looking to use the crypto-currency.
What are the typical minimum and maximum deposit and withdrawal limits?
It depends heavily on the method and your jurisdiction. European sportsbooks in regulated markets typically have a much larger deposit and withdrawal limits. For most methods, the limits are in the tens of thousands or more, for both deposits and withdrawals. For U.S. sportsbooks, it’s a bit lower. When it comes to withdrawals, checks usually have a maximum of around $3,000.
Bank wires allow for a larger maximum and are available for unlimited amounts in some cases. Cryptocurrencies withdrawals at many operators are unlimited. Deposit limits in the U.S. market will vary, but some sportsbooks will allow you to deposit any amount you wish, while others may have a minimum deposit ranging between $5-$25.
Do online sportsbooks charge fees when I withdraw?
That depends on your region. In the regulated online gambling markets of Europe and other jurisdictions where top gambling payment processors operate, like Neteller and Skrill, almost all deposits and withdrawals are free. Those betting inside the United States using offshore sportsbooks will pay more in fees. It’s one of the reasons we heavily endorse Bitcoin, Litecoin or Ethereum as a deposit and withdrawal option. Compared to other methods, it’s the fastest and cheapest, by a large margin.
When it comes to other methods, bettors will pay a fee. However, most sportsbooks do offer players one free withdrawal request each month or every 30 days. Fees for sending checks and bank wires usually range between $20-$50 per request. Bank wires will have additional fees from the intermediary and receiving banks as well.
What is Cryptocurrency and how is it used for betting online?
Cryptocurrency such as Litecoin, Bitcoin, or Ethereum is a digital currency that has become especially popularly in online gambling markets in recent years. It has many positives, including decentralization and no government controlled central bank. It’s also basically free to send and receive bitcoins. We highly recommend it as a cashier option when depositing at online sportsbooks. We cover betting with cryptocurrencies thoroughly at Safest Betting Sites.
My credit or debit card won’t work when I try to deposit. What should I do?
We cover depositing with credit, debit, and gift cards extensively. There are lots of things to try if the first card you try doesn’t work. By far the most common issue is that the card is not enabled for international transactions. If you contact your bank, this can usually be solved within a few minutes.
Can I use Skrill to deposit into online sportsbooks?
Similar to Neteller, Skrill can be used in most countries, aside from the United States and Canada to deposit into online gambling sites. Skrill is licensed in New Jersey, like Neteller and PayPal, to accept online gambling transactions on licensed online poker and casino sites. Skill was formerly known as “MoneyBookers.” They left the U.S. market in 2008, a year after Neteller’s departure. Skrill left Canadian online betting markets in 2013.
Can I use PayPal to deposit into online sportsbooks?
Not in most jurisdictions. Since online gambling isn’t regulated in the United States, PayPal can’t be used for depositing, withdrawing, or any payment processing for online sportsbooks. In parts of Europe, where sports betting is regulated and legal, PayPal is sometimes available as a cashier option. PayPal is currently available in New Jersey for their regulated online casino and poker market. The company could easily become the top gambling processor again if online gambling is fully legalized.
Can I use Neteller to deposit into online sportsbooks?
In most jurisdictions, yes. However, Neteller is no longer available for residents of the United States and Canada. Aside from those two countries, Neteller is available in most other nations. Neteller, along with their competitor, Skrill, is one of the most popular cashier options for online sports betting. Neteller notoriously left the U.S. online betting markets in 2007 (and Canadian ones) after the company’s owners were charged with money laundering and racketeering. Neteller, like Skrill, re-entered the U.S. market fully licensed and currently operates in New Jersey’s regulated online casino and poker market.