Online Sportsbook Banking Methods

Online Sportsbook Banking Methods

The usage of online sportsbooks has increased exponentially in popularity as the legality of sports betting continues its spread throughout the United States.

In the two years since the federal repeal of PASPA, betting has begun improving the economies of several states and with time, nearly all will address the industry legislatively.

Currently, nearly half of the 50 states have legalized betting in some form and roughly 75 percent have either legalized online sports betting or has a bill moving through the legislative process.

This rapid expansion has dramatically improved the betting experience for so many players and there are plenty of reasons to love online sportsbooks, starting with the convenience it provides. One of the things that makes betting via computer or mobile device so easy is the fact that there are many ways to fund and withdraw from an online sportsbook.

Gone are the days of needing cash at a physical casino, because online betting sites have a variety of banking methods to deal with your account in a safe and secure way.

Online Sportsbook Deposit Options

Online sportsbooks work hard to provide you with a safe, secure, and easy transaction every time. This is why each site ensures the security of your funds and information by only offering the most reliable services for both deposits and withdrawals from their digital wallets.

The first step is depositing, which requires you to put your trust into the site, so it's of vital importance players have an option they feel comfortable with. Here are some of the most common online sportsbook deposit methods available:

  • Credit/Debit
  • Prepaid Card
  • Online Bank Transfer
  • PayPal
  • PayNearMe
  • ACH/eCheck
  • Cash

The deposit methods offered through online sportsbooks aim to provide options that vary to accommodate different players' preferences without sacrificing safety.

These options include a traditional debit or credit card, a few eWallet options, bank transfers, a check, and, of course, cash, which can be both deposited and withdrawn at 7/11 locations with PayNear Me and the partnering casino.

How Do I Deposit Into An Online Sportsbook?

Depositing your funds into an online sportsbook is easy. All you need to do is sign in to your online sportsbook account and visit the correct section of the website.

The online sportsbook's wallet is usually accessible at the top right of the desktop and sportsbook app. It is often referred to as "Deposit," "Wallet," or some variant of "Cashiering," if not one of those exact words.

Additionally, the wallet might be under the menu option, especially on the sportsbook app. (An example of this is the Golden Nugget Online Sportsbook). Thankfully, once you enter the wallet area, the deposit method is the same across all online sportsbook platforms:

  • Step 1: Select the amount you would like to deposit.
  • Step 2: Select the payment type you are comfortable with using.
  • Step 3: Enter the appropriate personal information for the deposit.
  • Step 4: Make sure you enter a Promo Code if you have one.
  • Step 5: Finalize the deposit.

Many deposit options are near-instantaneous. It could take a day or so for the deposit to post to your account, yet, the time frame can depend on the method of deposit chosen.

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Credit/Debit Card Sportsbook Deposits

Credit and debit cards are one of the easiest ways to deposit into an online sportsbook.

With that said, you need to know that your debit or credit card will allow for a transfer to an online gaming entity since some companies do not allow transactions to gaming sites, although many of the most well-known brands

Plus, you need to make sure that the transaction does not go through as a cash advance to avoid unnecessary fees from your bank or credit card company. Here are a few companies to rely on:

  • Visa
  • Mastercard
  • AMEX
  • Discover

If you are one of the many people who uses these popular debit/credit card options, your account will likely be funded within a few minutes, without issue:

Sportsbook Credit Card Deposit

Credit cards are hands-down the most popular way to complete sportsbook deposits, proving that people find it so much easier to bank online with a card than in a casino with cash. There is usually a minimum deposit of $5 or $10 and funds appear almost instantly in your account, with the whole process taking only minutes.

Some credit cards such as Visa or MasterCard may have a small fee associated with the deposit transaction. Any fees associated with deposits are largely dependent on the credit card you are using. If any fees do incur, it is from your banking provider and not the sportsbook.

It is also unlikely for your American Express credit card to work if it is attached to a business account

Sportsbook Debit Card Deposit

Using a debit card to deposit funds into an online sportsbook account is much like depositing money from your credit card.

Visa and Mastercard holders will likely incur a small fee for deposits and the billing address must match the one on the account in most cases. Debit card transactions carry a minimum deposit of $5 or $10 and will have terms and conditions uniform with credit card transactions.

Sportsbook Prepaid Card Deposit

Prepaid card deposits are popular because they tend to come with a lot of benefits since they are tied to the sportsbook. The most common prepaid card is the Play+ card that caters to online sportsbooks and other gaming entities.

To use an online sportsbook prepaid card, you can deposit funds online using a debit card, credit card, or a checking account.

There is no fee associated with this prepaid card, and transfers are instant. The minimum amount you can deposit is $10, and the maximum is $25,000 for those enrolled in the Standard Program. If you take advantage of the perks that the VIP Program offers, you can deposit up to $100,000!

eWallet Sports Betting Deposit

The rise of eWallets has added an extra layer of security to sportsbook transactions and opened the door for a plethora of third-party cashiering options for online gaming platforms.

These eWallets allow your bank information to remain private while still finding your account. One of the most popular versions around is PayPal, which is an available option for most legal online sportsbooks in the United States.

Sports Betting PayPal Deposit

PayPal is an extremely popular way to make transactions on many different platforms throughout the United States, so it makes sense that PayPal would be an option for depositing funds into online sportsbooks.

Depositing is quick and if you are signed up for PayPal with your bank account attached, there are no fees for transactions. If you elect to sign up through PayPal but deposit directly with a card, there will be a 2.9 percent fee incurred.

Sports Betting PayNearMe Deposit

PayNearMe is another popular eWallet that allows you to deposit funds to your online sportsbook account at select stores, including:

  • 7/11
  • Family Dollar
  • CVS Pharmacy

To deposit via PayNearMe, you may use many convenient payment methods from cash and credit or debit cards to even Google and Apple Pay. Through this transaction method, your funds will be available within thirty minutes.

This method of deposit is a safe and reasonably convenient method of depositing funds. It should be noted that PayNearMe does charge a fee for each transaction. The fee is $2.99 if you are depositing up to $300, $3.99 for up to $500, and $4.99 for payments up to $1,000.

Online Sportsbook Wire Transfers

If you are unable to use one of the above methods for deposit, you can always use a safe and secure wire transfer.

This type of deposit can be considered more invasive than other methods, as you are connecting the online sportsbook directly with your bank. Additionally, this method usually takes between five and seven business days to process, although you shouldn't incur any fees.

eCheck/ACH Sportsbook Deposit

Using an eCheck or an Automated Clearing House (ACH) payment is a cheap and secure option for transferring your money to your online sportsbook wallet.

An ACH payment is the electronic version of writing a check. While a physical check, sent by mail can take up to two weeks to clear, ACH transactions are electronic payments that pull funds directly from your checking account.

Bank Wire Transfer Sportsbook Deposit

Bank wire transfers are similar to ACH since the deposit is deducted out of your account instantly, but the transaction is only between your bank account and the online sportsbook.

There are no cards, eChecks, or otherwise involved. Wire transfers clear funds immediately, where it can take a few days when you use an ACH payment, the minimum for this deposit method is around $10.

Online Sportsbook Withdrawal Options

Withdrawing your money from an online sportsbook is supposed to be a quick and easy process. You will notice that there are generally fewer withdrawal options than deposit options, but there are still many different ways to get funds out of your account in a timely fashion.

Here are the most common ways of withdrawal you will find among the available online sportsbooks.

  • Prepaid Card
  • ACH/eCheck
  • PayPal
  • Check By Mail
  • Cash At Cage

Most withdrawal methods, with the exception of picking up cash at the casino cage, require a minimum withdrawal of $5 or $10 while the maximum withdrawal is around $10,000.

It is essential to note that depending on the sportsbook and the method, you may be required to withdraw the same way you deposited. This only applies if the method can be used for deposits and withdrawals.

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Online Sportsbook PayPal Withdrawal

PayPal is one of the most trusted methods of withdrawal, as it is for deposits. Although this method insists that you use PayPal for the withdrawal if you used it to deposit, that's usually the intention of the better either way since the eWallet is so easy to use.

The minimum for withdrawing to PayPal from most online sportsbooks is around $5 or $10 and funds usually appear in your account 24 to 48 hours after making the deposit request. From there, money can be easily shifted to your bank account.

Prepaid Card Withdrawal

Many online sportsbook sites have a prepaid card. In most cases, these site-specific cards are eligible for both deposits and withdrawals and also come with awesome perks.

Please note that most prepaid credit cards (Visa, Mastercard) do not offer a withdrawal option, so make sure you know your card's capabilities before attempting to use it.

Sportsbook Withdrawal ACH/eCheck

Much like depositing to your account via an ACH or eCheck transaction, withdrawing your funds with this method is extremely reliable and secure.

While some online sportsbooks offer a physical check by mail, which can take two weeks to process, an ACH transaction generally only takes between three and five days.

Bank Wire Transfer Sportsbook Withdrawal

Bank wire transfers are not available at every sportsbook but this option can be even faster than using the ACH method.

Different sites and banks vary a little bit but when you use a bank wire transfer to withdraw your funds from your online sportsbook account, you should receive your winnings from most sportsbooks within 24 to 48 hours.

How Do I Withdraw Money From An Online Sportsbook?

Here are the steps for withdrawing your funds from an online sportsbook:

  • Step 1: Locate the cashout/withdraw option from the sportsbook wallet.
  • Step 2: Select the most convenient method of withdrawal from the options available.
  • Step 3: Enter the information required to complete the withdrawal.
  • Step 4: Finalize the withdrawal.

When withdrawing from an online sportsbook, it usually takes up to three days for funds to show up in your account. Most sites, however, respond to your withdrawal request to let you know the funds are being processed within 24 hours

If you elect to use the cash-to-cage option at the associated land-based casino, you will be granted your withdrawal instantly.

Online Sportsbook Banking FAQs

Can You Bet With a Debit Card?

Yes, debit cards are one of the easiest ways to fund your online sportsbook account. When you use a debit or credit card to deposit funds, you will usually wait no more than a few minutes to post to your online sportsbook account.

Can You Use A Credit Card To Bet?

Yes, you can use a credit card to bet online, which is not the case at a land-based sportsbook. All you need to do is simply select the option for a credit card as your method of payment and assuming your bank is one of the options accepted by the site, you'll be able to select the amount to invest.

Specifically, here are a few credit card companies that should have no issue with the sportsbook or the bank recognizing its legitimacy:

  • Chase
  • AMEX
  • Capital One
  • Mastercard

Deposits normally go through within minutes, and then you can use the funds to bet to your heart's content!

What Is The Safest Way To Bet On Sports?

The use of legal, regulated online sportsbooks is always the safest way to bet on sports.

The legal online gaming industry is rapidly spreading throughout the United States and each year, more and more Americans can legally wager inside the state they live or in a neighboring state.

Sure, offshore online sportsbooks will allow you to physically deposit your money. But since they are not held to any enforceable legal standard, the real gamble is whether you can trust the site will pay you if you happen to win.

Offshore sportsbooks are notorious for being underhanded and sneaky. So, it is always smarter to stick with the legal, regulated sportsbooks.

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