This page focuses on the best sports betting banking methods. What’s the best way to make deposits and withdrawals at your favorite sportsbook?
The sports betting market in the USA is thriving. However, since sports betting is still relatively young in the US, many are still learning how everything works. This is especially true of placing wagers, either at a retail sportsbook or through an online platform. Several banking options are available, but it’s essential to realize that not all payment options are equal.
The 7 Best Sports Betting Banking Methods
1- Credit and Debit Cards
One of the most common ways to buy anything is with credit and debit cards. These can also be used for sports betting; however, caution is needed. While available for both deposits and withdrawals in most circumstances, some card providers limit how their cards can be used.
Any credit or debit card should work at a sportsbook if they offer that payment choice and your bank or card issuer doesn’t block the transaction. Certain cards, though, are more popular than others.
Visa-branded credit and debit cards have the most elevated acceptance rate in comparison to other cards. MasterCard and Discover are popular, but other card types, for example, American Express and Diners Card, aren’t found everywhere.
Some sports betting sites offer credit and debit card withdrawals. Many more do not. If it is not a withdrawal option, another one must be used. A credit card authorization form may be completed before a withdrawal is processed.
Online sportsbooks, including DraftKings, BetMGM, FanDuel, and Caesars, all accept Visa-branded cards for deposits and withdrawals. Transactions are fast and, in most cases, are completed in just a matter of seconds. The sportsbooks don’t charge any transaction fees, but the card issuer might.
In addition, some card issuers consider funding an online sportsbook account as a form of cash advance, and these block all transactions related to gambling. The only way to know if your card will work is by checking with the issuer’s policies and procedures.
If credit and debit cards are accepted, the card provider likely establishes no limits. However, the sportsbook will have its limits in place.
2- PayPal
PayPal is a popular third-party payment provider that most states have accepted for making deposits and withdrawals in conjunction with online sports betting. The option is available using either a balance maintained in the PayPal account or a linked bank card. If you use a linked bank card, though, PayPal typically takes up to three days to verify the account. Not all sportsbooks accept PayPal, but most do, or they may accept some alternative, such as Neteller or Skrill.
To make a deposit, access your online sportsbook account and go to the cashier section. Deposit by the platform’s procedures and select PayPal when prompted to choose a payment method. If you have already linked your PayPal account to your sportsbook account, funding the account will be quick and smooth. If you haven’t, though, you will have to confirm your PayPal identification before proceeding.
Withdrawing funds is usually just as simple. Access the cashier section, start the withdrawal process, and choose PayPal to receive the funds. There’s nothing else to it. Once an online sportsbook withdrawal hits your PayPal account, you may use it to deposit on other sites, use the PayPal debit card for purchases or ATM withdrawals, electronically transfer it to your bank, or receive a check by mail.
There are some drawbacks to using PayPal, however, that have to be kept in mind. Typically, PayPal deposits and withdrawals take more time than some other methods. In addition, PayPal charges fees on some transactions, which will cut into your winnings. Currently, PayPal only allows personal accounts (non-business accounts) for online sports betting and iGaming.
PayPal doesn’t establish a limit on how much can be deposited or withdrawn through a PayPal account. The sportsbook’s policies set these limits. However, PayPal is strict with its transactions, and trying to fund $5,000 or more is likely to raise a red flag.
3- Online Banking
Online banking is available at most online sportsbooks. It is sometimes called VIP Preferred or EFT. This is a preferred method for many sports bettors, especially those who are just starting or who want additional security. The option can be used for deposits and withdrawals. However, there could be some delay when requesting a payout.
With online banking, the funds used for betting are held in a separate, third-party account. Therefore, personal bank account information is never linked to the sportsbook account. When you want to request that funds be added to your account, select it when making a deposit. The funds will usually appear within a few minutes if the sportsbook supports the option. There are no charges for making deposits using online banking.
To request a withdrawal, the same process for making any withdrawal is followed. Simply opt for online banking as the payout method. These transactions are typically free from both the online sportsbook and the bank.
4- ACH Transfer
For those who want to make larger deposits and withdrawals, ACH (automated clearing house) transfers are a great option. They allow for funds to be sent from a bank account directly to the sportsbook’s account, but there are some drawbacks, as well.
An ACH transfer, also known as a wire transfer, a direct bank transfer, a bank wire, or a fast bank transfer, is 100% safe and secure. To make a deposit or withdrawal using this option on an online sportsbook, you will need the sportsbook to give you its account and routing details before you begin.
This could be an issue, as configuring the transfer will require more time. Unless the online sportsbook has 24-hour customer service (most do), you will have to wait until the customer service department is open to get the details.
ACH transfers also need more time to complete. The delays occur for a variety of reasons, one of which is the bank’s policy. Although ACH transfers are common and are used every day by individuals and businesses, they are inherently slower.
There are also fees associated with ACH transfers. Fees vary from bank to bank. Both deposits and withdrawals could have fees tacked onto them, which means they’re not ideal unless you are planning on a huge transaction. You might have to pay to make a deposit, as well as to retrieve the funds and winnings from the sportsbook account.
Because these transactions are based on funds held in a bank account, there is no set limit to depositing or withdrawing. The sportsbook, however, will have its limits in place.
5- Prepaid Cards
Prepaid gift cards are a great alternative to using credit or debit cards, especially if the card provider prohibits their use in conjunction with gambling. It’s possible to use almost any prepaid Visa or MasterCard to fund an online sports betting account. Withdrawals to gift cards are impossible. Winning bettors must find another cashout method.
An alternative to a standard Visa or MasterCard gift card is the Play+ card. These are tied to the Discover network and are accepted everywhere Discover cards are. The Play+ card is free and can be funded using almost any standard funding method – even other cards. There are no credit checks because they’re prepaid cards. Additionally, you can never spend more than what the card holds.
To fund a Play+ card through an online sportsbook, select it as a funding method when making the deposit. As an added benefit, Play+ provides the card number when you register, and you can use that to make deposits before you receive the physical card. Play+ also allows you to fund your account using PayPal, which can save on the fees you would pay when depositing or withdrawing.
Play+ cards also work at ATMs (fees may apply), making them an excellent option for wagering at retail sportsbooks. It may also be used at a retailer that accepts Discover.
6- PayNearMe
PayNearMe is a payment provider designed explicitly for the iGaming industry and is now active in the US. There are 27,000 participating retailers.
PayNearMe facilitates cards, ACH, cash, and mobile-first deposit methods, including Apple Pay and Google Pay, but getting started can be somewhat difficult. To make a deposit, you can select PayNearMe as the option and choose the amount (there’s an upper limit of $500 but no lower limit). Once the transaction is complete, PayNearMe issues a receipt, which must be taken to a participating store for the payment to be delivered to the card.
Withdrawals aren’t currently possible with a PayNearMe card, which is a significant drawback. Another cashout option must be used. In addition, some online sportsbooks charge fees for PayNearMe deposits and withdrawals.
Because the fees are not standard, it is essential to check with the sportsbook to understand its policies.
7- Cash at Casino Cage
Cash is still king, especially when it comes to gambling and sports betting. Sportsbooks in states that have casinos have begun partnering with those properties to either launch a branded sportsbook or give them access to the state. These partnerships often carry a benefit for sports bettors, the ability to make deposits and withdrawals on their sportsbook accounts at the casino’s cashier cage.
Not all online sportsbooks have completed agreements with casinos, but most have. Those that haven’t been working on it. Where agreements are already in place, it is possible to make deposits and withdrawals in a matter of seconds at the cashiers’ cage with little hassle. The only data needed is an ID and the sportsbook account number (if issued) or name.
To make a deposit, visit the cashier cage and tell the cashier your account details and the amount you would like to deposit. For withdrawals, the process is the same. In both cases, the transactions are virtually instantaneous and free of additional charges.
It’s important to note that the particular sportsbook you are registered for is likely only partnered with a specific casino. This means you can only visit that casino to make deposits and withdrawals.
The only limits associated with cash deposits and withdrawals are those established by the sportsbook. The casino’s agreement with the operator will force it to adhere to the sportsbook’s guidelines, which means it will only allow you to withdraw an amount by those guidelines.
Other Deposit Options
Other online sportsbook deposit options are not as popular. Major operators like DraftKings accept Apple Pay. Venmo is a peer-to-peer payment processor that works at some gambling sites. Some online betting sites have branded prepaid debit cards. These are usually Play+ cards with private labels and work like a Discover card.