With the growth of online sports betting, bettors in the US have access to more online payment methods than ever. Any top online sportsbook needs to ensure they have the most up-to-date deposit methods available so users can transfer funds from their bank account to their sports betting account.
There are numerous ways you can deposit and withdraw at online sportsbooks and mobile sports betting apps, with each payment method coming with its advantages and disadvantages. Whether you want to pay in person or use e-wallets or online bank transfers, online betting sites should ensure that the banking process is smooth, often leading to sign up offers through dedicated betting promo codes.
This article discusses the most prominent payment methods used at a modern betting site, talking about their pros and cons to help you choose the most suitable one for you.
Popular deposit options at betting sites
As we have mentioned, all major online sportsbooks will offer convenient online payment options so you can fund your sportsbook account without any hassle. Funding accounts can be done instantly through more common methods, and there are several options for the casual bettor or the high-limit professional.
Below, we have listed the best options for funding and withdrawing from betting accounts.
To get things started, we will list the most traditional deposit options found at regulated US sportsbooks:
- Visa/Mastercard Credit and Debit cards
- Online bank transfer
- (ACH) VIP preferred e-Check
- Play+ Prepaid Cards
- Paper checks
- Bank wire transfer
- Cash at the casino cage
All of the top online sports betting sites should offer the above as a minimum. These are the most popular payment methods for online betting deposits.
Best sportsbook deposit methods
Currently, bettors have access to over a dozen banking methods, depending on which sportsbook they are using. This is a positive sign, as customers can now manage their money quicker, safer, and easier than ever before. We have listed our most recommended deposit choices in regards to ease of use, convenience, and speed. Each deposit method offers you a safe way to fund your online account, and most sportsbooks will provide them.
Credit or debit card
Using a Visa or Mastercard is one of the most widely used betting deposit methods. It is helpful that Visa is accepted by almost all financial institutions, meaning that bettors will be able to make secure transactions. Using this online banking option gives you flexibility, and transaction fees are fair.
Additionally, Mastercard is also one of the most common wagering deposit options. It is a well-known payment system that ensures a seamless transaction for players. Mastercard is safe and secure, and as long as you have a personal bank account, it is a great option.
Disadvantages of using credit or debit cards?
There are some things to watch out for if you choose to use a Visa or Mastercard to fund your account. You run the risk of being affected by unauthorized operators. Although most online gambling sites are run by respectable firms, like with every sector, there are operators out to cause harm.
The significant concern among bettors using credit cards in the gambling world is that they will be taken advantage of or have their cash stolen.
PayPal is one of the most well-known e-wallets globally. The system basically acts as each customer’s own personal program to store all their payment information, from debit cards to online bank accounts. With everything available in seconds at your fingertips, users can choose how they want to play and when they want to pay all via one service.
PayPal has built up a fantastic reputation because of its speed and convenience. You can transfer money to and from your PayPal account and expect the transaction to be completed in under 30 minutes, which is incredibly fast. You can either send your funds back into your personal bank account via PayPal transfer or send them over with a deposit into another betting site. PayPal gives users multiple options!
Another great feature of using PayPal is there are no fee transactions, which isn’t true of other e-wallets. With that being said, we feel you should definitely be on the lookout for sportsbooks that accept PayPal.
Disadvantages of PayPal?
We can’t really find much fault with this option to fund your online sportsbook account. One irritation is that the majority of sportsbooks will require customers to use the same email for both their sportsbook and PayPal accounts to be able to process any transactions between the two.
(ACH) VIP Preferred e-Check
If you have a checking account, ACH (also referred to as an Instant e-Check) is an obvious choice for a good reason. You will usually find this payment option listed as VIP Preferred. This is an ACH service that has extremely fast deposit and withdrawal times. However, depending on the policy of your bank, the funds might not be deducted from your account instantly. The average time it takes for deposited funds to show up on your statement is within 2-3 days from the transaction date.
Another thing in favor of the ACH option is that it is a widely available payment method on legal sports betting sites. It has a high transaction acceptance rate with solid limits.
Disadvantages of ACH?
The main thing going against ACH banking is the fact that you must have an online bank account with a bank accepted by the sportsbook you are using. The most famous banks (e.g., Chase, Bank of America, Wells Fargo, etc.) are typically included on the list, so it should be straightforward to make a deposit.
Alternative sportsbook payment methods
Apart from the three listed above, there are other payment methods that you can use to fund your account. Let’s take a look at the other payment options offered by online sportsbooks.
Play + Prepaid card
Play+ prepaid cards are offered by most online sports betting sites. The main benefit of using this option is its high acceptance rate. If you activate a Play+ prepaid card with your sportsbook, you will get access to your digital Play+ card in addition to a physical copy of the card in the mail. The digital card is usually used as a middleman between your credit or debit card and the sportsbook.
There is no need to wait for your physical card, as you can use the service even before you receive it. Operator-branded physical prepaid cards bring with them the added convenience of giving you the ability to withdraw your winnings from ATMs.
Disadvantages of Play+ Prepaid card
If you choose to use a prepaid card issued by the bookmaker, you should note that the card will be operator-specific. Also, although prepaid cards generally offer higher daily limits, monthly limits are restricted compared to other payment options.
As we have mentioned above with PayPal, e-wallets act as an intermediary between the recipient and the payer. They have shorter processing times and are a very secure payment method because all of your sensitive bank account data is kept away from the merchant you are buying from. Regarding legal US sportsbooks, though, there is no need to worry that your information will be given to the wrong person. All licensed betting sites are overseen by state gaming authorities and use excellent encryption software.
There are several e-wallet operators; however, outside of PayPal, players are most likely to discover Neteller or Skrill at most sportsbooks.
Although it is available in the US, Neteller is more prominent overseas. It offers many of the same perks as PayPal but with higher casino and sportsbook limits. Skrill is essentially the same as the other two e-wallet service providers but has grown in popularity through online gaming sites. Both Skrill and Neteller ay charge their users a fee for transactions.
Disadvantages of Netteler and Skrill
One of the most significant drawbacks of using Neteller is that it has stricter limits on the amount of money that can be transferred into your account. The main disadvantage of Skrill is it is not widely available.
Online bank account
For a lot of people, bank transfers are still the ‘go-to’ option when it comes to depositing and withdrawing. It reassures people as the sportsbooks will directly interact with your bank and not a third party.
Using your online bank account for gambling transactions means no third party gets involved, so it removes that worry. Additionally, this payment method is ideal for less tech-savvy bettors. Some other deposit options fall under the online bank account umbrella, namely:
- Online bank transfer
- Wire transfer
Bank wires tend to be used for depositing larger sums of money. However, for both of the options listed above, long processing times mean lots of users would rather use a quicker payment system.
Disadvantages of online banking
Unsurprisingly processing times are the main disadvantage with online banking; because extensive checks are required, deposit and withdrawal requests can take up to five business days.
PayNearMe allows you to make a deposit at participating Family Dollar, 7-Eleven, or CVS stores. You can find a full list of available locations in your area on the PayNearMe website. You only need to bring the provided PayNearMe barcode to the store and then deposit however much you wish. In return, you will get a code to enter into your account to get the funds.
Disadvantages of PayNearMe
The obvious drawback here is that there may not be a participating store near where you live. Additionally, if you are tech-savvy, you would likely rather just do everything online for more convenience.
Withdrawal methods at US Sportsbooks
When you want to cash out at online sportsbooks, the options will be more limited compared to depositing. Processing times will also be longer. Finally, you should also be aware that online operators sometimes require you to verify your identity before you are allowed to withdraw funds to avoid fraudulent activity. The verification process will usually require you to send a scanned copy of a relevant personal document such as your driver’s license or passport. Fortunately, you will only need to do this once before requesting a withdrawal.
Below is a list of all of the withdrawal options you will typically see at licensed US online sportsbooks:
- ACH e-check
- Prepaid card
- Cash at the casino cage
- Paper check in the mail
A lot of the same features we have detailed in our deposits section apply to these methods when it comes to cashing out. For example, if you choose to withdraw via check, it can take 1-2 weeks, which is by far the slowest of the lot. Venmo, Skrill, and Neteller all work similarly to PayPal in terms of digitally extracting funds, casino cage, and Play+ prepaid card withdrawals will provide you with your winnings in cash.
Best cashout option
It is not straightforward to choose the best withdrawal method as there are many customer needs. With that being said, there are some obvious criteria that we consider to be vital to all bettors. These are availability, speed, and reliability. Any payment method must excel at all of these to be recommended by us.
For its sheer speed, reliability and accessibility, prepaid cards are our top selection when it comes to making sportsbook withdrawals. If you have used PayPal to deposit, you can use the same account for withdrawals. This e-wallet’s processing times are also fast, and there are no transaction fees, unlike competitors.
Many of the same advantages of PayPal also apply to prepaid cards. Like when you deposit using the service, you can expect the same speedy processing times when making withdrawals. One other perk with withdrawing using prepaid cards is that you can do so by visiting any ATM where Discover cards are accepted.
Sportsbook payments important areas
As we have already highlighted above, there are some key areas to look out for before choosing the method you will use to fund your betting account.
The criteria that we look out for before recommending any sportsbook payment system are:
- Deposit and withdrawal limits
- Transactional fees
- Processing times
Any payment method must excel at all of the above so users can carry out online transactions without fuss in a speedy manner.
Placing your first deposit on a betting site
Before you start betting, you must first fund your account. Luckily, this is straightforward and can be done very quickly.
When you are logged in to your account, head to the cashier section. Click deposit, and the available deposit methods will appear. Simply select which one you would prefer to use, enter the amount you wish to deposit, and then confirm.
In most cases, the funds will be added to your account instantly. If you have signed up for a sportsbook that has a matched deposit welcome bonus, the bonus funds should also be added to your account. Once that is done, you can then browse all of the sports markets available and start betting with your mobile or desktop computer!