From paying in person to e-wallets and online bank transfers, U.S. sports bettors now have plenty of options for both depositing and withdrawing at the best sportsbook apps. 1xt1w
In this article, we break down the most commonly offered sports betting payment methods, highlighting their advantages and disadvantages to help you choose the best one for you.
We’ve also compiled expert tips to help bettors make smarter, more confident decisions, covering the full betting journey beyond just deposits and withdrawals.
List of sportsbook deposit options c5b25
For starters, we’ll list the most commonly found deposit options at regulated U.S. sportsbooks:
Easiest deposit options wg5n
Already, sports bettors have access to about a dozen different banking methods (depending on the book). This is a very encouraging sign, as s can now manage their sports betting payments more quickly, safely, and easily than ever. Here are our top picks in of ease-of-use, convenience, and speed:
PayPal aj57
PayPal is one of the most recognizable e-wallets in the U.S. and worldwide. PayPal essentially acts as each ’s own personal hub to store all of their payment information, from credit or debit cards to online bank s.
With everything available at the click of a button, players can choose how they want to pay and when they want to pay, all through one service.
PayPal has built its reputation on speed and convenience. Players can send money to and from their PayPal and expect the transaction to be completed within 30 minutes – it’s that fast. Either send your funds back into your bank via PayPal transfer or roll them over with a deposit into another sportsbook – the options are endless with PayPal!
Lastly and most importantly, the service offers no-fee transactions, something which can’t be said about other e-wallets. If you only had one choice, PayPal is the way to go.
Are there any disadvantages? 4r7141
This isn’t too much of a disadvantage; however, most sportsbooks will require customers to use the same email for both PayPal and their sportsbook in order to successfully process any transactions between the two.
(ACH) VIP preferred e-Check 4i372r
For any player with a checking , ACH (also known as an Instant e-Check) is a natural option for a good reason. You will often find this payment method listed as VIP Preferred. This is an ACH service that boasts incredibly fast deposit and withdrawal times.
However, depending on your bank’s policies, the funds might not be deducted from your right away. On average, any deposited funds will show up on your statement within 2-3 days of the transaction.
Additionally, ACH is one of the most widely available payment methods on legal sports betting sites. It also generally features a high transaction acceptance rate with solid limits.
Are there any disadvantages? 4r7141
The main disadvantage to ACH banking is the fact that you need to have an online bank with an institution accepted by the sportsbook of your choice.
The biggest and most widely known banks (e.g. Wells Fargo, Bank of America, Chase, etc.) are usually included on the list, however, making it easy for the majority of customers to make a deposit.
Other sportsbook deposit options u4gt
Apart from PayPal and ACH, there are plenty of other trustworthy deposit options at your disposal. Let’s break each one down and highlight their strongest characteristics:
Credit and debit cards 616z3k
It’s hard to dispute the convenience of good old credit and debit cards. Though generally limited to MasterCard and Visa, you will find credit card transactions offered by the majority of sportsbooks.
Who should use credit cards to deposit? 6l1k3w
To put it simply, you should use a credit or debit card if there are no better options available. Credit and debit cards are generally very easy to use, as they don’t require using any third-party service. However, they do come with a list of potential drawbacks.
Disadvantages of using credit and/or debit cards 4q3c25
Unfortunately, for all the convenience they provide, credit and debit cards have some issues of their own.
- First off, it’s not uncommon for credit or debit card companies to reject gambling deposits. Some, if not most, banks tend to automatically decline any sportsbook or casino-related deposits due to underlying policies within their systems. In any case, s should customer and try to resolve the issue should this happen.
- Secondly, banks often recognize credit card deposits to gambling s as cash advances. This means that there is a possibility that the bank will charge you a fee. To see if this is the case, your best course of action will be to check your bank’s policies.
- Lastly, they do not withdrawals. Credit and debit cards only work one way when it comes to sending funds, so s who make their initial deposit using this method will need a second method activated in order to extract any winnings.
Other e-wallets v29n
As highlighted above with PayPal, e-wallets allow s to store data from one or more banking methods and move money around more freely. They essentially act as an intermediary between the recipient and the payer.
This means that you don’t have to enter any banking information when making your deposit; instead, you’ll simply to your e-wallet .
E-wallets usually have shorter processing times and are very safe because all of your sensitive bank data is stored away from the merchant you are buying from. In the case of legal online gambling sites, though, you don’t need to worry about your information falling into the wrong hands.
State gaming authorities oversee all regulated sites, and the sites use the same type of encryption leveraged by online banks and large retailers.
There are a number of companies that operate as e-wallet service providers. Some have even come to be synonymous with the service. Outside of PayPal, players are most likely to find Venmo, followed by Neteller or Skrill, offered at most online sportsbooks.
Venmo 3r394g
Venmo is a mobile payment service that allows s to send and receive money electronically. Here are the general steps to use Venmo:
- the Venmo app: You can Venmo for free from the App Store or Google Play Store.
- Create an : To create an , you’ll need to provide your email address, phone number, and a valid payment method, such as a credit or debit card or bank .
- Send money: To send money, simply enter the amount you want to send, select the recipient, and add a note to explain the transaction. You can also choose to make the transaction private or public.
- Make sportsbook deposits: Many merchants, including the best sports betting sites, accept Venmo as a payment method. Simply select the option to pay with Venmo at checkout, enter the amount you owe, and authorize the transaction.
Neteller and Skrill 1u4533
Although available in the U.S., Neteller is much more popular overseas. It offers many of the same advantages as PayPal, but it boasts higher casino and sportsbook limits.
In of depositing funds, Skrill offers more or less the same quality of service as the other two e-wallets. It has made a name for itself precisely through online gaming sites. Both Neteller and Skrill may charge their s a fee when they complete a transaction, making both options less than ideal in comparison to PayPal.
Who should use e-wallets? d3441
If you are used to using e-wallets in your everyday online shopping, you might want to continue to use them for your betting s as well. Extremely fast processing times are also a huge plus. Nevertheless, we will go through some of the main disadvantages, which might potentially sway you towards another payment method.
Disadvantages of Neteller and Skrill 332y70
Although they are quick and convenient to use, Neteller and Skrill do come with their own set of disadvantages:
- Neteller: One of the main disadvantages of Neteller is the fact that it imposes stricter limits on the amount of money that can be loaded onto your . Additionally, Neteller comes with the highest transfer fees of the two. Neteller is also often excluded from deposit bonuses on some sportsbooks.
- Skrill: The main disadvantage of Skrill is its limited availability. Namely, compared to its competitors, fewer operators offer Skrill. Finally, like with Neteller, some operators will exclude Skrill from first-deposit welcome bonuses.
Play+ prepaid cards 4ub1t
Play+ prepaid cards are offered by nearly every online sportsbook. High acceptance rates are their major advantage.
Players who activate a Play+ prepaid card with their sportsbook will receive both access to their digital Play+ card as well as a physical copy of the card in the mail. The digital Play+ card is typically used as a middleman between a ’s credit or debit card and the sportsbook.
This is often necessary because most banks will reject gambling-related deposits via debit or credit card due to specific bank policies. Instead of ing funds to the sportsbook, players can send money to their Play+ prepaid card and then it forward to their sportsbook .
s do not need to wait to receive their physical card, as they can fully use the service even before they receive it. Operator-branded physical prepaid cards offer the added convenience of giving s the ability to withdraw their winnings from ATMs.
What kind of people should use this method? 1v3r4f
In order to fund a prepaid card, you need to have a checking or a credit/debit card. This means that you will first need to transfer money to the card, and then onto your sportsbook .
If you don’t mind the extra step for the benefit of a high transaction acceptance rate and a higher daily limit, then you might want to consider a prepaid card. Prepaid cards are also a great option when other methods, like credit cards, are declined by a website.
What are the disadvantages of this type of method? 40645y
If you use a prepaid card issued by the operator, you should be aware that the card will be operator-specific. Additionally, although prepaid cards generally offer higher daily limits, monthly limits are often lower than with other payment methods. You can expect the daily limit to be around $2,000, while the monthly limit goes up to $10,000.
In-person depositing 4z4d4f
One of the advantages of online betting is the fact that you can do it whenever and wherever you are. Still, there are people who, for one reason or another, prefer face-to-face interaction.
What kind of people should use these methods? 6u403b
This method is recommended for people who don’t have an online bank or simply prefer in-person banking.
What are the disadvantages of this type of method? 40645y
There is an obvious disadvantage to this method. This is the fact that you will have to physically travel to a casino or sportsbook. If you happen to already be inside a casino then it can be very convenient.
PayNearMe 2q4r5b
PayNearMe is one way of circumventing some of the issues tied to in-person depositing. PayNearMe allows s to make a deposit at participating 7-Eleven, CVS, or Family Dollar stores, among others. A full list of available locations in your area can be found on PayNearMe’s website at any time.
Customers only need to bring the provided PayNearMe barcode to the retail clerk and pay the amount they wish to deposit. In turn, they will receive a code that they will enter into their to get the funds. This method, however, only works for deposits, so a second method will be required in order to extract any winnings.
Cash at the casino cage 4q4yv
To use this method, you will need to travel to the partner casino of the online gaming site you would like to interact with.
That means, for example, if you wanted to make an in-person deposit at FOX Bet Sportsbook, you could head over to the cashier’s cage at Resorts Casino in Atlantic City and hand the teller some cash. Immediately afterwards, your deposit will appear in your online .
Despite being instant and practically without limits, this can be the most inconvenient option for bettors. But if you happen to live close to a brick-and-mortar sportsbook, feel free to waltz up to the cashier’s cage. You will be able to instantly transfer money, whether you are using cash, check or plastic.
Using your online bank to deposit 91j64
For a lot of customers, bank transfers are still the preferred option when it comes to depositing and withdrawing. This is because sportsbooks will directly interact with your bank, not a third-party service, and closely follow and report any suspicious activity.
Who should use these methods to deposit? 715q4z
We recommend this method for anyone who prefers not to let third-party services handle their information. This payment method is also good for less tech-savvy bettors.
Disadvantages to using these methods 1v4461
Processing times are this method’s main disadvantage. Due to extensive checks, deposit and withdrawal requests can span up to 5 workdays. Although the actual times may differ and will depend mostly on individual banks and the sportsbook.
Online banking transfer 1383z
Although convenient and safe, online banking transfers share the drawbacks we’ve already covered. Namely, what we mean by this is longer processing times.
Bank wire transfer 455g2z
Bank wire transfers are generally useful for depositing larger sums of money. However, long processing times in addition to high fees make many s shy away from this payment method.
Paper checks 1i4p3q
Mailing personal checks is another viable option, though it’s not the most convenient. Depositing via paper checks usually takes somewhere between 7 and 10 days for the check to arrive and be processed. Most online sportsbooks only offer paper checks for payouts.
Online sportsbook cashouts 3r373v
When it comes to cashing out at online sportsbooks, the options are normally a bit more limited compared to depositing. Processing times will also usually take a bit longer. Finally, note that online operators sometimes require s to their identity before allowing them to withdraw funds in order to avoid fraudulent activity.
The procedure will usually require s to send a scanned copy of a relevant personal document, such as your ID, port, or driver’s license. Luckily, you will only have to do this once before making your first withdrawal.
Our favorite cashout methods 5p2y1p
It isn’t easy to choose the best withdrawal method, especially when taking into the variety of customer needs. Still, there are some clear criteria that we consider important to all customers. In particular, those are availability, speed, and reliability. This is what we used as a guide when selecting our favorites.
VIP Preferred (ACH e-check) and PayPal 4x644b
Both for their speed and reliability, PayPal and VIP Preferred (ACH e-check) win out as our top picks for making sportsbook withdrawals.
If you already use PayPal to make deposits, you can use the same for withdrawals. PayPal’s processing times are usually swift, and the service doesn’t charge processing fees on transactions, unlike competitors like Neteller. PayPal is generally widely available and is currently offered by most of the major online sportsbooks.
Many of the same advantages of PayPal also apply to VIP Preferred. Much like when you deposit using the service, you can expect super-fast processing times when making withdrawals. Naturally, this is compared to other withdrawal methods, which can often take several workdays to complete. Finally, like PayPal, ACH doesn’t charge processing fees.
What other withdrawal methods are usually available? 1f3713
As you might expect, apart from PayPal and ACH, there are a whole host of other ways to withdraw funds. Some of the deposit methods highlighted above will also allow for withdrawal, while others will leave s in search of a second banking method. Below you can find a list of the most common withdrawal methods available in U.S. sportsbooks:
List of sportsbook cashout methods 502c3x
- ACH e-check
- PayPal
- Neteller
- Skrill
- Venmo
- Prepaid card
- Check by mail
- Cash at the casino cage
Many of the same characteristics we discussed in our section on deposits also apply to the withdrawal methods. For example, withdrawing via check by mail can take 1-2 weeks, making it by far the slowest option of the bunch.
Neteller, Skrill, and Venmo each work similarly to PayPal when it comes to digitally transferring funds. In contrast, Play+ prepaid cards and casino cage withdrawals provide s with their winnings in cold, hard cash.
With all of that being said, make sure you take all variables into and choose the option that works best for you.
