What Banking Options are Available for US bettors

What banking options are available for US bettors? Sportsbook providers continue to improve year after year in terms of the quality of their products. With a super-competitive landscape, operators in the online gambling industry are doing everything they can to get a leg up on the competition. One of the ways that operators are doing this is through the way bettors deposit and withdraw their money. Where there used to be only a handful of methods to deposit money into your online bankroll, online gambling operators now provide a dozen or more options in order to fund your account. With our guide, we’ll show you the methods of deposits and withdrawals that are available at most of your accredited sportsbook operators.  

Credit/Debit Cards 

Credit and debit cards are fast, convenient, and easy to use. If you have purchased anything online, you’re familiar with the process. In most cases, sportsbooks instantly credit customers’ betting accounts. Almost all sportsbooks accept Visa and Mastercard, but some accept Discover and American Express. Credit and debit card betting is not legal in every state. 

Fees-Most sportsbooks allow credit or debit card deposits; some issuing banks consider credit card deposits as cash advances and charge additional fees

Transfer time- Instant

Pros- Easy to use, No third-party service, Super fast deposit time

Cons- Fees for transactions, Large possibility for declines, Cannot withdraw with card

Play+ Card’s 

Prepaid Play + cards work as two deposit methods in one. Customers who choose this method must open an online prepaid account. Then, users can instantly deposit funds online and bet immediately after registration. Think of the Play+ card as a middleman between a player’s credit or debit card and the online sportsbook. This becomes beneficial when most banks reject online gambling deposits from debit or credit cards. While a prepaid card is sent to new users about two weeks after registering, players do not need to wait to receive their physical card, as they can use Play+ even before they receive it. Having the physical card, however, allows you to use your card at participating ATMs for cash withdrawal.

Fees- Fees vary; no charge for depositing or withdrawing

Transfer Time- Instant

Pros-Instant deposits/withdrawals, Higher acceptance rate, Higher daily limits

Cons- Fees can vary, Unique account per operator, Lower monthly limits

PayPal

With over 426 million users as of 2021, PayPal is one of the most recognizable e-wallets in the world. PayPal is essentially your own personal space to secure all your payment information. Whether it’s a credit/debit card or your online bank accounts, they can all be stored securely on PayPal. This means that users funding or withdrawing from their online payroll can choose easily where they want their money to go. PayPal also relies heavily on the speed and convenience of its transactions. When using PayPal, you can deposit or withdraw funds within 30 minutes. PayPal also has no fees which make it one of the more convenient options when dealing with your online bankroll.    

Fees– None

Transfer times- Minutes for deposits

Pros– No fees, Quick deposit & withdrawals, Unlimited bank options

Cons– Must have PayPal account, Must be same email, Not instant deposits

Pay Near Me Gambling Deposits

You can make deposits to online gambling sites using PayNearMe Cash. Deposit through the cashier for the online betting site that accepts PayNearMe Cash and the operator will send you a barcode to print out or scan on your mobile device. PayNearMe Cash payments are accepted at 7-Eleven, CVS, and Family Dollar. You can make cash payments between $10 and $500 a day, and funds appear on your online betting account within minutes.

Fees– In-store/bookie fees may vary

Transfer times- Minutes for deposits

Pros– Easier than in-person, Many store locations, Quick Process

Cons– Only works for deposits, Limited state availability, Lower deposit amounts

ACH (VIP) VIP Prefered 

Often found as the VIP prefered method, the ACH (or Instant e-check) is a bank transfer where players can transfer funds directly from their checking accounts to their mobile betting accounts. This is good for players who do not have a debit card or have issues with their credit cards getting approved for online betting. Also, ACH is one of the most available payment options for online gambling operators. However, funds may not be removed from your account instantly, depending on your banking provider. Any funds will show up within two to three days of the transaction on average.   

Fees– No fees

Transfer times- up to 2-3 days

Pros- High approval rate, Highly available, Good for all players

Con- Potential long wait times, Need approved bank institution, Not instant

In-Person Depositing

One of the best things about online sports betting is that you can do it from the comfort of your home. However, one of the deposit methods offered at many online sportsbooks is in-person deposits and withdrawals. This means going to the physical bookie and depositing cash at the sportsbook cage. For example, if you live in the state of New Jersey and want to deposit money for DraftKings Sportsbook, you would have to go to the physical Resorts Casino in Atlantic City and deposit money at their casino cage. While this option isn’t for most, it can be a good option for players who want either a face-to-face experience or those who don’t do any transactions online.   

Fees– No fees

Transfer times- instant

Pros- Instant deposit, Instant withdrawal, Easy process if in Retail Sportsbook

Con- Must travel to use, Operator must have a physical location, Cash on hand needed

Venmo

While the only sportsbook that accepts Venmo is Fanduel, like Paypal, Venmo has year over year increased in popularity and should be a payment method for major sportsbooks sooner rather than later. Players can be eligible for a Venmo to Fanduel withdrawal if they made a Venmo Fanduel deposit initially. As of this article, the only USA online sportsbook that accepts Venmo is Fanduel. According to their website regarding Venmo payouts, they state that “Venmo withdrawals can take up to 48 hours to be approved. Once approved, you should see those funds within the hour.” 

Cryptocurrency

While currently not available in any accredited and licensed online sportsbook, similar to Venmo, it would make sense that depositing and withdrawing methods will soon include Crypto Payments. With the increased popularity and purchasing power of the Bitcoin and Ethereum of the world, it’s only a matter of time before the major players in the online gambling industry try to get a leg up on the competition and add another payment method. While withdrawals may have delays similar to Venmo or almost any other withdrawal method, it’s always beneficial to the players to have more options to give and take their money from their favorite online sportsbook.  

What is the most accessible betting site to withdraw money?

Depending on the withdrawal method used, any betting site can be superior to the other. The best option is to check with the betting site to provide the fastest withdrawal for your withdrawal method.

Do I need to provide an ID to withdraw my winnings?

Generally speaking, government-issued proof of ID such as a passport, photo card, driver’s license, or other ID card is required to withdraw winnings.

Can I cancel a gambling Withdrawal request?

Most betting sites will allow you to cancel the withdrawal request even after it has been processed.

Can a sportsbook deny my withdrawal request?

Typically sites will only deny withdrawal requests if :

• you are withdrawing via check to an unverified address
• you are trying to withdraw bonus funds
• You are trying to withdraw deposited funds.

Which withdrawal method is most expensive?

The answer depends on which betting site you are using. The best option is to pick your preferred withdrawal method and search which betting site offers the lowest fee for your chosen method.