How To Fund And Withdraw
Over the last 10 years there has been a major increase when it comes to funding and/or requesting a payout. Typically, betting sites will offer fewer Withdrawal options than Deposit options. In rare instances, the Sportsbook will make you call them first to set up your withdrawal methods.
Also, when making a deposit it’s pretty much guaranteed the money will be credited within 30 seconds. But when requesting a payout, worst case, it can take up to 30 days. It’s happened to me. The Sportsbook gets paid faster than the customer. We all just have to live with that. Lets go over some of the more popular ways and unpopular ways to fund/withdrawal at your Sportsbook. Keep in mind, all the options listed below will vary by Sportsbook.
Best Withdrawal Options for USA Players
It really depends on the player and the Sportsbook that you play at. If you’re a US player, the best withdrawal method is most often a wire transfer via Western Union, Money Gram and Ria Money transfer. The fees will be a bit higher but there will be very little paper trail, if any. If you don’t want to wait a day or two than take advantage of the online wallet feature or Prepaid debit cards. The fees are generally low and the funds should reach your account within minutes. Choose the best option that suits your needs and is within your budget.
Best Funding Options for USA Players
Again, it really depends on the player and Sportsbook. But in general the most reliable way to send funds safe and securely is the Bank wire method. The majority of Sportsbooks offer this funding option and the fees are very low. A lot of USA players use Credit Cards to fund their account. This is the next best option only if your Sportsbook and/or Bank doesn’t charge high processor fees. The next best option is to send your funds using a Wire transfer via Western Union, Money Gram and Ria. You will have the confidence of knowing that your funds will reach the Sportsbook within 1 business day.
Various Funding & Withdrawal Options Available
Bank Wire– Think of a bank wire as a digital check. Some online Sportsbook will offer this method as a fast, safe and effective method of moving money into- and out of- your betting account. If you live in the United States it’s tougher to access. Be prepared to wait (an average of 1 business day) for the money to reach your Sportsbook account or when receiving a payout. Most of the time it will be even faster than that. This method works well with bettors because there is no paper trail. The Sportsbook will need your checking or savings account number along with the routing number. Both of these numbers can be found right on your check. They might ask for your Bank name and mailing address. Once setup, it’s just a matter of a few simple clicks and you’re all set. Most Sportsbooks will charge little to no fees using this method.
Bitcoin
Bitcoin is one of the fastest growing online wallets with most every online Sportsbooks offering this banking method. Creating a new bitcoin wallet takes literally a few seconds. You will be able to send and receive payments immediately. No additional transactions fees apply. A bitcoin exchange fee may apply, but these are usually small (around $5 per transaction). In our estimation, Bitcoin is the best method for depositing and withdrawing to and from your sportsbook. If you’re not already using it, sign up with one of the major trusted exchanges like coinbase (the largest) or kraken.
Wire Transfer
Very similar to a Bank wire. Wire Transfers are direct transfer of funds from one financial account to another or, from one financial account to a Sportsbook account. Funds will be available in minutes. Some books will make you wait a day or two. Again, little to no fees using this method.
Credit& Debit Cards
The majority of online Sportsbooks will take either a Visa or MasterCard without any restrictions or hold ups. Keep in mind, some banks will put up blocks on all transfers and purchases associated with gaming or gambling. There will be strict limits on all deposits through credit/debit cards. Credit Card fess will vary by the issuing bank.
Online Wallets
Another option is the online wallet feature that most Sportsbooks encourage. They act as a third party. The fees can range from $0.00 or more depending on the Sportsbook. Skrill is an option that most people like. Formerly moneybookers, this company charges just 1% of the amount sent to fund your account. Receiving and transferring funds with any merchant is free of charge. Uploading funds into your Skrill account is usually free, but some options involve a small charge.
Neteller
NetTeller is another good option that has been around since 1999. They offer individuals with a fast, simple and secure way to send and receive money online. Trusted by consumers, they boast doing business in more than 200 countries. The NetTeller service is operated by Optimal Payments Limited.
Money Transfers
Western Union
I know you have seen or heard about this company. They are arguably the biggest and most recognized name in the money transfer industry. Western Union makes it quick and painless to send money virtually anywhere in the world. You can transfer money 24 hours a day, seven days a week. They have a plethora of convenient options that allows you to send money online or in person. With almost 500,000 locations worldwide, you should not have any trouble finding a location close by. Western Union has been helping people send and receive money for more than 135 years. When requesting a payout through Western Union there are several options to choose from. You can request cash, a direct bank deposit, a prepaid debit card, or a mobile online wallet. The fees for sending money start at $1, but can vary by the amount and which city/country the money is going. Receive money at a Western Union Agent location is generally free. Note, there may be a tax, etc, that incurs depending on the country where the funds are received. You will need show your picture ID and MCTN (Money Transfer Control Number) when receiving money.
Money Gram
Another option in direct competition with Western Union. They offer same day service using your Credit or Debit card, funds will typically arrive in minutes. If using your bank account, funds will typically arrive in three business days. This service offers Prepaid cards, Money orders, and Money transfers. The fees typically start at $5 bucks.
Ria Money Transfer
Ria has been around since 1987 and claim to be the third largest money transfer service. There mission is simple. To provide the most simple, reliable and friendly money transfer service. Period. Ria also offers bill payment, mobile top-ups, prepaid debit cards, check cashing and money orders. Their fees vary by which method you choose to send or receive your money. Sending money through your bank account is the least expensive option but will take four business days from when you verify the two micro deposits Ria deposits in your account. Credit and Debit cards are available within minutes. The exchange rate is calculated depending on which country you send money to.
Check By Courier
Once you fill out a withdraw request form, it’s a relatively simple way to collect your cash. This is the most basic and popular methods of them all. Typically, these payouts can take a bit longer to process so be patient. Most Sportsbooks have a range of 5-to-30 days to receive your winnings. Fees are low and vary by Sportsbook. The majority of Sportsbooks will offer the player one free check withdrawal per month. Take advantage of that!
Prepaid Sports Betting Card
These cards are not easy to find. Prepaid cards can be used as a method to receive and send money. Not every Sportsbook will offer a prepaid payout option and each Sportsbook has its own set of rules and regulations on how a prepaid card can be used. This method can be a hassle to setup but will usually have little to no fees attached.
Summary
I believe the fastest and most efficient way is Bitcoion. Based on speed, accuracy, and fees this is the best option for most players anywhere in the World. If your Sportsbook has a solid Prepaid Card without high fees, than by all means take advantage of that. Also, if your book offers one free withdrawal by check per month, than most definitely take advantage of that. Always remember to bet with your head and not over it. Never invest what you can’t afford to lose.
