Sportsbook Banking Methods Guide
Before you can place bets on your team, you have to find the best sportsbook banking methods that work for US bettors. Funding your sportsbook account is an important part of the sports betting experience. US players will want to find a method that works for them. Unfortunately, the US federal government’s gambling laws, regulations, and banking restrictions have made funding gambling accounts a bit complicated. But there are a few sportsbook banking methods that US bettors can use in USD without any complications.
Our sportsbook banking methods guide will help you, find the best betting method for you. We’ll take a look at some of the most popular banking methods US sportsbooks prefer. Moreover, we’ve zeroed in on betting methods that work on a global scale so that you can access sportsbooks from all over the world that accommodate American bettors. Each banking method has its own advantages and disadvantages. In our guide, we’ll take a look at what those are. Keeping these in mind will help you pick the perfect way to fund your sportsbook account online.
Best Sportsbooks Accepting US Dollars
Part of finding a US-friendly sports betting site is getting one that accepts US$. Instead of having to scour the internet looking for these, we’ve rounded up our top five favorite sportsbooks that accept American dollars.
What you’ll find in this banking methods guide:
- Sportsbook Deposit Methods
- Picking the Best Deposit Option for You
- Sports Betting Withdrawal Methods
- Before You Withdraw
- Picking the Best Withdrawal Option for You
- Sportsbook Banking Methods FAQs
Sportsbook Deposit Methods
One of the first things you will have to look for is a sportsbook banking method you’ll use to get money into your betting account. For those new to the online sports betting scene, the huge variety of deposit methods available to players can be overwhelming. There are around 27 different sportsbook deposit methods around. While variety may mean convenience, we’ll be taking a look at those that cater to our American bettors.
Below we’ll be looking at some of the best and most widely used sports betting deposit methods. Usually, these include credit cards, e-wallets, cryptocurrency, and wire transfers. Alternatively, US bettors can also use e-checks, bank drafts, and paper checks. The last of these tends to be more popular with online sports bettors as much larger sums of cash can be transferred in one transaction. This makes it a favorite for those high-roller sports bettors. Let’s take a look at the top deposit options for US sports bettors.
Credit Card Deposits
This is the most convenient way of funding your online sportsbook account. All online sportsbooks accept credit cards. Once you’ve found a site that accepts your credit card – either Visa, MasterCard, Amex, or Diners Club – depositing money is simple. However, there are banking fees charged to the casino for processing the transaction. These can either be a few cents or a percentage of the total amount deposited. This explains why some sites have a minimum deposit requirement of between $5 to $10. But do take note, using your credit card, especially for online sports betting, is prohibited under recent US regulations. Learn more about the various credit card options at these guides:
eWallet Deposit Options
Due to restrictions set by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), most eWallets aren’t available to Americans at sports betting sites. However, at some of our recommended sites, bettors can use this virtual wallet, like Neteller, where you can keep your betting allowance separate from the rest.
Read about the various eWallets out there.
Cryptocurrency Deposit Method
A step into the future, Bitcoin has been both controversial and convenient for those who know how to use them. The great thing about Bitcoin and other cryptocurrencies is that US bettors can transfer their funds electronically and anonymously. If you’re considering transferring large amounts of cash to your sportsbook account, this is one of the best deposit methods. Furthermore, you don’t need a credit or debit card, or check book to complete a transfer.
Read more about Bitcoin in our guide below.
Using a check, specifically a cashier’s check, is one of the most common ways to fund your sportsbook account. Bettors can even send an e-check to their favorite sports betting site when they want to deposit funds. Additionally, they’re relatively inexpensive to use given the non-existent transaction fees. However, they do take a while to process. These can also be used for high-volume bets that require larger deposits.
Read more about Check banking in our guide below.
Also known as a bank transfer, this is one of the more old-fashioned ways of banking. Unfortunately wire transfers have the highest banking fees. This form of sportsbook deposit method requires you to visit the bank and a bank agent will do the funds transfer for you. Furthermore, they usually aren’t as instant as the other sportsbook banking methods and are rare at offshore sports betting sites. Learn more about bank wire transfers at our guide below.
Other Deposit Methods
There are also other banking methods for depositing that we haven’t covered. These include:
- Prepaid Cards: these work the same as debit cards expect that you have to load the card with cash before you can use it. Prepaid cards are created by Visa and MasterCard. The great thing about prepaid cards is that they protect your actual bank account. Think of it as a self-imposed bankroll which will help US bettors control their spending.
- MoneyGram Transfers: another favorite with US bettors, this one is for those who are using offshore services. With MoneyGram, your cash is sent directly to the sportsbook’s offices. Alternatively, your cash is sent directly to a credit card or checking account. To use this deposit betting method, US bettors will need to contact the site directly to get the name and city of the receiver.
- Western Union: much like MoneyGram, this service also allows you to transfer money directly to a receiver. However, withdrawals need a check which is great for those who don’t want to use their credit card or debit card.
Read more about Western Union banking below.
Picking the Best Deposit Option for You
There are a lot of sportsbook deposit options for American bettors to choose from. Therefore, you need to consider which one fit best for you. Keep the following in mind:
- Consider your current situation: do you have a bank account or not? How are you on funds? You’ll need to go for an option that doesn’t require a bank and if you have enough funds to afford the transaction fees.
- How much do you want to deposit: how large of an amount do you want to deposit into your account? Some sportsbook banking methods are good for transferring large amounts of USD. While others have lower limits.
- How quickly you want to access those funds: some deposit methods reflect instantly while other take a couple of days to process. So, think about how quickly you need to use the funds when picking a transfer method.
- Security and anonymity: these are things to consider if you’re weary of sharing your personal information with the sports betting site, then going for deposit methods like cryptocurrencies and eWallets.
Sports Betting Withdrawal Methods
The most fun part about betting on sports is winning those dollars. Withdrawing them using a sportsbook banking method should be as easy as depositing. In fact, how easy it is for US bettors to get their payouts is an indicator of how good (or bad) the sports betting site is.
When it comes to withdrawing from the online sportsbook, generally the options you have for depositing are also good for withdrawing. However, the guidelines may be different at each sportsbook.
Before You Withdraw
Sports betting sites, much like other online gambling sites, will request some documents when you request a withdrawal the first time. This is standard procedure and is known as the know-your-customer (KYC) procedure. This is to make sure that you are who you claim to be. The sportsbook will ask for the following documents:
- If you used a credit cards, a copy of the front and back of the card.
- A copy of your national photo ID.
- Some may ask for a bank statement or utility bill as proof of address.
Although this information is sensitive, a trusted and licensed sportsbook won’t share this information with third parties. This is even more incentive to look for an online sportsbook with a good reputation. You can find trusted betting sites here.
What’s Available for US Bettors
Because betting sites have to follow the rules and guidelines of the third-party payment processors, some may not accept US bettors. However, if the sportsbook banking method processed your deposit, it’s more than likely that it will process your withdrawal.
How Long it Will Take to Reflect
One of the most important to consider is how long will it take for you to access those winnings. It’s also important to bear in mind that it may longer to transfer the funds to your account than it took to deposit them into the betting account. Some sportsbook banking methods may take days while others take minutes to reflect on your bank or eWallet account. Look at the sports betting site’s guidelines on how long a withdrawal is going to take.
Is it Worth it?
Fees are something that you’re going to have to keep a close eye on. As much as there are sites that offer free withdrawals, so there are sites that have transaction fees. These may be due to the third-party payment processor that set the fees for the betting site, which then charges you a fee to mitigate that charge. However, some withdrawal options don’t have any transaction fees so look out for those if this is a concern for you.
Banking Limits on Withdrawals
This section especially applies to those that are high volume bettors. Make sure to look at the minimum and maximum withdrawal amounts for each sportsbook banking method. If you want to move a large amount, consider going for wire transfers. But these come with their own Ts and Cs.
Picking the Best Withdrawal Option for You
The perfect option may not exist but look at what’s the most important factor for you. Below we summarize what you need to keep in mind before picking a withdrawal option:
- Is it available to US bettors: does this withdrawal option process payments in American dollars? This is absolutely vital especially if you’re using offshore bookies. Otherwise, you won’t be able to get your winnings.
- How quickly you can access your fund: this is important if you want/need to use the money immediately. Some take a couple of minutes while others take a couple of days. Good sportsbook banking methods shouldn’t take more than seven working days.
- How much it will cost you: transaction fees can make a difference to how much money you’ll get. Keep that in mind.
- If it allows you to move the amount of money you need: are you looking to transfer a small amount or a large amount? Keep in mind how much you can move with the banking method.
Sportsbook Banking Methods FAQs
Let’s look at some of the most frequently asked questions relating to sportsbook deposit methods.
Is it legal and safe to deposit at an online sportsbook?
The short answer is yes. For players, the laws at the federal level doesn’t prevent you from making deposits and betting real money at sportsbooks. However, banks and sportsbooks are subject to federal laws which impacts on whether they can make accept transactions. This is why in some regions of the US it’s difficult to make a deposit.
In terms of safety, majority of sportsbooks are legitimate, especially our recommended sites. Most have worked hard to build their reputation based off quick payouts.
What is the best sports betting banking method?
This depends on what you’re looking for from a banking method. Considering the US regulations on processing payments for online gambling. Bettors from the US will need to use banking methods that avoid payment processing gateways. These would block your transactions.
In this case, Money Transfer services like Western Union and MoneyGram are the best options.
If you want anonymity, then Bitcoin is the way to go.
What can I use to withdraw my winnings from a sports betting site?
The perfect sportsbook betting method to use for withdrawals are check, Bitcoin, and money transfer services. However, if you’re a high roller or VIP bettor, we recommend arranging a bank wire transfer with the sportsbook.
Check Out Our Sports Betting Guides