Online Sportsbook Deposit and Withdrawal Options

Deposit and withdrawal options is an important part of the online betting experience. When you are betting on sports, regardless of which betting site you use, the end goal is to win money, right? So, understanding how deposits and withdrawals work is a must for all of us who bet online.

Let's take a look at the different types of ways you can put in and take out your winnings.

Credit and debit cards

Credit and debit cards are one of the most popular and widely used deposit and withdrawal options in the online betting industry. Almost all online bookmakers accept Visa, MasterCard, and Maestro cards.

Deposits made with credit and debit cards are instant, while withdrawals take around 1-5 working days. This is important when there is an event that you want to bet on that day, especially if the event is starting in a short amount of time. 

With many credit cards, there are great security options too, so if your card information is ever compromised, you can be certain that you can protect your cash and not stress about whether or not a site is legit or not with your information. 

E-wallets

E-wallets such as PayPal, Skrill, Neteller, and ecoPayz are also popular payment options in the sports betting industry. They offer faster withdrawals than traditional payment methods, and deposits are instant. E-wallets are easy to use and offer a secure way to transfer funds between your betting account and bank account. Some bookmakers even offer bonuses for using e-wallets.

PayPal is one of the most popular methods for this and it typically links right to your regular bank account so there is no need to transfer from a traditional banking account to PayPal and then to your sportsbook, it is all pretty seamless and easy to understand.

Bank transfers

Bank transfers are another popular option for depositing and withdrawing funds. The processing time for bank transfers is longer than other payment methods, and it may take 3-5 working days for deposits to reflect in your account.

Withdrawals can take up to 7 working days, depending on your bank. This isn’t always the preferred method because there is such a long wait time to put your cash in and to get your cash out. If you can avoid using a bank transfer to get your money to and from your sportsbook, it is recommended.

Prepaid cards

Prepaid cards such as Paysafecard, AstroPay, and EntroPay are becoming more popular among sports bettors. These cards work like debit cards, but you need to pre-load them with funds before you can use them to make a deposit. Prepaid cards are a safe way to deposit money, and some bookmakers offer bonuses for using them.

Using a prepaid card is also a reliable option for sticking to your bankroll management. If you only load a certain amount of money onto a card, you know that you can’t make any more bets when the money is ultimately gone. If you are nervous that you may pull out more money through a credit card or through an EWallet, it’s not a bad idea to have a prepaid card ready to go loaded with the money that you are willing to lose.

Cryptocurrencies

Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have become increasingly popular in the sports betting industry. They offer a fast and secure way to deposit and withdraw funds, and they provide anonymity for users who value their privacy. However, not all bookmakers accept cryptocurrencies, and they can be volatile, making it important to keep an eye on the value of your coins.

As the price of things like Bitcoin are unstable, many suggest that you hold off on using cryptocurrency at the moment. However, some sportsbooks do offer promotions and bonuses if you deposit money or withdrawal with crypto which is worth looking into if you are looking to capitalize on your profits.

The availability of different deposit and withdrawal options is essential for a good online sports betting experience. It’s important to choose a payment method that suits your needs, offers convenience, and ensures the security of your funds. Some bookmakers may charge fees for using certain payment methods, so it’s important to read the terms and conditions carefully.

Different sportsbooks and their payment methods 

All sportsbooks deal with money a little differently. Here is a quick overview of the most popular bookies in the US.

DraftKings

DraftKings payout speed is typically right between 1-3 days depending on which method you are choosing. You cannot use Skrill and you cannot deposit with Check. You can also not withdraw through Visa, Mastercard, and Amex. For the most part, DraftKings has great options and is considered one of the top sportsbooks for all that they do offer for their customers. This is a fairly safe bet.

FanDuel

You can’t go wrong with FanDuel and their rival DraftKings are the exact same when it comes to all these options. While you can’t use Amex, you can use it through PayPal if you want to go with that method. The payout time lands right between 1 and 7 days depending on what method you prefer to use. We have never had an issue with FanDuel and think their platform works fine.

Caesars Sportsbook

Caesars is much more limited when it comes to withdrawing from their services. They do not offer Venmo, Visa, Amex, Mastercard, debit cards, bank wires, or crypto to withdraw money which can be a huge con if those are one of your main methods of using money. In Iowa, you cannot use credit cards with Caesars. On top of that, PayPal deposits are not allowed in the state of Louisiana.

BetRivers

The payout time at BetRivers is between 1 and 4 days and they accept almost all major banking and financial institutions. It is similar however to Caesars with the withdrawal methods so make sure you check before you get your cash on how you are able to receive it and if that works for you.

Know that the customer service team can help

A good customer service team can help you with any issues you may encounter while using the sportsbook, such as account problems or payment issues. They can also provide guidance on how to use the platform or answer any questions you may have. A bad customer service team can leave you feeling frustrated and dissatisfied with the sportsbook, and may even cause you to lose money if they don’t address issues promptly. Therefore, choose a sportsbook with good customer service to ensure a smooth and enjoyable betting experience.