It’s important to understand how banking works at online sportsbooks.
There are certain things every bettor should know before they start gambling online. One of those is how deposits and withdrawals work, which most websites won’t spend time discussing.
Depositing at an Online Sportsbook
Depositing is the easy part. Bookies want your money and will make it as easy as possible to deposit using as many different methods as they can process. There are still some things to watch, though.
The biggest thing to look out for is fees. While most bookies do their best to cover fees on deposits for their clients, some methods have higher costs that the bookie can’t subsidize. For instance, some bookies in the United States still process credit card deposits (Visa, MasterCard, American Express and Discover).
However, they charge a percentage of your deposit in many cases. BetOnline charges 4.5% right now on credit card deposits. However, there’s a way to avoid this fee.
Western Union (WU) and MoneyGram (MG) both accept major credit cards. You can use your credit card to send a person-to-person transfer to bookies. America’s Bookie is one of the sportsbooks where you can do this, and they’ll cover all fees on deposits of $250 or more.
Withdrawing from an Online Bookie
The first thing to understand is that you’ll have to confirm your identity. Online bookies are required to follow KYC (Know Your Customer) regulations, which means they’ll need to confirm who you are.
Generally, you’ll need to submit a scanned photo of your ID (license or passport) and then one more supporting document, such as a recent utility bill or something that confirms your address.
Once you get approved at your bookie, you don’t need to worry about doing it again.
The second thing to know is that some bookies will only payout using the method you used for depositing, when applicable. For instance, if you want to be paid out by Bitcoin (BTC) then deposit using BTC. It should be noted, some deposit options won’t work for payouts.
Lastly, most payout methods have fees associated with them. However, the majority of online sportsbooks will allow one free payout per month. That should be enough for most bettors. If you win big and want a second withdrawal in the same month, then you’ll just need to pay the fee.
Most Popular Deposit and Withdrawal Options at Sportsbooks
There are a lot of different banking methods, depending upon where you reside.
In the USA, there aren’t as many as most countries, but banking has improved since cryptocurrencies have grown in popularity. Even for bettors in Canada, Mexico or South American countries, crypto banking is becoming more popular, as almost every sportsbook accepts cryptocurrencies.
The five most popular cryptos are Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.
Bitcoin: How Cryptocurrencies Work
Another reason these cryptos are popular is because of the low fees. It’s easy to move money from bookie to bookie without incurring big losses due to fees. Shopping for the best betting lines is a lot more viable when you can move money between sportsbooks with ease.
If you don’t want to use cryptocurrencies, that’s fine as well. Other popular payout methods include wire transfers, person-to-person transfers (WU and MG) or check by courier.
eWallets are popular for sports bettors outside of the US. However, what eWallets you can use will depend upon where you reside. The UK and many European countries have access to most eWallets, including PayPal, Skrill and Neteller. In Canada, InstaDebit and ecoPayz are popular eWallets.
Canadians can also use Interac eTransfers for deposits and payouts.
