Internet Betting Bookmakers are a great way for casual and serious punters to place their wagers over the Internet, but what good is a sports betting operator if you can't get your funds in and out of the site? In this section, we're going to teach you everything you need to know about depositing and withdrawing at online sportsbooks.
The first step is of course to sign up an account at an online sportsbook. Simply fill out the required fields of the registration form and you should set to go. From there, you're ready to make your first deposit.
Most deposit methods are instant, so you should be ready to place your wagers instantly after depositing. If using a bank transfer, you may have to wait for the funds to clear. Once cleared, you can start placing wagers immediately.
Find a list of betting sites where you can use different payment options for deposits and withdrawals. Don't forget to read bookmakers reviews and compaire sports betting bonuses that to choose the best wagering site.
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Requesting a withdrawal from an online sportsbook is pretty much the same as depositing. However, the first withdrawal may require an identity verification check.
Identity Verification Procedures include faxing the following documents:
The betting site should provide a Fax # in which to send these forms to, as well as a conventional mailing address, in case you do not have access to a fax machine. Once the documents are received and approved, your withdrawals can be processed.
Each online sportsbook will have its own selection of viable deposit and withdrawal methods. Below are some of the most common payment options, along with a brief description of how they work.
Credit / Debit Card: this is the most popular method of depositing, and is sometimes available as a withdrawal method as well. Accepted Credit/Debit Cards include Visa and MasterCard, as well as AmEx, Discover, Diners Club, Maestro, Visa Delta, Visa Electron, Euro6000, JCB and others. Credit card deposits are not only instant, they are extremely safe and secure.
Online Payment Processors: Sportsbook fans will find a lot of online payment processors available for secure, instant deposits and rapid withdrawals. The withdrawal time depends mostly on the processing time of the online sportsbook, not the payment processor. Common online payment methods include NETeller, Moneybookers, Click2Pay, ClickandBuy, Eco Card, UseMyWallet, PayPal. You can pre-fund your account by linking it to a credit card or bank account, then transfer the funds to an online sportsbook. In many cases, pre-funding is not required. If linked to a bank account, simply make the deposit and the funds will be taken from your bank by the payment processor and transferred instantly.
Pre-Paid Cards: Pre-paid cards, such as gift cards and phone cards, are often accepted by online sportsbook for deposits. They cannot, however, be used for withdrawals. Pre-paid cards can be purchased at your local store, then used just like a credit card to make a deposit.
Cash Transfer: Cash Transfers are money wires, facilitated by companies like Western Union and MoneyGram. Though very convenient, they can be costly, so make sure you're moving enough funds to be worth the cost. A lot of online sportsbooks accept cash transfer deposits, but fewer offer this as a withdrawal method. To use cash transfer, contact the online bookmaker for the required banking information. Then visit the nearest agent location (or use the online version) to place the deposit. Email the sportsbook with the Tracking#, Date/Time of Transfer and Exact Amount. Once confirmed, the money is available for wagering. Contact the sportsbook for information about withdrawing via Cash Transfer.
Bank Transfer: A direct bank transfer is a convenient way to make a deposit to your favorite bookmaker, but it can take anywhere from 2 to 10 business days for the funds to arrive. You'll need to get the required routing and account info form the online wagering site, then visit your bank to fill out the transfer form. You may also be able to use your bank's online services.
Bank Wire: a bank wire is exactly the same as a bank transfer, except for two major differences. It is a lot more expensive, but the funds are available instantly for use in the online sportsbook.
E-Check: This is just like writing a paper check, except that it is done over the Internet and the funds are instantly available. Fill out the deposit form by using the information on your paper checks, including your bank account number, the bank's routing number and the actual paper check #. Then be sure to VOID the paper check, since the check # is already used. eCheck is a safe and secure deposit option which is used at many online sportsbooks.
Check/Bank Draft: Though extremely slow, a personal check or bank draft is the most secure way to receive your withdrawals. This is especially recommended for customers, who have had the worst problems trying to move funds into and out of online sportsbooks. Conventional mail can take as long as 6 weeks. You can also request a Check by Courier, which arrives much faster, but may cost up to $50. If using a courier service, make sure you are requesting a large enough withdrawal to be worth it.
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