Placing sports wagers online has, thankfully, never been easier, and almost all sportsbooks now offer players multiple sports betting deposit and withdrawal options at their site.
This is a stark contrast to that of 5+ years ago when punters often had to jump through a number of hoops just to fund their account. Government regulation, hesitation from payment providers to work in the online gambling industry, amongst other problems lead to many popular payment options becoming unavailable, and this is particularly true for players in the USA.
Thankfully, today, it’s much easier – and with the creation of cryptocurrencies like Bitcoin, you don’t have to wait forever for your funds to be processed either.
On this page, we’re going to take a quick look at some of the most popular online sportsbook deposit methods that you can use to add funds to your account. For a more in-depth look, be sure to check out the individual pages for each deposit method.
Popular Online Sportsbook Deposit Methods
AMEX is short for American Express – one of the largest and most reputable Credit Card companies on the planet. American Express started out with travelers checks more than a century ago, but they have branched out into the credit card business with great success. More than 25% of the credit card transactions in the United States are handled by AMEX. While AMEX have had a seemingly love-hate relationship with online bookmakers, generally, you’ll find it offered at most reputable sportsbooks these days, thanks to AMEX loosening their policies about online gambling. Still, it is not as prevalent as support for products from other credit card companies.
Since AMEX has an impeccable rewards program, a bettor can end up profiting from cash payouts. AMEX is very clear about providing businesses with shady sites. This effectively makes support for AMEX a mark of superiority amongst sportsbooks. There are some interesting security features used by AMEX and they can be analyzed under one roof – American Express Security Centre. This act as a comprehensive security platform for players who are skeptical about sharing financial information online.
Customers can be confident to sign-up with such sportsbooks knowing that they would be treated fairly. Furthermore, sportsbooks that offer AMEX option are likely to provide higher deposit limits. Even AMEX has a greater credit allowance than other cards and this is advantageous for people who want to add sizeable funds into their gambling accounts. Even though withdrawals can take around five days, deposits are instant. It is also likely that the users will incur fees when depositing using AMEX cards, but this is likely to be offset by special bonuses given by sportsbooks.
Bitcoin is one of the deposit options that punters may only recently have become accustomed to, and this is largely down to the fact that it simply hasn’t been around for too long. Created in 2009, Bitcoin is a decentralized cryptocurrency, meaning there are no banks, financial instructions, or other bodies involved – and transactions are, by default, anonymous. Bitcoin is favored by online gamblers thanks to the speed of deposits and withdrawals, which can be made (instantly), and the fact that it commands a miniscule fee.
It takes just a few minutes for payments made using bitcoins to get processed. This is substantially lower than several working days that it takes for other payment options. Even though bitcoin does not have any regulations, there is a lot of high-end security for online transfers. Every transaction happens to be verified and encrypted. Due to the low fees, it is not surprising that bitcoin deposit limits are higher than other payment methods. A bettor need not share personal information or reveal their identity, as all transactions are virtually untraceable and anonymous.
Due to the large fluctuation of cryptocurrency values, sportsbooks that only accept bitcoins and other cryptocurrencies are likely to offer massive bonuses. However, it is important to read the terms and conditions carried these bonuses, as they are likely to contain terms that can be unrealistic. It is also not recommended to choose a sportsbook that only provides cryptocurrency deposit option. Bettors should avoid the practice of directly using a cryptocurrency exchange to fund a sportsbook account. Instead, one should adopt the practice of using a personal crypto wallet for this purpose.
Since cryptocurrencies are becoming increasingly popular, it is common to find several sportsbooks being ready to accept bitcoin as a viable payment option. However, it is still behind popular options like credit cards and e-wallets.
Another big-name Credit Card company, MasterCard is arguably the world’s biggest and best well-known financial institution, and their payment solutions power literally millions of businesses around the world. It was introduced as an alternative to Visa in the 1960s. It has grown from being one of the several alternatives to being synonymous with credit and debit cards around the world. MasterCard have always taken a fairly lax view towards online gambling, and you’ll very rarely experience any problems while using a MasterCard to deposit at an online bookmaker. The only thing to be aware of withdrawals can’t be made back onto a MasterCard in most cases, so you’ll need to arrange a Bank Wire, or alternative payment method to use for cashing out.
There is a huge convenience element associated with using MasterCard as one of the bookmaker deposit options. It can also be extremely fast considering that most sportsbooks reflect these deposits almost instantly. Yet, the biggest advantage would be the extensive support available to this form of payment. Apart from crypto-only sportsbooks, you can find support for MasterCard in almost every location. The widespread availability makes it a convenient deposit option for many in America.
However, MasterCard may not be a great option when trying to make a withdrawal considering the lengthy time taken to complete a transaction. Many sportsbooks may also not include MasterCard as one of the options. There are likely to be situations when the sportsbook rejects a deposit made through MasterCard. In this instance, the problem can simply be solved by getting in touch with the customer support team. There is usually a fee associated with deposits using this method, but it is usually refunded to a bettor in the form of bonuses.
Neteller is an online e-wallet, much like PayPal, and it has become a popular choice for those looking to easily deposit and withdraw funds into/out of online betting accounts. It has been around since 1999 but it started gaining popularity just after the turn of the century. In fact, Neteller is – aside from Credit/Debit Cards – the most commonly used betting deposit option, and it’s very, very rare for an online gambling website not to offer the e-wallet to players and punters.
Undoubtedly, the specialty of NETELLER happens to be a robust security system that is aimed at protecting financial information. Reliability and safety are the key factors that drive bettors towards adopting NETELLER. The use of this payment method means just one company has straight access to the financial details. Hence, there is no risk of sending personal information if there is an unsecured connection. NETELLER also employs encryption technology that would easily pass military-grade requirements. It also works in tandem with the security measures employed by MasterCard and Visa.
Despite being popular, it is quite common for sportsbooks to set weekly or monthly limits for deposits made using NETELLER. A monthly fee is also charged by NETELLER, which takes around two business days to conclude a transaction. Yet, this choice can be preferred if users are looking to skip lengthy delays for depositing funds.
Despite widespread adoption by many sportsbooks, NETELLER has a long list of countries that are not serviced. These include countries like China, Iran, Iraq, and more. Hence, customers from these countries have to use alternate payment methods.
PayPal are – like AMEX – a company who’ve had a fairly up-and-down relationship with online gambling companies, and for a long while, PayPal banned all online gambling transactions completely. PayPal has been a forefront when it comes to Internet payments since 1999. Hence, it was not a huge surprise that many sportsbooks started adopting PayPal payments for deposits and withdrawals. Recent years have seen the gigantic e-wallet company loosen their stance, although they are extremely strict on which companies they allow to use their service. Because of this, it’s very rare to see PayPal accepted as a deposit or withdrawal option at online betting sites outside of the United Kingdom, but this may change in future.
The reliability of PayPal is extremely high and it is very strict in terms of eliminating fraudulent activities. Even though the fees is relatively high compared to competitors, PayPal manages to provide excellent customer service irrespective of the contact method – email or telephone. PayPal has also grown a lot in terms of facilitating mobile transactions, as one can perform almost every action like checking balances, making deposits, and request withdrawals from a mobile device.
Americans are especially in a difficult spot when it comes to PayPal transactions, as this company largely does not allow Americans to use their services and gamble online. However, it is widely prevalent around the world. Even though PayPal charges relatively higher fees for making transactions, it is often preferred due to its high security measures. Every transaction with PayPal is also documented with high precision and this makes it possible for betting activity to be reviewed by local authorities.
Like MasterCard, Visa is a giant in the payment processing world, and they work in, and with over 200 countries, powering the technology behind most major Debit Cards. It is one of the oldest forms of electronic payments having been around since the 1950s. Unsurprisingly, Visa has processed more than a trillion dollars in funds and it needs no introduction. A new industry-compliance-drive feature called “3D Secure” is now offered by Visa too, and this minimizes the risk of fraudulent transactions being made, by requiring users to authenticate their payment, often by entering security details, or by receiving a text or phone call.
This technology has proved beneficial to punters wanting to make a betting deposit using Visa, as online betting sites have become far-more willing to accept it, and because of this, it’s very rare to NOT see Visa deposits/withdrawals available to reputable online sports books. Users can also to go with multiple currencies and they are not limited to a specific currency.
There are drawbacks in the form of transaction limits on payments made using Visa accounts. Furthermore, there are likely to be higher fees associated with making payments using Visa. Every bettor should be informed about the associated fees and requirements when choosing payments using Visa branded credit and debit cards.
How to Check Your Sports Betting Deposit Options
The exact payment methods available to you will vary heavily, dependent on a number of factors, including the country you live in, the jurisdiction that regulates online gambling in your location, along with the actual gambling website you sign up with.
If you’re ever unsure about the options available to you, simply log into your account, if you’re already registered at an online bookmaker, and head to the “Cashier” section of the website. From here, you’ll be able to see a breakdown of all payment methods accepted.
If you’re not yet a member, and if you don’t want to sign up just to check the payment methods, then it’s worth pointing out that most online betting sites place small images of their accepted deposit and withdrawal methods in their website’s footer area. This can be found at the bottom of the main home page, and it should give you a good indication of what’s available.
Remember, some payment methods command fees – particularly Credit Cards like MasterCard and AMEX. Therefore, you’ll probably want to use either an E-wallet like PayPal or Neteller, or Bitcoin in an ideal world.
The bookmaker you bet at (or want to bet at) will display clear information about the fees if there are any, and if you’re ever in doubt, just get in touch with their support team who’ll be more than happy to help you out and answer any questions you may have.
Factors to Consider When Choosing Deposit Method
American bettors have multiple options to make a deposit, but this can also bring up a confusion when trying to go with one option over the other. It is recommended to analyze a lot of factors before making the choice. Some of them are:
- Deposit size – The deposit size can be a very crucial factor for high rollers when trying to put funds into the account. There are banking methods that can accept large transactions, but a bettor may also prefer to deposit funds without the help of a bank. The maximum deposit limit can be based on various factors like currency or a user’s status at a particular sportsbook.
- Speed of transfer – Certain deposit methods happen to be so quick that funds are instantly reflected on an account whereas some methods take up a few days to process. Depending on the speed of transfer, users can pick their sources.
- Anonymity and security – These can be a crucial for bettors who do not want a large transaction – related to sports betting – appearing on their bank accounts. Irrespective of the deposit size, security is a crucial concern now when hackers have been able to bypass most networks with ease. Apart from putting the sportsbook account at risk, a bettor also places their bank account at risk by using some methods. Some methods are extremely good at preventing user information from going out while still providing class-leading security.