Legal Sportsbook Payouts + Withdrawals
Bettors who lay down money at online sportsbooks are doing so for one reason. That would be to win the bet, and get paid. Within online sports betting sites, payout and withdrawal methods can vary depending on which sportsbook the bettor holds the account with. Fortunately, bettors have the upper hand here because of the fact that they can check out the different payout methods prior to signing up for an account, so that they can choose to go with one that meets the type of payout that they are looking for.
Below you will find different withdrawal methods that are found most often at legal sports betting sites where players from the U.S. are accepted. Each of these methods is available to be used by American players, which certainly makes things appealing.
While you will read about roughly a half-dozen different options, what you should keep in mind is that not all of these choices will be offered at every sportsbook you visit. Some might have one, some three, some might have them all. This is why it's important to verify that a sportsbook has the method that you wish to get paid out when you make the withdrawal request.
Checks - Of all the different withdrawal options that you will come across on this page; a check payout is seen most often. But within the general check payout umbrella, you can see different varieties. For example, some sportsbooks offer courier checks meaning through UPS, DHL, or FedEx. Others will offer a standard check in the mail. Then there is also the option for an ExpressCheck. Each method could come with different payout limits and time, so pay attention.
Wire Transfers - In terms of speed, a wire transfer is the fastest option on the table. Payouts should be in the possession of the player within two days in most cases. But with speed also comes fees. For a wire transfer though, the fee is not based on the time, it's based on how much a player's wishes to take out. Sportsbooks will have different set blocks for payout amounts that accompany a specific fee. Some state-based online sportsbooks will not allow for wire transfers.
Bank Wire - The bank wire transfers are for the big boys. These are the payouts that have high minimums and very high maximums. Bank wires can pay players out several thousand dollars in one transaction. Each sportsbook will detail how many transactions can be made per month, as well as the different fees. This is mostly for online offshore sportsbooks. There are very few state-licensed online sportsbooks that let you use a bank wire transfer to withdraw your winnings.
Money Order/Cashier's Check - When an electronic transfer won't cut it, and players want a type of option similar to a check, money order, or a cashier's check can be used. The minimum withdrawal amounts on a payout like this have the potential to be high as well. These options are less common.
Paypal - An exclusive for state-licensed online sportsbooks, PayPal allows you to withdraw a large amount of money with your personal account. You will have instant access to your winnings once you are approved, which usually takes around 48 hours.
Casino Cage - If you live near a land-based sportsbook, you can go to the associated casino to withdraw your winnings. The withdraw time is as fast as they can hand over your winnings. Just contact customer support to tell them that you are going there to pick up your cash.
Withdrawal + Payout Time
Bettors want their payouts as fast as they can. Sportsbooks work hard to ensure that payouts are sent out promptly and to try and get to the player quickly. Most methods can take a few days to a few weeks to get to you.
For American players, the quickest method will depend if you use an offshore sportsbook or a state-licensed online book. If you are using an offshore sportsbook, cryptocurrencies are going to be the fastest because you can receive your winnings within 24 hours. The fastest for state-licensed sportsbooks are going to the casino cages and picking up your cash.
Withdrawal + Payout Fees
One of the most important parts of the payout process to make a note of are the fees that can come with different methods. Even the best online betting sites will assess their own fees accordingly, so there isn't a universal number we can assign to each method. What is nice though about some of the sportsbooks is that they typically allow one free withdrawal every 30 days. Depending on what type of bettor you are, this could mean that you may never have to pay a fee.
If you like to withdrawal more often, just know that the fees you pay will depend on how much you take out, what method you use, and how long it will take to get to you. A withdrawal request will need to be filled out at every sportsbook and sent to the customer service to be approved.
We mentioned up above about a withdrawal request form needing to be filled out. This form is the first step in the verification process. The method a player wants to withdraw from will also dictate the information needed. For example, checks that are sent will have to match the name and address of the account holder making the request. For wire transfers, information on the account that it's being sent to matching up with the proper information will need to be identified.
Sportsbook banking wants players to get their winnings fast, but at the same time they work hard to eliminate the chance of fraud. It all has to do with the underlining theme of safety and security of their players.
Why Are Online Sportsbook Withdrawals Such A Big Issue?
One of the reasons for the specific types of deposit options has to do with sports betting laws like Unlawful Internet Gambling Enforcement Act. The UIGEA banned U.S.-based betting sites from accepting forms of payments for a bet or wager made. While the sites that accept American players are not under the UIGEA because they are based offshore, various problems with banks can still occur, particularly when making online sportsbook deposits with credit cards.
While payment to an offshore sportsbook is still legal, sometimes banks decide to be difficult and not process transactions for online gambling sites. This is why you see a lot of check options and wire transfer, which are able to get legal payouts to players quickly, and effectively. The UIGEA does not really affect state-licensed sportsbooks. It is a bit easier to receive your winnings from a state-licensed online sportsbook, but they are not as readily available as offshore sportsbooks.
One of the important parts of making a deposit into and online sportsbook surrounds the limits in place for them. In almost all cases, the deposit limits for similar methods at different sportsbook are not equal. And within those sportsbooks that have similar methods, the number of deposits accepted in a given time period might also be different. In other words, if you read about deposit limits at one site, expect to read them at another site and come away with two distinct and different pieces of information.
Sportsbooks will have minimum and maximum deposit numbers listed for each type of funding method on site. Or if they do not, this can be found through the customer service outlets. Once you have this information, you can then make the most appropriate choice that meets the needs within the budget you are depositing.