Sportsbook Banking Methods
by Bookmakers Review I Updated February 23, 2023
You will be presented with a wide range of convenient deposit and withdrawal methods when you visit one of the world’s best online sportsbooks. This page breaks down the most prominent banking options at your disposal, highlighting the key strengths and limitations of each method.
What are the Most Common Banking Methods at Online Sportsbooks?
The chart below highlights the most commonly available deposit and withdrawal methods at our A+ rated online sportsbooks. The best sports betting sites in the business all accept credit cards and debit cards. Visa and MasterCard are ubiquitous, but you will often find American Express and Discover listed too.
Bitcoin is also available at all the leading online sportsbooks too. You will invariably find altcoins and P2P transfers listed among the banking methods too.
|Sportsbook||Bitcoin||Altcoins||Credit/Debit||Bank Transfer||P2P||Cashier’s Check|
How do we Rate Banking Methods?
We focus on several key criteria when assessing the strengths and weaknesses of each banking method:
- Flexibility | Can this banking option be used for deposits and withdrawals? Are the deposit limits broad enough to suit casual players and high stakes bettors alike?
- Speed | How quickly can bettors send and receive funds via a particular banking method? Do withdrawals arrive in minutes, or will you have to wait for several business days?
- Safety | How secure is a particular payment method? What steps has the provider taken to encrypt transactions and keep the network safe?
- Customer Service | Does the payment provider offer helpful 24/7 customer service if a user needs help with a transaction?
- Fees | How expensive is it to send funds across borders via a particular payment method? Is it cost-effective for bettors?
What are the Best Banking Options at Online Sports Betting Sites?
We have analyzed the key banking options available at online sportsbooks and listed their main pros and cons. Read on to discover the banking method that most appeals to you.
Credit Debit Cards
Most online sportsbooks accept Visa and MasterCard. You will sometimes be able to use Discover and/or American Express too. Credit cards and debit cards offer instant deposits, low minimum transactions and very robust security measures.
However, you should always ensure the connection is encrypted before entering your card details on a web form. Some sportsbooks allow you to withdraw directly to the bank account linked to your Visa or MasterCard, but many online gambling sites do not list credit and debit cards among their withdrawal methods.
Credit cards and debit cards also have relatively low maximum transaction amounts, so high rollers might prefer to use Bitcoin or a wire transfer. They are not ideal for cross-border transactions either, as BetOnline and several other online sportsbooks will charge you credit card deposit fees.
Bitcoin is widely regarded as the best banking method at online sportsbooks. It can take up to half an hour for the funds to arrive, so it is not the quickest deposit option, but it is a lot quicker for withdrawals than traditional methods like bank transfers.
The limits are also very broad. For example, you can deposit $20 to $500,000 via Bitcoin at BetOnline. It is highly secure, because it is a wallet-to-wallet transaction without any middlemen. Online sportsbooks like receiving Bitcoin, as it eliminates handling fees and foreign exchange fees, so they provide more appealing bonuses if you use it.
You do not need to worry about fluctuations in Bitcoin’s value, as the funds will automatically be converted to USD. Note that when you are betting with a bitcoin exclusive site such as Nitrogen Sports, deposited funds will be credited as bitcoin. You can then withdraw in BTC at the current exchange rate further down the line. There is a network fee to pay for Bitcoin transactions, but some sportsbooks – such as Bookmaker.eu – will reimburse you.
Altcoins accepted at online sportsbooks include Ether, Bitcoin Cash, Litecoin, Tether and USDC. They offer the same benefits as Bitcoin, but some of them are quicker and come with lower fees.
A wire transfer is one of the slowest banking methods at online sportsbooks. It also incurs reasonably high fees. However, it does offer very high maximum transactions and it is a secure option, so it is popular with high rollers. It involves sending money from your account to the sportsbook’s account via a network of international banks.
Online Bank Transfer / E-Check
You can send a direct bank transfer to some online sportsbooks. Providers that offer this service include PayWithMyBank and Trustly. The limits are broad, but this is a relatively slow withdrawal method, and the fees are variable. You can alternatively use VIP Preferred to send an e-check to some online sportsbooks.
A P2P transfer allows you to send funds directly to an online sportsbook by simply entering their phone number or email address. This is a simple, efficient way to send money to and from a sports betting account. It offers low minimum transactions, but the limits are not particularly high either, so this is best for casual players.
You can often request a cashier’s check when withdrawing from an online sportsbook. The limits tend to be broad. The check will arrive by courier to your home. However, most sportsbooks charge reasonably high fees for checks, and this is also a very slow payout option. You will often have to wait for more than a week to receive your funds.
E-wallets allow you to send money to and from your online sportsbook account, without ever having to hand over your card details. The most common e-wallets accepted at sports betting sites are Skrill, Neteller, PayPal, Venmo, ecoPayz and MuchBetter.
Additional Banking Options
These are some of the additional banking options you might find at an online sportsbook:
- Pay by Phone (Boku, Zimpler)
- Money Order
- Player Transfer / Sportsbook Transfer
- Play+ Prepaid Card
- Cash in Person