Online Sportsbook Funding + Deposits
A very important part of legal online sports betting comes when players fund their accounts. This is the monetary relationship between the bettor and the sportsbook which fuels the ability for real-money bets to be placed, and the transfer of funds to happen. This deposit aspect is the one-way transfer from the bettor to the sportsbook, while the payout option will be the opposite, for which there is a page dedicated specifically to those.
There can be many parts and questions relating to making a deposit into a sportsbook, the majority of which are answered throughout this page. Outside of the specific deposit methods, there are other things that bettors should be aware of, or might not yet know about what they can expect through funding an account. There isn't anything to be worried about; it's more along the lines of information.
What Bettors Need To Know About Depositing Into An Online Sportsbook
Online sports betting sites that are legal for U.S. residents will have specific methods in which they allow bettors to make a deposit into a site. The deposit options can be different from sportsbook to sportsbook, but for bettors in the United States there will be some consistencies. Below, we run through some frequently asked questions, before getting into the main methods that bettors will come across.
Do Sport Betting Sites Charge Users Fees When Depositing?
Sportsbooks do not charge bettors to create an account or to deposit money into an account. The method that you choose to deposit could have a fee attached, but that would be on the end of the method and not the sports betting site. But 100 percent of the money that is funded into the sportsbook is available to the bettor.
How Much Can Be Deposited? - Sportsbook Funding Limits
Each sports betting site will have its own limits as to what the designated amount can be set at. This will depend on the type of deposit being made. Different funding options will be accompanied by different deposit limits, with both minimums and maximums set for each.
Is It Safe To Deposit Into Online Sportsbooks? Will My Info Be Secure?
Because of the fact that these legal sports betting site operate outside of the United States, there could be preconceived notions that depositing into them is deemed unsafe. This is actually not true at all, because many of these sites are highly regarded. Certainly not every single sportsbook that pops up could be classified as completely safe, but the sites that you will find throughout the pages at LegalSportsbooks.net definitely are, 100 percent. Sportsbooks place a very high importance on the protection of their account holders and funds, because that is the lifeblood of their business. Without safety and security, the site could not function.
How Long Do Sportsbook Payments Take To Credit Accounts?
The time it takes to make the deposit depends on which method is chosen. Most funding goes through instantly, though in some cases electronic transfers can take 30 minutes to an hour. However, there can be methods that are sent through the mail to the sportsbook that can take longer to receive, but once they arrive are deposited instantly.
Legal Deposit Methods For Online Sportsbooks
Of the deposit methods most commonly used, going with your plastic to fund a sports betting account is the go-to method despite what the Federal sports betting + online betting laws would say. In fact, credit + debit card options are typically used the most by Americans wanting to bet. Because of this, the best sports betting sites will generally accept a few different brands of credit cards, as well as some prepaid cash options which can provide for instant transfers.
But, lookout because not every deposit method advertised will allow online sports gamblers living in the United States to use their service to fund sports betting accounts. Most notable these options would include well known online payment processors like PayPal and other major e-wallets.
Find out what will work and where you are just wasting time by referencing our deposit method notes below - all included methods have a high success rate when it comes to USA deposits which is why these are commonly found.
Credit + Bank Card Deposits - Coming in many forms such as Visa, American Express, and MasterCard, using credit and debit cards to fund betting accounts are the first avenue to try when available. We touched on much of this already but know that VISA is most widely accepted followed by American Express and then MasterCard.
Wiring Cash To Deposit - An option to consider when credit/debit cards aren't working would be to send the money through a service like Western Union or a MoneyGram. These are the two biggest + most well-known wire transfer options currently available in the world and most transfers take less than one hour to be credited to a user's account depending on the sportsbook. Deposit limits will vary from sportsbook to sportsbook but these can be sent from thousands of locations, including banks and convenience stores - if you need to deposit more than once per week it won't be a terrible inconvenience.
Personal Checks / Money Orders / Bank Drafts - These are the deposit methods that have to be sent to the sportsbook. It can take some time to get there, but the site will confirm the receipt of them, and fund immediately as soon as the money has cleared their bank account. These methods can be obtained at many locations but we'd recommend seeking a prepaid credit card before going this route.
Prepaid Vouchers + Gift Cards - The ultimate funding option for the bettor that wants to use cash, these can be purchased online, or in person, using cash or credit cards. Obtaining a prepaid voucher or card is basically taking one more step by moving the money through an intermediary likely based in a country without restrictions when it comes to online betting deposits and funding.
Direct Funding From Your Checking or Savings Account - A bank wire can be sent at many sportsbooks as a form of payment these days although they used to be extremely popular before the UIGEA cracked down on funding methods + banks. Still, these are in-play but you should know that they can take a few days to clear and credit to players' sports betting accounts - faster than a paper check but not as fast as credit, debit, or prepaid deposits. One upside to this method however is that the transfer limits usually run high which means big spenders will not be limited because of their deposit method.
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Why The Need To Explain Sports Betting Deposits?
As we touched on a few times, U.S. betting laws make it difficult for offshore sportsbooks to process payments through credit + debit cards issued by American banks... the UIGEA strikes again. We take the time to explain all of this because frustration can ruin you before you ever get started and knowing what to expect from any facet involved with betting money on sports at a website is what we aim to do with anything we attempt.
We'll keep adding as we go as we'll be sure to post an update just as soon as the Feds start backing online gambling and betting regulation instead of having ignorant laws ruining what could be a nice chunk of revenue for the states + feds.