Sports Betting Payouts + Withdrawals
Getting paid from an online sportsbook is one of the best parts of the whole sports betting process. That's because getting paid out means that you've won some bets along the way. How much money a bettor is paid out obviously depends on how much they've bet or won, but there are some consistencies in the process that those who are making a withdrawal should know about. The withdrawal process is necessary for every online sportsbook, and while each might have some intricacies that are unique to their own process, in general things operate on the same premise.
Exactly what those premises are is the topic addressed here, as LegalSportsbooks.net analyzes payouts from sports betting sites, and answers the questions that you have on your mind about what exactly takes place.
What Users Should Know About Getting Money Out Of Online Sportsbooks
The first thing that bettors should be aware of is that the process of being paid out is different than making a deposit. Even the methods that are offered as depositing options will most likely not all be offered for payouts. Therefore it is important to check out the information on depositing as well as withdrawing, so that the ways in which it can be done matches the needs of the bettor. Let's look at some common questions for sportsbook payouts.
How Long Does It Take Sports Betting Sites To Pay?
This might be the most frequently asked question of them all. That's because bettors want to get their winnings fast. After all, the deposits go through instantly in most cases, right? Well, payouts can get to a bettor fast, but not instantly; at least not for American sports bettors. But the good news is that payouts can be the same day, with some methods taking 12-36 hours to complete.
The best answer for this though is that the time is takes to receive a payout will directly relate to the method that the bettors chooses to go with from the betting site. It can be same day; it can be up to two or three business weeks. Sportsbooks will often have two, three, or more ways to choose from to get a payout. This gives a wide range of players some choices to pick from, for which there are advantages of each.
Fastest Sportsbook Payouts - Which Sports Betting Withdrawal Method Is Fastest?
One of the wire transfer options is the fastest way. For American bettors that will come with a Western Union or MoneyGram withdrawal. This is the option with a same day payout, taking as little as 24 hours up to 36 hours to complete. With wire transfers, the escalated fee is in effect with the charge increasing as the amount of the payout rises.
Sportsbook Withdrawal Fees - Do Online Sportsbook Payouts Cost Money?
In most cases it does. There are some sportsbooks that will give a free payout every 30 days. However if you are not an account holder at one of these sportsbooks then there will be fees associated with a payout.
Exactly how much will depend on a variety of factors. The first is the type of method chosen. Different options will present different fees. The second variable is the amount that is being paid out. Some methods have an escalator fee that goes up with the more money being paid out. The third variable can be related to time. For some check methods, the faster the type of delivery the more the fee is.
Sports Betting Payout Limits - How Much Can I Deposit / How Little Can I Deposit?
Yes, and like the theme has been with most answers here, it depends on the sportsbook, and method. Some might have small minimum withdrawals like $20, while others will have at least $1,000 that needs to be taken out.
The same can be said for payout maximums, with a couple hundred dollars ranging up to thousands of dollars that can be sent on a single transaction. The primary thing here is the sports betting site itself and what they allow.
Sportsbook Payout Methods Legal For U.S. Residents
Paper Check Through The Mail or By Courier (UPS, FedEx, DHL, etc) - Just like a credit card is accepted at most every sports betting site to deposit, a check option is at just about every sports betting site for a payout option. Different sportsbooks have different check options, whether it is through a courier, the mail, or an ExpressCheck. Checks can take as little as seven days or as many as three weeks to be received.
In some cases, money orders and cashier's checks will be used / available instead of a printed company check from the sportsbook. This may seem shady but in reality it is much better if for nothing else than the higher payout limits.
Have Cash Wired To Nearest Pickup Station - The wire transfer is the fastest way to get paid out, as we mentioned about. Western Union transfers and MoneyGram get to players very fast, often within 24 hours and sometimes within 12 hours. The fees are reasonable, but the more you take out the more the fee. WU and MG transfers can come with different limits as well.
Get Money Deposited Directly To Your Bank Account - In general, the bank wire is the highest limit of a sportsbook for payouts. They can be very high, at around $10,000. It takes about 10 business days to process and receive a bank wire from the sportsbook to a player.
Have Your Deposit + Winnings Refunded To Your Card - While this isn't an option at most sports betting sites and can even be limited depending on your state, getting funds sent back to the debit / bank card used to originally fund the account is a super slick method. This is because the payout times are reasonable as are the fees + charges plus limits are friendly for all levels of bankroll.
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More About The Legality Of Sports Betting Payouts + Withdrawals
You should not have to worry when requesting a payout via an online betting website as each site will have the necessary information you need to know (if any) to successfully claim your funds. Think about it... online sports betting sites wouldn't still be operating if they didn't pay their players, and word would definitely spread. We suggest you stick with the sites we can vouch for - you will find plenty those websites here at LegalSportsbooks.net.