Sportsbook Banking Methods

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

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

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.

Wire Transfer

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.

P2P Transfer

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.

Cashier’s Check

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

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:

• PaySafeCard
• Pay by Phone (Boku, Zimpler)
• Money Order
• Player Transfer / Sportsbook Transfer
• PayNearMe
• Play+ Prepaid Card
• Cash in Person