If you're new to depositing money in a sportsbook (and withdrawing funds), you might face some challenges with your bank and the sportsbook.
But once you know what you're doing, depositing and withdrawing funds from sportsbooks is simple.
Below we've listed processes and tips that can make the process of depositing and withdrawing your funds from sportsbooks much easier.
How to Deposit Into Sportsbook Accounts
There are a number of ways to deposit funds into your sportsbook accounts, these apply for both matched betting and sports betting. Below you can find an insight into each and whether it could work for you:
1. Online Banking
If your bank account allows deposits to sportsbooks, this method is often the best option. In some cases, your bank may block these transactions.
Bank transfers via online banking send money directly from your bank account to your mobile sportsbook account. If you don't have a debit card or credit card, you can use online banking as a method that usually always works.
Depositing money online means transferring money between banks using the Automated Clearing House Network (also called ACH Transfer).
To make an ACH deposit, enter your routing number, checking account number, and confirm the deposit amount. Most bank transfer deposits instantly credit the funds to your sportsbook account.
Many licensed operators use a company called VIP Preferred to process online banking deposits. VIP Preferred is a safe financial company that serves many parts of the US sports betting industry.
VIP Preferred involves a one time enrolment. Once enrolled, VIP Preferred will automatically be displayed as a deposit method across every sportsbook or casino that utilizes the service.
Depositing with an ACH transfer or eCheck is usually free, instant, and convenient. Wire transfers require more effort (usually going to the bank to approve) and have extra bank charges.
- Fee: No fees for ACH/eCheck; bank fee for wire transfer
- Processing time: Instant for ACH/eCheck; up to one business day for wire transfers
Trustly is a popular online payment method that allows users to make secure and convenient deposits at sportsbooks and other online gambling websites.
Trustly is a Swedish fintech company that provides a service known as "Pay N Play" or "Pay and Play," which streamlines the online payment process by allowing users to make deposits directly from their bank accounts without the need for creating separate accounts or providing credit card information.
Here's how Trustly typically works for sportsbook deposits:
Select Trustly as a Payment Option: When you visit a sportsbook's deposit page, you can choose Trustly as your preferred payment method.
Choose Your Bank: Trustly has partnerships with numerous banks in various countries, so you can select your bank from the list provided.
Authenticate Your Transaction: To complete the deposit, you will be redirected to your online banking portal, where you'll need to log in and verify the transaction.
Confirm the Deposit: Once you've authenticated the transaction, you can confirm the deposit amount, and the funds will be transferred from your bank account to the sportsbook almost instantly.
One of the key advantages of using Trustly for sportsbook deposits is its speed and security. Trustly facilitates real-time transactions, and your personal and financial information is not shared with the sportsbook, which adds an extra layer of security.
However, it's important to note that the availability of Trustly as a payment option may vary depending on if your bank is listed and the specific sportsbook you're using.
- Fees: There no fees for deposits and withdrawals
- Processing time: Instant
3. Debit Card
Similar to online banking, sometimes, your bank may block these transactions. Contacting your bank may help to prevent this. It's also worth raising your transaction limit on your debit card. Most banks will allow temporary increases.
In most cases, debit cards are a fast and easy way to desport funding into your sportsbook accounts. To make a deposit, enter card numbers, specify the amount, and press the submit button, just like online purchases. In most cases, sportsbooks instantly credit your account.
- Fees: Most betting sites do not charge fees for depositing with debit card
- Processing time: Instant
4. Credit Card
The majority of sportsbooks allow Visa and Mastercard, however, only a few providers accept American Express.
There are some states that do not allow credit card deposits (Iowa, Massachusetts, New Hampshire, Rhode Island, and Tennessee). You can find out more here.
Most credit card providers treat depositing into a sportsbook as a cash advance. In some cases, credit card providers may charge relatively large cash advance fees.
- Fees: Certain banks may categorize credit card deposits as cash advances, potentially leading to extra fees. Check out Discover Credit Card Below if you want to avoid additional fees.
- Processing time: Instant
PRO TIP - Discover Credit Card: Discover appears to be the only credit card that does not treat depositing into a sportsbook as a cash advance.
Using a Discover credit card also allows you to receive credit card rewards on deposits. As highlighted above, not all states/sportsbooks allow this deposit method, so make sure you verify first.
To prevent Discover from considering your deposit as a cash advance, set your cash advance limit to $0.
Many states allow PayPal deposits for sportsbook accounts, making it easy to deposit funds and receive payouts quickly.
PayPal might be more user-friendly than online banking and credit cards as it also serves as a secure digital wallet. This allows you to keep your matched betting bankroll separate from your other cash.
PayPal keeps your banking info private and doesn't share it with sportsbooks or other online sellers, protecting your privacy.
PayPal only works with legal betting sites, but it does not offer its services to every licensed operator.
- Fees: None in most cases
- Processing time: Instant
How to Withdraw From Sportsbook Accounts
The first time you withdraw from a sportsbook they will usually request additional information to check your identity.
They may ask you to provide a bank statement or possibly a selfie of you holding your driver's license.
This is a normal practice to make sure that no one else is trying to withdraw your money.
You can only withdraw via a method that you previously used to deposit.
If you do want to use a different withdrawal method, you need to deposit a small amount, approximately $10, using the new method. This will allow you to withdraw funds via your new preferred method.
- Avoid PayPal: They do not properly track profits and may provide inaccurate tax forms.
- Debit Cards are usually the fastest way to withdraw money.
- Online Banking also works well.
- VIP Preferred is a good option.
Sportsbooks prefer deposits over withdrawals, and sometimes withdrawals can lead to limits from a sportsbook.
Before you withdraw funds from your sportsbook accounts, here are a few important points to consider;
- Have you completed all Site Credit rollover requirements?
- Dont withdraw funds immediately after you've completed a sign-up offer
- Stick to smaller weekly or monthly withdrawals rather than a large on-off withdrawal.
Following these three points will help to keep your accounts open longer and maximise your matched betting profits.
Mastering the Process
Withdrawing and depositing into sportsbooks is just one of a wide range of tips you should know how to execute to master matched betting.
The rest? They're all in our free matched betting resource centre - check it out here, no signup required.
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