Withdrawal Methods That Are Legal For Online Betting
Withdrawal methods are the way you retrieve your winnings from an online gambling site. Having access to your winning wagers and bonus cash is important—though many online gamblers simply re-invest their winnings into future bets, it's common for people to want the money they won in their hot little hands. Some withdrawal methods are not accessible to people from certain countries, most notably the USA, where the federal government has passed a law limiting how financial institutions can deal with known online betting sites.
If you are looking for legal sports betting withdrawals at online sportsbooks, you may find it even more difficult to get your hands on your winnings. That's because online sportsbooks face even stricter regulations in the American market than other forms of gambling. Depending on which site you place bets at, you may have a dozen options for legal sportsbook payouts or just one or two. All legitimate sportsbook sites will allow you to withdraw your winnings, obviously, but they vary in terms of the variety of deposit methods, so when you're hunting for an online book, look into their available withdrawal methods to make sure they offer one that you like.
Popular Methods That Americans Use For Safe Payouts From Betting Sites
Because of certain federal + state betting laws that interfere with the way funds can be transferred to and from sports betting sites that are legal, the number of methods for getting paid could potentially be limited. That means the pool of legal sports betting withdrawal methods commonly used by USA players is pretty small. Here's a breakdown of the most popular ways to get to your winnings.
Bitcoin is the newest method for legal sports betting withdrawals that online sportsbooks have added to their arsenal. Bitcoin is a digital currency that is both decentralized and relatively anonymous. This means that you do not have to worry about a bank refusing to cash your check or holding up delivery in some other way.
BTC withdrawals are the fastest way to receive sportsbook winnings, with your funds delivered to your wallet within a few hours in most instances. Another great aspect of this particular payout method is that you do not have to have to pay and withdrawal fees, your earnings are credited in their entirety.
One point of advice with bitcoin withdrawals is to cash out when the value of bitcoin is either the same or higher than its price at the time of your initial BTC deposit.
Best Bitcoin Sportsbooks: Bovada Sportsbook, 5Dimes Sportsbook, SportsBetting Sportsbook
Check By Mail (Courier)
Getting a paper check in the mail from any online sportsbook's cashier department is a relatively simple way to collect your money. Probably the most basic withdrawal method of all, a check by mail works like any other check sent through the postal service. It can take a long time for your casino's cashier to send you your check, as long as 30 business days at some sites, and you'll need to fill out a withdrawal form and send in a proof of your identity (a photocopy of your photo ID usually works), but besides that, withdrawing your money through check by mail is a viable withdrawal method at every legitimate online gaming site, and therefore very popular for USA sport bettors trying to operate within the legal confines of the UIGEA and other laws.
Typically these payouts can take a bit longer to process which only leads to further delays when receving them, but there can be options with paper checks that will allow users to get funds quicker. Generally speaking and depending on the sportsbook, it could take as little as 7 days to get a check or as long as 30 days but the method is definitely proven.
Withdrawal Fees For Checks: Typically Lowest Of All Payout Methods - Most Sportsbooks Give One Free Per Month
Wire transfers are direct transfers of funds from one financial account to another. You've probably used a wire transfer to or from your bank account in the past, especially if you've ever wired or received any money from one of the big wire transfer companies that operate worldwide. These methods of getting your withdrawal cash are sometimes instant, meaning your money is available at a nearby wire transver kiosk or bank within minutes, or sometimes you'll have to wait a couple of days.
Generally speaking, the longer you're willing to wait, the lower your fees for making the transfer will be. All best legal betting sites that accept USA players which also operate within the confines of the law allow wire transfers.
Popular Brands Of Wire Transfers: Western Union + MoneyGram
For legal sports betting withdrawals, bank wires are an easy to use option. When you write a paper check to a retailer or an individual and they cash it, there's a lot of paperwork and electronic activity that follows it. Bank wires a.k.a. eChecks basically cut out the paper portion of this exchange, making a funds transfer from your online casino or sportsbook account to your chosen financial institution nearly instantly. Think of a bank wire as a digital check.
The main benefit of an eCheck over a paper check is time. Instead of waiting a month for a check to arrive in the mail, you often have your winnings in your bank account or eWallet instantly. Most legal betting sites that accept USA bets allow eCheck withdrawals.
Sportsbooks That Use Bank Wires: Bovada Sportsbook, BetOnline Sportsbook, SportsBetting Sportsbook
Debit Card Payouts
This is a great way to get paid by an online sportsbook but the betting sites that use it are extremely limited. At this time, there is just one online betting site we know of that offers them, 5Dimes Sportsbook. That being said, the availability changes from month to month so you may not always see this option offered.
This basically works by re-crediting the debit card used to make the deposit into a sports betting account there. At 5Dimes, they only accept VISA so those debit cards are the only ones that can be refunded. The process will require the user to fill out a debit funding application to get started, but they must first use that card to make a deposit - only debit cards used to fund the betting account can be used for this.
Typical time on debit card payments is around one week and fees are generally low. It is also worth noting that debit/bank cards that are capable of international purchases are going to have much better success than those not afforded that luxury. For legal sports betting withdrawals with debit cards, you will need to speak with customer service.
Prepaid Card Sports Betting Payouts
Most often prepaid cards are associated with deposit methods for an online betting site. However, prepaid cards can also be used as a method to receive a payout from a sportsbook as well. Not every website will offer a prepaid payout option. Each betting site will have its own rules and regulations regarding how a prepaid card can be used. For example at 5Dimes Sportsbook, they have a prepaid card called the 1500 CLUB card. This is a card where deposits and payouts can be made by account holders. Users are issued a card after joining the 1500 CLUB and will be able to dictate the payout process under the guidelines of 5Dimes.
Other prepaid card payouts center on major credit card brands. Visa is most often an option, but other prepaid cards have the potential to be accepted after consulting with the cashier at the betting site.
How the UIGEA Has Affected Withdrawals
The UIGEA (Unlawful Internet Gambling Enforcement Act) was passed in 2006 as a weak attempt to stop all online gaming inside US borders. It limits banks and other financial institutions from transferring funds to and from online gambling Websites. The UIGEA doesn't apply to all forms of deposits and legal withdrawals, mostly credit card payments, debit card deposits, and any direct funds transfer you're your bank to your player account. What's really frustrating is that the UIGEA has scared PayPal, the world's most popular eWallet, away from the American market, even though they are one of the most popular gambling withdrawal methods in the rest of the world. Simply put, the UIGEA makes legal withdrawals a little more expensive, a little harder, and adds some time to the exchange of funds.
Other Problems Americans Have When Getting Payouts From Online Sportsbooks
The UIGEA is not the only stumbling block Americans have in the way of withdrawing funds from their Internet betting accounts. The first thing that would prevent a USA gambler from making a withdrawal would be if he weren't of legal gambling age in his state. Online casinos use age-verifying methods to make sure you're complying with local and federal laws. Another little headache is the requirement that you verify your identity before you make a withdrawal—when it's time to collect your winnings, you'll need to fill out paperwork and provide proof of your identity. No legitimate casino is going to prevent you from making legal sportsbook payouts, as long as you are who you say you are.
Best Legal Betting Sites With Quick And Reliable Withdrawal Methods
BetOnline Sportsbook - Payments Made In Under 48 Hours Depending On Method
Besides a great variety of games and betting options built on proprietary software, BetOnline has a really beneficial withdrawal system. Americans can request a payout once a month with a $50 credit against any withdrawal processing fees.
BetOnline allows USA gamblers to withdraw using paper check by mail, book-to-book transfers, Western Union and MoneyGram wire transfers, person-to-person withdrawals, and (for those lucky Americans that have the ability to do so) ACH withdrawals directly to your bank account (bank wires).
Bovada Sportsbook - Up To Four Friendly Options For USA Sportsbook Payouts
Bovada is for North American customers only, an offshoot off the mega-popular betting site Bodog.com. Bovada uses check-by-courier, Western Union, MoneyGram, and bank wire transfers to pay withdrawals to their North American customers for anything from sports gambling to playing online poker.
Please note that all Bovada customers get one free "check-by-courier" withdrawal per month, a no-fee withdrawal method that can save you the hassle of having to pay a portion of your winnings to a middle man. Other methods like wire transfer typically have a $40 to $80 fee but payments usually arrive within 48 hours or sooner.
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What Is The Fastest Method For Getting Money Out Of Sports Betting Websites?
Many users like to get their legal sportsbook payouts from a betting site quickly. When selecting an option based purely on speed, bitcoin is the quickest way to get paid. If you are not familiar with bitcoin, another option is a wire transfer. Bettors can expect the transfer from the sportsbook to be made within 12-36 hours following the approval of the withdrawal by the customer service department. That means that in some cases the bettor can have their payout back to them by the same day. But even for the longer time period of a wire transfer, it will be there within two days. Legal sports betting payouts are both expedient and reliable with these two methods.
More About Online Sportsbook Withdrawal - Payout Fees + Charges
No matter the sportsbook, when it comes to making legal sports betting withdrawals and receiving a payout from a site, there are fees to consider. There is no 'one size fits all' fee at a sportsbook. Each potential fee will be tailored to the type of legal sportsbook payout that is being sent to the player. Not only will the fees vary from the type of payout, but also from the sportsbook. Different sites will assess fees differently. This is another incentive to shop around at the different sportsbooks. It's not just appropriate to shop betting lines; it is recommended that you do this based on a number of factors including payout fees.