Sports Betting Payouts: Which Methods and Sites Are Quickest?
When it comes to sports betting, users are always looking for the most convenient way to get their hard earned money. Likewise, sportsbooks and other online betting sites want to make it as easy as possible for their users to deposit funds into their accounts and begin playing.
It seems like both sides could easily work together to figure out the most efficient way to make this happen for both parties, but we know that doesn’t always work out.
Payout and deposit methods vary from site to site, however most online sportsbooks have multiple ways for users to both deposit and withdraw funds.
In this article, we will breakdown some of these methods found on various sites, and lay out the pros and cons of both.
- Credit/Debit Card
- Bank Transfer (Checking Account)
As always, read your specific house rules to ensure you understand the book!
This method is probably the most popular amongst sports bettors simply because of the simplicity and speed.
Users just need to plug in their credit or debit card number and enter the amount they’d like to deposit. In seconds, their account will have the funds and you’ll be ready to play!
As far as withdrawing goes, the speed is unmatched. Just request the amount you’d like to withdraw, and it should show up on your card in 30 minutes or less.
Tough to beat that speed!
Bank Transfer (Checking Account)
Linking your bank account to a sportsbook or online betting site is just as easy as a debit or credit card transaction. Simply sign into your online betting site, and select deposit via bank transfer.
You’ll most likely be redirected to a third party site that protects your information. Users need to sign in using their online bank account information, and select the amount of funds they would like to deposit. When putting money into your betting account, the funds are usually transferred instantaneously.
However, this is not the case when withdrawing money.
Withdrawing funds using your bank account typically takes longer for the money to arrive. Users can expect it to reach their account in 3-5 business days.
Sometimes they offer an instant transfer for a small processing fee.
With the rise in popularity of mobile applications such as Venmo, CashApp, and PayPal, it’s no wonder that online betting sites are starting to take these methods as payment. Although I have yet to see a sportsbook take CashApp, Venmo and PayPal are two popular methods of depositing funds into a sports betting site.
Once users link either their credit/debit card or bank account to their Venmo or PayPal account, users simply sign in on their sports betting site, and select deposit via mobile application.
Users sign in with their Venmo or PayPal credentials and then they are set!
Withdrawing money takes a few days, much like a bank transfer, so this method seems like a bit of excess work for no reason.
Over the recent years, there has been an incredible rise in popularity of cryptocurrency as a form of payment. Bitcoin is the most popular crypto currency, but there are many others on the market as well.
It makes sense that sportsbooks would adapt to their users and start accepting crypto currency as a form of payment.
Now, crypto currency is a bit difficult to understand, but using it to fund your online betting site is very simple.
First off, users should check to make sure their online betting site accepts their specific crypto currency as payment. Most books accept Bitcoin, and others accept Eretheum or other crypto coins.
Next, you must own crypto currency and put it into your crypto wallet. Once it is in your wallet, just log on to your sportsbook and select the deposit with crypto currency option. It should ask you which specific crypto you are wanting to use.
After that, you will simply have to copy and paste the wallet address into your betting site, and boom. Funds for the same amount of crypto deposited should be in your account instantly!
As far as withdrawing funds, crypto’s timing is seamless and transfers almost immediately.
When withdrawing via crypto currency, users simply copy and paste the wallet address where they would like it to be sent.
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