The banking options available at online betting sites go a long way to tell you if they are good or not. But why exactly is this important? The banking methods determine how you can fund your betting account and withdraw winnings that you make. So you want the process to be as easy and smooth as possible. When you play at the best sports betting sites, you can use several banking methods to perform transactions, such as credit/debit cards, e-wallets, and bank transfers.
Apart from considering how many payment methods are available to use, you should also take note of the processing times and speed. Top online sportsbooks accept several banking options that allow them to process transactions quickly.
When you deposit at these sites, it reflects instantly in your betting account, so you don't have to wait hours to bet on your preferred sports events.
As for withdrawals, these best betting sites also ensure players get their money as quickly as possible.
In fact, most of them do not charge players any fee for processing transactions. However, we recommend that you read through an online betting site's terms and conditions and banking page to know if fees apply.
Below are some of the popular payment methods you can use at the best-rated online betting sites in the US.
This is a good option for players with a checking account. It is often listed as VIP preferred at the best US sports betting sites, and it has incredibly fast deposit and withdrawal times.
Depending on your bank, you may be charged a small fee when using the option. However, it is widely accepted by legal sportsbooks and is a secure method only available to those with an online bank account.
Credit and debit cards are also commonly accepted by US online casinos and sports betting sites. Mastercard and Visa are the two commonest types of credit/debit cards that you can use, and they have perks and drawbacks.
When it comes to ease of transaction and security, these cards are a good option, and they often have high limits. However, as for transaction speed, they are not the fastest. Withdrawals via the option can take several days, and there is also the possibility of a fee, especially when using credit cards.
This is an electronic wallet and online payment method that is popular and available at the best online sportsbooks. Founded back in 1998, you can use PayPal to deposit and withdraw winnings at sports betting apps and sites in the US. And since it is an e-wallet, you don't need to enter your sensitive bank account data to make transactions.
Most states in the US that have sports betting legal allow players to use this payment option, and in most cases, transaction fees do not apply.
Skrill is another e-wallet that offers a similar advantage as PayPal. However, it is not commonly used by sports bettors in the states. When you use this option, you can be as confident as possible that your money is safe, although the payment operator may charge transaction fees.
That said, the transaction limits are often higher, and the processing of deposits and withdrawals is pretty fast.
This is also an electronic wallet that is more popular than Skrill in the US. Many sports betting sites accept the option as one of their primary deposit and withdrawal methods. Like Skrill and PayPal, Neteller is a secure banking option with a fast processing time and higher limits.
This is an online betting payment option that has to do with players making a deposit at participating CVS, 7-Eleven, or Family Dollar Stores.
All you need to do is provide your PayNearMe barcode to the clerk at the store and pay the amount you want to fund into your account. The retail clerk then processes it and gives you a code to enter on your betting account. Once you do, the money will reflect instantly. The option is secure but not available for withdrawals.
Cash at Casino Cage
This is an in-person payment method that is available at some US online casinos and sports betting sites. To use this option, you will need to go to the partner casino of the sports betting site. Once you are there, head over to the casino cage and tell the cashier how much you want to deposit into your sportsbook account.
You will be asked your betting account ID, which is usually visible in the My Account section. One drawback of this option is that it can be inconvenient for some people. However, if you happen to live close to a brick-and-mortar casino that is also a partner with your sportsbook, you may find it an exciting option to use.
Prepaid cards are prevalent at online casinos, but some sports betting sites now accept them as a primary banking option. Discover is one of the table prepaid card brands that sports bettors in the US use.
The good thing about this payment option is that it offers good security since you can load up a card to use. Besides, you don't need to wait for a physical card since you can have the digital version. Prepaid cards offer higher daily limits, but like credit cards, they can be declined by an online sports betting site.
Although not too popular, you can mail checks to some top online sportsbooks in the US. This option can be inconvenient, and the processing time is usually slow.
The betting operator must first receive the check, which may take days depending on the courier, before verifying the funds and approving it. This explains why most online sports betting sites only accept the method for withdrawals.
Bank Wire Transfer
The best gambling sites in the US also accept bank transfers as a deposit and withdrawal option. A good thing about this method is that you can deposit a huge sum of money that is not usually allowed for other payment methods.
However, the processing time for withdrawals often takes a long time.