Best Banking Options for Online Sportsbooks in 2018

When you get into online sports betting, you obviously can’t just take money to the cage and collect your winnings there either. Because all of your betting is done digitally, your banking options must also be done digitally. In this guide, we’re going to walk you through all of the deposit and withdrawal options available for placing your sports betting action online.

While some of these options might be new to you, you’ll find that once you get things set up, it’s a lot more convenient than having to drive to and from the sportsbook every single time you want to make a bet or a transaction. The safety and security that comes with not having to leave your home with large sums of money is also a huge perk that we’re sure you’re going to be a fan of.

Deposit Options

There is such a large list of deposit methods that work for online sportsbooks that we believe there is a method out there for everyone. There are even some options for those who do not have a bank account!

Once you find the method that you believe is going to work for you, be sure to check out the full review by clicking on the button below each description. This way, you can do some further research to be sure that the specific method you have your eye on is really going to be the best option that you can find.

Credit Cards

We figured we might as well kick off the list with the most popular and widespread deposit option that exists worldwide, credit cards.

If you have not heard of Visa, we would like you to take a visit outside of the cave you have been hibernating in for the last six decades.

For those who really are unaware, this deposit option features a plastic card that is either connected to a bank account or has a certain amount of credit already built into it. All you will need to do is enter your card information and you will be gambling in no time!

It’s only right to talk about Visa’s sister payment method next, Mastercard. The two are grouped together more often than peas and carrots. The difference between these two is minimal, and it probably does not make a difference if you use one or the other.

However, the rewards for using each card are determined by the card issuer and not by the payment network. This means that we are better off paying attention to the specific terms and rewards offered rather than whether the card is Visa or MasterCard.

The main similarity between MasterCard and Visa is that they both feature plastic cards with 16 numbers on them. Once you enter these numbers into your sportsbook cashier, you should be ready to gamble instantly.

Credit Card Sites

Cryptocurrency

One of the newest methods of funding your online sports betting account is cryptocurrency. Cryptocurrencies are a new form of digital currency that is not regulated by a central bank which allows it to have much lower/no fees and much fewer issues when transferring funds across the web and internationally. As many online sportsbooks are internationally based, this can make things a lot easier for players to get started.

Now, cryptocurrency is very new and can be a little confusing if you don’t have any experience working with it. Many of the different cryptocurrencies out there also fluctuate in value which will have an effect on your sports betting experience. If you deposit money in crypto and then go to cash it out, you will be cashing it out at whatever the current value of that currency is. If the value has gone up, you’re going to be getting a lot more money than you expected. But, if it’s gone down, you’re going to get less than you might have expected. This is just something to be aware of.

Bitcoin

The most well-known cryptocurrency and the most used in online sports betting is Bitcoin. Unless you’ve been living under a rock, you’ve probably at least heard of Bitcoin. With online sportsbooks, you’ll usually see sites that offer Bitcoin as a deposit option as well as some sites that operate exclusively in Bitcoin.

You will also usually see some bigger deposit bonuses when it comes to using Bitcoin because it costs a lot less for the site to fund the account which means they can pass those savings on to you. Usually, when you make a deposit, the sports betting site will eat all of the associated fees with your deposit. With Bitcoin, those fees are much smaller or nonexistent which means they have some extra money to play with that they often turn around and give to you as a bonus.

Bitcoin Sites

If you’re going to use cryptocurrency to fund your online sports betting endeavors, make sure you fully understand how it works. For a lot of people, it’s going to be a great option, but we don’t want you getting involved with it if you don’t understand all of the nuances and the ins and outs. The link below will take you to our list of recommended sportsbooks that use cryptocurrencies as well as a more in-depth breakdown of how they work

Cryptocurrency Sites*

Bank Wire

Bank Wires are mostly used for withdrawals, but they can be used to deposit on some online sportsbooks as well. For those who are not a huge fan of used e-wallets or plastic cards, bank wires can be an easy way to deposit money.

This method is also preferable for high stakes players since large amounts of money can be transferred securely. There are not many options that will permit large transactions and still be extremely safe at the same time.

E-Wallets

Skrill is an extremely popular e-wallet that is available at nearly every online sportsbook in the world. They are accepted in over 200 countries and support 40 different currencies.

Their flexibility is impressive, but so is their ability to give out pre-paid MasterCards that are connected to your Skrill account. This top-level convenience enables you to get your money out of an ATM at any time you like, for a small fee. Depositing onto Skrill is as easy as can be if you have a bank account, or you can just buy some funds off a friend who already has money on there.

This e-wallet is still a great option for the rest of the world to fund online gambling accounts to this day. They are known for their extensive security measures and extremely fast transaction times.

We recommend this payment option for anyone that has access to it because they also feature a debit card that can be used at any ATM to take your money out of the e-wallet. The fees are minimal for this convenience and it is much better than waiting to receive a withdrawal.

E-Wallet Sites*

PayPal

Paypal is an e-wallet much like Skrill, Neteller and ecoPayz, which we will talk about later. The difference is that PayPal does not offer a VIP program and their customer service is known to be a little shaky at times. They are also not offered by most online gambling providers like their e-wallet counterparts are.

However, when it comes to facilitating online gambling transactions, PayPal does the trick instantly and without fees. The only time a fee is incurred is if you try to convert currencies or if you try to use a credit card to transfer money into your PayPal account.

The best feature of PayPal is that once you connect a bank account to your account, they will transfer your balance to your bank for a small fee of $0.25. This transfer is done within a shocking 30 minutes, which dominates any other option in the industry

PayPal Sites

Instant eCheck

Echeck is one of the most secure deposit methods that you can possibly find. They feature digital fingerprints and a tracking feature to help to maintain this high level of security.

Echeck is also very popular and can be found in nearly every online sportsbook. It is just like writing checks, except it’s digital. There are much lower wait times involved with this method compared to writing checks and mailing them, so if paying with checks is your thing, you should give this method a shot.

Instadebit

Instadebit is one of the top options for funding an online sportsbook account for players from Canada. They can be found in most sportsbooks, and they are known to be a fast and secure banking method.

The transactions are free, and you can connect your Instadebit account to your bank account at any time. We recommend taking a few minutes to setup an INSTAaccount so that you will be eligible to hit some giant jackpots during your gambling escapades.

Western Union

If you are looking for an easy way to deposit using only cash, Western Union is a great choice. All you need to do is find a location that offers Western Union transactions. Luckily, there are tons of them in nearly every major city, and you can find them with a simple Google search.

Once you find an active Western Union location, you simply need to send the money to the sportsbook. To get the information on where to send the money, just start the deposit in your sportsbook account’s cashier and they will provide you the exact name and location to send the money. Within 30 minutes after sending the funds, you will be gambling online with your cash!

Zimpler

Zimpler is a simple and mobile-friendly payment option for online gamblers from Sweden and Finland. It was founded in 2016, which makes them one of the youngest payment options on our list. However, the company’s name used to be PugglePay, which was started in 2012.

This payment option caters specifically to gamblers with their feature that permits you to set your own stop-losses with a monthly gambling budget. They are also safe to use and have great reports from Scandinavian gamblers.

Instant Banking by Citadel

With a network of over 200 banks participating, this instant banking option is extremely popular for gamblers in over 30 countries. Users can connect to this option using their own bank accounts, which is extremely convenient.

Citadel does not charge any fees, and users of this service will also enjoy anonymous transfers. These deposits take a matter of seconds, so we recommend this method for anyone in participating countries.
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InstaDebit

InstaDebit is a reliable veteran in the deposit option world. The problem is that this option is only available for those who have a Canadian bank account.

There is a small $2 fee involved anytime you move money from your bank to your InstaDebit account or vice versa. Even so, this option is one of the favorite methods for transferring funds online for Canadians.

GiroPay

If you have a bank account in either Germany or Austria, odds are that you have used GiroPay to complete an online transaction before. Many online sportsbooks now accept GiroPay, which serves over 17 million customers.

GiroPay is the second most popular online payment method in the German region, losing only to Sofort Uberweisung. This is impressive considering they were founded just 11 years ago.

EntroPay

Entropay is a prepaid virtual Visa card that will work anywhere that Visa is accepted. This was the very first prepaid virtual card to exist in Europe when it emerged in 2000. With this card, you will be able to deposit onto online betting sites using USD, EUR or GBP currencies.

All your personal information is protected by 128-bit encryption with EntroPay, so you can be sure no one will be stealing your personal data. We are very impressed with the security and confidentiality that EntroPay brings to the table.

PaysafeCard

Paysafecard is one of the most popular ways for Europeans to deposit money into online betting sites. They were launched in Austria way back in the year 2000, and they now have over 1 billion customers. Instead of the usual plastic card routine, they have a unique voucher system which serves to facilitate transfers.

The only catch is that withdrawals are not always possible using this method. For betting sites that require you to deposit using the same method that you wish to withdraw money, this could end up being a huge pain.

Trustly

Hailing from Sweden, Trustly has been around since 2008 and serves only residents of countries that are members of the European Union. This service allows gamblers to deposit online using money from their bank account. All deposits or withdrawals are instant.

If you have an account at one of the participating banks, you can deposit using this option without any intermediary steps making things complicated. You don’t even need to sign-up for an account to use Trustly!

Sofort Uberweisung

Sofort Uberweisung is an award-winning German payment method that is so easy to use, you do not even need to sign-up and make an account. This method lets players who have bank accounts use those bank funds to complete online transactions.

This is one of the most prevalent payment methods in online sportsbooks, especially those that serve Europe. All that users need to do is enter a verification code that is sent to their phone, confirm the transaction and they will have their money sent instantly to any supporting online sportsbook.

Choosing the Best Deposit Option

Wow, that list of deposit options from above is insanely long! How can you possibly know where to start if you are new to the Internet gambling scene?

Well, the first thing you need to do is consider your current life situation. There is no way to make a proper decision about what is good for you if you do not consider all the variables surrounding your life at this very moment.

For example, if you do not have a bank account, you will need an option that does not use banks. If you do not have a bank account, and you are low on money, your best option might be to not deposit at all.

If you have a bank account but want to deposit a large sum of money, you will need to find a method that facilitates large transfers using banks. If you have a credit card, but you are poor and want to avoid the fees that come from using it, you might want to find a method that is totally free.

As you can see, the answer to this question all depends on your personal needs. These needs can only be addressed by taking a step back and deciding what it is that you are looking for.

If we had to choose, our personal recommendation for a deposit method would be Bitcoins. This digital currency is extremely convenient for sending money from country to country, which often happens in the online gambling world. Bitcoins also feature 100% anonymous transfers, faster transactions than normal banking methods and lower house edges on the sites that accept them.

Withdrawal Options

Putting money onto an online sports betting account is great because it gets you into the action. But, the most fun part of online sports betting is winning and getting to withdraw those winnings and enjoy the spoils of your victories. What we’d like to do now is talk about the different options that you have when it comes to withdrawing your money from your account and help you to pick out which options is best for you.

Please Note:
When it comes to withdrawal options for your sports betting account, you’re going to have pretty much every one of the above-listed deposit options that also works as a withdrawal option. This means that the same ways you move your money onto the sites are the same ways you can move your money off of the sites.

Now, instead of just listing every option again here with a brief intro, we want to do something that we think will be more helpful. We’d like to talk about the characteristics and factors that will separate each of these withdrawal options. It’s hard for us to know which options are going to be available for you and how each different sportsbook is going to have those options structured. An option at one sportsbook might be available at another, but the parameters of how it works might be different.

So, if we teach you what to look for instead of generic information about each option, you’re going to be much better equipped to choose the option that is the best for you. Here are the different factors that will be different with each of the above options. Remember, this information will be readily available on the online sportsbooks banking or withdrawal page. If it is not, these are the questions you are going to want to contact customer support and ask about.

What’s Available in Your Area

Not every withdrawal option is going to be available to every single person. As online sportsbooks almost always use third-party processors, they are forced to follow the rules and guidelines of those processors. Not all of those processors service every part of the globe which means that not every withdrawal option is going to be available to every single player.

Here’s the thing, though. If you utilized an option to deposit money online, then that option is almost certainly going to be available for withdrawals in your area. In fact, with a few of the options, you are required to have made at least one deposit in the history of your account from that option before you can use it for a withdrawal.

This is to protect you so that they can confirm they are releasing your winnings to the correct account and not to some scam account trying to take your money.

How do you know which withdrawal options are available in your area? Well, most online sportsbooks make it easy. When you click on the withdrawal tab, they’ll have a list of the options that are available to you in your area. It’s really that simple.

The Time to Receive Your Funds

One of the most important factors that you need to look at when selecting a withdrawal option is how long it’s going to take to receive your funds. Your computer can’t just print out checks or dollar bills, so there is going to usually be a wait period to get your money. But, a lot of times that wait period is just a few minutes until it shows up into your account or a few days for most other options. There are some options that can take longer, but these are quickly becoming more and more obsolete.

When you go to select the withdrawal option you want to use, look for a table that breaks down how long the withdrawal is going to take. Remember, there are two stages to the withdrawal that your funds will have to go through. First, the sportsbook themselves will need to approve it. This usually doesn’t take long as long as you submit your withdrawal during the hours they have staff working in the banking department. At a lot of major sites, this is 24/7, though.

Then, there is the processing time of the actual withdrawal method. For some options like:

  • Bitcoin and other third-party wallets, this can be instant or just a few minutes.
  • If you select an option like check by courier, though, that is usually going to take a few days or in some cases a few weeks.

The sites should be very clear with you about how long each option is going to take so you’re well aware of what you’re selecting.

The Fees Associated with Your Withdrawal

This is something that you’re really going to want to look at when you’re withdrawing your money from an online sportsbook – the fees. First, a lot of online sportsbooks offer free withdrawals every month to all of their players. Some even offer free withdrawal no matter what. But, there are still a lot of sites and options out there that do have some fees associated with them. You’re going to want to look into this to make sure that you’re comfortable paying the amount for the withdrawal option that you are choosing to use.

Again, most sites are going to give you at least one free withdrawal monthly with any of their options which should be plenty for most players. Some sites will even give you one free withdrawal with EACH of their different options which should also be plenty.

As for the options that have fees, usually, these are small and just to cover the costs of the third-party processor.

BE AWARE…

That some sites do have larger fees, and this should be something you take into account when selecting which withdrawal method is best for you.

We are seeing a slow movement away from fees altogether, but we’re probably far off from that becoming a complete reality just yet.

The Limits and Caps on Withdrawals

Because online sportsbooks use third-party processors (other companies that are better at this kind of stuff), they do have to follow the rules and guidelines of those companies. We mentioned earlier that came into play with where they offered service, but it also comes into play when you’re talking about how much you can withdraw in one transaction and how often you can use that option.

Make sure you look at the minimum and maximum withdrawal amounts per transaction before you select an option. If the minimum is too high for a smaller withdrawal, you’ll want to find an option with a lower minimum. If the maximum is too low, then you do have a few options. One, you can make multiple transactions with that withdrawal option. Two, you could utilize a second withdrawal method to get things moving quicker. Or three, you could contact the site’s customer service and see if they are able to help you out with an option to get your money off quicker.

The other sort of withdrawal limit you may run into is a frequency limit. Some sportsbooks online will allow you to cash out as many times as you want with as many options as you’d like. But, some of them have limits to try and prevent people from overusing and abusing the system.

For example:

You might only be able to request one check per week instead of requesting 50 checks a week. This helps them to move everyone’s cashouts quicker without getting bogged down by too many requests from one person who is just abusing the system.

We would recommend that you take a look at these limits and caps on withdrawals before you start using an online sportsbook to ensure that you’re getting involved with a sportsbook that accommodates your level of play.

Choosing the Best Withdrawal Option

It should be fairly obvious that to choose the best withdrawal option for you, you choose the one that is available and fits the most important parameters to you from the above list. The perfect option may exist and it may not. If it does, go for it. If it does not, rank what is most important to you and choose accordingly. For example, if speed is most important and the fastest option has a fee associated, pay the fee and get your money quicker. Or, if paying no fee is the most important, and that is associated with a slightly slower option, but you can wait, then take that option.

Also, remember that you can use multiple options at the same time. If a sportsbook gives you one free withdrawal monthly, that may be one free withdrawal of each type. If that’s the case and you’re running into cap limits, go ahead and use multiple options at once. Usually, you won’t need to do this, but we wanted to make sure you at least thought about it in case you run into some sort of interesting situation where you do need to get creative.

Conclusion

That’s really all there is to the banking side of things. In the early days, the banking side of online sports betting was challenging and took away a lot of the associated convenience. But, now that we’ve seen so much growth in the industry, moving your money around has become extremely easy and pain-free.

Just choose the options above that are best with you, make sure you bet with a reputable online sportsbook, and you’re surely going to have a great time betting sports online.