Now we’re talking about the good stuff! It feels like we rarely get to talk about the best part of sports betting – winning! Today, we’re going to talk about how exactly you go about collecting your winnings. We’ll walk you through the process step by step, so you know exactly what you need to do, when to do it, and how to do it. Even though different sites have different procedures for withdrawals, they are almost all similar.
Additionally, we’re going to give you some tips to make the process as easy and seamless as possible. You should never have to go through hell and back when you’re trying to collect your sports betting winnings. This is supposed to be a happy time, and we want to do our best to help you keep it that way.
We’ll also take a look at some of the most common methods available for cash-outs and what you need to know with each. Whether you are here ready to make your first cash-out or you are just curious about how the process works, we’re here to help.
Steps to Cash Out Your Sports Betting Winnings
So, you’ve gotten the hard work out of the way by finding some killer value and picking some winners. You’re now ready to enjoy your victory spoils. Below, you’ll find step-by-step instructions to get your money off of the sportsbook and into your bank account. As we know things are going to vary slightly from sportsbook to sportsbook, we’re going to try our best to cover all variations in the process. Ultimately, if you get stuck, you can always reach out to the site’s support to get help.
1. Choose Your Method of Cash-Out
The first step in the cash-out process is to choose the method by which you’d like to receive your money. Most likely, not all banking options that a site offers are going to be available in your area if you’re betting with a company that services clients internationally (most of the sites). Additionally, a lot of cash-out methods could be restricted only to people who have used those methods to deposit with. Take a look at these factors and figure out which options are available to you.
Next, take a look at the fees associated with each option. Some sportsbooks will have fee-free options across the board, while others may have small or large fees depending on the method you choose. Also, each method is going to have different limits on how much you can take off as well as different time frames of how long it will take for you to get your money.
Yes, it’s a lot to take into consideration, but you want to make sure you pick the best option for you to get your money the safest and the fastest. If that takes you a couple extra minutes to get your cash-out sent in, we think it’s worth it.
2. Read the Rules and Restrictions
Once you’ve selected your preferred method of cash-out, you need to take a few minutes and read over all of the information the sportsbook gives you about the withdrawal method. You’re looking for anything and everything you can get your hands on here, including double-checking some of the stuff we already mentioned.
This includes fees, time frames, limitations, restrictions, and procedures. A lot of sports betting sites have some very specific rules about which cash-out methods you can use, how they are to be used, and what you need to do to make sure yours is processed correctly and quickly. We’ve heard many stories (and experienced them ourselves) of sitting around waiting for a cash-out only to find out it was never processed because we forgot to do one little detail they had written on their site.
It’s easy to get mad at the book in those situations, but it’s ultimately our fault.
By just taking a few minutes to read their procedures, FAQs, and terms of service, you can save yourself a lot of headaches. If you don’t understand something, reach out to their customer service and get clarification. That’s what they’re there for. You’d much rather ask the “stupid” question than just sit there and make a “stupid” mistake that causes you a big delay in getting your money.
3. Submit the Request
Once you’ve gone through all of the checks and balances to make sure you’re using the optimal method for you, it’s time to put in the request. Keep in mind that a lot of sportsbooks (most of them) are going to require you to fill out some validation paperwork if it’s your first cash-out with them. It’s not something that takes long, but it will need to be completed. Stay tuned for our tips section because we’ll give you a solid tip to make this part of the process go a lot faster.
Once you get that paperwork out of the way (if it’s necessary), it’s time to put in your actual request. How you go about this is going to differ quite a bit from site to site, but it should be pretty easy to figure out. You’ll usually select the “Withdraw” button and be taken to a form where you select your options. You’ll need to select your withdrawal method and then put in the amount you wish to withdraw. Typically, if you put in an amount over the limit or an option that is not available to you, the system will let you know when you try and submit it.
After you fill out all of the information, click the submit button. That’s all there is to it. While the sportsbooks would love for you to keep your money online and betting with it, they do tend to make the withdrawal process pretty easy.
4. Confirm That the Request Has Been Submitted, Accepted, and Processed
The next step in the process is equally as important as submitting your withdrawal. You need to double-check and make sure that it was accepted by the site. Typically, you’ll have some sort of tracking section where you can see the status and history of your withdrawals. This will most likely be somewhere in your banking or cashier section.
Click on this and make sure that you see the withdrawal that you just submitted. Typically, the withdrawal will be there in a “processing” status. This means that it has been submitted to the site and is just awaiting the okay to be sent by the site banking team. Once they take a look at it and approve it, it will usually switch to “confirmed” or “processed” or something affirmative like that.
Depending on the cash-out method you select, this process could be near instant or could take a few hours or a day. You’ll know this, though, because you listened to us and read all about it before you selected this option.
You’ll want to make sure that the status changes when it is supposed to. If there is a delay, and you don’t see the status change, contact support immediately. It doesn’t mean that anything is wrong, but you want to let them know in case there is something else that you need to do.
When you’ve already done all you need to do in order to get your cash-out processed, it’s still up to you to keep an eye on things and make sure everything is going according to plan. This will make sure you don’t find yourself sitting there waiting on your money, and it’s still sitting on the site waiting to be processed.
5. Wait the Allotted Time
The next step is the easy one. You wait patiently for your money to show up! Spend the time planning out how you’re going to spend your money or where you’re going to roll around in your $100 bills. Just in the bathroom, or on your bed, too? Hey, it’s up to you!
In all seriousness, this is all you have to do. You’ve done everything, and now it’s just up to the processors to get the money shifted around and moved into your account.
6. Follow Up If There Is a Delay
Most of the time, if you’re betting with a reputable site, it is that simple. But there are times that there are issues and delays. Even the best of sites will run into issues that they can control and issues beyond their control that can have an effect on when you see your money.
If there is a delay, there is no need to panic. Just stay calm and follow up. Contact the site and let them know that you’re waiting for your money and that it’s late. Get an answer from them on why there is an issue, what they are doing to fix it, and when you can expect your money.
If they don’t have an answer for you, ask them when they will. Don’t accept no answer for an answer. When we get into our tips below, we’re going to cover why it’s important to follow up and how diligent you need to be about it. Typically, though, they’ll have an answer for you, and the delay should hopefully not take too long.
If it sounds like it is going to take a really long time, see if they have an alternate method you can use to get your money faster. Usually, they won’t be able to do this if the delay is outside of their control, but if it is internal and they still have your money, they might be able to do this. Just ask what your options are and make the best decision that is going to get you your money the quickest.
Remember, this is a happy time. You’re taking out money that you won. Don’t let it get you all worked up if it’s a few hours or days late. If you’re betting with a reputable site, you’re going to get your money.
Tips to Improve Your Cash-Out Experience
Now that we’ve covered the process for getting your money offline, we want to go over a few tips that will help the process go a lot smoother. These tips are directly from our team of sports bettors who spend nearly every day of the year betting games and cashing out winnings. We highly recommend you take a few moments to read through them and remember them when it’s time for you to cash out.
Fill Out Your Forms Early
If you read our how-to steps above, you know that we mentioned a lot of online sports betting sites are going to require you to fill out some forms if it’s your first withdrawal with their site. Additionally, a smaller percentage of online sportsbooks will require you to fill out paperwork with your first withdrawal with a different method. This is much rarer but does happen.
Here’s the good news. These forms are not meant for the IRS (unless it’s a W9) or for some sort of crazy legal mumbo-jumbo. These forms are simply a way for the sportsbook to guarantee that the person they are releasing your money to is actually you. This is one of those few times where a company says something is for your safety, and it actually is for your safety. It prevents hackers from gaining access to your account and requesting a cash-out to somewhere you don’t control.
Typically, these forms take about two minutes to fill out and are just basic information about yourself (name, age, address, etc.). Additionally, they’ll usually request a copy of your driver’s license or state ID and a copy of a utility bill showing your address and your name on it. Don’t panic when they ask for this stuff; it is industry standard across the board.
Now, here’s the tip. Fill these forms out as soon as you create an account and deposit at an online sportsbook. That way, when you go to make your first withdrawal, you already have everything taken care of. It’s usually something that only needs to be done once and can be done at any point in the life of your account with the site.
It’s really that easy. Sometimes these forms can take a few days for the sportsbook to process because an actual person has to look at them and verify them. Waiting a few days for these forms to get processed is no big deal when you aren’t waiting for your money. You’ll probably even forget they’re working on them until you get the confirmation email that says you are good to go for withdrawals.
But if you wait until you are requesting a withdrawal, it’s going to be annoying. If a withdrawal typically takes 24 hours, it’s now going to take 3-4 days or even a week if the site is backed up clearing withdrawal paperwork. Avoid having to wait and get these forms done the second you create your account.
Understand the Process
We literally cannot express this enough. If there is one reason we hear over and over again that is the real culprit of a bad withdrawal experience, it’s that people don’t understand the process. What’s funny is that the conversation doesn’t usually start with them admitting they don’t understand the process. It usually starts with them complaining that they are getting scrooged over by an online sportsbook and need help.
We usually ask a few questions about the process and quickly find out the person hasn’t done their homework and doesn’t understand what they need to get done to facilitate the cash-out. We’ll usually find a step they skipped, and they’ll say, “Well, that’s dumb. Why would the site make me do that?” It’s at this point that we have to drop the truth-be-told hammer and let them know that they are the ones who dropped the ball, not the sportsbook.
Try your best to avoid these situations by taking a few minutes to fully understand the process. Read the terms of service and the cash-out/banking page. Make sure you fully understand all of the details. If you don’t understand something, ask. Ask for help from the site’s customer service and support team. It’s literally what they are paid to do. Part of that rake and juice you pay on all of your bets goes to paying for this service. Why not take advantage of it?
There are some situations where the sportsbook is at fault for withdrawal problems, but nine times out of ten in our experience, it’s an issue with the customer not understanding the cash-out process and doing something incorrectly or having unrealistic expectations about how the process is going to go. If it says it’s going to take two weeks for your check to show up, don’t start freaking out on the site when you don’t see your money in eight days. If it’s been three weeks and no check, then you can start causing a ruckus.
Utilize Multiple Methods, Multiple Transactions, or Ask for a Raise
Need to get a lot of money offline, and the transaction limits are giving you a problem? First, congratulations, because this is a great problem to have. When you have so much money from your winnings that you need to make special arrangements, you’re in an awesome spot. But that doesn’t make the annoyingness go away when you’re trying to get that money offline and into your pocket.
Thankfully, there are a few strategies that can help you move your money a lot quicker. The first thing you can do is use multiple cash-out methods. Just because one method has a limit on it does not mean that you can’t use multiple withdrawal methods. For example, let’s say you are trying to move $10k offline, and you like to use the bank transfer function. Let’s say that for some reason, the sportsbook you are betting with has a $5k limit on bank transfers.
Well, why not make a $5k bank transfer and then also request a check for $5k? Typically, most sites are going to be totally okay with this. Their limits usually aren’t about trying to keep your money online. They’re usually done because their third-party payment processors have limits that they have to respect for legal or safety reasons.
Another option that may be available is just to make multiple transactions. While there may be a $5k limit on individual bank transfers, there might not be a limit on the total number of transactions you can do. You might be able to just put in a second cash-out with the same function for an additional $5k. This option is less available than using multiple methods, but it’s something to consider if you’re looking to move large sums of money off of an online sportsbook.
The best way to go about doing this, though, is to contact customer support and ask them for help. If you’re a big player, they are going to want to make you happy, especially if you’re just taking off winnings and plan to continue betting with them. Often, you can get your limits raised on withdrawals, or they may even have some additional withdrawal methods that are not listed on the site. We’ve heard a lot of stories of online sports betting sites helping big players move their money with big wire transfers or bank transfers even though that option is not even listed anywhere on their site. When you’re a big player, you get special perks (or at least you should).
Basically, explore your options if you need to, and reach out to customer support for help. If no additional options exist, set a date reminder of when you can put in your second cash-out, and be ready. Something to note is that a lot of times you can put in that second request even before you receive the first.
The Squeaky Wheel Gets the Grease
We hope you never have any issues with any of your sportsbook withdrawals and that this tip is worthless to you. But we are realists, and we know that there are going to be some of you that have issues getting your money offline.
Here’s the best advice we can give you. Be the annoying one. Be the one that contacts support every single day when there is a problem with your cash-out. Don’t take no for an answer. Demand explanations, and demand they tell you what they are doing to remedy the situation.
We can tell you from personal experience that the squeaky wheel gets the grease. That means the person that is more annoying and follows up relentlessly is going to get taken care of first. We’ve had a lot of situations where ourselves and someone else were waiting for a cash-out at the same time, and there was an issue with one of the processors. By following up daily, we were able to get our cash-out bumped to priority, and we received our money way before our friends did.
Remember, if the site has told you that you’re getting your money in a certain period of time, then they need to be living up to that. If they aren’t, they are in the wrong. Don’t let them brush you off and give you some lame excuse. If they tell you it’s an issue with their third-party processor, ask them to contact them for you.
The one caveat here… Before you start going after a site with your squeaky wheel campaign, make sure the mistake is not on your end, and make sure you’ve given them the adequate amount of time to rectify the situation. If you forgot to do something on your end, it’s not their fault. If they said you’d have your money in two weeks, and it’s been a week, let them work. Don’t break into this until your money is late and you can confirm that you’ve done everything correctly on your end.
Bet with a Reputable Site
The best way to make your withdrawal process go smoothly is to bet with a reputable online sportsbook. If you’re working with a company that operates with shady practices, you can bet that there may be issues getting your money. It doesn’t necessarily mean they are going to try and steal from you, but they can’t be trusted to live up to the time frames and expectations they have promised you.
Find a site that you can trust and that has a proven track record. Use sites that know what they’re doing with paying customers and respect you enough to hold up their end of the bargain. Whether you realize it or not, you are paying the sportsbook for their services. When they take that juice out of your bets, that is you paying them for a service. There are two parts to a service agreement. There’s an agreement that you will pay them for their services (which you have done) and that they will return the services that they promise you. Sending you your winnings in a timely manner is one of those promises they’ve made to you.
Most Common Types of Cash-Outs
We want to close out this guide by discussing some of the most common types of cash-out mediums you’re going to run into within the industry. Most online sportsbooks are going to give you a lot of different options when it comes to getting your money. Choosing the right one that works best for you is an important step in the withdrawal process.
Below, you’ll find some of the basic details for the most common ways you can get paid. The way these methods are handled at different sports betting sites will vary. That being said, we’re going to do our best to give you generalizations and trends that we’ve seen with each method. The only way to know exactly how these cash-outs work at the sportsbook you’re betting with is to read the information that particular site provides you. But this information should give you a nice general idea of what to expect.
One of the most common ways that people cash out from online sportsbooks is through the use of checks. It’s exactly what you think it is. The company prints out an actual paper check and mails it to your house either through regular mail or by courier (USPS, FedEx, etc.).
Typically, checks take around 1-2 weeks to get to you once they have been processed by the sportsbook. Processing just refers to them approving your cash-out and sending it to the check-cutting company. While this method isn’t as fast as some of the other methods offered, it is pretty reliable. Sometimes there are small fees associated with checks, but a lot of times, you can get those waived by the site (or they are automatically waived once a month or something like that).
If you aren’t in a huge hurry to get your money and want a reliable and easy-to-use method, we recommend a check. Do keep in mind that a lot of times these checks will come from international locations, so there may be an additional waiting period for your bank to clear the check and make the funds available to you.
A bank wire is an electronic transfer directly from the online sportsbook to your bank account. Bank wires are the go-to method for larger cash-outs, although they are just as effective for smaller cash-outs. You may see a fee on bank wires, or you may get one free per month with a minimum withdrawal amount.
Bank wires are extremely quick and usually only take a couple business days max to show up in your account once they are processed by the site. Additionally, there is no waiting period to use the funds once they show up in your bank account like there might be with a check.
You will need to provide your routing number and bank account number to the sportsbook in order to facilitate this transaction. We can also almost guarantee that they will require that additional paperwork with this method. Again, this is to protect you. The worst thing they could ever have happen is to wire your money to someone else’s account. This is not like Monopoly when you were a kid and got “take-backs.”
For this reason, double check all of your information before you send it in and request a wire.
Online Third-Party Companies
This is probably the most common way that people get their money offline these days. These are companies like PayPal, Neteller, Paysafecard, etc. These companies operate as e-wallets. Basically, they’re a middleman between your bank and the online sportsbook (or any other company you use them with).
Cash-outs using these companies are usually pretty quick and easy, but they will have some restrictions based on what the third-party operator will allow. These options will sometimes have withdrawal limits and will sometimes charge fees outside of the control of the online sportsbook. The range of fees will vary based on which company you are using and the amount you are looking to withdraw. Sometimes, sportsbooks will work out agreements where you can get a certain fixed number of free withdrawals monthly or weekly, which is pretty awesome.
One of the newest ways that people are funding and withdrawing money from their online sportsbook accounts is Bitcoin. Basically, Bitcoin is a digital currency that allows for easier movement of money across digital means.
The best part about Bitcoin is that there is almost never a fee, and rarely will you see many transaction limits. If you do see transaction limits, they’re usually very high and just in place to protect someone from dumping huge amounts of money from an account that is not theirs. Overall, this is a safe and fast way for you to get your money offline. It will take a little bit of learning if you’ve never used Bitcoin before, but it is very fast.
You do also need to know that Bitcoin is a virtual currency. As is the case with any currency, the price and value of it fluctuate. With Bitcoin, it fluctuates a lot more than traditional currencies. What does this mean for you? Well, when you load your account, your Bitcoin is going to be converted into whatever currency you prefer or whatever currency sports betting sites use.
When you go to cash out with Bitcoin, the money is converted back into Bitcoin at the current rate. To turn your money back into “real money,” you’ll need to sell your Bitcoin and convert it back into your preferred currency. Just be aware that during this time and process, the value of your Bitcoin can fluctuate up or down. This means you may end up with a lot more money than you expected or a lot less. If you’re making quick transactions, it really shouldn’t be an issue, but we wanted to make sure you were aware of everything before you utilized this method.
Basically, make sure you understand Bitcoin if you are going to choose this withdrawal method. If you don’t understand it or don’t care to learn, use one of the other methods the sportsbook offers.
Well, that’s all there is to it! Yes, there is a lot of information here, but that is only because we want you to be prepared for every situation. We want you to get the most out of your online sports betting experience, and that means being able to get your winnings offline in a simple and timely manner.
If you’re going through a cash-out right now, make sure you follow these steps closely and monitor the progress of your cash-out. If there are any issues, get on the horn with the site and push them to make it right. If you haven’t cashed out yet and are just here preemptively, make sure you get that initial paperwork taken care of and start researching the options offered by the sportsbook you’re using. Double check that you’re betting with a reputable sportsbook as well. If this is not the case, start working to get your money off now and moved to a more reputable option.
Remember, this is supposed to be the fun side of sports betting! You’ve already done the hard work of finding value, picking winners, and sweating out the victories. It’s time to collect your money and enjoy the spoils of victory!
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