Sportsbook Deposit and Withdrawal Methods

Written by: Richard Janvrin
Fact-checked by: Ioana Romanasu
Updated June 11, 2024
12 min read
Payment Methods

Sports bettors now have plenty of banking options to choose from these days. The best sportsbooks aim to make it easy for as many players as possible to deposit and withdraw money, offering a wide variety of methods.

Before signing up for a sportsbook, it's important to understand the available banking methods and choose one that works for you. Being able to easily deposit and withdraw money is key to having a great online sports betting experience. Each method has its pros and cons, and the best option depends on your personal preference. What works for one player might not work for another.

On this page, you'll find a complete overview of all the banking methods you might encounter at sportsbooks. This includes information on payouts, withdrawal requests, money transfers, and more when signing up for sportsbooks in the United States.

We start by explaining the common differences between methods and what factors to consider when choosing one. Then, we list all the methods with a brief explanation of each. For a deeper look at how each method works, check out our full guides linked below.

Think of this as your cheat sheet for gambling banking! If you're interested in NFL betting, check out our best NFL bonuses page. We also have pages for NBA betting promo and NHL bonuses, updated weekly throughout the season.

If you prefer a specific payment method, visit our detailed pages to see which sportsbooks accept it. Additionally, explore our guide on money management strategies to help you maximize your bets!

Sportsbook Payment Methods – Advice from Bill Krackomberger

What are the best payment methods in terms of security, fees, and processing time? Find out from seasoned sports bettor, Bill Krackomberger.

Sportsbooks with the Best Payment Methods

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Payment Methods Accepted by Sportsbooks

What Are The Main Deposit and Withdrawal Methods?

In the age of online banking, it has never been easier to set up your sportsbook account to take different kinds of payment methods including direct deposits from your checking account, as well as many more options. We’ve split them up into different groups for the sake of clarity. Many sportsbooks have different payment options and payment processor times so find the best sports betting sites here!

Deciding the Deposit Options For you

Below you can see some of the main considerations when choosing between methods.

Some of these might be especially important to you, while others much less so. Your job is to weigh up these factors, decide which are the most valuable to you personally, and then choose your method accordingly.

  • Processing Speed. Everyone likes to be able to place their bets and cash out their winnings as fast as possible, but urgency will be more important to some than others. The differences here normally come with withdrawals, since the majority of sportsbooks process deposits instantly. E-wallet withdrawals tend to be very fast, but you’ll be waiting for a while for a paper check in the mail.

  • Convenience / Ease of Use. Some services are just easier to use than others. Old school bettors might be less inclined to get on the Bitcoin train for example, or even sign up with an e-wallet. Bank card payments are probably just about the simplest method from this point of view since millions of people make similar payments using them every day.

  • Cost. Of course, everyone likes free service. But many of the most popular banking methods do include some small fees along the way somewhere. Depending on your bankroll, these may well be so small you’re happy to write them off. Processing fees become more important for small-stakes players.

  • Security / Privacy. In truth, a big part of the peace of mind around security comes from using a trusted and licensed sportsbook, not necessarily your banking method. However, using services that protect your cash and information can help safeguard against any unforeseen circumstances. Some methods, like e-wallets, are essentially designed to act as a layer of security between your bank and your sportsbook, and using them means you never share your personal banking details with your betting site. Cash transactions are also good for this.

  • Deposit & Withdrawal Options. Sometimes you can only use a particular method to do one or the other. Bank cards for example, are accepted as a deposit method virtually everywhere, but their withdrawal acceptance rate is much smaller. The ability to use one method for both is useful.

  • Availability. This is especially important if you have a couple of different gambling accounts and want to use the same method at all of them. Bank cards are accepted just about everywhere, whereas cryptocurrency (for example) is not.

  • Bonuses. Some sportsbooks offer special extra bonuses if you deposit with their preferred method. Cryptocurrency bonuses are common, for example and keep your eyes open for first deposit bonuses, as they are the most common forms of welcome bonuses along with risk-free bets. On the flip side, occasionally you can be EXCLUDED from the regular deposit bonus if you use a certain method the sportsbook doesn’t like. Always check that small print!

Deposit and Withdrawal Methods That Sportsbooks Accept

Don’t forget to check out our in-depth guides, listed above, to see the most popular methods for more information. Here is a short explanation of the most commonly accepted forms of deposit and withdrawal methods accepted by most major sportsbooks.

Bank Cards (credit cards, debit cards, Visa, Mastercard, American Express)

Bank cards (especially Visa and Mastercard) are very widely accepted. They are especially popular with casual bettors since the process of making a card payment online is so familiar. If you don’t want to sign up with any extra services, bank cards are often the best option. However, the ability to withdraw using your card is much less common.

Scores well in: Processing Speed / Convenience + Ease of Use / Cost / Availability

Bank Transfers (ACH, Instant E-check, VIP Preferred, Interac, Online Bill Payment, etc)

Bank transfers are similar to bank cards in that they are a direct payment from your personal banking to your sportsbook, and it means you’ll create a link between the two. Unlike bank cards, transfers tend to be available for both deposits and withdrawals. They are also generally fast and cheap.

It’s also worth noting that there are slightly different types of bank transfers available and that the language used to describe sometimes varies depending on the casino. There are also country-specific versions, like Interac in Canada. We’ve chosen to group them all together in this section since the basic concept is the same: a direct transfer from your bank account to your sportsbook.

Scores well in: Processing Speed / Convenience + Ease of Use / Cost / Availability / Security (but not Privacy)

E-wallets (Neteller, PayPal, Skrill, etc)

E-wallets are hugely popular in the gambling world. They are basically a way to store and manage your funds online. You can send and receive money to and from your e-wallet, and pay for all kinds of things online – not just top up your sportsbook. E-wallets are a kind of buffer between your bank and your sportsbook. Using one means betting transactions never appear on your bank statement, and you never share your bank details with your sportsbook.

E-wallet transactions tend to be very fast, and your sportsbook rarely charges for them (although there may be other fees from the e-wallet service itself).

One drawback to e-wallets is that for some players, signing up with a whole other service and making intermediary transactions just won’t be appealing. In that sense e-wallets can either be regarded as very convenient (since they are great for managing your online gambling finances) or more like unnecessary work (compared to the familiarity of bank card payment methods) – it kind of depends on your perspective.

Scores well in: Security + Privacy / Processing Speed / Cost / Availability / Deposit & Withdrawal

Prepaid Cards (paysafecard, Play+ cards etc)

Prepaid cards are similar to bank cards, except they aren’t connected to your bank account. Instead, you can buy a prepaid card preloaded with cash, or top it up using your bank card or another method. Although you can receive a physical card (which you can use in stores and ATMs), you also get your card details to use online so you don’t need to wait around for the card to turn up.

Unlike with regular bank cards, if you can deposit using a prepaid card you can usually withdraw in the same way.  Some sportsbooks even have their own branded prepaid cards, which you can earn rewards for using.

Scores well in: Processing Speed / Cost / Deposit & Withdrawal / Bonuses

Bitcoin and Cryptocurrency

Crypto is becoming more and more widespread at online betting sites, although it’s still comparatively less common than most of the other options. Bitcoin is by far the most common cryptocurrency supported. If it is available, it tends to be fast, cheap and very secure – and available for both deposits and withdrawals. Sportsbooks (and more commonly US online casinos) sometimes have special Bitcoin bonuses too, if they are trying to get their users to migrate to the payment type.

Bitcoin’s downside is that not everyone uses it, and the average bettor is probably unlikely to start just to place a bet online.

Scores well in: Security + Privacy / Processing Speed / Cost / Deposit & Withdrawal / Bonuses

Cash

They say cash is king, and if you happen to live near a physical branch of your online sportsbook it’s hard to argue. Cash transactions are carried out at the physical cashier or casino cage desk of your sportsbook. Operating in cash means instant deposits and instant withdrawals, zero processing fees, and total security. The huge caveat here is that it just won’t be available or practical for the majority of online bettors.

Scores well in: Security + Privacy / Processing Speed / Cost / Deposit & Withdrawal 

Other Methods

Bank Wire Transfers are fairly widely available for both deposits and withdrawals, but particularly high processing fees and longer processing times mean it’s not the best option.

Paper Checks are mainly used for withdrawals (although occasionally for deposits), and come with the obvious inconvenience of a long delay while the check is mailed out. It’s a good backup option if all else fails, but not the most efficient.

PayNearMe is a service that allows you to deposit using a special code you can buy at 7/11 stores in the United States. It’s useful to be able to use cash to deposit, but it does mean a trip to a participating store, and it can’t be used to withdraw. Plus, PayNearMe is one of the only deposit methods guaranteed to incur a fee.

Sportsbook Payment Method FAQ

Do sportsbooks take credit cards?

Do sportsbooks accept debit cards?

Can you withdraw winnings to a credit card?

Do any sportsbooks accept PayPal?

How do I deposit to my sportsbook?

How do I withdraw from my sportsbook?

Do sportsbooks accept cryptocurrency?

How can I put money into my sportsbook account?

Do you tip mobile sportsbooks?

How long does it take sportsbooks to payout?

More Bankroll Management Guides

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Richard Janvrin

Sports Betting Analyst

Expertise:
MLB
NFL
NCAAB
NCAAF
Online Sports Betting
Online Casinos
After graduating from the University of New Hampshire with a BA in Journalism, Richard Janvrin has been covering iGaming and sports betting since December 2018. Richard has covered betting at Bleacher Report, Gambling.com, The Game Day, Forbes, and more.
Nationality: American
Education: Bachelor of English/ Journalism
Favourite Sportsbook: FanDuel Sportsbook
Favourite Casino: BetMGM Casino
Experience:
9 years
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