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Sports Betting Withdrawal Methods
With land-based sports betting, such as at a local casino, the payment and payout process is straightforward. You place your bet with cash, and if you win, you are paid out in the same manner. Pretty simple, right?
When it comes to online sports betting, there are more gray areas. Things aren’t nearly as cut and dry. Instead, you have many options for depositing and withdrawing money. This isn’t a bad thing, it simply means you have a decision to make.
As a player, you need to become familiar with the many sports betting withdrawal methods. This will put you in a position to make an informed decision about how you want to receive your payout upon winning.
Top Betting Withdrawal Methods
No matter who you are, regardless of which games you are betting on, your goal remains the same; win as often and as much as possible. When you come out a winner, you have two options:
- Leave the money in your account, using it for future wagers.
- Withdrawal the money and use it however you want to.
Note: not all online sports betting services have the same withdrawal methods. Some will do whatever it takes to make life easy when it comes to withdrawing money. Others may have specific systems that you have to follow.
Below are several of the top withdrawal methods:
- Bank wire - Many players opt for this because of the simplicity. All you have to do is supply your account number and routing number. From there, every time you want to withdraw money, it can be deposited directly into your account.
Some people shy away from this method due to reluctance to enter bank details online. This is not an issue if you are using a reputable online sportsbook. They will have a safe and secure system in place, allowing you to accept deposits without any fear.
- Check - This used to be a more popular option but has since died off as more players opt for wire and online services. Even so, there are always people who will prefer to receive a paper check. There are many benefits, including familiarity with the process. On the downside, not every sports betting service provides this option.
Note: Companies that do provide paper checks may charge an additional fee.
- Online payment service - The most popular online payment service provider is PayPal. This company, however, does not dabble much in the world of online casinos and sports betting.
Fortunately, there are other companies that have no problem working in this industry. Some of the top players include but are not limited to:
Some sports betting services have relationships with all the companies above. Some only allow you to choose from one. Fortunately, all you need is an account, and you can receive instant payments.
- Wire transfer - For players in the United States, for example, this is often a preferred payment method. This usually includes one of two services: MoneyGram or Western Union (but there are others). This is an extremely simple withdrawal option, not to mention the fact that a bank account is not required.
Fastest Withdrawal Methods
Let’s face it, there is nothing more exciting than wagering on a game and coming out a winner. When this happens, you are sure to have a big smile on your face. From there, there is something else you need to do; get your hands on the money without delay.
While patience may serve you well in other parts of your life, this doesn’t always hold true when you win money. You want to get your hands on the cash as quickly as possible. For this reason, you need to be selective about the withdrawal method you choose.
Here are some questions to answer:
- What withdrawal methods are available?
- Does the sportsbook have a suggestion as to which one is fastest?
- Will you spend some of your winnings on fees if you choose a particular withdrawal method?
When it comes to the fastest withdrawal methods, there is no right and wrong answer. What is fastest at one site may not hold true at another. There are some basic guidelines to follow:
- Wire transfers are typically the fastest option - Depending on where you live, this can be completed within a matter of hours.
- Bank transfers - While not as fast as wire transfers, this is still an efficient process. The only thing that could hold you back is the communication between the two banks.
- Online payment service - As long as the company has a relationship with the service, this payment can be instant. If you are comfortable with this system and want your winnings in a hurry, this may be the right decision.
- Paper check - This is the slowest payment method, as the company needs to issue the check and send it through the mail. Furthermore, there are companies that only issue checks once or twice per month. If this happens, you could find yourself waiting several weeks to cash in your earnings.
Final tip: Once you consider each and every withdrawal method, you can make a decision as to which one best suits your needs. If all else is equal, there is no point in delaying your payout. You will want to choose the method that puts the money in your pocket as quickly as possible.
Now that you are familiar with the top sports betting withdrawal methods, including which ones are fastest, you are in better position to choose a service. You will also find it simple to receive a payout when you hit it big.