Sportsbook Withdrawal Methods
One of the most important aspects of a legal US online sportsbook is the payout methods list. No matter how great the site is, it has to provide easy ways for users to get money out their accounts or it is simply not worth using. Whether you are looking to get paid in the latest E-currency, or just want to receive a simple paper check, any sportsbook that accepts USA players should be able to accommodate those needs, but you should first learn about the process, and the methods used, because it can certainly affect everything down to which sportsbook you should sign up with.
This page is going to shed some light on the payout methods, as well as any legal or safety concerns you may have. We will go into detail about each option that you can use at a legal sports betting site. By the time you have finished reading this page, you will have a much better understanding of the way payouts work, and you can drop a couple thousand on a parlay this weekend with full knowledge that you can collect your winnings.
Yes, payouts are legal. However, there is an important law called the Unlawful Internet Gambling Enforcement Act (UIGEA) that limits the ways you can transfer money to and from your account. It only affects sites that operate within the US, though. There is one way that the UIGEA affects the overseas sites that we use, however: the sites choose to use different payout methods than credit/debit, because they come too close to violating the terms of the UIGEA. This is why you will not find any credit or debit options on the list of payout methods for any of these sites. Don’t worry, though, because there are plenty of other easy, legal ways to make a withdrawal. We will explore a few of those options in just a minute.
No, the likelihood of getting in trouble for making a withdrawal is slim to none. Millions of people collect their winnings at online sportsbooks every year, and no one has ever gotten in trouble for it. The thing is, the laws that are on the books are not meant to punish people like you and me. I don’t know about you, but I’m not an underground bookie. I’m not making money off people, wielding a baseball bat, and breaking legs for non-payment of debt. If this sounds like you, then yes, you might get arrested. But if you’re just an average sports bettor, holding down a regular job, wife and kids in tow, making an occasional football bet, let me assure you: the government isn’t interested in you or your winnings.
It is very simple and fast to make a withdrawal these days, with current technology. Visit the page that says “online cashier” or “funding methods.” Under or beside the deposit options list, you will see a list of payout methods. You can click on any one of them to see the details. Each method has different stipulations, like fees, withdrawal minimums and maximums, waiting times, etc. Now we are going to zoom in on some of the best and most popular payout methods.
Each site that we recommend has a long list of easy-peasy payout methods for you to use. As we already established, credit and debit cards are out because of UIGEA regulations. That’s okay, though, because there are a whole slew of handy options at your disposal. These range from fast to relatively slow. Let’s look at some of the most popular methods.
Checks, although somewhat slow, are very popular to sports fans in the US. You have several options of checks to use. Cashier’s check is the most common. When you receive your check, you need to deposit it into an ATM machine within two weeks. Minimums usually hover around $500 - $1,000, and maximums tend to go into multiple thousands. Depending on the amount of your payout, the fees can vary. However, many sites offer one free check payout per month. Other options include check by mail, check by courier, and check EXPRESS. You can deposit any of these directly into your bank account. Fees and speeds vary depending on the type. Check by mail takes the longest amount of time, about 30 days, and check EXPRESS takes the least amount of time, usually under a week.
Sometimes known as rapid transfer, this method uses Western Union or MoneyGram as a carrier. Depending on the website that you use, it could take anywhere from 12 to 48 hours. MoneyGram usually has no minimum, and the maximum can be anywhere from a few hundred, to a few thousand. The fees are anywhere from $10 to $100. Some options also only allow you to withdraw in certain increments, such as $50.
This is a fast option. You usually will have your money within 10 days. You have to complete an instruction form and include the exact amount you would like to withdraw. You will also need to give the cashier your bank wire instructions. Bank wires come with high fees, but their maximums are also very high, and sometimes there is no limit. If you are planning on collecting a giant wad of dough, this is the option for you.
There are several different prepaid/gift cards you can use, and some of them can only be used at certain retailers. It takes less than 24 hours to get your money with these, and you can request a payout any time, day or night. These tend to have no fees, and a wide range of minimums/maximums. This is a great method, especially if you like to shop at certain retail outlets.
This is a great option for anyone who does a lot of business on the internet. You can withdraw money from your online sportsbook account and have it deposited straight in your bank account. The way it works is you create a Bitcoin address, which you then exchange with whoever you are doing business with. The money comes out of your Bitcoin “wallet.” The Bitcoin process takes less than 48 hours. There are fees and limits depending on the sportsbook you are withdrawing from, but if you use Bitcoin exclusively to make both sportsbook deposits and payouts, the fees will be waived.
Most legal US sportsbooks do not offer PayPal withdrawals at the moment. Much of this has to do with the UIGEA’s stance on receiving money from overseas sites. Since PayPal is directly linked to your bank account, it is very similar to using a credit/debit card to withdrawal. However, there is currently a lot of debate on the ethical implications of the UIGEA, and many politicians are fighting for it to be repealed. Keep checking back to your sportsbook of choice, as the payout options might expand someday soon.
Every withdrawal method will come with varying speeds, fees, and limits. As far as speeds are concerned, most P2P/online transfers are going to be very fast. On the other hand, payouts sent through the mail are going to be much slower. There are advantages and disadvantages to each method, so sometimes the slower payout might be the best option for you.
Fees tend to reflect the amount, or the method of your choosing. Many sportsbooks offer free payouts for checks, prepaid/gift cards, Bitcoin, and more. However, not all of them do, so make sure to check this information on the cashiers/funding page. These sites do their best to keep fees as low as humanly possible. The cost of sending funds overseas can get quite expensive, so we hope you understand the need for fees.
Limits vary wildly between methods. Some options will let you cash out for as little at $25, while others set the minimums at a few thousand. Alternatively, maximums range from about $1,000 to unlimited depending on the method.
Not only will you not get in to legal trouble for making a withdrawal, all of the legal USA sports betting sites we suggest have the finest of reputations. They are trustworthy, safe, and transparent. If there were any doubt as to their legitimacy, they would not have so many members. All of our recommended sites have licenses and certificates of quality. Any information or funds transferred from the site go out over a secure server. This means that cyberterrorists will not be able to access your account. Since these sites have been in business for so long, they can afford the latest in security software and anti-hacker protocols. I have personally received hundreds of payouts over the years, and have never experienced a problem. These sites keep their millions of members because the place safety at the top of their priority lists.
Anyone that is still searching for a safe and legal sportsbook can put away the flashlight, take off those shoes, and settle down into that comfy recliner in the living room. Bovada is a well-known and reputable online sportsbook that millions of Americans use every week. You can sign up for free today and never be late to place a legitimate wager on a game again. Bovada pays out real money to players every day through secure and encrypted channels, the same ones that other leading money money-transfer services such as PayPal use. You can be sure that your funds and your personal information will be safe at Bovada.
Collecting your winnings has never been as easy as it can be at Bovada. If you choose so, they will deliver a check right to your mailbox, which you can turn in to cash at your local bank. You can request one for anywhere between $20 and $3,000. The fee is usually $50, but Bovada is so awesome that they offer one free check payout per month, which is more than enough for most players. You can also request a rapid transfer via Western Union or MoneyGram. The site will email you a code which you can take to your local retailer that offers rapid transfer services, and they will give you cash. These usually take one-to-two days to process, and you can request between $300 and $5,000. Collecting your dues at Bovada is a cinch, so sign up today and we guarantee you’ll be impressed.