How to Make Payments at Online Sportsbooks

By Austin Miller

After signing up, you will have to know how to make payments at your online sportsbook. This is relatively straightforward, but there are some important things to keep in mind, such as deposit and withdrawal options, fees, and security. 

We have collected the most important information you should know on how to deposit into your online sports betting accounts. 

Depositing at Online Sportsbooks 

Making a deposit into your account at each of your online sportsbooks is a crucial step. It is what you should do right after creating your accounting. That is assuming you have done all the necessary research beforehand. 

The two biggest questions you will need to answer before making your first deposit are:

  1. Which welcome bonus (if any) do you want?
  2. Which deposit method is best for you? 

Once you have these questions answered it is fairly easy to deposit. In fact, most sportsbooks will redirect you to the deposit page when you create a new account or when your account is empty. 

This is because it is an absolutely necessary step to participate fully in online sports betting sites. 

To make the most of this streamlined process when you sign up, it’s best to have a deposit method ready to go. Of course, you can always switch deposit methods later. There is no problem in doing so. But why not start off on the best foot? 

All of our recommended sites will be secure places for you to transfer your funds. While the security of different payment methods will vary. Bovada is a great example of a secure site.

For when you are not redirected to the deposit page, you can normally find it within a click or two from the home page. There is often a deposit button in the upper right corner of the home screen. 

You might also open up one of the side menus from the home screen to find it. The option to deposit is often within the Cashier section. So go there if you are lost. You can always find site-specific step-by-step instructions in our betting site reviews. 

Welcome Bonuses  

As you make your first deposit, you will be eligible for a welcome bonus. Most sportsbooks have more than one welcome bonus. These include normally at least one for the casino and another for the sportsbook. 

Choosing Your Welcome Bonus

Even within the sportsbook, you may have more than one to choose from. These are sometimes dependent on your sportsbook deposit method.

  • For example, depositing with Bitcoin can open up more welcome bonuses, often with higher matching percentages and lower rollover requirements. 
  • Some sportsbooks exclude Neteller from welcome bonus eligibility. So keep this in mind at least for your first deposit. You can always switch to Neteller later if that is your preferred deposit method. 

Doing your research specific to each sports betting site to decide on your welcome bonus is an important part of how to make your first payment at an online sportsbook. 

Sportsbook Deposit Options

It is important to review your different sportsbook deposit options. This is even important to do when deciding which sportsbooks you will use.

The details of the deposit options at online sports betting sites can vary significantly. There a number of details you should take into account when choosing your deposit method.

These details will change not only among deposit methods, but among sportsbooks as well. Of course there are also clear tendencies. 

Some payment methods will be cheaper or faster across the sportsbooks, compared to other payment methods at the same sportsbook. The details will change, of course, across betting sites, but some payment methods will be more anonymous no matter what. 

Let’s take a closer look at some of the best and most common payment methods at online sports betting sites.  

Depositing with Bitcoin

Bitcoin payments at online sports betting sites are increasing in popularity. Every year more and more people sign up for Bitcoin, especially in the betting world.

And it is not difficult to see why. Bitcoin and other cryptocurrencies have been gaining legitimacy and normalcy for years. More and more people are using them to buy common things such as coffee.

As more people have their cryptowallets set up, it is easy to expand the reach of where they are accepted. Businesses are incentivized to do so, and so Bitcoin spreads even more. 

And also from the standpoint of the bettors, depositing with Bitcoin comes with lots of benefits:

Debit and Credit Cards

Depositing with credit and debit cards remains one of the most common ways to put money into an account at a sports betting site. It is not necessarily because it is the best deal for bettors.

The main reason that credit and debit card deposits continue to be so common is inertia. Because we all signed up for credit and debit cards, or they came automatically when we opened up our bank account, so many of us already have them. 

Credit and debit cards are very convenient for this reason. We all have them, and nearly all betting sites accept them. 

This is the main advantage of using them, as they can sometimes come with fees, and no sportsbook gives bonuses for depositing with Visa, like they do quite often with cryptocurrencies.

Sportsbook Withdrawal Options 

The idea after all is to get to this stage, where we get to think about sportsbook withdrawal options. We all want to be able to withdraw a huge sum that we gained from our time sports betting.

 

Fulfilling Withdrawal Requirements

Before you can withdraw your money, you will need to do a bit of research, and also make sure you have fulfilled withdrawal requirements.

  • In order to be able to withdraw from the sportsbook, you will need to have fulfilled the rollover requirements from your bonuses. This means you will have to have had wagered your original deposit X times over. 
  • This changes based on the bonus, and is larger in casinos than in sportsbooks.
  • Another important requirement has to do with KYC, or Know Your Customer, protocols. These are identity-verification rules imposed by various governments for tax and fraud purposes. 

You will almost definitely have to send in copies of documents that verify your identity and address before you can effectuate a withdrawal. 

Once you can withdraw, you will have to decide which withdrawal option to use. The main things to keep in mind are speed and cost. 

Bank Wire

Bank wires are the most common sportsbook withdrawal option. This is mostly because it is the most easily available. All you need is a bank account, and you are good to go.

However, it can take roughly two weeks for your money to arrive. And it normally comes with a decent fee. It is definitely an accessible option, but that does not mean it is the best one for you. 

eWallet

Making a withdrawal using an eWallet, such as Paypal, is a great option, if it is available. More and more online sportsbooks are offering this withdrawal option, but it is not universal yet.

You will get your money much faster than with a bank transfer. Probably in about 48 hours. And the fees will likely be less as well.