There are numerous payment methods available for sports betting, each offering unique advantages and disadvantages.
No single payment method is perfect for every bettor, as availability can vary by state and personal preference. Below, we explore the most common betting payment methods and their features.
We can categorize betting payment methods based on how they work. Each has its own characteristics, bringing unique features and ultimately targeting a different audience. While you may have access to one or more of these, all you need is at least one payment method to enjoy real money online betting in the US.
Cards (Credit & Debit)
Cards, especially debit and credit cards, are widely accepted by betting sites in the US. VISA and Mastercard allow bettors to quickly deposit funds and start placing wagers in minutes. American Express is subject to more restrictions.
In any case, there are banks that won’t allow deposits to betting sites. It’s best to talk to your bank directly. It’s not the online sportsbook’s fault, they have no say in it.
Pros
Widely accepted at betting sites
Easy to obtain
Access to bonuses and promotions
Supports multiple currencies
Fast and simple deposits
Cons
Can be subject to fraud
Identity theft risks
Not always available for withdrawals
E-Wallets
E-wallets provide a layer of security and privacy by allowing bettors to make transactions without linking directly to a bank account. This reduces the number of gambling transactions appearing on bank statements. Additionally, they come with the least restrictions when making deposits at betting sites.
Pros
Supports both deposits and withdrawal
Widely accepted by betting sites
Quick and easy transactions
Supports multiple currencies
Cons
High transaction and maintenance fees
Often disqualified from bonuses
Access to e-wallet deposits and withdrawals comes at a price. The convenience comes with higher than market average fees. These fees can be transaction and maintenance fees.
Prepaid Cards and Vouchers
If for whatever reason you like your privacy protected and you don’t want any transactions to online sportsbooks showing up on your bank statements, go for prepaid cards and vouchers. The most popular one in the US is Play+ and when it comes to cash payments in the form of vouchers it’s PayNearMe.
Pros
Guarantees privacy protection
Flexible with no commitments
Widely accepted in some states
Cons
High fees
Not a withdrawal method
Low limits
Sometimes don’t qualify for bonuses
Online Banking and Transfers
Online banking whether done via VIP Preferred or Trustly is the recommended payment method for high rollers and passionate bettors. The fees are the lowest and transactions are fast as well.
Pros
Safest payment method
High flexible limits
Withdrawals can take a few days
Low fees
Cons
Not widely accepted at casinos
Not available in all countries
Another thing that you will like about online banking and betting sites is that you can withdraw easily without any additional checks or restrictions applied.
Cash Deposit on Location
In states where online betting operators have local partners you can visit the racetrack or one of their local casinos to make deposits in person or collect your withdrawals. This is by far the most secure method, but it’s also the least convenient.
It’s important to note that you must submit a withdrawal request before you visit the venue to collect your payout. The betting site must inform the venue that you will be coming to pick up your winnings. The cashier at the venue will also prepare your money before your arrival.
How to Choose the Best Payment Method for Betting
Selecting the right payment method for your betting activities depends on several factors. Here are the key consideration to keep in mind when making your choice:
Transaction Speed
E-wallets (e.g., PayPal, Skrill) and cryptocurrencies generally offer the fastest deposit and withdrawal times, often processing within minutes.
Cards and bank transfers may take longer, especially for withdrawals, which can take a few business days.
If fast access to your funds is important, opt for an e-wallet.
Fees
Each payment method comes with its own set of fees. Vouchers can have varying transaction fees, while e-wallets may have maintenance fees or charges for withdrawals.
Bank transfers typically have low fees, but they may charge for currency conversions or international transactions.
Prepaid cards like PayPal and Paysafecard tend to have higher fees for deposits and are not suitable for withdrawals.
Privacy
If anonymity is a priority, prepaid cards offer the most privacy, as they do not require you to link a bank account or share personal financial details.
E-wallets also provide a level of anonymity, as they act as an intermediary between your bank account and the betting site, hiding direct transaction details.
Regional Availability
Payment methods vary in availability depending on where you are located. For example, PayPal is widely accepted in Europe and the US, but may not be available in other regions.
Some credit card providers may block transactions to betting sites, particularly in regions where online gambling is restricted.
Make sure the payment method you choose is supported in your country or region and by the betting site you intend to use.
Bonuses and Promotions
Many betting sites offer bonuses and promotions, but certain payment methods like Skrill and Neteller may be excluded from qualifying for welcome bonuses or deposit match offers.
If bonuses are important to you, check the site’s terms and conditions to ensure that your preferred payment method is eligible.
Depositing at an Online Betting Site
Once you’ve decided on a payment method for online betting, the next step is to find a sportsbook that accepts your chosen deposit method. The deposit process is straightforward across most betting sites, but each method may have slightly different steps.
Here’s a general guide for depositing at an online betting site:
Choose a deposit method – make sure you understand the limitations and the benefits of the payment method when using it for online betting.
Visit the betting site – select one of the betting sites recommended at SiGMA Play.
Create an account – and make sure you verify your email and provide the full correct personal details.
Access the cashier – usually cashiers are located in the top right corner of the screen.
Choose your deposit method – tapping or clicking on the logo takes you to the next step.
Enter deposit amount – provide the amount that best fits your betting habits and your budget.
Complete the transaction – it may take a few minutes before the money is in your betting account as the operator is running checks in the background. Its goal is to minimize the need for additional checks later on.
Withdrawing from an Online Betting Site
Withdrawing your winnings from an online betting site is a bit more complex than depositing funds. Betting sites typically require you to complete certain steps, such as verifying your identity, before you can withdraw funds.
To withdraw your winnings:
Verify your identity (KYC). – Make sure you have all required documents on hand.
Check for wagering requirements. – Ensure that you’ve completed all bonus wagering requirements.
Submit a withdrawal request. – Submit a withdrawal request specifying the payment method and the amount you wish to withdraw.
Pending period. – Familiarize yourself with the withdrawal policy. They may be a longer pending period during which you can cancel the withdrawal. The betting site releases the money once this pending period is over.
Receive your winnings. – The money should receive within five days at most, depending on the payment method. It can be transferred as quickly as a few hours only if everything is in good order.
Payment Verification and KYC
Before you can withdraw your winnings, the betting operator must legally require extra documentation. In the US, KYC takes place at point of registration, meaning you can’t play
any games or place any bets until you verify you identity. Until you prove to the betting operator that you are who you say you are.
You may be required to provide the following before you you are allowed to withdraw.
Personal ID card with a photo, such as a driver’s licence, passport or national ID.
Proof of address in the form of a utility bill or bank statement on your name.
Proof of funds, especially if it’s a larger amount you’ve deposited. Usually the threshold is about $10,000 in total.
The proof of funds is not always required. Even when it is, it differes from payment method to payment method. Here’s how:
Payment method
Comment
Debit card
You must provide proof the bank card and the bank account are on your name.
Credit card
Mostly accepted at betting sites, except a few states. Where accepted, you must provide a bank statement that shows the deposit.
E-wallets
Some betting sites may simply ask for proof of ownership – meaning the details of the e-wallet account match your ID. However, they may check how you funded your e-wallet account as well.
Prepaid cards
The sportsbook will ask for the standard KYC documents, no proof of funds will be required if you don’t reach high deposit overall amount. This is why the limits of prepaid cards at casinos is low.
Online banking
Methods like Trustly and VIP Preferred connect your bank account and the sportsbook’s account. The operator may require a bank statement that shows the deposit
If you register with your real first and last name, and you real address, you shouldn’t have problems registering, depositing real money, playing with real money and withdrawing real money from online casinos.
FAQs
Yes, many betting sites allow you to use different methods for deposits and withdrawals. For example, you might deposit with a debit card and withdraw via an e-wallet. However, some sites may require you to withdraw using the same method you used for your deposit, so always check the terms.
Apple Pay and Google Pay are the best options for mobile betting as they are integrated directly with mobile devices and offer a quick, seamless experience. Many betting apps support these methods, allowing for fast deposits without entering card details each time.
If your withdrawal is delayed, first check if the betting site has a pending period for processing requests, which can vary from hours to a few business days. If the delay extends beyond the specified period, contact the site’s customer support to check on the status. Ensure that you have completed any KYC requirements and that you are using a valid withdrawal method.
No, not all betting sites accept PayPal, as it depends on regional availability and the site’s licensing. However, it’s safe to say that roughly around 90% of all betting sites accept PayPal.
