Many experienced sports bettors would agree that the most exhilarating feeling, besides betting on a live game, is receiving those hard-earned winnings. That is why choosing a legal sports betting site with safe withdrawal options is of prime importance. Lucky for our readers, we have played at all of the leading sports betting sites, and have a working knowledge of the ones that offer the best values.
This site is going to go into detail about payouts. We will first touch on the legal aspects of withdrawing funds from a US online sportsbook, and then we will show you how each method works. At the end, we will review one of our top sports betting sites so you can start wagering today.
The unarguable answer is yes, but it is well worth your time to learn a little about the laws anyway. You see, there is only one law that regulates how an online sportsbooks is allowed to pay its members. This is called the Unlawful Internet Gambling Enforcement Act (UIGEA). This law sounds much worse than it is. The UIGEA only determines the methods in which a wagering site can send money to players.
The one payout method you will not find at a legit online sportsbook is a credit card. The UIGEA restricts these sites from sending funds directly to a members credit card account. You may wonder what methods you are left with. The answer is many! The legal sports betting sites reviewed here on LegalUSABetting.com all offer various payout options that will deliver your money efficiently. Further down in this article you will read about each method, but for now you should just realize that these withdrawal methods are legal and safe.
Now that we know that we will be safe when requesting money from a sports betting site, it is time to delve in to the actual methods that there are to choose from. While credit cards are not an option, there are plenty of alternatives that are fast and simple. We will list the most popular methods that are offered by most of the leading US online sportsbooks.
One of the most popular payout methods also happens to be one of the oldest forms of transferring money. Almost every sportsbook will offer a check in the mail method. This secure payout arrives to your mailbox with your name on it. You can cash the check at your local bank, and turn it in to cash with the quickness. We receive most of our payouts with this method, and it hasn’t failed us yet. Sites make sure to get the checks to you fast, usually under a week.
A cash wire transfer is a MoneyGram or Western Union transfer. These super-fast payouts usually go through within 48 hours, and are great ways to collect your dough. A cash wire transfer can be done completely online, or you can opt to have one sent to your local retailer that offers these services. Either way you decide to collect, you can be sure that you will receive your cash fast. Cash wires are available 24/7.
A Bank wire will send your funds directly to your checking or savings account. If you have ever set up a direct deposit with a job, you know how bank wires work. To request a payout with this method you will need to send the online sportsbook your bank wire instructions, and they will wire your cash immediately. This method usually takes less than two days to process. As you will see later, bank wires come with relatively high fees, making this method best for big withdrawals only.
Many sites will allow you to withdraw using a cash, or prepaid gift card. These are great if you like to shop at certain places such as Amazon or Walmart. These cards usually payout in increments of a certain amount, or a flat amount such as $500. Cash/gift cards process very fast, almost immediately, and are very popular. If you choose this method, make sure to read the fine print first to see the exact amount you are allowed to withdraw.
Bitcoin is a new and popular way for people to collect their winnings with ease. If you happen to be a member of bitcoin, you can have the sportsbook transfer funds directly to your account. These payouts are very quick, usually taking a few hours at the most. The one caveat with bitcoin is that it is usually subject to availability, so it might not be usable at the exact time you would like to withdraw.
Now we get to the small print. Most payout options will come with small-to-significant fees. This is because the cost of doing business between countries is expensive, and these online sportsbooks would go broke if they had to pay all the fees themselves. Many sites will offer one free check payout per month, which is enough for most sports fans out there, and is another reason the method is so popular. The other fees vary by site, and by payout method. Bank wire transfers have the highest fees, usually between $45 and $75 depending on the amount requested. This is why they are best for large payouts only. Cash wire’s come with minimal fees of $25-$45, and gift cards and bitcoin usually do not have any fees.
If getting cash fast is a priority, you will probably want to go with cash wires, gift cards, or bitcoin. These are the quickest methods for acquiring your winnings. If you are patient, checks and bank wires are just as safe and, are also excellent methods. Each site will vary with how fast they send you cash, but each one tries to make every options as fast as possible.
Since the cost of sending money between countries is so expensive, the sites want to make sure it is worth their while to conduct the transaction. This is why there are minimums and maximums on most methods. The only method that doesn’t have a maximum on many sites is the bank wire transfer; the minimum is usually around $500, yet again adding to the reasons why this method is best for large payouts. Checks and cash wire’s usually have similar limits and minimums, usually from $50 to $3,500. Bitcoin has very low minimums around $20, and maximums up to $10,000. Cash/gift cards are another matter altogether. They come with incremental restrictions, or certain amounts. For instance, some cards will only allow you do request $50 increments, and other will only allow you to request $500 at a time.
When we combine fees, limits, and speeds, we come to the conclusion that cash wire transfers are the best all-around payout option. This isn’t taking anything away from the other methods, as they are all excellent, but cash wires win by a hair. Cash wires are fast, variable with the minimums and maximums, and have relatively low fees. This makes this method Swiss army knife when it comes to how much and how fast you can withdraw.
As sports fans ourselves, we know when a sportsbook is worth it or not. We bet and request payouts on a regular basis, probably a few times a week, and so sportsbook withdrawal methods are of very important to us. With our knowledge base, we feel that we have the credentials to offer up our opinion of the best online sportsbooks for US players. Now that you know how to withdraw your winnings, it’s time to join a sports betting site and start wagering.
What’s in a name? At SportsBetting, you could say everything is in the name. This site offers unadulterated sports wagering action for true fans of competitive games. The sportsbook is massive, but is nevertheless simple and straightforward to navigate. Instead of blinding you with crazy visuals and bells and whistles, this site decides to put all of their ingenuity into creating an unsurpassed sports betting experience. This is why SportsBetting is our prime pick for a US online sports betting site.
After having a blast betting on your favorite teams, you will eventually want to withdraw some of your winnings. SportsBetting makes this simple and fast by offering numerous payout methods. You will find checks by mail, Western Union, MoneyGram, bank wires, bitcoin, and more at the online cashier. Never has collecting cash been as easy as it is a SportsBetting.ag. You can even request payouts on your mobile device, or over the phone. Check out the online cashier or our payouts page to learn much more.