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Let’s talk about the best part of sports betting — payday! Few feelings can match racking up betting wins and then proceeding to cash it out for cold hard cash (or crypto).
However, this withdrawal process isn’t always black and white. There is some variance from bookie to bookie on withdrawing money. Yes, there are more similarities than differences at most sites, but still, there’s no one-size-fits-all solution here either.
Don’t worry about it though, we’ve created this in-depth guide just for withdrawing. When you’re done reading this, you’ll know how most bookies process payments and what to look out for when doing it so you’re not leaving money on the table, or worse, lose it entirely. The latter is the worst-case scenario but those who read this page from start to finish will almost surely avoid that fate. Let’s get into it:
What To Do BEFORE Withdrawing
There are a couple of things bettors should absolutely do way before they even click that withdraw button. Skipping out on this could end up very, very costly. So start here, not on the sportsbook banking options:
Verify Your Account & Identity
Almost every single betting site — from offshore ones to fully regulated platforms — forces the user to prove they are who they say they are. This is to be expected, right? For one, these platforms need to verify the user is even old enough to gamble on-site. Two, they don’t want users re-creating accounts to “game” their promotional bonuses for extra free play (most deals are supposed to be one-time offerings).
Some bookies will require identity verification from the get-go or else you can’t bet. Others, however, will let you gamble until you reach the betting bank and want to withdraw. This is when “rent becomes due” per se.
But hey, so long as you haven’t lied about your identity, you really have nothing to worry about when verifying the account. Typically, the bookmaker will ask for two forms of verification.
The most common document requested is a government-issued ID of some sort — think a driver’s license, travel passport, or health card. Scanning this document or taking a picture of it will usually be enough to verify. Do NOT send this via physical mail. That’s a huge no-no and probably a sign you’re getting scammed.
Usually, betting sites will ask for a document that verifies your address. A bank statement, utility bill, and tax bill are the most typical ways to prove your on-file address is accurate (and you’re legally allowed to bet from that state). Here again, a picture or copy of the doc will suffice for verification.
After you’ve submitted the documents, now you play the waiting game. We wish we could tell you this was an instantaneous process, but it’s usually not. It may take a full business day to verify the submitted docs or as many as three at some sites that are on the slower side. Obviously, this will delay your actual payout too. Something to remember if you’re using the gambling winnings to pay an urgent bill or anything like that.
Read The Terms & Conditions
Phew, this is a biggie. We’re always shocked to learn how many bettors never take a look at this to see what they’ve signed up for. In the terms and conditions, you’ll almost always have a section that explains the sportsbook and casino banking options. In particular, look for this information when it comes to withdrawals:
Fees
Yes, withdrawing money is NOT free. To process the transaction, bookies will typically assess a fee. How much will depend on the site you’re using. You’ll find this dollar figure or percentage in the T&C. Moreover, fees might differ depending on the payout method chosen (e.g. bank wire compared to physical check).
Withdrawal Limits
There are two limits set on withdrawal. The first is the minimum withdrawal amount. A lot of the time, this limit will hover around $10 or so. The bookie is essentially saying you can’t withdraw for less than this amount.
On the flip side, there’s also a maximum withdrawal amount — the number that can’t be exceeded on a single transaction. Bettors can get frustrated at this since it’s their money and they feel entitled to every last dollar and cent of it. Just know, that this limit might be set by the payment processor (e.g. PayPal if that’s supported), and it’s not always the “evil” bookies doing.
Payout Times
Most bookies will outright say what the typical payout times per withdrawal method are. Remember, these are estimates, not exact timelines. Moreover, most payouts are based on business days (Monday through Friday) and don’t include Saturdays or Sundays. So keep that in mind when waiting on a payout.
Payout Options
Lastly, you’ll want to know what betting bank options are even supported in the first place. Say you want to transfer money in and out with crypto, well, not all bookmakers actually support it. The T&C will break down what methods can be used on-site. Speaking of which, we should probably explain the most common payout options.
List Of Payout Options
Now this area is where bookies can really differ from one another other. Some sites offer a wide variety of cashout methods, others not so much. Heck, when you’re picking a sportsbook to bet at in the first place, you’ll probably want to factor in their payout banking options in your decision.
Here are payout options most likely to be offered:
Credit or Debit Card
This might be the most-used option by the majority of bettors. Part of that is due to convenience as almost every person owns at least one of these, which are linked to their bank. However, not any card carrier will work. Mastercard and VISA are usually supported most, but it’s harder to find sites that allow American Express or Chase. This really depends on the banks that allow online gambling.
Cryptocurrency
This method is gaining popularity as crypto continues to be mass-adopted. The big benefits of cryptocurrencies are two-folded. One, crypto is generally the fastest payment option — taking minutes to clear in some instances. Two, these are pseudonymous transactions with no intermediary. Forget worrying if you have gambling friendly banks because crypto skips the middleman entirely.
There’s a wide array of different cryptocurrencies, but most betting sites stick to supporting the major coins — Bitcoin, Ethereum, and Litecoin, mainly.
Check
Ah, yes, a physical check is still very much a thing. You can choose for one to be delivered straight to your doorstep with your cash winnings. The issue is this option is almost always the slowest. Depending on where exactly you live, you might have to wait for the mailman between 7 to 14 business days.
Bank Wire Transfer
The good thing about wire transfers that hit your bank directly is the withdrawal limits can be on the higher side here compared to the other options. This is good for the “high rollers.” However, the drawback is issues are not uncommon with this method. It really depends on your specific bank, some are more receptive to deposits from gambling entities than others. We’ve heard horror stories of money being held up by more skeptical banks so keep this in the back of your mind.
Payment Apps
PayPal, Skrill, and Neteller are all examples of payment-processing apps that can sometimes be used to withdraw funds. Typically, these clear in the same timeline as debit/credit cards, which is around three days or so.
Person to Person
The big players here are MoneyGram or Western Union. These person-to-person services allow you to send money between people — or even to yourself — and pick up the cash in person at their service centers. The big downside to these services is they usually tack on high fees that eat into bettor’s profit margins.
Best Sportsbooks For Withdrawing Money
Last thing before we let you go, what sites are the best for money withdrawals? Welp, we’ve reviewed the best sportsbooks in the industry and weighed banking options as part of the review process. After all that, the following five sites consistently stick out for all the good reasons:
Mind you, these are all offshore betting options. Due to offshoring, a lot of the legal “red tape” doesn’t apply to them. This makes betting easy and hassle-free rather than fumbling with whatever regulations the place you live in has enacted.
However, you could always use a regulated bookie too. Players in this arena include DraftKings and FanDuel. We often get asked, “what banks does FanDuel accept” or “how to withdraw money from DraftKings to bank account?” The answer is, it depends. They operate by different rules in different states which muddles the situation. That’s another reason we’re so big on offshore betting sites that are less convoluted.
Best Offshore Sportsbooks 