Payment Methods at US Sportsbooks

Getting to grips with how sports betting payments work and the different banking options available is crucial to your overall experience. This page offers a comprehensive breakdown of everything you need to know to fund your online sportsbook account. Read on for the lowdown, then head to the free bets section to claim a welcome bonus and get started. 

Choosing a Sports Betting Payment Method

Understanding how sports betting payments differ depending on the deposit methods available is critical. Bettors have access to various e-wallets, debit cards, prepaid cards, and Open Banking solutions, each with specific advantages and disadvantages. 

Choosing the right option for your needs is the best way to guarantee a streamlined process and to maximize the benefits. Our experts have compiled extensive information on this page to help you identify the most important criteria. Without knowing the pros and cons of each payment method, you could miss out on speedy payouts, convenient mobile apps, increased anonymity, and other advantages.  

Here are some of the main considerations to bear in mind when choosing a deposit or withdrawal method: 

• Security – Ensuring your sports betting payments are fully protected is naturally the most important prerequisite. Our recommended sportsbooks and betting apps all deliver top-spec security with ironclad SSL encryption and sophisticated payment gateways. Even still, some deposit methods can be safer than others. For example, e-wallets, prepaid cards and Open Banking options allow you to make payments without disclosing banking data. 
• Availability – Debit and credit cards are available to make sports betting payments on all platforms, but other payment options can be harder to find. You should factor this into your decision when choosing a banking method, as there’s nothing more frustrating than signing up to a sportsbook and finding you can’t make payments the way you want. Our experts pay particular attention to availability to ensure we give the best suggestions. 
• Transaction Speed – Most sports betting payments clear instantly when making deposits, but payout speeds can vary depending on the withdrawal method bettors use. While this is also largely down to each sportsbook’s processing speeds, we always emphasize which choices can deliver the fastest payouts. Cryptocurrencies can offer the speediest withdrawals, but the main drawback is their lack of availability and fluctuating value compared to fiat currencies.   
• Fees – Considering whether your sports betting payments will be subject to any fees is another key consideration. Most options are free, but bettors can be subject to fees when they withdraw money to their actual bank accounts. 
• Bonus Eligibility – Make sure you check welcome bonus terms and conditions before depositing funds, as some payment methods aren’t eligible. This can significantly influence your overall decision, as missing out on deposit bonuses when funding your sports betting account can be frustrating. e-Wallets are often excluded from bonuses, so be careful.

Debit and Credit Cards 

Debit and credit cards are some of the most popular ways to make sports betting payments. The process is familiar, with benefits including extensive security features, relatively fast transaction speeds, and superb availability. Using debit cards suits beginners the most, as the process is identical to paying for other goods online. Popular options include the following, and you’ll find more details about each below:

• Mastercard
• Visa
• American Express
• Discover

Pros & Cons of Using Debit and Credit Cards 

Positives

• Very familiar process
• Sophisticated security features
• Widely available
• Usually no fees

Negatives

• Requires sensitive data sharing
• Can be slower than other methods

Mastercard

One of the most popular card issuers, a key benefit of Mastercard is its fast payouts at betting sites that support the Mastercard Direct feature. 

Visa

Visa is another major player in the bank card game, and is the biggest payments processor in the world so is an almost universally accepted betting payment option. You can also get faster payouts at sportsbooks that support Visa Direct, often within 30 minutes.

American Express

Amex is a common choice for customers wishing to use credit cards for sportsbook deposits. It’s not as widely accepted as Visa and Mastercard, but you’ll still find it at plenty of sites.

Discover

Another credit card supported at betting sites is Discover. The company is also an official partner of the NHL. 

e-Wallets 

e-Wallets are fantastic options for regular sports bettors who value fast payouts, convenience, and being able to store their gambling funds in a completely separate account from their normal finances. They’re highly secure, requiring just a username and password with no need to share more sensitive details with your chosen betting site. 

These services also work particularly well when combined with betting apps, allowing users to make payments and withdraw quickly and easily. Despite the many advantages, be careful with e-wallet fees and bonus eligibility, as they can often lag behind other options in this regard. 

You’ll find many e-wallet betting payment methods at online sportsbooks — with more details on each below — including:

• PayPal
• Skrill
• Neteller
• Venmo
• MuchBetter

Pros & Cons of using e-Wallets 

Positives

• Doesn’t require sharing sensitive banking data
• Great for budgeting
• Convenient service with rapid transaction speeds

Negatives

• Can be excluded from deposit bonuses
• Some fees might be involved

PayPal

PayPal is the best-known service in this category of betting payment methods and is found at many sportsbooks. It’s free to sign up and use, and offers a mobile app for managing your account. 

Skrill

Where PayPal isn’t available, you’ll often see Skrill supported instead. It touts the usual benefits of other e-wallets, including a prepaid card for spending your balance, although it does have some fees when withdrawing your Skrill balance to a bank account.

Neteller

Neteller is owned by the same parent company as Skrill, and the two services are very similar. Again, you’ll have to watch out for some additional fees here.

Venmo

Another e-wallet finding increasing support at US betting sites is Venmo, which many will know as a way to split bills with friends and family. Another feature of the service is the ability to trade cryptocurrencies such as Bitcoin. 

MuchBetter

Mobile-first e-wallet MuchBetter requires bettors download an app to use the service. It’s highly secure as your account is paired with your device, meaning only you can access it. 

Trustly

Trustly is a state-of-the-art Open Banking solution allowing you to make sports betting payments directly from your online banking account without using conventional financial data. Bettors simply log into their online banking via the Trustly pop-up to send or receive funds. 

This banking method will suit bettors who want to deposit or withdraw using their bank accounts but are worried about sharing banking data. You don’t need to register with Trustly either, streamlining the process. The only current issue is its limited availability, although leading sportsbooks like Caesars Sportsbook have recently added the banking option. 

Pros & Cons of using Trustly

Positives

• No need to create a Trustly account
• Super-secure SSL encryption and other safety features
• Very straightforward to use

Negatives

• Not widely available yet
• Doesn’t integrate with some bank accounts

Play+ 

Play+ offers the best of e-wallets and prepaid cards, suiting bettors on tight budgets. It’s almost impossible to overspend with this method, since users must manually transfer funds into their virtual wallet before making a deposit. 

Gamblers looking for fast transaction speeds will also enjoy Play+, which offers some of the speediest payouts on the market. Despite its great reputation, there are a few notable drawbacks; most significantly, bettors can experience fees when withdrawing money from their Play+ accounts to their banks. 

Pros & Cons of using Play+

Positives

• Great for budgeting
• Keeps sensitive data safe
• Integrates closely with Discover

Negatives

• Can have fees
• Not as widely available as e-wallets

Mobile Betting Payment Options

If you prefer to bet with your phone or tablet, there are a few additional options available which make mobile betting payments a breeze — Apple Pay for iPhones and iPads, and Google Pay for Android devices. Both of these services are highly secure, as they share virtual identifiers instead of your actual card number when you make payments at betting sites. 

Pros and Cons of Mobile Payment Options

Positives

• Highly secure
• Authorize payments using biometrics like face or touch ID
• Instant payments
• No fees
• Usually eligible for bonuses

Negatives

• Not yet widely accepted
• Withdrawals not always supported

Apple Pay

Available for devices running iOS 8.1 or newer, Apple Pay can be used to make seamless payments through apps or the mobile browser. Some betting sites accept this method for payouts too.

Google Pay

Once the service has been set up, Google Pay can be used for betting site payments on Android devices free of charge, although it’s slightly less prevalent than Apple Pay at US sportsbooks.

How to Make Deposits at Betting Sites

Now you’re up to speed on the different betting payment options, how do you get started at a betting site and make a deposit? It’s simple:

1. Compare sportsbooks with BettingOdds – We’ve partnered with the best names in the business to bring you a range of fantastic betting sites. Browse our list of betting sites and compare welcome bonuses to see what’s on offer.
2. Sign up – Click through to the sportsbook homepage from BettingOdds and create your new account. You’ll need to provide basic details like name, address, and date of birth. 
3. Choose a betting payment option – As part of the registration process, you’ll be prompted to make your first deposit. Select the sportsbook banking option that suits you best from the list and enter the relevant information.
4. Confirm your deposit – Once you’ve made the payment, it should land in your betting account immediately and you’ll see your balance update. From there, you can head to the markets and place your bets. Good luck!

How to Make Withdrawals at Betting Sites

When you’re ready to cash out your betting account balance, the process is quick and simple:

1. Head to the cashier – This option is usually found in the menu or navigation bar. Once you’re there, select the ‘withdraw’ option. 
2. Select a payment method – If you’re looking for fast payouts, we recommend opting for an e-wallet. Otherwise, debit cards are usually a solid choice if you want to avoid fees. 
3. Enter the amount – Decide how much you want to withdraw. If you’re not withdrawing your full balance at once, there may be a minimum amount. 
4. Confirm your withdrawal – Most sportsbooks process withdrawal requests within 24 hours on business days, after which the funds will arrive as quickly as your chosen banking method allows.

Game On Gift Card

Game On Gift Card sports betting payments are specifically tailored to the gambling industry, offering users a prepaid card solution with several key benefits. The deposit method is particularly suitable for bettors struggling with bank limits on gambling, as it has nothing to do with your banking institution. 

Using a Game On Gift Card offers bettors complete anonymity when making payments and is fantastic for budgeting. There’s a $400 limit on each transaction, making it perfect for gamblers on a budget. The downside? It’s not available in all US states, requires a few extra steps to use, and doesn’t support withdrawals. 

Pros & Cons of using Game On Gift Card

Positives

• Superb budgeting tool
• Offers near-complete anonymity
• Works independently of your bank account

Negatives

• Doesn’t support withdrawals
• Not available in all states

PayNearMe

If you prefer making sports betting payments with cash, PayNearMe is a useful option. Bettors must visit physical retail partners to make payments, which makes it less convenient than most other options. On the flipside, gamblers enjoy a large degree of security and anonymity. 

Depositing funds with PayNearMe takes longer because of the requirement to go to a physical location and pay with cash. If you value speed over everything else, it may not be for you. However, this drawback can turn into a positive if you want to keep tight control of your budget, since depositing money on a whim is less likely. 

Pros & Cons of using PayNearMe

Positives

• Doesn’t allow betters to deposit funds on a whim
• Completely anonymous
• Fairly unique option for gamblers who prefer using cash

Negatives

• Can be quite inconvenient
• Transactions often have fees

VIP Preferred

VIP Preferred is an online gambling payment method specifically created with sportsbooks and casinos in mind. It’s the recommended ACH and e-check deposit option at sportsbooks like BetMGM, with betting institutions enjoying high security and streamlined bank account integration. 

The banking method works on the Global Payments platform, guaranteeing fast and reliable transactions. VIP Preferred is a great option for beginners who would like to use their bank accounts to deposit but have experienced trouble with blocked payments on online gambling sites. 

Pros & Cons of using VIP Preferred

Positives

• Top-spec security features
• Efficient transactions
• Only requires a one-time registration

Negatives

• Not available everywhere
• Still requires some sensitive banking data

Cryptocurrencies

Most sports betting sites don’t offer cryptocurrencies as a banking method, although trailblazers like Bovada Sportsbook are beginning to change that. While this method can be complicated for bettors unfamiliar with how crypto works, it does offer numerous benefits. 

For example, crypto transactions are instantaneous and protected by the blockchain. They’re also completely anonymous, which is a huge advantage if you wish to protect your identity. Just be aware that crypto’s unstable value compared to fiat currencies can deplete your funds. 

Pros & Cons of using Cryptocurrencies

Positives

• Completely anonymous
• Rapid transactions
• Innovative technology

Negatives

• Currently only available at select sports betting sites like Bovada
• Can be complicated for beginners
• Cryptocurrency values can fluctuate dramatically

Wire Transfer

High rollers may prefer wire transfer over the other options for large sports betting payments, as it’s typically regarded as the most reliable method. Older bettors may also prefer the familiarity, with wire transfers in use for decades. 

There are some notable drawbacks. Wire transfers won’t be suitable for gamblers who want to minimize the involvement of their bank account, since it’s a lengthier process requiring much more information. Sports betting sites also commonly stick large fees on these transactions, so do your research first. 

Pros & Cons of using Wire Transfer

Positives

• Great option for high rollers
• Familiar service used for decades
• Very reliable

Negatives

• Complex process
• Can have high fees

ACH

ACH – short for Automated Clearing House – allows sports bettors to make an electronic bank transfer to their sportsbook accounts. This is a good option if you subscribe to the “slow and steady wins the race” mantra. ACH typically takes longer than other methods, but users benefit from the highest level of encryption and security. 

It’s also fairly convenient, especially if you aren’t as confident dealing with newer technologies like e-wallets or prepaid cards. ACH sports betting payments are usually subject to fees, which you’ll need to consider when making your decision. 

Pros & Cons of using ACH

Positives

• Very secure and reliable
• Convenient and relatively familiar process
• No additional accounts necessary

Negatives

• Quite slow
• Often comes with fees

Cash Payments 

Cash payments are the most old-school way of depositing funds. To do so, you’ll need to visit a retail sportsbook location, so this method is only practical for gamblers who live close to one. Cash payments don’t require any involvement from your bank and won’t show up on your transaction history. On the other hand, making cash payments can require bettors to carry a large amount of cash, which can spark safety concerns. Making withdrawals is also slightly more complicated. 

Pros & Cons of using Cash Payments 

Positives

• Eliminates the need for a bank account
• One of the only ways for bettors to use cash
• Offers high degree of anonymity

Negatives

• Not very convenient
• Unrealistic option for bettors living far from retail locations

Safety and Security with Betting Payment Options

On top of selecting a secure payment method such as an e-wallet, there are a number of other steps you can take to protect yourself when making sportsbook payments. Here are some of our top tips.

Set Strong Passwords

You should be sure to use a secure password for your payment service accounts. Pick a password unique to each account you hold, ideally 10 characters in length and a mixture of lowercase and uppercase letters, numbers, and symbols. It might seem obvious, but you shouldn’t share your passwords with anyone either.

Enable Two-Factor Authentication

The majority of payment services allow users to enable two-factor authentication (2FA) to better secure their account. This usually requires a one-time passcode from a 2FA generator or SMS message to be used alongside your normal password.

Check Device Settings

If you manage your betting budget using your mobile device, be sure to enable settings like a passcode and auto-lock.

Keep an Eye on Outgoings

You should regularly check your bank statements to be sure there’s nothing suspicious going on. Contact your bank immediately if you notice something unusual.

Compare Sportsbooks and Sign Up

This page explains how to make sports betting payments and the different options available. Consider the various pros and cons and choose the most suitable method for your specific needs. Afterwards, compare sportsbooks to ensure they have your preferred deposit option and click our registration link to claim the welcome bonus. 

US Sportsbook Banking Options FAQs