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, with bettors enjoying a familiar process with extensive security features, relatively fast transaction speeds, and superb availability. Using options like Visa, Mastercard, and Discover rarely has any fees, although some sportsbooks charge for credit card transactions. 

Using debit cards suits beginners the most, as the process is identical to paying for other goods online. Some small drawbacks include reduced anonymity compared to other methods, since you’ll need to provide card details the first time you make a deposit.  

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. Options like PayPal, Venmo, and Skrill are increasingly popular ways to make sports betting payments, only requiring a username and password rather than other more sensitive details. 

e-Wallets 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. 

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. 

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. 

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. 

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. 

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. 

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. 

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. 

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. 

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. 

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. 

Frequently Asked Questions