Sports Betting Payments + Deposit Options
Sports betting if a favored form of gambling among many U.S. gaming buffs, and in many ways, this is ironic; currently, the vast majority of states in the U.S. totally prohibit any kind of wagering on sporting events, outside of some government-regulated horse and dog tracks. As such, many American gamers choose to take their gaming needs to licensed, offshore sportsbook websites, where they can play without any worries over legal penalties. While these sportsbooks are safe as well as convenient, it is important for gamers to understand the payment and deposit options that these international sportsbooks offers.
Indeed, for many legal betting websites, credit cards are not allowable payment forms, at least not from within the U.S. Thus, this page will seek to present some alternative deposit methods. The page is intended to be strictly informational, and to assist those wondering about the different sports betting deposit methods that are out there.
There are numerous forms of sportsbook deposit methods that exist. They all have their own quirks and advantages, and in the end, all of them are perfectly acceptable. The trick is simply to find the deposit method that you feel most comfortable with, and that your favorite online bookmaker allows.
Credit Cards - Take credit cards, for example. Paying via credit card is one of the most popular and preferable ways of making a sportsbook deposit, and it is not hard to understand why; the main draw, of course, is that credit card payments are instant. The bad news is that not all offshore sportsbooks able to process U.S. credit card deposits however all of the best sportsbooks do accept them; VISA is the most commonly accepted, with American Express much less common, and MasterCard the rarest of all.
Debit Cards - Debit cards are in much the same boat. They have a similar appeal—namely, that they offer a way to make a deposit instantly—but they also have similar drawbacks. Again, VISA is the most commonly accepted, but American Express is seldom accepted, and MasterCard almost never. Note that you usually have to have a debit card capable of making international purchases in order for this method to work.
Gift Cards - Believe it or not, gift cards, from major credit card companies, actually have a higher acceptance rate than credit and debit cards themselves. They, too, are instant, and can be purchased online (with other cards) or in most any local store, with cash. Again, VISA is your best bet; American Express and MasterCard are much less commonly accepted at online sportsbooks.
Western Union - Western Union represents another way in which you can make deposits at online sportsbooks. There are some drawbacks here when compared to credit cards, though. There are much higher fees, for one thing. Additionally, it usually takes a few hours for the payment to be credited.
MoneyGram - MoneyGram is a service that works in much the same way as Western Union. As such, it comes as no surprise that it has the same basic pros and cons. The fees are higher than with credit cards, and it will take a few hours for your payment to be processed and credited to you.
ezVoucher - Another form of payment is ezVoucher, which is a sort of third party, prepaid voucher. This is nice because it is instantaneous, but the acceptance of ezVoucher, among online sportsbooks, is fairly limited. Additionally, there are low deposit limits, which is a major drawback.
Checks and Money Orders - Checks and money orders represent one of the least desirable ways to make a sportsbook deposit. For one thing, there is very limited acceptance among sportsbooks. Additionally, you may have to wait up to a week for the payment to be credited to you!
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Ultimately, then, choosing the right deposit method is a simple matter of first seeing what you favorite online sportsbook will actually accept; from there, consider such factors as fees and deposit times. Naturally, credit and debit cards are usually going to offer the best bets, but be warned that they are not accepted at all offshore sportsbooks.
One of the most important considerations to make, when evaluating deposit methods, is the amount of time it will take for your payment to be processed and credited to you. Most online gamblers are excited to begin making wagers as quickly as possible. With some payment methods, however, this is simply not possible.
Credit, debit, and gift cards, as well as third party platforms like ezVoucher, are the best bets here. Most of the time, these payment methods are more or less instant. The slowest deposit method is the check or money order; pay in this way and you could be looking at a full week of waiting before you are able to play.
Another major factor in deciding on the best deposit method is the deposit fee that is levied. Again, we find that credit and debit cards are the most advantageous offers, as they offer the most limited of fees. The methods with the highest fees, meanwhile, are the ones that are a bit tougher for online sportsbooks to process—such as Western Union and MoneyGram transmissions.
Even though these sportsbooks do generally charge a fee for depositing, they make up for it on the backend with bonuses and other promos. Click here if you want to learn more about the types of deposit bonuses and promotions that are typically found at online betting sites.
Knowing how often deposits can be made, plus the parameters for specific methods in terms of minimum and maximum dollar amounts are very important for users to know. No matter the method (credit card, wire transfer, money order, bank wire, etc.) there will be deposit limits.
Let's use a practical example to help set this in motion. BetOnline Sportsbook is one of the top-rated betting sites in the industry. They accept several forms of deposit methods, one of which is through a Visa card. BetOnline stipulates on site that there is a minimum deposit of $50 required to fund an account with a Visa. The maximum deposit dollar amount per transaction is $1,000. This transaction is conducted online, as BetOnline (and most sportsbooks) does not accept credit card information over the phone (another type of deposit 'limit'). For those who are interested in increasing a deposit limit beyond the installed maximum amount, BetOnline requires certain pieces of information from the account holder to do so. If verified and approved, the limit can be increased.
Essentially what it comes down to is that online sportsbooks have a protocol that they adhere to for deposits. Having said that, betting sites are also open to discussing with individual account holders different limits that can be put into place.
Finally, safety is a paramount concern when engaging in any kind of online transaction. The important consideration here is not necessarily the payment type, but the integrity of the online betting site itself. Always make sure that you are gambling through an online sportsbook that is fully licensed via an offshore nation. This is the best way to ensure that the site you are gambling through is a reputable and honest one.
Incidentally, another point to think about is payout methods - that is, the methods by which you obtain your winnings and earnings from these online sportsbooks. This topic is every bit as important to consider as your deposit method. Read on, exploring this site further, for additional information on this important topic!