Online Sports Betting Payouts
U.S. residents should always inquire about their ability to withdrawal money from an online sportsbook BEFORE signing up for an account. Why? Because getting money out may not be as simple as one might think, and winning bets in order to get paid is the whole reason most of us bet on sports in the first place. In fact, the only thing that beats the thrill of watching your wager win is the feeling you get when those winnings are in your hand.
UsaOkSportsbooks is here to help teach U.S. players how the payout process works while educating readers about how all the different withdrawal methods work. Beyond this, our sportsbook payouts guide will explain, in detail, the legality of payouts, the safety measures sports betting sites use to ensure transactions are secure. Our goal is to answer any questions you may have about how to get money out of an online sportsbook, and show you which sports betting sites meet, or exceed, our expectations when it comes to paying players. There is a lot to cover...lets begin:
So, you’ve explored a USA online sportsbook and bet on a few games. Maybe you won big on your first wager, or it took you a few tries to see those little numbers in your account double or triple. Either way, when it’s time to collect your hard earned cash; you will be spoiled for options. The first step in requesting a payout is to visit the online cashier. This will bring you to a list of the payout options that are currently available. Each method will have instructions on how to request and receive your winnings.
any players want to know what the all-around fastest way to collect their winnings is. While Bitcoin is technically the fastest method, many people don’t use the service, and it is subject to availability on most sites. Because of this, we suggest wire transfer payouts for the fastest, most reliable method. Receiving payout via Western Union or MoneyGram typically takes less than 36 hours, and the low minimums make this a great all-around withdrawal method. If you want your cash in your hands fast, cash wire is the way to go.
We will now go through and list all of the payout options that most sites offer. Each one has its merits and disadvantages, and we will explore all of them so you can decide which one is right for you.
Check: A check by courier is the most popular payout method currently available. You can request a check at any time, and they can take anywhere from four days to one month to arrive. These sites do their best to make payouts fast, and most players receive their checks within a week.
Wire Transfer: As we mentioned above, cash wire transfer services like Western Union are a fast and reliable means of getting payment from an online sportsbook. These are fast, usually taking less than two days to process. There are somewhat steep fees on this method, however, as a perk, many sports betting sites will cover those charges for withdrawals over a certain amount.
Direct Bank Transfer: Bank wire transfers are excellent for large payouts. They come with high minimums, but they take less than a week to arrive and are easy to request. Just fax or email your bank wire instruction to the site, and they will wire the amount you request.
Bitcoin: This is a relatively new payout method that is gaining a lot of popularity. If you are a Bitcoin user, you can withdraw from most sites using your account as long as you have deposited with Bitcoin as well. These are super-fast, taking only minutes to process, and they are very convenient because once you enter your Bitcoin account information, you can deposit and withdraw with a few clicks of the mouse.
Cash/Gift Cards: Most sites offer cash and gift cards as payout options. These are great if you are requesting a certain amount (most cash cards pay in increments of $50), or if you like to shop at certain places. Amazon and Walmart gift cards are quite common, and there are usually no fees for these payout methods.
Yes, you can withdraw money from an online sportsbook without fear of breaching the law. The federal government regulates online sports betting in America, and there are two main sports betting laws that dictate whether a site can serve U.S. players. The Federal Wire act does not affect payouts, but it is worth knowing about. This Act requires online sports betting businesses to operate overseas in order for U.S. players to use them. Officially, the law only states that wagering websites can’t send wire communication information across state lines. Since the legal online sportsbooks that you will use all function outside of the country, they fall out of jurisdiction of the Wire Act. You can use these sites legally, and with confidence.
The law that does affect payouts is the Unlawful Internet Gambling Enforcement Act (UIGEA), which puts restrictions on how a sports betting site can send money overseas. The outcome of the language in the UIGEA is that these sportsbooks cannot payout directly to your credit card. Instead, these sites offer numerous safe and legal alternative payout methods such as checks, cash wire transfers, Bitcoin, and many more options which we will delve in to later.
One thing you want to be sure of is that your funds will not be put in jeopardy while enjoying your sports betting experience. To assuage these fears, these sites utilize the latest security software and SSL encryption protocols to ensure your account information and your funds are impenetrable to cyber criminals. We only review sites that have outstanding records of safety, and no member has ever been subject to identity theft, loss of funds, or any other kind of attack. These sites put great effort into providing extremely secure payout methods that get you your money fast, and without risk.
These sites are also reputable, garnering praise from giant U.S. media outlets as well as holding official gaming licenses from top gaming commissions. We only deal with the top-tier sites on the web, and you can be sure that all of your information will be locked-up tight in a virtual Fort Knox. Doing business with the sites that we review will be as safe as doing so with sites such as PayPal or Amazon.
Because there are costs for sending funds overseas and international transfer rates, most payout methods come with fees corresponding to the amount requested, and the speed of delivery. These USA online sportsbooks do their best to keep these fees as low as possible, and some even offer free payouts on certain methods. Let’s take a look at the payout methods, and their individual fees.
Checks: Checks come with fees ranging from $25 to $80, depending on the amount you request. Many sites offer one free check payout per month though, which tends to be enough for the average sports bettor. If you plan on withdrawing more than once a month, you might want to check out some of the other options.
Cash Transfer: This type of payout can be a tad expensive, as fees range from $26 to $101 according to how much you request. But there is good news, as many of the best sportsbooks for USA players will waive the transfer fee when a payout over a certain amount is requested.
Bank Wire Transfers: Bank wire transfers are also best for large payouts and the fees range from $45 to $75. You can request quite a lot with a bank wire transfer, so the fees don’t look as bad when compared to a big payout.
Bitcoin: Bitcoin is an excellent payout method as far as fees go. You will only be charged a maximum of 2% of the total payout, with some sites even offering free payouts. There are also going to be exchange rates with Bitcoin, as it is considered its own currency. These rates change all the time.
Cash/Gift Cards: Most cash and gift cards do not require fees, making this a great payout method for any amount. However, before going with this method, be sure to check with the sportsbook's cashier to get the exact terms on what this form of payout may cost because it can vary from bookmaker to bookmaker.
Most payout methods include minimum and maximum amounts on withdrawals. Shipping large amounts of money overseas is expensive, so the sites try to keep payouts within a manageable amount. It also costs money to send money internationally, so the minimums ensure that it is worth it for the site to deliver the money to you. Let’s take a look at the minimums and maximums for each payout method.
Checks: Check minimums vary by site. The lowest amount that you can withdraw on many sites is $50, but some require at least $1000-$1,500 per payout. The maximums range from $7,500 to $25,000, making these great for medium-to-large withdrawals.
Cash Transfer: This form of payment usually has a $50 minimum, and a maximum usually around $1,000 depending on the sportsbook. When you consider fees, P2P’s are best for large payouts. They are also very fast, making them popular among many USA sports bettors.
Bank Wire Transfer: This method is common among high rollers that request large sums. The minimum is usually around $1,000, and most sports betting sites don’t list a maximum, so the sky is the limit.
Bitcoin: Bitcoin payouts carry small minimums around $20 on most sites. The maximums range from $3,500 to no specified limit. You could potentially make very small and very large payouts using Bitcoin.
Cash/Gift Cards: Cash cards come with set amounts, usually $500. If you want to withdraw exactly $500, a cash card is a great idea. Gift cards come in specified increments, usually $50, so you can request a wide variety of amounts with this method, and the maximum is usually $1,000.
Now that you know what kinds of options are out there for collecting your winnings, it is time to pick a safe USA sportsbook. There are many factors to consider when choosing your new sports betting hub, and we have played at all the top-tier sites in order to help you find the right one. The site we review below not only offers the best payout methods in the business, they also regularly receive praise from top sports media outlets as being one of the best sportsbooks in the world.
Learn More: Is Online Sports Betting Safe?
If what they say is true, “it’s all in the name”, then the online sportsbook at SportsBetting.ag clearly wins in the title department. This aptly named sportsbook offers world-class sports betting action for USA players, and does it with style. Not only does the sportsbook include industry-best lines and odds, there are also more payout methods than almost any other site on the web. You will find Western Union & MoneyGram payouts as well as checks, bank wire transfers, Bitcoin, gift cards, cash cards, and more here. Whether you are a casual bettor that only likes to put a few bucks on your favorite team, or you are a seasoned sports bettor that plays the odds all the time, you can be sure that you will receive your winnings fast at SportsBetting.
If the promise of fast and reliable payouts wasn't enought, SportsBetting is now offering a 50% welcome bonus to new members just for making a first sportsbook deposit. The site will add up to $500 to your initial deposit, giving you many opportunities to play the odds on the massive sportsbook without taking a big chunk out of your bank account, as long as you're using the bonus code "SB50". There has never been a better time to sign for SportsBetting's online sportsbook bonus...what are you waiting for?