Online Sports Betting Payouts For U.S. Players
When it comes time to get your winnings out of your sportsbook player account, it can be a bit of a hassle to get your hands on your money if you live in the USA. Thanks to the UIGEA bill, most traditional financial transaction methods are barred when it comes to dealing with sportsbooks online.
Legal sports betting payout methods are a crucial part of the sports gambling process--without a legal way of getting to your cash, placing bets is meaningless. Make sure you can use one of the payout methods described below before you sign up for a customer account, otherwise you won't be able to claim any winnings you earn placing bets on sporting events.
Are Sports Betting Payouts Legal For U.S. Players?
Absolutely as long as you abide by the legal withdrawal methods that we've laid out for you below. These methods do not violate the UIGEA which is currently the only law that even deals with gambling transactions in the United States. We recommend any of these payout methods and do know that we've used them ourselves with success.
Many different payout methods exist, unfortunately not all are available to Americans as of this writing. Even though the landscape of legal online sports wagering and all online betting is changing, even as you're reading this, Americans still face restrictions in terms of how they can withdraw cash from their sportsbook account. Here's a quick look at each of the most popular payout methods, their pros and cons, and their ease of use for US residents.
Checks by Mail (USPS) or Courier Service (UPS/FedEx) - When every other method fails, sportsbook customers that want to get paid sometimes have to resort to requesting a check by mail. The trouble with this method is the amount of time it takes to get your hands on your cash. Some sportsbooks say that customers should wait as many as thirty business days for their check to arrive. If you have the option of having the check delivered "by courier" (FedEx, UPS, etc.) and you want your withdrawal faster, you should probably do so. You'll have to pay a bit more for the withdrawal, but you'll get your check much faster than with the traditional mail.
Wire Payments To Bank Accounts - For the right player, there is definitely a big advantage to receiving a bank wire. That type of player would be one that tends to bet big, and thus, cash out big. Bank wire withdrawals allow for larger sums of money to be withdrawn. This is a great solution for anyone looking to bypass other options that might have smaller limits, ones that incur more fees, or ones that are limited in the number of transactions that can be made. From a ratio of payout-to-fee, a bank wire is actually one of the smallest. Some sportsbooks actually place no limit on how much can be paid out while some sports betting websites have their maximum limits set between $10,000 and $15,000 per payout/week. It takes about 10 business days for a bank wire to be processed and paid out.
Cash Wire Payments + Transfers - Wire transfer services advertise heavily on American TV and in print media. You can find wire transfer services at just about every grocery story, big box retail establishment, and even in standalone kiosks. You'll pay between $10 and $50, depending on the wire service you use and how much money you send, for your deposit or withdrawal from your sportsbook, but if all other methods fail, this is sometimes the most convenient way for US gamblers to get their casino payouts.
eWallets - Electronic Wallets - An eWallet acts like a third party, connecting your bank account to the sportsbook (or any other online retailer) of your choice. PayPal is the most popular example of an eWallet service, though it's important for Americans to know that PayPal disallows all American and Canadian customers from doing business with sportsbooks using their PayPal account. Thankfully, other, less popular eWallet services do business with US customers, and allow their American members to receive payouts from sportsbooks.
Even though Bovada was designed with the US market in mind, it is limited (just like all major U.S. sports betting sites) in terms of the number of payout methods offered. To get your hands on your winnings from Bovada, you will almost certainly have to request a check by mail or check by courier, unless you are one of the few who is able to use a VISA card to make a deposit or withdrawal.
We think Bovada is the best sportsbook option for US sports betting due to the fact that the site is designed specifically for Americans, but the payout methods available are slim, so understand before you make a Bovada deposit that getting your hands on payouts may take some time.
BetOnline has a huge variety of sports and exotic betting options, but is not designed specifically for US sports bettors. Yes, BetOnline is American-friendly and because of that they do have a few payout methods designed for U.S.A. residents. Approved payout options include cash wire payments, bank wires or a check by mail or courier as of 2014. While not the most convenient, all are very reliable and work reasonably quick.
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