Legal Sports Betting Payouts in the USA
Once you have an account with a premiere sportsbook all set up and you've figured out how to fund it and place bets, chances are you'll want to get your money and winnings back out at some point. Unfortunately due to the UIGEA, which you can read more about in our legal section, the process is slightly more complicated than entering your credit card numbers and watching the money pop back up in your bank statement. In order not to fall victim to not being able to return their players' money, many of the best online sportsbooks have found ways to work around it. A cursory glance at all the text under “withdrawal methods” in your favorite sportsbook may make it seem complicated and maybe turn you off to the idea of legal sports betting in the U.S. altogether, but stick with it and you'll find it's really not complicated. After all, you've got us here to help.
This page is going to lay out all the facts about withdrawal methods at US sports betting sites. We will cover every method that is available, as well as the fees, speeds, limits, and other minutia so you will be fully prepared to collect your winnings. Not every bookmaker offers the same types of payouts, but we have included all of the ones you will find at the premier sites. You will also find reviews of some of the best websites out there. These are the sportsbooks that we use exclusively, and we hope to save you hours of searching by relaying our thoughts to you.
Cash Wire Transfer Sportsbook Payouts - One popular way to receive money from your overseas betting account is through a rapid wire transfer service like MoneyGram or Western Union. One thing you'll notice using these services offered by your favorite sportsbook is that it is FAST. In many cases, the turnaround time between requesting your payout and having it awaiting you at a retail outlet is less than a day, and you can then walk out the door with cash in hand. While this method easily delivers your money the fastest, it's obviously not the most convenient way in the world to receive money, and third party wire services will often throw their own fees on top of service.
Learn More: Is Sports Betting Legal?
While the fastest and most convenient withdrawal method, the cash wire transfer, is excellent, many players like to use some of the great alternatives. We are going to cover all of them, and we have collected winnings with each method so we know that every one of them is safe and legit. As sports betting fiends ourselves, we know that receiving your hard-earned cash is arguably the most important aspect of wagering. Read on to find out just how many excellent choices you have.
Check Withdrawals - For security reasons, some bettors may opt to have a check mailed to them through a courier service like FedEx or UPS. While these companies are fast, sportsbook payouts via a check can take up to three (3) weeks to reach you. Those waiting for check payouts need to consider that most legal sports betting sites are based overseas, but can still feel confident that payment will arrive safely in your mailbox without having to go out and get it. Also, by receiving sports betting payments through a check, most users can avoid any pesky fees found when using other payout methods, as many online sportsbooks provide at least one free check payout per month.
Bank Wire Transfer Withdrawals – Bank wires are excellent for getting large payouts fast. Sites that offer this method usually require you to fax or email your bank wire instructions, along with the amount you would like to withdrawal. They will send the funds to your savings account, and it usually takes two-to-ten business days to process. The reason a bank wire is best for large withdrawals is because they come with high minimums, usually around $500, while the maximums come in around $24,900. Because of the speed and convenience of bank wires, there is also usually going to be a fee ranging from $25-$80 depending on the amount.
Prepaid Gift Card Withdrawals – Nowadays, sites are able to send players payouts via gift cards and prepaid cards. Gift cards are for specific stores such as Walmart or Amazon, while prepaid cards can be used at many establishments. Contact customer service at the site you are using to get instructions on how to collect via this method, as all of them go about it by different means. Most will send you an electronic code instead of a card, and this usually takes less than 24 hours. There are rarely any fees for this method, and the minimums and maximums vary wildly as well.
Bitcoin Withdrawals – Bitcoin is a relatively new form of currency, and most of these sportsbooks offer it as a deposit and withdrawal option. You will have had to have previously made a deposit via bitcoin in order to request a payout with it. Contact the site via email, phone, or live-chat to get instructions on transferring funds to your bitcoin wallet. There are rarely fees for this method, although currency exchange rates will apply. The minimum is usually low, around $20, and the maximum is around $1,000 and up. These payouts are very fast as well, taking under 48 hours.
While each payout method is going to get you your winnings in a timely manner, some are going better than others depending on your needs. For instance, if you don’t plan to withdraw too frequently, many sites offer one free check payout per month. Many casual players choose this option because of that great feature alone. However, if you are in more of a hurry, and want larger payouts, something like bank wire transfer would be better suited to your needs. There is no harm in trying multiple withdrawal methods throughout your sports betting career.
Unfortunately, as with most things in life, you truly do get what you paid for. Since your sportsbook will have to do things like process money and convert currencies (remember that these are foreign businesses) there are most often fees associated with these types of transactions. Despite the fact that their very existence is a thorn in our sides, rest assured that all the best betting sites for U.S. players will do their very best to keep these fees to a minimum.
If you want to try and minimize or perhaps even avoid payout fees altogether, consider a small investment in a re-loadable gift card with the ability to complete foreign transactions. Although you will have to pay a small price to the bank that issues the card to you, most sportsbooks will process payments to these accounts free or with the bare minimum of charges attached. The nature of these withdrawals will also mean the funds should be available to you in an incredibly timely manner. In addition to being a fast and convenient way to collect your payout, a small investment in these gift cards could turn out to be a great way to keep your betting money and budget well organized.
Each withdrawal option is going to have a minimum and maximum, as well as a set amount of times you can request it in a given week or month. If you plan on making frequent withdrawals, you will want to find an option that allows for multiple requests per week. Bitcoin, cash wires, and bank wires tend to have the highest frequency of allowable payouts. Other popular methods such as checks and gift cards tend to put a cap on how many you can request per month. These numbers vary wildly between sites, so you will need to look at them in a case-by-case basis.
We have listed the general minimums and maximums along with the description of each deposit method above. Always take into consideration the limits when you are about to make a withdrawal. If you hit a big parlay and want to collect $10,000+ with the quickness, make sure to check and see if the method you normally use allows for that big of a number. Bank wires tend to be best for very large payouts like this, and they are quick as well.
Deposits at US Sportsbooks | Bonuses At US Sportsbooks
The legal US sportsbooks that we like to use all have numerous payout options, and we have taken advantage of each one numerous times. Using our experience as research, we would like to convey to you our thoughts about the sites that we feel tower over the competition when it comes to payouts. You will find most, if not all of the methods that we have listed at these sportsbooks. They are all going to have the lowest fees and the fastest speeds that you will find anywhere, to take a look and good luck!
In order to make the success of your sports betting career a little easier, and in hopes of generally improving your overall quality of life, you will find that Bovada will provide you with several bonuses to help offset the fees associated with receiving payouts. Not least of all, if you choose to receive your payout in the form of a check, Bovada will send you as many as one a month absolutely free of charge. That's right, as often as once a month, as an account holder with Bovada, you will be entitled to 12 payouts a year in which they will pay all of your associated fees, a towering standard of customer service.
Knowing that, you should be able to feel even more confident about opening an account with Bovada, a sportsbook whose very name has grown synonymous with online betting. When you read major news outlets like CBS Sports or the USA Today, you'll notice that when it comes time to cite betting lines for upcoming matches, Bovada is now cited over even the land based sportsbooks out of New Jersey. Bovada has worked hard and steadily to earn their reputation as the foremost sportsbook for American players.