There has never been a better time to be a sports bettor. Online sportsbooks make the impossible an every minute occurrence. A generation ago, most gamblers still flew to Las Vegas to legally bet sports in a relatively limited fashion. Or they would bet illegally with their local street bookies. Online sportsbooks offer a vastly superior option. But that would not be possible if not for reliable payment method vehicles. What good is winning sports bets if you can't get paid? Online sportsbooks knew from the start that they had to remove such hurdles. Without public confidence in the payment methods, the online sportsbook industry would be impossible to operate. Let's look at how it all works for you.
The payment method industry's entire point is for you to facilitate withdrawals of your winnings safely, quickly, and reliably. Payment methods begin with verification of your identification. The way online sportsbooks verify your identity is with some form of documentation that you can submit electronically, either by scan or a drop-box supplied by the online sportsbook. The most common method is your driver's license. Military ID, passports, or other documents may be used, depending on the sportsbook. Be sure to verify your identity from the moment that you open an account. If you wait until the day you want to facilitate a withdrawal, you will be delayed, often by several days, before receiving your payment. Once your identity is verified, withdrawal payments are prompt.
How To Make a Withdrawal
Each online sportsbook makes it easy to execute a withdrawal. Just click on the tab or link specifically labeled for withdrawals, cashouts, or cashier. The terms will be different depending on the online sportsbook that you are using. Regardless, the process is easy to find. From there, you will enter information for such items as how much money you want to take out directions on sending it.
When you make your withdrawal request, the online sportsbook will state expectations on payment execution time frames. If there is any potential penalty for early withdrawals, they are stated upfront by the sportsbook.
Canceling a Withdrawal
Should you change your mind and cancel your withdrawal, the online sportsbook will have a link or tab to execute that change in plans. Keep in mind that you can cancel your withdrawal after it has been processed in most cases. So long as the money hasn't been sent out yet.
A Withdrawal Request Should be for Part of Your Account
Assuming you intend to keep gambling, you should not make a full withdrawal of your account. For that matter, you can't place bets for more than what will be remaining in the account following a withdrawal.
For example, if you request a withdrawal of $1200 from an account balance of $2000, and you want to bet $1000 on a game that night, the wager won't go through.
It is also important to note that you can't make a withdrawal when you have a pending deposit at the same time.
House Rules for Maximum and Minimum Withdrawals
Each online sportsbook will have its own unique set of rules. Be sure to know them inside and out before you begin making deposits and withdrawals. That is especially the case on the maximum withdrawal issue. Each sportsbook will be different. Ultimately, your goal is to avoid any potential unpleasant surprises that could come up.
Time Frames Can Vary
Equally crucial to the maximum withdrawal amount limits is how long a cashout withdrawal will take to execute. Depending on which payment method you chose, there could be several days' difference in how long it takes for the money to reach you.
You could also face different rules on the amount you can take out based on the payment method. A check, wire, or direct deposit could each have a different maximum limit compared to a Bitcoin withdrawal.
Research the Various Payment Methods
Among the choices you will have for your payment methods include credit cards, debit cards, Cryptocurrency, person to person, eWallet, wires, or physical checks. Among the factors to consider is what country you reside in, the financial institutions you intend to use, house rules for each payment method options, and the fee structures of both the online sportsbook and payment method option that you choose.