Similar to checks, money orders have slowly become a more desirable option for U.S. online sports bettors since the passage of the Unlawful Internet Gambling Enforcement Act. While they take longer to process than other instant methods such as credit cards, money orders trade speed for greater security and privacy.
How Do Money Orders Work?
Unlike a personal check, a money order does not need to be placed on hold until funds clear. Instead, money orders are payments for a specified amount that are essentially as good as cash. The main difference between money orders and checks is that there is a maximum amount that money orders are limited to, while personal checks can be written for any amount.
Easy, But Slow Depositing
Depositing via money order is a longer process than other methods, but is one of the simplest ways to get cash into your favorite book. It is vital to first check if your sportsbook offers money orders as a deposit option. If you see it under the cashier, the money order page will likely instruct you to email or call support for more information on the method. In some instances, clicking on this option will send you directly to a live chat operator.
Support will give you the mailing address to which you should send the money, along with further instructions. In most cases, money orders will have rather large maximum amounts compared with other deposit methods.
While the book is happy to take as much as bettors want to deposit, getting a money order for more than a few thousand dollars may be difficult. Most notably, the U.S. Postal Service offers money orders which have a maximum value of $1,000 and can be bought at the thousands of USPS offices around the country. Gas stations, grocery and department stores, and Western Union and MoneyGram locations will offer money orders, as well.
Money orders come with a small fee for processing, which is paid by the purchaser. This isn’t usually more than a dollar or two. After you pay for and receive the money order, it is as simple as filling in the “pay to” line with the specifics from the sportsbook and mailing it across.
Once the money order is mailed, it shouldn’t take much longer than a few business days for the sportsbook to credit your account. Keep your receipt, as that will be the proof of purchase just in case.
Why Use Money Orders?
The low cost of money orders is excellent, and they allow you to keep your personal information to yourself. You won’t need to divulge private data such as your credit card or bank account details. Also, depositing via money order usually offers higher deposit limits, so funding your account with larger amounts may be easier using this method.
Are there any Downsides?
There is one key disadvantage to money orders, and that is speed. Players will not be able to fund their accounts quickly to take advantage of a price they like or to jump on a line movement. If you need to quickly get money online, money order is of no use.
Withdrawals Are Not an Option
Players who deposit with a money order won’t be able to cash out this way. The default option would likely be paper check, but players should be able to use other methods, such as bank wire or Western Union.
A Reliable Option
While money orders will never be as popular as other sportsbook deposit options, their ability to be picked up at thousands of locations makes them an extremely convenient choice for US betting fans. For those who don’t mind waiting a few days for their accounts to be funded, money orders are one of the most secure and reliable options.