There is absolutely no doubt in our minds that if you want to make a deposit with an online sportsbook, you can do that in “lightning fast” fashion. There are any number of different deposit methods that can work in that regard, including the use of major credit cards.
Cashouts, unfortunately, do not work the same way, as a general rule. And that is something that you will have to address, as the customer, because invariably, when you have a relationship with an online sportsbook, you are going to want to take money out of your account, whether it is because you won, you want to close the account, or you want to take some of your bankroll and send it off to another sportsbook. Win, lose or draw, you are eventually going to want access to that money.
There are certain reasons why withdrawals don’t operate as quickly as deposits. One is that not all of the deposit methods can be used for withdrawals. In the case of credit cards this is certainly the case. But there are also questions of cash flow that the online sportsbook wants to exercise a certain level of control over.
For this reason, you will most likely find that there are limitations surrounding cashouts. It may be that you can only take out a certain amount of money during a specified time period. There may be a limit on how much you can withdraw during any one-week period, for instance. Just imagine the way it may have been, in pre-FDIC days, for banks. A “run” on a bank, with too many depositors wanting their money at once, could cause insolvency. Not that it is as severe as all that, but there is definitely a control mechanism on the other end.
Of course, well-heeled operations have the ability to sustain almost unlimited withdrawal requests, so there may not be as much of a problem with the bigger sportsbooks. But there will be time difficulties nonetheless. Some sportsbooks have figured out ways to make direct deposits into their customer’s bank accounts, especially when it comes to U.S. business, and in cases like that you are looking at a very quick situation, but it all depends on what methods they want to use.
Many times you will get a check, and though it might be sent to you through FedEx or UPS, it will take a while to process. In some cases the same might hold true for those who are working with bank transfers and wires (in jurisdictions where such a thing is permitted) or with electronic wallets.
Let’s talk about the other side of it, though. Inasmuch as we have been discussing some of the things about cashouts that create a headache on the part of the customer, some of the companies have recognized it and are using it to gain something of an advantage over their competitors. This is actually the way it should be.
And it is one of the things customers should include when they are shopping for a sportsbook to do business with. You can look for the “Cashier” section or whatever part of a sportsbook website includes information about deposits. It should show you how withdrawals are made, through which available methods, how long they will take, and what the limits are. If you have a hard time finding this information, you should contact customer service. They will be glad to walk you through it. Needless to say, if what they tell you isn’t satisfactory, you should use that as part of your decision-making process.
Let’s take you through the payout standards of some of the leading online sportsbooks.
Bookmaker.eu will issue payouts through Neteller, EcoCard or Click2Pay, where it goes right back to the customer’s account in one of those electronic outlets. This may take up to 15 days to process. And U.S customers can’t use this method. But they can receive a bank draft, which comes with a fee of $50 and may take up to 30 days to receive if it is sent via regular mail.
At GTBets, bank wires are possible with a minimum fee of $60. They take up to twelve business days to arrive, and they come with a $100 minimum and $5,000 maximum. Customers are limited to one payment every seven days. Through QuickCash the customer can receive money within 48 hours, with a minimum of $300 and a maximum of $850.
At 5Dimes, customers are offered more withdrawal methods than most places. These include Person-to-Person transfers, Certified Checks, prepaid card, InstaDebit, transfers from another 5Dimes customer, transfers from another “participating” sportsbook and more. There are specified hours when these payouts can be processed, but these transactions are usually processed within 24 hours.
Bovada pays with “check by courier” and “rapid transfer.” When sending a check, the processing period before shipment of a check is usually between four and seven business days. Rapid transfer is available if that was the deposit method. The payouts are between $100 and $800 and the fees are relatively steep.
Feel free to investigate all the information on deposits and withdrawals at the individual sportsbooks. But keep in mind that your options are usually going to be a bit limited.