Last updated on August 24th, 2022

How to Deposit and Withdraw at Online Sportsbooks

Larry Feaherstone. Larry Featherstone
March 28, 2022
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How to Deposit and Withdraw at Online Sportsbooks

If you are to have any chance of winning money from online sports betting, you will first have to deposit money into your sportsbook account. Hopefully, you will then win lots of bets and have plenty of winnings to withdraw. 

Understandably many people are a little nervous about payments to and from online sportsbooks. Luckily, there are a vast range of safe and easy to use payment methods available and in this guide, we will take you through the different types and how they work. 

Depositing at a New York Online Sportsbook

It is in sportsbooks’ best interest to make depositing funds as easy as possible, and they certainly have. At the vast majority of them you will find a wide range of deposit methods, many of which you will probably already be familiar with.

To make a deposit, you will have to head to the sportsbook cashier, which is normally found via your account. There you simply need to choose which deposit method you want to use and then follow the onscreen instructions. Common deposit methods include:

  • Visa/MsterCard 
  • PayPal/Other e-wallets 
  • Apple Pay
  • Online Bank Transfer
  • ACH VIP Preferred e-Check 
  • PayNearMe

The vast majority of these methods are processed instantly and it is highly unlikely that the sportsbook will charge you any fees, no matter which method you use. Each method has its own advantages and disadvantages, and we will take a look at these a little later on.

Withdrawing from a New York Online Sportsbook

The first thing to note is that before you can withdraw your winnings, you will have to go through an identity verification procedure. Often this will take place when you create your account so by the time you go to make a withdrawal it is already taken care of. The procedure is very straightforward. It usually involves submitting a copy of some form of government-issued ID (e.g. a driving license) as well as proof of address.  It shouldn’t take very long and it only needs to be done once.

You will find that a similar range of methods is available for withdrawals as deposits. Withdrawals tend to take a little longer than deposits, but once again, they are usually free. Normally you will be able to withdraw using:

  • PayPal/Other e-wallets
  • ACH e-Check
  • Check by Mail
  • Wire Transfer

Once again, each method has its own advantages and disadvantages, and in the next section of this guide we will explain them.

Types of Payment Methods

As discussed, there are numerous different types of payment methods available at online sportsbooks. Here is a brief explanation of each.

Bankcards

Nearly everyone has a bankcard of some kind, a credit or debit card. They are very easy to come by and thanks to security procedures implemented by banks, they are extremely secure. Furthermore, most of us are already used to using them for online payments. 

However, there are a few disadvantages to be aware of. First of all, many American banks will not process online gambling transactions, even though they are completely legal. Secondly, if you are using a credit card, then the bank may charge you a fee as it recognizes it as a cash advance. Finally, and this is the biggest problem, you cannot withdraw to bankcards form New York sportsbooks.

e-Wallets

Online sportsbooks often support numerous e-wallets, but PayPal is by far the most famous of them. There are numerous advantages to using PayPal. Firstly, it is completely secure. The company has a fantastic reputation in regards to security, so you can be sure your money and privacy are safe. Secondly, it is very fast, transactions are usually completed within seconds. Thirdly, PayPal offers no-fee transactions. 

The main disadvantage to be aware of is that fees are charged in some situations. e-Wallet fees are rarely large and the convenience of using them normally more than makes up for the fees, but it is still important to be aware of them. 

ACH VIP Preferred e-Check

If you have a checking account, then ACH (sometimes called Instant e-Check) is an excellent option. It facilitates very fast deposits and withdrawals and it is available at nearly all online New York sportsbooks. Once again, it is very secure, and there are no fees. 

However, no method is perfect and there are drawbacks you should be aware of. To begin with, very often deposits made using ACH do not appear on your bank statement for a couple of days, which means you need to be careful about keeping track of your funds. Secondly, you will only be able to use it if you have an online bank account that is accepted by your sportsbook. However, if you have an account with any of the major banks, then it is highly unlikely that this will be a problem. 

Bank Transfers

Many people opt to use bank transfers for deposits and withdrawals as it removes the need to use any third party services, which is ideal for those concerned about privacy. Really, the only disadvantage to this method is that the processing time can be very slow. As extensive security procedures are in place, it can take up to five business days for both deposits and withdrawals to be processed, which could be extremely irritating if you are in a rush to place your bet. This is also true of traditional bank wires. 

Conclusion

Luckily, deposits and withdrawals from online casinos are straightforward. No matter which of the methods you choose, most of the time the process will be completely secure, very easy, and extremely fast. As discussed above, there are pros and cons to each method, but realistically, you should have no problem finding one that you are comfortable using and you can devote your attention to developing the best betting strategies rather than worrying about which payment method to use. 

Larry Feaherstone.
Author Larry Featherstone

Larry Featherstone is the author here at gambling-newyork.com as an online gambling expert he shares his knowledge with our visitors by writing our content. Larry has big experience in the majority of legit online gambling products and sportsbooks licensed and registered for New York City. Through Larry’s articles you will find all the updates for the sportsbooks and online gambling operators like new releases, offers and even strategies to try and improve your way of playing. For any new player with little experience in online gambling or any experienced one who looks for a second opinion or just a helping hand, Larry has the knowledge to answer any queries.