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Here are the five most common payment methods for sportsbooks for you to use.

Method of paymentTypeAverage Deposit TimeAverage Withdrawal TimeProvider’s Transaction feesWhy is it a popular payment method?
VisaCredit CardInstant1-3 days0.8% – 3.8%Eligible for bonuses, quick deposit
MasterCardCredit CardInstant1-3 days0.8% – 3.8%Instant deposit, eligible for bonuses
American ExpressCredit CardInstant1-3 days0.8% – 3.8%Can earn special rewards as an AMEX member
PaypaleWalletInstant1-3 daysN/ARapid withdrawals
Bank TransferBank TransferUp to 48 Hours2-5 daysUp To $50Slow processing times and transaction fees 
Did you know?
More than 500 million Visa credit cards are being used in the United States. This makes it the country’s leading electronic payment brand.

The Different Types of Payment Methods

There are a wide variety of payments available on the most popular sportsbooks. Here are some of the most popular ways to make deposits and withdrawals.

Debit and Credit Cards

Debit cards are accepted on every platform, including deposits and withdrawals. It’s a great option because of how easy it makes your betting experience —Just enter your card number, how much you want to deposit, and you should instantly be ready to use your funds.

The minimum you can deposit varies with each site, ranging from $5 to $20, while maximums can exceed $10,000. There might be a fee for large withdrawals, so make sure you know beforehand.

Deposits are usually processed instantly, while withdrawals typically take between one to five business days, some sites get them to you earlier, while others can come later.

  • VISA: VISA is the most popular and widely accepted payment method for sports betting. It gives the customer flexibility, easy accessibility, and a high level of security. 

Deposits are processed instantly, and typically, there are no fees. Unfortunately, you will have to wait to receive withdrawals. Some sites can get you your money within one business day, but others can take up to five, which is still on par with other payment methods.

  • Mastercard: This is also a highly reputable payment method that most platforms allow. It comes with a reputation for reliability, security, and minimal fees. By using Mastercard, you can make the most of welcome offers provided by bookmakers.
  • American Express: Using their card for betting sites is popular amongst AMEX users. You get to deposit money straight into your sportsbook account with your card, and enjoy all of the perks of being an AMEX user. Unfortunately, you cannot withdraw your funds onto the card.


This is one of the least popular methods. No licensed sportsbooks allow cryptocurrency as a payment method, so we do not advise you to use any of those.


E-wallets are a convenience because you can use the funds directly from your bank account without entering your credit card information. These added layers of protection enhance security. Instead of credit card details, e-wallet users have their account to use, allowing them to deposit and withdraw funds from their betting site. 

Typically, the deposit and withdrawal amounts for e-wallets range from $5-to-$20, depending on which sportsbooks.

These platforms are helpful for individuals with multiple bank accounts and offer excellent anonymity since payments appear as transactions with the e-wallet name on bank statements. E-wallets are known for their quick deposits and withdrawals.

  • PayPal: The most widely used and generally accepted is PayPal. This e-wallet is popular not just amongst bettors but the general public. One vital advantage is its speedy withdrawal times, with processing times as quick as two hours. 
  • Skrill – Not as popular as some of the other E-Wallets, but you will find it in a number of them.
  • Neteller – If you want an E-Wallet specifically for online betting, you’ll want Neteller. The two-factor authentication process makes this one of the most secure payment methods.
  • Much Better – This is another extra secure form of payment. They use device pairing, touch ID, dynamic security codes, and a transaction review system to ensure that only legitimate transactions occur.

Mobile Apps

Numerous US online betting sites offer the advantage of using mobile apps to make payments. To begin, download a mobile wallet app on your phone and securely add your debit card details. This provides a quick and safe payment method.

  • PayPal Mobile App: The PayPal Mobile App allows you to send and receive money using just your mobile device, providing all the benefits of PayPal seamlessly on your phone.
  • Apple Pay: Apple Pay offers a fast and convenient deposit method for iOS users. There are no transaction fees, and payments are authorized through your Apple device code or face ID. The one drawback is that Apple Pay is not available to withdraw funds from betting sites
  • Skrill App – Skrill allows the same options to link accounts to make payments and withdrawals easily.
  • Neteller APP – If you’re using Neteller for the security aspects, then using the app brings that same process to your mobile phone.

Google Pay: Google Pay provides an easy and secure way to deposit funds. There are no additional fees, and users can easily deposit funds through their linked mobile account or debit card.

Bank Transfers:

For some bettors, traditional payment methods like bank transfers remain their primary choice. The benefit is that this system is simple and trustworthy, and all you need to do is enter the details, and the request is directly sent to your bank. Deposits usually are free, but withdrawal fees might be applied depending on your bank. The drawback is this process can take longer, ranging from two to 10 days for deposits and withdrawals.

  • Bank Transfers: Most betting sites accept bank transfers (card payments), but know this process is one of the more time-consuming options. If you’re looking to start placing bets right away, using debit cards as the quickest payment method is recommended.
  • Wire Transfers: Some bettors prefer wire transfers if they are making a large deposit. A wire transfer is an electronic payment method that directly sends money from one bank account to another. The bank acts as a mediator for the transaction, with the bettor sending the transfer from their bank to the recipient’s bank.
  • Trustly: Trustly has established connections with over 200 banks in 25 countries and facilitates transactions in various currencies. Their goal is to keep costs minimal by not charging fees for deposits or withdrawals. Trustly has an advantage over other betting payment methods because it enables instant bank transfers without additional payments.

Prepaid Cards, Coupons, and Vouchers

The benefit of using a prepaid card is completely safe. Since you do not have to use any banking information, this is no risk of that information being leaked.

  • Paysafecard – The Paysafecard is the most commonly used prepaid card. Simply put the funds on the card then on the betting site type in the 18-digit code.
  • EcoPayz – This allows to spend and send money without ever using any credit card or banking information.
  • Paysafecard – The Paysafecard is the most commonly used prepaid card. Simply put the funds on the card then on the betting site type in the 18-digit code.
  • EcoPayz – This allows to spend and send money without ever using any credit card or banking information.
Did you know?

As of April 2022, 1 in 9 Americans claim they only use contactless payments mobile payments.

Solutions to Common Issues with Betting Payment Methods

With most betting sites, payments and withdrawals are easy for customers. Occasionally, you may run into a problem. First, look at each site’s terms and conditions, then go to their FAQ section.

If you don’t see the answer you are looking for, here are some common problems you might face.

  1. Can’t find where to verify my payment methods – That information is usually found in your account section of the site, with most having a specific payment tab to click on.
  2. I can’t change my payment method on my account – As mentioned, the payments tab in your account will have your payment method and the option to change it.
  3. I can’t remove my credit card from my account – That payment section of your account should include an option to change the payment method.
  4. In-game deposits from my mobile are not working – First, ensure you entered the correct information. If that information is accurate, then wait; sometimes, their system might be slow. You do not want to try several times because it could result in multiple transactions.
  5. In-game deposits from my mobile are not working – Sometimes, the withdrawal isn’t an instant transaction. Wait 24-72 hours, then contact the site’s customer service.
  6. My last deposit has not been added to my gaming account – It could be that the site has processed the transaction. NEVER RE-DO THE DEPOSIT. Wait 24-48 hours, then contact customer service.
  7. I am unable to withdraw my winnings – Some sites do have minimums to which you can withdraw. Also, some winnings, mainly from bonuses, are not allowed to be withdrawn, and most sites will tell you how much of your balance you can withdraw. If you meet those requirements, wait up to 72 hours before contacting customer service.
  8. I can’t cancel my withdrawal – Some sportsbooks allow you to cancel a withdrawal before it is processed, so check with that site’s policy. If that withdrawal has been processed, you cannot cancel it.
  9. I didn’t receive my winnings in full – Sometimes, specific bonuses have different winnings credited to your account. Ensure you read the terms and conditions, which usually state those rules.
Did you know?
Since June 2018, Online sportsbooks have handle more than $220 billion nationwide.

8 Extra tips to help you decide on a Betting payment method

  1. If you travel and play from time to time abroad, make sure that the payment method you like to use is available.
  2. Check the speed of transactions
  3. Check the deposit limits
  4. Make sure to use the same method when you deposit and withdraw to avoid any  inconveniences
  5. Have a look at the possible fees when using a specific payment method – charged by the Betting and by the payment provider!
  6. Check if their bonuses aren’t tied to a particular payment method.
  7. Consider creating an payment account specifically dedicated to play
  8. Check if the Betting uses the proper security protection when doing a transaction (the little green lock at the top)

How to place a deposit and withdraw your winnings

Depositing and withdrawing funds is designed to be simple for the user. Occasionally, there can be complications, so also make sure to contact customer service.

How to place a deposit

You will need to log into your account, which will display your balance on the page. You want to click on that balance, allowing you to make a fixed deposit or manually put in your own. Finally, it will want to confirm the information. Once you do, click “submit.”

This is how it could look step by step:

  1. Create an account with a betting site.
  2. Login to the site, open the payment page, then choose your payment method.
  3. Enter the amount you want to deposit and your banking details.
  4. Perform the security check of your bank, which usually means identifying yourself with your BankID.
  5. Wait to see the money in your gaming account before you can start playing.

How to withdraw the winnings

As long as you meet the requirements set by the betting site, you should be able to withdraw your earnings. Always remember to check how long the transaction process takes for how you want your earnings because it will vary depending on the method.

Here’s how to withdraw from a betting site:

  1. Login to betting site and go your balance.
  2. Click on withdraw and enter the method you wish to receive the money.
  3. The withdrawal will then be approved by the betting site and sent to you after the process is complete.
Did you know?
During Super Bowl 57, FanDuel reported that at its peak, they averaged 50,000 bets per minute.

Sports Betting can be fun and profitable

You can come away with a great experience from sports betting as long as you know you understand each aspect going into it. Read the terms and conditions for the site you want to use, especially because each sportsbook can be different. Make sure you know the payment and withdrawal process because you want make sure you’re being treated fairly and your money is secure. There are always risks involved, but as long as you’re aware, you will be able to avoid them.

Frequently Asked Questions

Yes. If you earn any income due to sports betting winnings, you are required to pay state and federal taxes. If you earn more than $600 in revenue, that sportsbook will send you a 1099-MIS form for which you must file on your annual taxes. Even if you earned less than $600, you still must pay on your annual taxes. The federal withholding tax is 24% and the state tax varies depending on where you file. If you unsure how much you need to pay, please ask a tax professional.

In order for a sports betting site to gain a license, they must adhere to gaming and government regulations. This ensures they are taking the necessary precautions to secure your personal and banking information, and that adhere to fair gameplay. You take the risk of all that information being exposed when you use unlicensed betting sites.

This is what’s known as “proxy betting,” and no, you cannot be arrested or prosecuted for it. Although, most betting sites state that your account is for your use only. If they deem you’re proxy betting, the site has a right to take action, which could include the permanent suspension of your account.

Not generally, but sites could set maximum limits depending on how much they’re willing to pay for a particular game.

Site Manager

Simon Flynn is a sports bettor with over 10 years experience in building profitable sports trading systems. Specializing in football (the type where players use their feet), he dreams of hitting that elusive 10-game accumulator one day. Editorial Promise