Banking Options For US Casinos and Sportsbooks

Christmas keeps coming early for US online gamblers nowadays as an increasing number of states open their doors to legal online casino sites and sportsbooks. Over 30 states offer access to legit platforms like PointsBet and DraftKings, allowing their residents to win real money through various games and sports betting markets.

Deposit and Withdrawal Options

The first step in your legal gambling journey is registering at one of the best platforms. Afterward, you must fund your account to start enjoying everything on offer. This is a vital part of the overall process, with numerous payment options available. Licensed US sportsbooks and casinos only work with reputable banking providers, keeping their customers safe and payment details secure.

Keep reading for a comprehensive overview of all accessible gambling payment methods. You must be careful making financial transactions online, and it’s no different here. We’ll show you the different choices available and weigh up their pros and cons. By the time you’ve finished reading, you’ll be an expert just like us!

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Online Casino & Sportsbook Banking Options

PointsBet banking methods

Leading online gambling sites offer their customers an extensive range of payment providers. Whether you prefer e-wallets, traditional banking, or prepaid cards, there’s something for everyone nowadays. You can find a full list of payment methods below:

  • Visa
  • Mastercard
  • American Express
  • Maestro
  • Discover
  • Bank Transfer
  • MoneyGram
  • Skrill
  • Neteller
  • PayPal
  • ACH
  • PaySafeCard
  • PayNearMe
  • ecoPayz
  • Play+
  • Trustly
  • Cash at Casino Cage
  • Cryptocurrency
  • Cash App
  • Venmo

Top Sportsbook & Online Casino Payment Methods

As you can see, bettors can access countless payment methods. Each option differs slightly regarding banking limits, speed, and overall safety. Keep reading for an in-depth rundown of each category. We’ll explain the pros and cons to give you a better idea of the best casino payment methods for you.

Credit & Debit Cards

The most popular choice for online transactions worldwide are credit and debit cards like Visa, Mastercard, and American Express. Most US gamblers at sportsbooks and casinos opt for these options, and they tend to be the most widely available.

Whether or not a site offers Visa or Mastercard is a solid indicator of its reputation. All licensed and credible platforms will offer credit and debit card deposits. Players don’t usually need to pay extra fees, and payment limits are flexible. The minimum deposit is generally $10, while maximum withdrawals can hit at least $50,000.

One of the main reasons behind the popularity of these options is customer safety. These worldwide companies have strict security protocols, meaning your sensitive data is safe and secure. Most sportsbooks and casinos offer Visa, Mastercard, and American Express, so you don’t need to search much to find the right platform for you.

Bank Transfer

The old faithful. Using traditional bank transfers is still one of the most popular payment methods, primarily due to its safety. You don’t need to share any personal and financial information with the casino or sportsbook, making it one of the most secure choices.

Bank transfers take much longer to clear than other payment methods, so bear this in mind. Typically, deposits take around 1-5 business days, while withdrawals can take a week or more. Depositing via bank transfer is also slightly trickier at US casinos due to the 2006 Unlawful Internet Gambling Enforcement Act. It protects consumers by banning financial institutions from processing payments from unlicensed gambling sites but can be an unnecessary hurdle in some cases.

You must check whether your bank supports transactions between sportsbooks and casinos first. Many players choose intermediary services like e-wallets or prepaid cards to cut out the hassle. Verified US banks supporting gambling transactions include:

  • Chase
  • Bank of America
  • Citigroup
  • Goldman Sachs
  • PNC

E-Wallets

Funding your sportsbook or online casino account with one of the new breed of e-wallets is a common option. These payment methods are fast, straightforward, and secure. Most US gambling sites accept e-wallets like PayPal, Neteller, or Skrill. Apple Pay casinos and Google Play sites are also slowly creeping up.

One of the most significant benefits of using e-wallets to fund your online gambling is its ease. Registering with services like PayPal only requires an email address, and any transactions won’t show up in your online banking history.

Players can link their e-wallets to the site in question. It eliminates the hassle of entering sensitive banking data each time you make a deposit or withdrawal, boosting practicality and safety. E-wallets are also some of the fastest payment methods, supporting instant deposits and withdrawals within a few days. Minimum deposits are generally $10, with withdrawals capped at $50,000 at most platforms.

Prepaid Cards

Using prepaid cards to make online casino deposits is gaining popularity due to its anonymity and speed. The most popular options, like PaySafeCard and Play+, require players to purchase a prepaid card or load money onto an existing one. Afterward, you can make deposits at gambling sites with the card’s unique PIN code.

Prepaid card deposits are instantaneous in most cases, although you may have to head to a convenience store to top up. You must also consider the maximum loadable amount on a prepaid card, as some have relatively small limits. Few things are as frustrating as wanting to make a $1000 casino deposit but only being able to load $500 onto a prepaid card. Additionally, don’t forget that it’s impossible to withdraw your winnings to a prepaid card.

Despite these drawbacks, prepaid card online casino deposits have numerous benefits. For one, it’s much easier to control your gambling spending with prepaid cards, as they only have a finite balance, and you’ll have to top up to spend more. Players also don’t need to disclose any personal data, simply providing the PIN on the card in question.

Cryptocurrency

Cryptocurrencies such as Bitcoin are the most unique online casino payment methods. It’s still a fairly limited option at regulated casinos, although platforms are beginning to offer it more widely. For example, Barstool CO and VA accept cryptocurrency payments from any cryptocurrency wallet.

Crypto deposits Barstool FAQs

The founder and president of the popular US sportsbook has claimed that crypto is now “too big to fail”. We could see other leading sports betting and casino brands follow in Barstool’s footsteps soon. Cryptocurrency online payments are completely anonymous, instantaneous, and secure, so there are more than enough reasons for this method to go mainstream.

US gambling sites accepting crypto

Nevertheless, cryptocurrencies like Bitcoin are extremely volatile nowadays. The value can significantly fluctuate day-to-day and even hour-to-hour, making it hard to estimate the real-world value of your bankroll. In positive cases, you could end up with more gambling finances than you expected. On the flip side, you could see your hard-earned winnings wiped out in a flash due to a dip in BTC value.

Payment Method Fees & Limits

Casino payment methods differ in their minimum/maximum limits, speed, and transaction fees. Learning the differences will help you decide on the best payment method for you, and doing a little research is essential.

We’ve compiled a table below with each method’s estimated payment limits, free, and speed. Please remember this is only an estimation, as each gambling site has slightly different figures and fees. Always head to US-licensed platforms and check the FAQs for a detailed rundown of fees, speed, and limits.

Payment MethodMin/Max DepositDeposit SpeedMin/Max WithdrawalFee Withdrawal Speed
Visa$10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
MasterCard$10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
Maestro$10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
American Express$10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
Discover $10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
Play+ Prepaid Card$10/UnlimitedInstantNo withdrawalFree-
PayPal$10/$9,999Instant$10/$9,999Free1-3 Working Days
Skrill$10/$9,999Instant$10/$9,999Free1-3 Working Days
Neteller $10/$9,999Instant$10/$9,999Free1-3 Working Days
ecoPayz$10/$9,999InstantNo Withdrawal Free-
PaySafeCard$10/$9,999InstantNo Withdrawal Free-
MoneyGram$10/UnlimitedInstantNo withdrawalAround $3.95-
PayNearMe$10/UnlimitedInstantNo withdrawal0 - $5.99-
Online Bank Transfer$10/UnlimitedInstant$10/UnlimitedFree1-5 Working Days
Trustly $10/UnlimitedInstant$10/$20,000Free24 hours
Cryptocurrency$10/UnlimitedInstant$10/UnlimitedFree24 hours
Cash App $10/UnlimitedInstant$10/$2,500Free24 hours

Fastest Gambling Payment Options

You’ve made your deposit, enjoyed the modern online gambling experience, and managed to win real money prizes. Next up, withdrawing your hard-earned cash!

Naturally, players want to find the speediest way of doing so. While some options like e-wallets and debit cards are faster than bank transfers and ACH payments, a lot depends on the processing times at the specific gambling platform you’re withdrawing from.

Read the best online casino and sportsbook reviews to find out other people’s experiences and the average processing time before people receive their winnings. Many leading platforms, such as PointsBet or DraftKings, have exceptionally fast processing speeds. In some cases, you could receive your withdrawal within a few hours.

E-wallet providers typically have the fastest online payment speeds, so use these in combination with an efficient withdrawals platform to have the speediest experience.

Essential Steps Before You Withdraw

You’ll need to follow a few steps to withdraw money at legal US casinos and sportsbooks. A reputable gambling site must verify your identity, address, and age to ensure you are legally allowed to withdraw. This safeguards minors from underage gambling and also combats money laundering.

It might take a few more minutes, but it’s a solid indicator that you’re playing at a safe and secure site. Players will need to do the following before withdrawing:

  • Supply the last four digits of your SSN
  • Provide proof of address validation
  • Scan or photograph a valid photo ID
  • Ensure you’ve verified your identity

Gamble Safely & Responsibly

Gambling safely and responsibly isn’t difficult. US gambling authorities like the New Jersey Division of Gaming Enforcement or Pennsylvania Gaming Control Board keep players safe with licensing and regulation. Leading gambling platforms also have watertight SSL security protocols on their websites and secure customer databases.

Licensed US casinos

You must play at licensed and legal US onshore gambling sites because it’s a different story elsewhere. Offshore casinos are dangerous for numerous reasons, so stay away. Check out the best US casino app and sportsbook reviews right here at Gambling Promo Codes for advice on where to play. We’ve done our research, so you don’t have to!

Safe betting sites

Lastly, don’t lose sight of common sense at online gambling sites. Choose a secure password and keep it to yourself to avoid would-be hackers. Additionally, remember to play responsibly. Once the fun stops, stop!

FAQ

Are online casino deposits safe?

Yes. Paying money into your online casino account using any method is perfectly safe at secure and regulated platforms. Always check for SSL authentication before disclosing sensitive banking information, as this is a vital guard against hackers and cybercriminals. Never deposit money at a gambling site without guaranteeing licensing and regulation from relevant authorities.

Are there limits on gambling payments?

Yes. Deposit and withdrawal limits are common at online gambling platforms, although they are generally very broad. Most sites have a $10 minimum on deposits and up to a $50,000 maximum on withdrawals for most payment methods. Head to your chosen platform’s FAQ section to find the specifics on deposit and withdrawal limits. Players can also set up automatic deposit limits to gamble responsibly, a trick we always recommend.

Which is the best gambling banking method?

Objectively speaking, there is no overall best payment method. Every player has their preference, although one universal factor is using an official and safe banking provider. Most mainstream methods are safe, but options like PaySafeCard offer greater anonymity. Traditional banking via Visa, Mastercard, or American Express is better for conventional ease, while e-wallets like PayPal occasionally offer greater integration. Decide on the most important factors for you and choose the best payment method accordingly.

What are the most popular banking methods for online betting?

Visa and Mastercard are the most popular banking methods at online gambling sites. These financial institutions handle a huge percentage of all global debit and credit card transactions, so their popularity at online gambling platforms isn’t surprising. Visa and Mastercard offer near-instantaneous deposits and withdrawals alongside watertight security. The providers regularly block payments made to unregulated offshore casinos, helping to keep you safe.

Do I need to use the same payment option for deposits  and withdrawals?

Yes. In most cases, betting sites and casinos require players to make deposits and withdrawals using the same payment option. The main reasons for this are to combat money laundering and make things easier for the gambling site in question. Sometimes you won’t be able to make withdrawals using the same method as deposits. For example, you cannot withdraw winnings to prepaid cards. In these instances, players are able to choose a different withdrawal method.