When getting started with online sports betting, one of the first things you’ll need to do is fund your sportsbook account. There are many payment options available, but some of the most popular include:
- Credit/debit cards
- eWallets
- Bank transfers
- Cryptocurrency
- Prepaid cards
- PayPal
- Cash
- Peer-to-peer transfers
Selecting a proper payment method to deposit and later cash out your winnings is an important decision. The good news is that most betting sites accept a variety of simple, fast and secure payment options. But with so many choices, it can get confusing. This guide breaks down the major FanDuel Website sportsbook payment methods available, key features and what bettors should consider when picking deposit and payout options.
Credit And Debit Cards
Credit and debit cards issued by major providers like Visa, Mastercard and American Express are among the most popular ways to fund a sportsbook account. Acceptance rates are high while processing times are almost instant. Limits may apply but there are typically no fees to deposit. Withdrawals usually take 1-3 days and can sometimes incur small transaction charges.
Cards are easy to use for both deposits and payouts. Their convenience and speed make them a top choice for casual bettors and pros alike. Just be aware of any cash advance fees your card provider may charge on sportsbook transactions. Some banks also block gambling transactions. Check with your provider first before assuming full compatibility.
For security, most sites utilize advanced encryption and protocols like secure sockets layer (SSL) technology to protect card details entered. Still, sticking with only well-known regulated sites when submitting card info is advised.
eWallets
eWallets represent digital versions of traditional wallets that store cash to easily transact online. Leading sports betting options include Skrill, Neteller, PayPal and ecoPayz. eWallets allow you to safely store funds in an account, provide transaction history reporting and quickly transfer money to merchant sites and other users.
Deposits and payouts are generally fast with eWallets, with some processing in minutes while the longest take just 1-3 days. Limits on transfers may be higher compared to cards. Fees are usually low or non-existent, although some methods like PayPal frequently run into deposit and withdrawal restrictions at sportsbooks due to their strict terms on gambling transactions.
For fans of cryptocurrency, leading wallets like Blockchain, Coinbase, Exodus, Jaxx Liberty and others have integrations that make crypto deposits to sports betting sites simple. However, due to crypto’s volatility, sportsbooks often carry additional withdrawal terms.
eWallet accounts require registration and take a few minutes to set up. But once configured, they remain secure, convenient transaction methods to fund sports bets.
Bank Transfers
ACH/eCheck and domestic/international wire transfers directly from a user’s bank account are lower-tech options accepted by most every regulated sportsbook.
While deposits and withdrawals via bank transfer are usually free or very low cost, they can take several business days to fully process depending on volume and whether international. Some sites also impose higher minimums for transfers, like $50-$100 compared to just $5-$10 for cards/eWallets.
However, bank transfers offer reliable deposits and payouts from accounts bettors already likely have. For higher volume players making 4-5 figure bets, bank wires are attractive to avoid frequent card declinations. Transfers are also completely electronic, avoiding trips to physical bank branches or ATMs.
For fastest processing, bettors should ensure accurate account details are entered for transfers and contact support if help confirming is needed. While not the fastest method, bank transfers remain a solid payment option.
Cryptocurrency
Bitcoin and a growing list of altcoins like Ethereum, Litecoin, Bitcoin Cash, or Tether give sports gamblers another secure payment method with solid transaction anonymity. Crypto deposits generally process fast – within minutes on average and never longer than a few hours.
The same goes for crypto payouts in just minutes to 1-2 days max despite market volatility. Transaction fees are reasonable and converting cash to/from is simple via Coinbase, Gemini, Kraken, Binance and other major exchanges. Some sportsbooks even offer direct account conversion.
Adoption rates for betting with cryptocurrency continue to climb every year, but some limitations on deposit/withdrawal amounts can still apply compared to fiat options. And while convenient, bettors should closely track exchange rates and cashout timing when dealing with such a fluid currency. Crypto acceptance policies also vary by state.
But overall, Bitcoin and altcoins provide a proven additional payment method sports gamblers appreciate, especially thanks to speed and privacy. Just take precautions against wallet hacks by enabling two-factor authentication and keeping passwords/keys secure.
Prepaid Cards
Reloadable prepaid cards that come pre-loaded with funds to bet with are growing in acceptance after launching in 2020. Top options include Play+ by Discover/Bet.Works and PayNearMe cards available at 7-Eleven, CVS, Dollar General and Family Dollar stores.
They allow convenient cash deposits to then transfer money to online sportsbooks without bettors needing to link an external bank account or submit other personal financial data. However, fees of around $4.99 per deposit are usually higher compared to other methods.
Play+ and PayNearMe availability also currently differs across regulated US states. Bettors in states like New Jersey see broader acceptance while prepaid card rollout continues across newer legal betting states. Processing times are decent at just 1-3 days for deposits and withdrawals.
For their convenience, prepaid sports betting cards show promise. But narrow availability and higher pricing means they are an option to consider carefully based on needs.
PayPal
PayPal remains a hit-or-miss payment method for the regulated US sports betting market because of their strict internal terms on gambling transactions. A few sites may advertise PayPal acceptance, but bettors frequently run into deposit and withdrawal access problems.
One alternative is using an intermediary eWallet like Skrill to facilitate transfers to/from PayPal to reach sportsbook accounts. While usually successful, there can still be challenges. Where convenient, best practice is to check that your particular sportsbook properly supports PayPal funding and cashouts to avoid headaches.
Cash At The Casino Cage
For bettors located in close physical proximity to affiliated casino properties, making sportsbook deposits and withdrawals in cash at the casino cage is an easy and completely anonymous option. While maximums and other restrictions apply, cash remains a simple method.
When funding with cash, government-issued photo ID is required for any transaction over $10,000 in accordance with anti-money laundering (AML) regulations. Within reasonable amounts, deposits and payouts in cash avoid card or bank hassles. Just plan trips accordingly as opening hours and windows vary.
Peer-To-Peer Transfers
A way to fund a sports betting account that continues gaining popularity is via peer-to-peer money transfers. Select sportsbooks like PointsBet or BetMGM enable account funding through transfers from other established account holders.
These integrated options allow experienced bettors or players with available balances in their accounts to directly send deposit money to friends or other sports gamblers for a small $5-$10 fee, similar to PayPal or Venmo.
While scaling availability and caps on transfers vary by state and operator, peer-to-peer payments offer a convenient alternative. They allow established sports bettors to help fund and refer new players where permitted by law.
What To Look For In Payment Methods
When deciding which of the many deposit and withdrawal methods to use, the first thing to do is check what’s actually available and supported in your state. Once known, be sure to closely evaluate and compare any fees as well as minimum and maximum deposit and withdrawal limits imposed per method by the sportsbook before funding your account.
Processing times can also vary significantly from as fast as instantly with crypto or same day with cards to 3-5 days for bank transfers or prefunded cards. Similarly, payout terms will differ. Ensuring your chosen payment method meets needed speed and limits prevents future delays.
As the regulated US sports betting industry matures, easier and more payment options are emerging all the time. But ease of use and reliability with both deposits and withdrawals should still be prioritized over flashy features or gimmicks.