It can be tedious when deciding how to withdraw funds from your sports betting account, the main thing to consider is when you want to receive your payment. Payout speeds vary from sportsbook to sportsbook.
We're happy to share what we've learned about redeeming winnings at many popular sports betting sites. Here are our tips for getting the most out of your money when cashing out of sportsbooks.
We Review Only The Best Sportsbooks To Save You Time And Money
We collect data on withdrawal times from first-hand experience, as well as from the financial terms and conditions of every sportsbook reviewed.
The payout times we provide are accurate. Additionally, you can verify them by contacting customer service at the sportsbooks mentioned.
Customer service representatives from chosen sportsbooks are available around-the-clock to assist you with any questions or concerns you might have during the withdrawal process.
Only Play at Reputable Sportsbooks
Before choosing a sportsbook, make sure its reputation is good. Make sure it is solvent and can be trusted with your money, and that customer service is available 24/7, with a proven track record.
Unlicensed sportsbooks may advertise quick payouts. They are not using licensed software, and therefore will be unable to pay out as quickly as a site that uses such software. This is just an example to show.
Investing your money in sports betting is safest when you use a licensed operator. An unlicensed sportsbook will likely not provide details of its financial dealings, making it very hard to verify if the company is financially sound and trustworthy.
Sportsbooks Should Require Players To Submit A Photo ID
To withdraw money from your account, you will be asked to verify your identity. This is a security measure taken to ensure that only the person who opened the account is allowed to withdraw money from it. It will only be necessary to provide this information once, at the time of first withdrawal.
To learn more about how to verify your identity and why you may be required to do so, review our helpful guide.
Providing government-issued photo identification to cash your winnings is necessary and standard practice for a reputable online sportsbook. Fraudulent activity and identity theft are not in the interest of either you or the sportsbook, thus it must be prevented.
Any sportsbook that does not ask for identification is not adhering to the rules.
Most Popular Sportsbook Withdrawal Options
Bank Wires
Bank wires may not be the fastest deposit method available, but they're still a popular option for American gamblers. Wire deposits are processed directly into your bank account, so your money will become available immediately.
One to two weeks is the standard amount of time you can expect for a withdrawal request to be processed via ACH transfer/or bank wire. If you're lucky, you might see a payment processed as quickly as three business days.
Couriered Check
The third-party mailing services FedEx and USPS can take several days to deliver a courier check, being rather slower than bank wires. still being a major option for sportsbooks.
eWallet
PayPal is an example of an eWallet that offers the fastest withdrawal times for most sports bettors. Most sportsbooks accept ewallet deposits and withdrawals, but also not all offer these services.
PayPal withdrawals typically take 24–48 hours. The method of depositing funds with PayPal has also become more popular.
Person-to-Person (P2P) or Money Order Transfers
Because of long payouts, fewer and fewer sportsbooks offer money order withdrawal options, but some still do.
Sportsbooks Are Paying Out Winners Faster In Down Seasons
On occasions, withdrawal requests may be processed more quickly than the time frames provided previously.
If you're betting on the Moneyline, which is a bet that a team will win their game outright, in early April for a regular-season match between the Columbus Blue Jackets and the Florida Panthers, they'll like it to be less likely that there will be any withdrawals.
Reduced payouts mean that your sportsbooks will have to pay out fewer winning bets. This, in turn, means that your payout time can be reduced.
Slower Payouts Mean Busy Season For Sportsbooks
If you're placing a bet on the Super Bowl (or any of the other events with the highest betting volume of the year), your winnings may be paid out over a longer period than you had previously thought.
In rare instances, betting lines may shift slightly or take longer to open if a book receives more wagers than usual on a particular game or event.
To ensure that your withdrawal is processed in a timely manner or in the case of delayed payment. please contact your sportsbook customer service department.
Start Betting On Sports & Having Fun Doing It
For more information about depositing and withdrawing from your sportsbook, please see our comprehensive guide.
If you’re thinking of betting on sports, we’ll show you how to do so effectively at an online sportsbook.
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