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Online sports betting is one of the simplest forms of gambling there is in the online platform. All you need to do is register with the desired sportsbook, deposit money, place a bet and if you’re lucky enough to win, cash out your winnings. But for any sportsbook to work effectively, it must have a proper deposit and withdrawal options. So how exactly do you make payments and how do you receive your winnings?
Well, all that will be explained in this write up.
How to Make Deposits into Your Sports Betting Account
There are a myriad of despot payment methods that online sportsbooks use. While some methods are only applicable to certain specific areas, others are universally accepted. Some gambling websites may also offer certain bonuses to clients that use certain deposit methods.
That being said, here are the main deposit options that are offered by online sports betting sites:
Credit and Debit Cards
Credit/debit cards offer one of the fastest ways of depositing cash into sportsbook accounts. Examples of such cards include Visa, Mastercard, Visa Electron, Maestro and Visa Delta. It
is important to note that when making deposits using credit cards, credit check system applies.
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E-wallets
E-wallet options usually involve third party companies that can help you handle the deposits to your sportsbook account. You can load your e-wallet account with funds from your card, bank deposits or even cash in your mobile phone. The process of making deposits and receiving payments through e-wallets is usually smoother and faster, compared to other popular methods.
Some of the main e-wallet deposit options allowed by sportsbooks include PayPal, NETeller, Skrill, Click2Pay and Click and Buy. Most of these e-wallet platforms are keen on security and curbing money laundering, so you can expect the process of setting up an account to be a bit lengthy.
Cash Deposit and Transfer Services
With so many cash transfer options like Western Union, Moneygram and other money transfer available across many locations in the world, it can be easier to send cash to your online sports betting account and gambling as you wish. Just like e-wallets, these methods are heavy on such elements security, speed and reliability.
Some of the common cash deposit and transfer options offered by online sports betting sites include:
-Western Union
-Moneygram
-Instant eChecks
-Bank wires
Cash Withdrawal Options
The cash out methods offered by online sportsbooks are pretty much the same as those used for making deposits. The most popular ones though are credit/debit cards, e-wallets, bank transfers and checks. Other withdrawal options include Click2Play, Instadebit and Bitcoin. Some betting platforms will offer a full range of these options while others may stick to one or two of the withdrawal methods.
Do You Need Any Documents Before Being Allowed To Withdraw?
Majority of sports betting sites out there have strict identification and verification processes that govern withdrawal of funds from client accounts. Some of the documents you might be required to produce include an official photo ID, the credit card used in opening the account (both front and back) and/or utility bill or proof of address.
These are the main aspects that you need to know about how sportsbooks work. Other things like which sportsbooks are the best, how to place a bet can or how to deal with delays can be learnt by doing online research and/or finding the answers on the FAQ section when you opt into your account.