Legal Sports Betting Payouts
When looking for an online sportsbook for U.S. players it’s important to find one with the best payout methods. You want to get your money quickly and safely. Most of the reputable online sportsbooks have multiple payout channels so getting your money is not a problem which is very good news!
Although this process sounds simple, there is much more to it than that. This guide to getting money out of online sports betting sites is going to run through the basics, as well as a few of the more advanced topics, in order to help users piece the entire picture together. Being informed in this area is probably the most crucial to having a successful and profitable sports betting venture. Here's what you need to know:
Online sportsbooks that serve U.S. residents issue payouts all day every day, so the answer is yes. A couple of states, Nevada and Delaware, have land-based options for sportsbooks. When it comes to online ventures, there are a couple statutes that the sites must follow when it comes to withdrawing money.
The Federal Wire Act doesn’t have to do with funding sites but rather the transmission of information using a “wire transmission facility”. That language has been a source of confusion for decades but the bottom line is that, because of this legislation, online sportsbooks must be located outside of the U.S. All of the sites that we review here are located in other countries so they are all complying with this rule.
UIGEA is the Unlawful Internet Gambling Enforcement Act and it requires that online sportsbooks alter their payout methods. Because of this statute, online sportsbooks serving U.S. players can no longer make a payouts directly to a credit card. There are no worries here as there are several other options for getting your money. We will go over several of them later on this page.
We mentioned UIGEA earlier and that act is the reason that you can’t have your money transferred to a credit or debit card. Not to worry though, as most of the online sportsbooks for USA players have numerous payout methods from which to choose. From checks and Western Union to bank wire transfers and bitcoin, there are plenty of choices to receive your money. We will go through a few of them to help give you an idea about how they work, and the fees associated with each type of transaction.
A check is just what it sounds like. The site cuts you a check and you deposit it in your bank account. The minimum amount for a site to cut you a check is usually around $500 and the most they will send is $2,500. This is the most common way of getting your money. It is very straightforward and pretty much everyone knows how these work. You must deposit it in your bank account and there are time limits with them so you can’t leave a check sitting around for a month or two before you deposit it. That shouldn’t be a problem, as most people want their money as quickly as possible.
They call this person-to-person on a few of the sites. A cash wire transfer is where the site sends your money via MoneyGram or Western Union. This is usually the fastest payment method available and it is good for smaller amounts. The minimum is $50 and the Maximum is $600. If you want a larger amount, that’s no problem, they will simply send you multiple transfers. So say you win $1000, you might get two payouts of $500 and another of $500. You’ll definitely get your money so there is nothing to worry about.
A bank wire transfer is the best option for larger amounts as you can get between $500 and $24,900. You will usually have the money in less than a week and the fees are fairly low in comparison to the amounts paid out. Fees will be in the $45 to $75 range. You will want to click on the cashier button to get the specifics on this method. You will need to get your bank info to the site by fax or email and they will get your payout processed as quickly as possible.
Do you like shopping online or do you frequent Walmart? You can get your money put onto a cash card from one of your favorite retailers. This way of receiving your winnings appeals to many people. If the site offers this method it will usually not have a fee associated with it. You can put your money on an Amazon or Walmart card and use the funds on the cards to buy a new television, auto parts, even groceries. The possibilities are endless.
Bitcoin is a currency that has been growing rapidly. It is accepted all over the world and is usually fee free as well. Normally you can’t receive your payout in bitcoins unless that is how you deposited your money, but some sites will allow you to pull out $1,000 per week even if you didn’t deposit in bitcoins. One of the great things about bitcoin is that they trade like other currencies so the more that are purchased the higher their value goes. Therefore, if you have a certain amount in bitcoins and there is a large surge in buying, your bitcoins can go up in value. Check out the bitcoin site as well as the cashier at your favorite sportsbook for more information.
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We hope that you have found our information on payouts to be of help to you. These payout methods are safe and use all of the most advanced software available to keep your personal information private. They also abide by all of the statutes and regulations governing them so you know the answer to is online betting legal. You have seen that there are various payout methods for receiving your winnings from online sportsbooks. There are different payout methods and fees associated with those payments based on which site you use. Below, you will see a few reviews of some of the fastest paying online sportsbooks that we know can be trusted. If you want to cut through all the bull, stick with these sports betting sites where betting is legal because we know they are going to deliver everything they promise and then some.
More: Legal NFL Betting
SportsBetting is your one stop shop for anything you could want in a sportsbook. It has more payout options than anyone else out there and they have been around for over 20 years. They can send your winnings in the form of a paper check, by directly transferring funds into a bank account, using Western Union or MoneyGram to wire cash to a nearby location, Bitcoin and by using other reliable methods like prepaid cards.
You can be up and running on SportsBetting in just a few minutes and be enjoying all of the great services they offer. They will welcome you with a 50% bonus on your first deposit and that is up to $500 in free money to spend. It doesn’t end there though. SportsBetting has some of the happiest customers around and one reason is the other bonuses once you are already a member. You can get a bonus for life by making a qualifying deposit. This is a 25% bonus on top of your deposit up to $1,000, and that is available 365 days a year. Their mobile site is the best you’ll find and you can even participate in live in game betting to make your play more exciting. If you are looking for the best sports betting site for U.S. players, you have to try SportsBetting.
If you are looking for the fastest way of receiving your money, you will want to go with the cash wire transfer. This is where the site sends money through Western Union or MoneyGram. This source of funding is very reliable and safe as well. You can have your money in as little as 15 minutes and start enjoying your good fortune. Bitcoins are another way of getting your money quickly and there is no fee associated with it. As you have seen, there are plenty of options.
All of the USA sports wagering sites use the latest safety protocols in dealing with their members data. Their reputations are on the line and they do not want any security breaches causing issues for them. We have reviewed many of these sites for several years and haven’t heard of any holes in their security. They use data encryption and SSL layering to make sure there are no issues. There are millions of users on these sites every day and they have no problems receiving their winnings.
There are costs involved in sending money overseas. Because of this, there are different minimums and maximums associated with each method of payout. With checks, the minimum is $500 and the maximum $2,500, while Western Union has a minimum of $50 and a maximum of $600. For larger payouts, you may want to go with a bank wire transfer. The minimum for this method is $500 and the maximum is $24,900. You can find all of the specifics at your favorite site’s cashier.