Payouts are one of the most important aspects of an online sportsbook. Simply put, a payout is the method by which a player withdraws money from an account. A good, safe sports betting site will have multiple payout methods. Not only should there be a nice range of options, they should be convenient and fast. Luckily, we’ve found some great sports betting sites for US players that use trusted payout methods.
We are going to provide you with some information about payouts. We’ll tell you why they are safe, how to make a withdrawal, and we’ll go over some of the most popular payout methods: checks, cash wire transfers, bank wire transfers, cash/gift cards, and bitcoin. We’ll go over the safest methods and the sportsbooks with the best payout options. Finally, we’ll give you our opinions on the best online sportsbooks for US residents.
Yes. The methods used on legal sportsbooks are well-known and trusted by millions of players. They follow all of the sports betting laws completely and unequivocally, including the Unlawful Internet Gambling Enforcement Act (UIGEA), which prevents operators of online sportsbooks from sending funds to bettors via credit/debit cards. The legal online sportsbooks that we will point you to all offer numerous payout methods that follow the rules, and are very secure. These sites can afford the most powerful safety software in the world, and they use it. Make no mistake, these sites are as safe as it gets.
To make a withdrawal, find the link that says “online cashier” or “funding methods.” You will be redirected to a page listing both sportsbook deposit methods and payout/withdrawal options. You can choose many different methods. They have different fees and minimum/maximums. In addition, the processing and delivery times can vary depending on the method. Once you’ve chosen a method, all you have to do is wait for your money. Be sure to check the details of each method. Some are only available on certain days or at certain times.
As previously mentioned, you can choose from many different payout methods. While credit and debit cards are available for making deposits at a trusted sportsbook, they are not available for payouts. This is because of legal restrictions. The Wire Act of 1961 and the UIGEA prevent wagering funds from being transferred across state lines. That’s okay, though, because check and cash wires work great. Again, keep in mind that each method has its own rules and regulations such as processing fees, minimums/maximums, delivery speeds, etc. We will cover in detail all of the most popular methods, all of which are safe and easy.
To request a check payout, go to the online cashier, select “checks” and enter in the amount you would like to withdraw. You will receive your check within 24 to 48 hours after you submit your request. Checks are processed Monday through Thursday before 1:00pm. The minimum is usually around $1000. The fees start at around $40 and increase every few thousand dollars. Of course, these stipulations vary depending on the site.
In order to request a cash wire transfer (aka Western Union and MoneyGram), go to the online cashier and select “Person to Person” or “Cash Wire”. Enter the amount you wish to withdraw. These withdrawals are generally processed Monday through Sunday before 1pm, although some sites offer this method all day. After the request, payouts usually take 24 to 48 hours. You can choose several different options for a cash wire. You can use Money Gram Red, which usually has a maximum of $785. Fees usually are anywhere between $10 and $75. You can also use Money Gram Express, which pays out in denominations of $100, $200, $300, $400, $500, and $600 only. There is usually no fee for MG Express.
To request a bank wire transfers, go to “funding methods” or “online cashier” and select “bank wire transfer.” Enter the amount you would like to withdraw. Bank wire transfers usually take less than a week, but it all depends on the speed of your bank. The minimum payout is typically around $500, with the maximum around $25,000. Fees usually range from around $45 to $75.
To use a gift card, you usually are required to contact customer service and get an email with terms and conditions. Gift cards are usually processed the same day you request your payout. Some gift cards, like the Walmart gift card, have no limits to how much you can withdraw. Others, like the Amazon gift card, have a minimum of around $50. There are usually no processing fees associated with gift cards, but it all just depends on the card.
In order to use this method, you must have a bitcoin account. The way this works is, you make a bitcoin “wallet” and a bitcoin “address” which links up to other bitcoin addresses, and from there you can transfer funds. This method is usually subject to availability, so make sure you contact the site first before using bitcoin. If you deposited exclusively with bitcoin, there is no limit to how much you can withdraw. There is no processing fee with bitcoin.
All of these methods are safe and reputable, but there are some we like better than others. Cash wire transfers are the all-around best payout method. For one thing, they are very fast, usually about a day. There are several different types of Money Gram transfers you can use, each with low processing fees. Money Gram Express doesn’t have any fees at all, but you can only withdraw in multiples of $100 up to $600. Even though we suggest cash wire transfers, all of the payout methods we’ve talked about have their advantages, and you really can’t go wrong with any of them.
I hope that you now have a better understanding of payouts. We’ve gone over the safety and legal issues, and we’ve explained how to make your first withdrawal. We’ve delved deeper into some of the more popular payout methods. Now we would like to recommend a great online sportsbook for US players. The one we’ve chosen has the largest list of payout methods we’ve found. As an added bonus, this site explains all the payout methods in great detail.
If you are looking for a no-nonsense, straight-up great sportsbook for US residents, you’ve found it: 5Dimes. There are hundreds of online sportsbooks to choose from, but what makes 5Dimes unique is its hands-on approach to betting. You won’t find a lot of garishness or gaudiness on 5Dimes, just a lot of substance. 5Dimes doesn’t need to hide behind fancy graphics. It’s all about content. If you need to know about any features of the site, all of the information is right there, in plain view. If you ever have any questions, you can call one of their many customer service numbers.
5Dimes has a terrific payout page. You don’t have to scroll up and down the page to see the various methods. All the methods are listed on the left side of the screen. Deposit methods are listed in the middle of the screen, and payouts on the right of the screen. You can choose from all the usual suspects: Cash wire (person to person), cashier’s check, money order, Amazon gift card, Walmart gift card, bitcoin, and more. Click on the link to any of them and all the processing fees and minimums/maximums are explained. 5Dimes has a great variety of options and everything is easily understandable.