There are a variety of ways to deposit and withdraw cash into your account on a given site, but the most common method is doing so with a credit, debit or gift card. Just about every legitimate website out there will accept this method of payment, but the process tends to differ from site to site and from country to country.
Depositing into your gaming account via a credit, debit or gift card is typically extremely simple. While there are a variety of external factors such as fees (that we’ll touch on later), the actual process of depositing is easy as you like.
All you need to do is enter the card number, expiration date and CVV number. The CVV number is typically a three- or four-digit code on the back (or, in some cases, the front) of the card.
You’ll also need to enter your name as it appears on the card as well as the billing address. Some sites don’t make you enter anything more than a zip code for an address, while some will make you enter the entire address.
Perhaps the best aspect of using a card to deposit is that the funds typically appear in your account immediately. You won’t have to wait for it to process, as it will go through instantly if the transaction is accepted. Most sites will also allow you to withdraw using the same card with which you made your initial deposit.
Once you’ve entered all your info and hit “deposit” you should be ready to roll.
As you may imagine, not all credit cards are accepted everywhere. There are fairly stringent restrictions in the United States specifically. So, the first thing you want to look for is does the site you’re on accept the type of card you want to use? If they do, then you want to look and see what kind of deposit fees, if any, exist.
While not all books will charge you a fee, certain credit card providers do charge an additional fee, often for gambling transactions that haven’t been cleared within 30 days. Different sites will have different policies when it comes to depositing via a credit, debit or gift card, so taking the time to read the fine print is necessary, even if it’s a bit tedious.
For example, Bovada will charge a 4.9% fee for depositing via a Visa-branded credit, debit or gift card (excluding the initial deposit). They charge an even higher fee (6.9%) for MasterCard deposits (again, excluding the initial deposit). Conversely, there is no fee for depositing on Bovada using Bitcoin.
Visa is a card that is typically accepted at most sites anywhere in the world, and it’s easily the most commonly used card for such transactions. MasterCard and Discover are a couple of the other more popular American credit cards out there. American Express and Diners Club are accepted in some places, though lots of books will not accept either of them, especially abroad.
While most sites accept credit card transactions, some credit card companies may also block transactions to gambling sites. If this happens, you will likely have to call your bank in order to sort things out. Just know that it’s likely not the betting site’s fault that the bank will not allow a deposit to process.
Just about every book’s website will offer some kind of deposit bonus. Most will offer a fairly substantial bonus upon your first deposit, while some will also offer additional bonuses to loyal players that have deposited on multiple occasions. While some sites will give you the bonus immediately, most make you play a certain amount before allowing you to withdraw that cash.
The USA’s Unlawful Internet Gambling Enforcement Act of 2006 also made it illegal for banks and credit card companies to go through with payments to and from illegal gambling sites. This obviously limits your options a bit if you’re an American, as your card company may not allow you to deposit at an offshore operator.
Most sites will also not allow you to deposit an unlimited amount of cash. This is probably good for you, the bettor, so as to not get too carried away. Some sites, such as Bovada, will not allow you to deposit more than $1,500 at a given time. Another site, BetVictor, will not allow you to deposit more than $7,000 at once.
There are also minimum amounts on most sites. On BetVictor, you must deposit at least $10. Bovada makes you deposit at least $20 if you want to get in on the action over there.
Clearly, the withdrawal is what we all strive for when diving into the world of Internet sports betting. Depositing isn’t any fun, but it’s all worth it if you eventually win enough to get to take even more money out than you put in in the first place.
As mentioned previously, most sites will make you withdraw using the same method of payment you used to make your deposit. So, your winnings will go to whichever credit, debit or gift card you used to put your cash into your account initially. The process will typically take a few days.
As is the case with a deposit, you typically can’t just withdraw whatever amount you may have in your account. Most books will have a minimum withdrawal amount. Most sites will determine what your minimum withdrawal is based on how frequently you play. Bovada, for example, may not allow you to withdraw an amount less than $20 to start.
Typically, the first step regarding withdrawing is to select your method of withdrawal. While you may just get the funds put back on to your initial card, you may also withdraw using a wire transfer to your bank, or by having a check sent to you directly through the mail.
On Bovada, you may cash out via check if you deposited using a card in the first place. If you’re requesting a withdrawal via check, there is a $3,000 maximum limit on that site. You may withdraw a check once a month from Bovada without a cashout fee. Each subsequent withdrawal in a month comes with a $50 fee. If you deposit on Bovada, don’t spend the money, and then withdraw, they may also charge an additional fee.
You’ll typically receive your check in the mail within a couple of weeks. Bodog has an excellent track record of problem-free withdrawals. There has never been a payout dispute that went unresolved in the company’s history, so clearly their reputation is as strong as anybody’s with regards to customer convenience and service.
As we touched on in the open, most operators have made things fairly easy when it comes to depositing and withdrawing via the web. You just need to be careful and cognizant of fees that may differ from site to site.