With online betting now legal in over 30 states, the US online gambling scene is booming like never before and is projected to rake in a $26.8 billion revenue in 2025 alone! However, without the right banking method, you may find it tricky to fund your bets and get a share of this revenue. Choosing from the multiple secure online banking methods available on betting sites allows you to make convenient payments and get quick access to your wins, whether large or small.
Sometimes the choice can be overwhelming. You are faced with so many options when you login it might be tempting to just choose the first option you see. But this is a very important choice, as it dictates how long you can be waiting to get your money and if you are also charged extra for any processing fees.
Digital wallets and direct online bank transfers are popular on sportsbooks due to their speed and reliability, but there are several other online banking alternatives that are as good. This guide will walk you through the top online payment methods and show how you can use them to deposit, withdraw, and manage your funds on the best licensed betting sites.
Best Sportsbook Payment Methods
Gone are the days of needing to visit a sportsbook in person to make deposits or collect payouts. With online payments now so popular on betting sites, you have several secure options at your fingertips. Here’s a rundown of the top online banking methods that can make it easier for you to manage your betting funds:
Online Bank Transfers
You can directly move funds between your bank account and sportsbook with instant bank transfers. All you have to do is select your bank from a list of supported banks on the betting site and securely log into your online banking platform through a secure window like Trustly. For wire transfers, betting sites provide their account number and routing number, and you can transfer funds directly from your bank’s online platform.
Instant bank transfer ranks among the best payment methods since you can get it on every licensed sportsbook in the United States. Bank wire transfers are also popular on betting sites, but higher payment limits and significant transaction fees make this method more suitable if you’re a high roller.
What banks allow online betting transactions?
Several banks in the United States facilitate seamless transactions with licensed betting sites. This includes institutions like Bank of America, Goldman Sachs, Chase, PNC, Santander, TD Bank, Citigroup, US Bank and Capital One 360. If your bank isn’t listed here, and you’re unsure whether or not they support online betting payments, you can confirm by checking the bank’s official site or by reaching out to customer support. Alternatively, most sportsbooks will allow you to search a list of supported banks to confirm if your bank supports online betting.
Pros
- You can deposit and withdraw higher amounts with wire transfers
- Banks provide greater security for online transactions
- Available on all licensed sportsbooks
Cons
- Longer processing times for wire transfers
- Wire transfers are subject to transaction fees
- Banks may reject online betting payments in some states
Digital Wallets
A 2023 survey carried out by Forbes showed that over 53% of American respondents use digital wallets for online payments, and this popularity translates to the US betting scene. PayPal is the most widely available banking option for deposits and withdrawals on licensed US sportsbooks. Venmo and Skrill are also popular options, and you will usually find either of these offered along with PayPal on a betting site.
Digital wallets are a top pick for online banking at US sportsbooks because of the advanced privacy they offer. You can fund a betting account through PayPal without worrying about gambling records showing up on your bank account or credit card history. PayPal is also one of the fastest payout methods on betting sites, with withdrawals mostly processed within 24 hours. We have a rundown of the best PayPal betting sites available, where you can see how to link your account and make those fast withdrawals.
If you don’t want to use a traditional digital wallet, there are several US sportsbooks that accept PayNearMe which is a great alternative for those who want to wager online, but use cash to deposit at one of over 60,000 PayNearMe locations across the country.
Pros
- Free to use for deposits and withdrawals
- Prevent betting sites from gaining direct access to your banking records
- Digital wallet payments are processed faster
Cons
- Subject to technical issues like downtimes
- Fees apply
VIP Preferred
With VIP Preferred, you can deposit and withdraw from a sportsbook through an electronic check, which directly debits or credits a linked checking account. VIP Preferred is available on all licensed sportsbooks, and several of these sites specifically recommend it for ACH/e-check deposits.
To use VIP Preferred e-Check on BetMGM, for instance, you will be asked to provide your driver’s license number, bank routing number, and account number. These requirements vary across sportsbooks, but most betting sites will ask you to provide details similar to what BetMGM demands.
Pros
- Many sportsbooks offer VIP Preferred payments
- Free to use on several sportsbooks
- Bank account information is protected by encryption technology
Cons
- Some banks may restrict e-check transactions for gambling purposes
Credit and Debit Cards
Almost everyone owns a Mastercard or VISA card, and most licensed US betting sites accept these cards as payment methods. On the other hand, only a few betting sites, notably BetMGM, offer deposits with AMEX and Discover cards. This limited acceptance is largely due to AMEX’s and Discover’s tougher stance on betting transactions.
That said, you might be frustrated in your efforts to fund your betting account with Mastercard or VISA as some banks block gambling-related transactions. Also, US betting sites mostly offer credit and debit cards for deposits only, since banks and card companies typically don’t permit reverse transactions for gambling-related activities.
Pros
- Card deposits are processed within seconds
- Anti-fraud protection
- You don’t have to register on third-party websites to deposit with your card
Cons
- Some credit card issuers block gambling-related transactions
- Credit cards are subject to advance fee charges
Prepaid Cards
Several sportsbooks, like BetMGM, FanDuel, and Caesars Sportsbook, offer branded Play+ cards that are specifically designed for payments on their platforms. To use Play+ for betting transactions, you must first apply for a card on your preferred betting site. Once you get a branded Play+ card, you can load it with funds from your checking account or credit/debit card and then transfer money to your betting account.
The best thing about Play+ is that it supports direct withdrawals from sportsbooks. You can also apply for a physical Play+ card from your betting site and use this card to withdraw funds directly from ATMs that support the PULSE and NYCE networks.
Prepaid gift card services, like Game On or the ESPN Bet gift card, with preset amounts, can also be used for payments on some betting sites like DraftKings. These cards can be bought on the Game On website or at any participating retailer, but you should know that they only support deposits. Just like using a credit or debit card, you have to enter the unique 16-digit number and CVV code on each card to deposit on sportsbooks with prepaid gift cards.
Paysafecard, Vanilla Visa gift cards, and other prepaid cards are also supported at online sportsbooks.
Pros
- Predetermined transaction limits allow you to exert greater control over how much you spend on betting
- Doesn’t share personal financial information with betting sites
- You can unlock exclusive bonuses by using a sportsbook’s branded Play+ card
Cons
- Branded Play+ cards can only be used on a specific sportsbook
- Lower transaction limits compared to other banking methods
Mobile Wallets
Apple Pay is one of the most popular banking options on a mobile wallet, but surprisingly, there are very few Apple Pay betting sites available. This is mostly due to Apple’s cautious approach to online gambling. Betting sites, like FanDuel, that offer Apple Pay only support deposits with this method, but you will always receive your deposits instantly.
To use Apple Pay, you must link your mobile wallet to an existing bank account, credit, or debit card, and then use it to deposit funds on a sportsbook with a simple, secure authentication process like Face ID or Touch ID. The integration of Apple Pay with supported betting sites is seamless, allowing you to make quick payments without always having to enter your card details.
Google Pay is also available at some sportsbooks and works like Apple Pay when featured for Android users.
Pros
- Advanced security features like biometric authentication
- Mobile wallet apps make it easier to track how much you spend on gambling
- Seamless integration with mobile devices results in faster transactions
Cons
- Unavailable on most licensed sportsbooks
Things to Consider When Choosing Payment Methods at a Sportsbook
With more and more payment methods on offer at online sportsbooks than ever before, it can be tricky to know which one to pick. Here are some things to help with your decision.
Convenience
This is arguably the biggest reason why lots of sports bettors regularly use digital wallets like PayPal and Venmo. Using these payment options means all you need to do is authorise your payments rather than having to type out long card numbers.
Availability
Before signing up, you must check that your chosen sportsbook will allow you to use that payment option for deposits and withdrawals. You should also bear in mind that certain payment methods such as credit cards can’t be used in specific states like Tennessee and Massachusetts.
Limits
A lot of people will be looking for low minimum deposit betting sites because you won’t have to spend much money to get started. Typically, most sportsbooks will set your minimum deposit limit at $10, although there are a few that go lower than that.
Security
Every payment method listed on this page comes with the highest level of encryption technology, so your transactions are safe. You should also enable two-factor authentication to ensure that is is only you who is accessing your account.
How to Deposit at Online Sportsbooks
Here’s how to deposit on US betting sites with online banking methods:
- Sign up for an account with your preferred sportsbook and complete identity verification with the requested official documents
- After registration, locate the option to deposit funds on the sportsbook
- At this point, the betting site provides a list of available payment options, including several online banking methods
- The next stage of the deposit process depends on the online banking method you go with:
- For credit/debit card deposits, you have to input your card number and CVV code
- If you’re using a Play+ card, you need to enter the card’s unique 16-digit code
- For VIP Preferred e-check deposits, betting sites ask you to provide your bank routing and account numbers
- If you opt for a direct bank transfer, you must log into your bank’s online portal through the sportsbook’s secure interface
- Depositing with mobile wallets like PayPal requires you to sign into the wallet
- After providing the details necessary to use your preferred online banking method, enter the amount you wish to deposit and confirm the transaction
- The deposit is processed and funds are immediately added to your betting balance
The amount of which you need to deposit can vary from book to book. Some operators have a $10 deposit minimum, but there are also several $5 minimum deposit betting sites available like DraftKings and FanDuel.
How to Withdraw from Online Sportsbooks
Making an online sportsbook withdrawal is similar to depositing funds in your betting account. However, US betting sites will let you request a payout with an online banking method only if you’ve made an initial deposit with this method.
That said, here’s how you can withdraw funds from betting sites with online banking methods:
- Head over to the sportsbook’s banking section
- Select the option to make a withdrawal
- Enter a withdrawal amount that complies with the sportsbook’s minimum and maximum limits
- Select your preferred online banking method from the list of available options and confirm the transaction.
Our Top Cashout Method
It is not easy to pick one single withdrawal option as the best, as most bettors have different needs. There are still things that we think are important for all players, such as speed, reliability and availability. We use these as part of the criteria when judging baking methods.
PayPal
For its speed and reliability, PayPal is our top pick when it is time to make a withdrawal from your sports betting account. If you are using PayPal anyway to make deposits, you can use that same PayPal account to make withdrawals. The processing times are extremely fast, and there is no charge on transaction fees, unlike Neteller. PayPal is also widely available across all of the best US sportsbooks, as they recognize how popular this payment service is.
Things to Know about Sportsbook Deposits and Withdrawals
As licensed online gambling continues to gain a foothold in the United States, online banking methods that make betting transactions easier become more important. This section discusses the essentials of online sportsbook banking — from verification requirements to processing times—so you’re fully prepared when managing your funds at US betting sites.
Verification
Identity verification is a must for deposits and withdrawals on US betting sites – in fact, you must pass identity verification before you can open an account with a licensed sportsbook. This demand for verification is due to the strict regulations surrounding online gambling in most parts of the United States.
To verify your identity, sportsbooks will ask that you submit a government-issued ID, the last four digits of your SSN, and proof of address. Once your identity is successfully verified, you can conveniently make deposits and withdrawals on betting sites with any of the available online banking methods.
Payment Limits
Not all online banking methods are equal when it comes to payment limits. If you’re a casual bettor who prefers to bet smaller amounts, you can enjoy lower deposit and withdrawal limits with Play+, Apple Pay, and digital wallets like Venmo. With these lower limits, you can deposit and withdraw as low as $5 on sites like FanDuel.
On the other hand, if you’re a high roller, debit cards, bank wire transfers, and VIP Preferred e-checks are the way to go. These methods allow you to deposit thousands of dollars at a time. And if you hit it big, you can request significant payouts at once, thanks to the high withdrawal limits of these methods.
Processing Times
When depositing or withdrawing hundreds to thousands of dollars with bank-affiliated methods like VIP Preferred or a Wire Transfer, you will have to wait 2 to 5 days for these transactions to be processed. This is because banks scrutinize these transactions to prevent fraud, while sportsbooks have to verify that big wins are legit before paying out.
Online payment methods like PayPal and Apple Pay, with lower payment limits, benefit from simpler transaction verification and automated systems. As a result, deposits with these banking methods are processed instantly, while payouts are usually completed within 1 to 2 days.
Payout Speed
Digital wallets offer the fastest payout speeds, with withdrawals often processed within 24 hours. Prepaid cards like Play+ are also quick, usually taking 24 to 48 hours. VIP Preferred e-checks offer decent speed, with payouts typically arriving within 2 to 3 business days. However, bank wire transfers, while great for large sums, are the slowest, often taking 3 to 5 business days to complete.
Payout speeds are largely influenced by the time it takes each sportsbook to process transactions. You can request withdrawals with the usually fast PayPal and still experience delayed payout if your betting site doesn’t process the transaction on time.
Service Fees
Betting sites typically don’t charge for deposits and withdrawals; However, you may be charged additional fees by your banking provider. Sportsbook transactions with digital wallets, VIP Preferred, and Apple Pay mostly attract no fees, likewise, Play+ cards.
On the other hand, credit cards usually charge cash advance fees, often 3 to 5% of the transaction amount, for betting deposits. Wire transfers often involve moving huge sums, hence banks also tend to deduct service fees for betting payments with these transfers.
Depositing at Daily Fantasy Sites
Depositing at daily fantasy sites is just as simple as funding an online sportsbook account, as both are entirely legal and regulated in the United States. Most of the deposit methods we have listed above also work very well on DFS sites as they do on a mobile sportsbook app.
Funding a DFS account is just a matter of choosing a deposit method and then entering the required information. Your DFS account will typically be credited instantly once you have deposited.
We would recommend PayPal as an excellent option to fund your DFS account, as it comes in handy when you want to move a bankroll from one DFS site to another. PayPal also helps you keep your daily sportsbook bankroll and your DFS bankroll separate.
Banking Services Restricted at US Betting Sites
Due to strict online gambling regulations in the United States, certain payment methods are entirely unavailable on licensed betting sites. Here are some of these off-limits banking services and why they don’t make the cut at US sportsbooks.
Cryptocurrency
The decentralized nature of the crypto market largely contradicts US gambling regulations requiring that sportsbooks be able to trace payments. Crypto transactions are largely anonymous, which makes it impossible for sportsbooks to verify transactions and comply with regulatory standards. As a result, no licensed US sportsbook offers withdrawals and deposits with cryptocurrency.
Neteller
Once widely used by US residents for online payments, Neteller ceased operations in the United States in 2019. The company cited ‘ongoing legal and regulatory uncertainties surrounding the use of digital payment systems’ as the reason for exiting the US market. Therefore, you won’t find this digital wallet used for online payments on any US sportsbooks.
Tips for Safe Sports Betting Payments
Before making deposits in an online sportsbook, you should check to confirm that this betting site is fully licensed and regulated in your state of residence. Licensed sportsbooks comply with local laws to meet financial guarantees and regulatory standards. This compliance makes it easier to get help if you encounter any challenges while making payments on a sportsbook.
When betting at regulated sportsbooks, you should always go with banking options that offer advanced SSL encryption, but that’s not all. Prioritizing online payment methods like Apple Pay and PayPal that require two-factor authentication provides an extra layer of protection for your transactions.
Another recommended safety practice is to choose strong, non-generic passwords for your betting accounts. You should also avoid using public WiFi networks when making payments to prevent your financial information from being compromised.
Best Banking Method for US Bettors
Digital wallets like PayPal and Play+ cards are excellent choices for quick deposits and fast withdrawals. Besides being convenient to use, they offer added layers of security and are also widely accepted on licensed betting sites like DraftKings, FanDuel, and BetMGM.
If you prefer more traditional methods, VIP Preferred e-checks and bank transfers are reliable for dealing with larger amounts. These options might take a bit longer to process, but they come with the confidence of dealing directly with your bank.
