If have ever registered a betting account with an online sportsbook and placed bets on the desktop site or mobile app, you will know that a smooth deposit and withdrawal process makes a huge difference to the overall betting experience. Every bettor wants to find a site where they have access to secure, fast and affordable payment options as they make payments in and out of their account.
That is something a highly reputable brand such as BetMGM knows all too well and their sportsbook shows this with their banking methods. Adding funds to your BetMGM sportsbook account is a straightforward process that takes no time at all. Receiving your winnings is just as efficient, although the processing times on withdrawals can take a little longer.
Find out how easily you can fund and receive your winnings with this detailed look at the deposit and withdrawal methods on the BetMGM betting site.
Banking at BetMGM Sportsbook
Like most online sportsbooks, the BetMGM platform allows you to add funds to your betting account via either the desktop site or the BetMGM mobile app. There are no location restrictions in place on where you can deposit from. The only thing to note is that you must be physically located in any BetMGM legal state to actually place a wager.
You can also download the BetMGM to create a new betting account from anywhere you wish. This also applies to withdrawals, you can request a withdrawal from wherever you like as long as you have a verified BetMGM betting account.
The verification aspect of this is vital. You will not be able to make a withdrawal if you don’t have a verified account and you have not confirmed your identity. This is the case for all licensed US sportsbooks and is done for security purposes.
BetMGM Sportsbook Payment Methods
As you would expect with a company as well known as BetMGM, the list of payment options is varied and contains more than enough to meet the desires of all bettors. You can use any of the following deposit options to fund your BetMGM account:
| Payment Method | Fee | Payment Processing Time | Minimum Amount |
|---|---|---|---|
| Visa | No fee | Instant | $10 |
| Mastercard | No fee | Instant | $10 |
| PayPal | No fee | Instant | $10 |
| Venmo | No fee | Instant | $10 |
| Apple Pay | No fee | Instant | $10 |
| Play+ Prepaid Card | No fee | Instant | $10 |
| VIP Preferred | No fee | Instant | $10 |
| Bank Wire Transfer | No fee | 1-6 business days | $10 |
| PayNearMe | No fee | Within 15 minutes | $10 |
| American Express | No fee | Instant | $10 |
If you still feel like cash is king, you can visit a land-based BetMGM sportsbook.
If you run into any problems using these deposit options, BetMGM has an excellent customer service team that can help resolve any issues you encounter.
How do I Deposit Money on BetMGM?
Once your account has been verified and you are ready to bet, you must first add some funds. This process on BetMGM can be completed in some simple steps so you can start browsing all of the markets you are interested in quickly:
- Head to the BetMGM site or open the app on your iOS or Android device.
- Log in to your BetMGM account and visit the cashier section.
- Enter the amount of money you want to deposit. The minimum deposit amount on BetMGM is set at $10.
- Choose your preferred payment option from the list available and enter any required financial information.
- Click the deposit button to transfer the funds safely into your account.
BetMGM will notify you that your deposit was successful. Don’t forget to claim your welcome bonus which you are eligible for as a first-time user of the sportsbook. All of the best US sportsbooks offer a welcome bonus for new players to give them a boost as they are just getting started.
BetMGM Payment Limits
BetMGM takes player safety extremely seriously, and a big part of that is responsible gambling. As such, BetMGM has safeguards in place so you can have a safer betting experience that is customized to suit your individual needs. Setting deposit limits on your BetMGM account is a great way for you to ensure that you don’t overspend. These limits mean you can place daily, weekly and monthly caps on the amount of money you can put into your betting account.
The BetMGM online sportsbook is available in numerous states and the operator must adhere to the gaming laws in those states. You should also be aware that the deposit options will vary depending on where you live. The good news about BetMGM deposits is no matter where you live, there are no added charges for withdrawals.
BetMGM Minimum Deposit Amount
The minimum deposit amount on the BetMGM sportsbook is $10. So, to place any type of bet on your favorite sports means you must at least add $10 into your betting account first.
Does BetMGM accept PayPal?
Yes, BetMGM does accept PayPal as a deposit and withdrawal option. There are also no additional fees for choosing PayPal as your preferred banking option. I am personally a big fan of PayPal betting apps because of the flexibility it provides and the speedy transaction times. It has instant deposit and withdrawal times and also if you live in a state where BetMGM doesn’t allow credit cards, you can get around this by using your credit card to add funds to your PayPal account.
Which Debit Cards & Credit Cards are accepted on BetMGM?
Like most online sports betting sites, BetMGM accepts Visa and MasterCard debit and credit cards. Using these methods for your deposits will mean money is added instantly, although it could take up to 30 minutes in some cases. If you decide to use these payment cards you can set your own deposit limits as we’ve mentioned above. BetMGM doesn’t charge any added fees if you decide to use your debit or credit card.
BetMGM Withdrawal Methods & Transaction Times
One of the many perks of using the BetMGM online sportsbook is the payout speed of their withdrawal options. There are nine different withdrawal methods, which stacks up very well to competitors such as FanDuel and DraftKings. I have had lots of experience in withdrawing funds from the BetMGM site and, just like deposits, I always plump for the e-wallet or online payment systems such as PayPal or Apple Pay. Not only are they used by people across the globe for different reasons, they are very quick and secure.
Please note that not all withdrawal methods are available in each state. Make sure you know exactly which withdrawal options are available to you before going into your BetMGM account.
| Payment Method | Fee | Payment Processing Time | Minimum Amount |
|---|---|---|---|
| Visa | No fee | Within 24 hours (After internal review) | $10 |
| Mastercard | No fee | 1-3 Business days (After internal review) | $10 |
| PayPal | No fee | Within 24 hours (After internal review) | $10 |
| Venmo | No fee | Within 24 hours (After internal review) | $10 |
| Apple Pay | No fee | 1-3 Business days (After internal review) | $10 |
| Play+ Prepaid Card | No fee | Within 24 hours (After internal review) | $10 |
| Online Banking | No fee | 2-4 Business days (After internal review) | $10 |
| Instant Banking | No fee | 2-4 Business days (After internal review) | $10 |
| VIP Preferred | No fee | 2-4 Business days (After internal review) | $10 |
As you can see from the table above, the average processing time is no longer than a few days at the latest.
How to Withdraw on BetMGM
You can easily withdraw funds from your BetMGM account by clicking the withdraw button when you are in the cashier section of the site or app. Choose the withdrawal method that most suits your needs then enter the amount you wish to withdraw. Once you have completed those steps, check everything is correct and then follow any additional instructions.
If there are any added fees that you were not expecting that appear on your statement, contact your bank as some banks will place extra charges on gambling transactions. Just like with deposits, if you come across any issues making a withdrawal, contact BetMGM directly.
