Sports Bet Funding & Payout Options
Once you’ve learned how to open a sports betting account with a legitimate online sportsbook, the next step is to get that account topped off so you can actually place bets. Sports bet funding options at most online US-friendly betting sites is a piece of cake, as each one offers its members a host of options to choose from.
There are, of course, pros and cons to each of these, and if you’re new to the online betting space, you may not know which method is the best one for your needs. That’s where we come in.
Our short guide will show you how to fund your sports betting with credit cards, debit cards, cryptocurrency, and traditional banking methods, and we’ll explain the benefits and drawbacks of each option and how to ensure same day payouts when your team comes through for you. If you’ve got a few dollars and a few minutes, you can be up and running – and betting – in no time flat!
How To Deposit Into A Sportsbook Account
Making a deposit with an online sports betting site is easier than you might expect. While just about every modern sportsbook funding review will recommend sports betting with Bitcoin or other forms of crypto (and we do, too), not everyone is prepared to hop aboard the crypto bandwagon. Fortunately, the best online sports betting sites all support a variety of traditional and modern payment options, and we've created a guide to simplify things for those wanting to learn how to bet on sports with crypto.
To add sports betting funds to your account, simply visit the site’s cashier, select the method of deposit you wish to use, put in the required credentials and amount of money you’d like to transfer, and submit the form. That’s all there is to it!
However, depending on the method you use, you may not see your sports betting fund credited immediately. That’s because different transactions have different processing times, and for sports bettors, this is probably the most important consideration. After all, you can’t wager on tonight’s ballgame if your deposit takes a week to clear.
How To Calculate Sports Betting Payouts
In this day and age, you don’t actually have to calculate each wager’s payout potential. While the American moneyline is easy to understand, you can see how much each bet pays out by simply clicking or tapping on your bet of choice and typing in the amount of money you want to risk. Each overseas sportsbook has a built-in betting bankroll calculator, allowing you to see payouts immediately, whether you place single bets or multi-bet parlays.
Still, we recommend familiarizing yourself with the moneyline odds system so that you can quickly glean how much each bet will pay out before selecting it. We also suggest signing up at multiple legal sports betting sites so that you can shop lines to find the best values on any given matchup or prop bet.
Popular Online Sportsbook Deposit Options
More Sportsbook Deposit Options
Whether you’re looking for online sports betting Mastercard options, sports betting sites that accept Visa gift cards, American Express sports betting support, or any other common US-friendly funding method, you’ll find it at the sites we recommend.
Additionally, please note that all these vendors are low-deposit betting sites, meaning that you can usually get started by putting just $10-20 into your account. Typically, supported banking options include the following:
- Bitcoin (BTC)
- Altcoins (Litecoin, Ethereum, Ripple, Bitcoin Cash, USD Coin, Chainlink, Dogecoin, etc.)
- Zelle-To-BTC Exchange (Localbitcoins.com)
- Credit Cards (Visa, Mastercard, AmEx, Discover)
- Debit Cards
- International Gift Cards
- Bank Wires
- Money Orders
- Cashier’s Checks
- PayPal Transfers (cryptocurrency - coming soon)
- Sports Betting Vouchers/Player Transfers
- MatchPay (Bovada only)
Note: Litecoin sports betting, Ethereum sports betting, and other crypto wagering involve the same steps as making deposits with Bitcoin, and they come with the same perks, including rapid transactions, heightened sportsbook bonuses, and same-day withdrawals.
Online Sportsbook Payout Methods
Though Bitcoin/crypto is the most popular and fastest sportsbook payout method, not everyone uses cryptocurrencies, and there is a learning curve involved that might be too steep for some gamblers.
As a result, while we recommend crypto for its many perks, standard deposit methods are also supported, and they also come with bonuses and reasonable limits and fees.
- Bitcoin (BTC)
- Bank Wires
- Money Orders
- Sports Betting Vouchers/Player Transfers
- Courier Checks
- PayPal Transfers (via cryptocurrency - coming soon)
Fastest Payout Options at Online Sportsbooks
Depending on the withdrawal method you choose, you’ll get your money in 2-5 days on average. Bitcoin and crypto offer same-day payouts, but these are the only funding options that do. Otherwise, betting withdrawal times will vary.
For a more in-depth look, see our sportsbook banking comparison guide that details withdrawal times, and sportsbook-approved banking options. Our guide to the fastest paying sportsbooks details what banking options transfer the fastest.
The following processing and transfer times are averages that we’ve experienced playing with all the operators listed here:
- Bitcoin/Altcoins: Same day
- Vouchers/Player Transfers: Same day
- MatchPay: Same day
- PayPal (crypto - coming soon): Same day
- Money Orders: 2-3 days
- Courier Checks: 3-5 days
- Bank Wires: 5-7 days
Sportsbook Same-Day Payouts
While you can choose from any of the above sports betting withdrawal methods, the best betting sites for withdrawals are those that support Bitcoin and other alternative currencies. Again – and this bears repeating because it’s so important for most bettors – cryptocurrency is the only online betting instant withdrawal method.
Overseas bettors have more same-day payouts to choose from due to wider financial platform support, but for all US bettors who want to be able to actually get their money stateside the same day they claim their winnings, BTC etc. is the way to go.
Bitcoin is the gold standard, and all reputable sites support it and various altcoins for your convenience.
Note: Same-day payouts are often – but not always – available via P2P apps when used with betting vouchers, player transfers, and MatchPay at participating sites (i.e. Bovada).
Online Betting Deposit Bonus Options
When you sign up at any site, you will have sportsbook deposit bonus options. Welcome bonuses offer the best values (especially if you use crypto), adding between $250 and $1000 to your bankroll, depending on the site you choose. Many operators also offer account reload bonuses, which give you a 25-50% boost each time you make a fresh deposit.
In the past, sportsbook deposit bonus codes would be required, but in large part, sites today simply offer you a menu from which to select your bonus during the deposit process itself. At books that still require bonus codes, these are usually provided right at the sites themeselves under the “Promotions” tab.
Sports betting bonuses come with terms and conditions to be aware of. These are called rollover requirements, and they simply indicate how much money you must wager in total before being eligible to withdraw any associated winnings.
Most sportsbook bonuses come with rollovers of between 5X and 15X, making them perfect for the vast majority of bettors. Bonuses are 100% optional, but we recommend taking them when you can, as they are literal free money.
Sports Betting Banking FAQs
Yes, of course.
However, when you accept a sports betting bonus, you must first meet the terms and conditions associated with that bonus. This is called rollover.
For example, if you make a $100 deposit and accept a 50% deposit match bonus, you will have $150 credited to your account.
Let’s say this comes with a rollover requirement of 5X. That means that before you can pull out your winnings, you must wager a total – or “turn a handle” – of $150 X 5, or $750.
Sportsbook bonuses at reputable sites will always have easy-to-meet rollover terms, so we recommend accepting them without hesitation.
But please be aware: Free bets are different from sportsbook bonuses, and most sites do not offer free bets at their sportsbooks.
That said, you can sometimes find “risk-free” bets at sports wagering venues.
Usually, these are available to bettors making their first mobile sportsbook wagers or live sports betting picks, and they are capped at around $25.
Free bets come with high rollovers (usually in excess of 50-100X), while risk-free bets simply refund a single wager’s loss if your pick fails to hit.
Any site listed here can be considered the easiest from which to claim your winnings.
The process is the same at each one, and regardless of the method you choose, your site will give you straightforward instructions to follow.
Again, for ease of use – once you’re used to it, anyway – Bitcoin/crypto is the best and fastest way to get money out of your online sportsbook.
Nevertheless, each supported method is simple enough.
When you wager at a Bitcoin sportsbook, you’ll need to have a Bitcoin wallet in order to move money into and out of your account.
Each BTC wallet has a unique address, and you’ll use your sportsbook’s BTC sending address when making deposits, while you’ll use your Bitcoin wallet’s receiving address as the destination for all crypto withdrawals.
The best Bitcoin wallets depend on whether you want software, hardware, or cold storage wallets.
Software wallets are the easiest way to move crypto around, so that’s what we recommend.
The best Bitcoin software wallets are Coinbase or other major exchanges (Bittrex, Binance, etc.), Electrum, Atomic, Exodus, and similar products.
All crypto withdrawals require you to use a compatible wallet, but most of the above software wallets support all the different coins available at the sites we recommend.
All the sites listed here pay out in roughly the same manner and timeframe.
In this regard, they’re all “best.”
Plus, because they each offer same-day BTC and crypto payouts, they’re each equally speedy, too.
However, if you’re looking for the sites with the best payouts on individual bets – or the biggest sports bet payout for each wager – there actually isn’t one.
These operators compete with each other by giving bettors different odds on the same games and matchups, so you'll need to shop lines to find the most value for any given bet.
For example, Bovada sports betting payouts might be better for tomorrow’s Yankees game or Sunday’s Chiefs game, while MyBookie might have superior lines on tonight’s Dodgers contest or Patriots game.
In sports betting, when you win a wager, the money is credited to your account.
This happens instantly, giving you more funds with which to wager on the next game(s).
Of course, when you want to actually get that cash off your site and into your hands, you have to initiate a withdrawal.
To do this, simply visit your site’s Cashier page, select the method of payout your prefer, and type in the amount you wish to pull out.
If you’ve met all existing bonus rollover terms, your payment will be processed according to the timetable listed above.
If you’re interested in how to make money sports betting, there are about a million tips and tricks out there.
However, these are all dependent on various factors and may not work for your individual needs.
That said, there are three things that all bettors should be aware of if their goal is to make money in the long run.
First and foremost, you should shop lines between sites to find the best payouts for any given bet.
Secondly, your sports betting money management is crucial.
To build a bankroll, you should make small bets frequently, not big bets where you go all in on a single game.
Most professional bettors advise wagering no more than 3% of your bankroll on any given bet, and we’d advise wagering even less than that, at least when starting out.
Finally, making money off sports betting is only possible when you follow the Golden Rule of all gambling:
Never risk more than you can afford to lose.
If you follow these steps and stick to the plan, you should make money in the long run.