The Better Business Bureau has received north of 2,000 complaints recently regarding sluggish payout times from massive domestic sportsbook operators like FanDuel, BetMGM, DraftKings, and others.
The BBB rates businesses based on their ability to respond to customer complaints in a satisfactory manner and has issued the following letter grades for some of the largest domestic sportsbook operators in the United States.
Better Business Bureau’s Grades For Domestic Sportsbooks
- FanDuel: A-
- DraftKings: B-
- BetMGM: F
BetMGM’s F grade has earned the online sportsbook the distinction of being among 1.5% of the lowest-rated businesses in the United States.
“I deposited $1,000 at BetMGM to place some bets… I placed these bets and won. My $1,000 is now $2,913.63. I attempted to withdraw my funds. For 18 days now, BetMGM has stonewalled my every effort to get my winnings.”
A Frustrated BetMGM Customer
The source of some of the complaints is difficulty in understanding the terms and conditions surrounding sportsbook bonus offers. These promotional cash offers are mostly geared toward first-time members and often require playthrough before any payouts can be requested.
The terms can often be found by clicking on a link within the promotional advertisement, but rookie gamblers are often inclined to accept the free cash without considering the completion requirements.
How To Calculate Playthrough Terms At Online Sportsbooks
Playthrough is the number of times that the promotional cash, plus the original deposit, must be wagered in the sportsbook before members can request a withdrawal of winning funds.
For instance, one of the sports betting bonuses at Bovada offers a 50% match up to $250 for new signups. If a member opts for this bonus offer and deposits at least $500 into their account, an additional $250 will be added ($750 total).
The bonus includes a rollover requirement of 5X. This means that the amount of the deposit and the bonus cash must be wagered at least five times in the online sportsbook prior to any withdrawals will be allowed.
The terms will be complete once $3,750 worth of bets have been made at Bovada, allowing for the withdrawal of any funds remaining in user accounts.
Some sportsbooks only require playthrough on the bonus cash portion. Either way, the take home here is that the conditions should be examined before a sports betting bonus is accepted.
How To Get Paid Out Faster
One item to keep in mind when browsing sportsbook bonuses is that lower deposits often result in faster completion terms.
For example, a sportsbook bonus at MyBookie allows for up to $500 in promo cash based on a 50% match on a deposit of $1,000. However, members do not have to invest $1,000 just to acquire the extra money.
A deposit of $100 also qualifies for the 50% match. The 10X playthrough terms would require $15,000 in bets made if the bonus is accepted at the highest level.
That number lowers to $1,500 in playthrough on a $100 deposit with $50 in bonus cash, a sum that active gamblers can wager through in weeks instead of months or years.
Gamblers that experience issues with payouts at any of the online sportsbooks that we recommend should contact customer service immediately.
Source – The Wall Street Journal
