All online sports betting apps offer a variety of deposit methods. While some states restrict certain options, such as Iowa outlawing credit card transactions, most states like Virginia and Michigan have their choice of debit or credit, bank transfer, e-wallets, and beyond. But what is the best way to deposit at an online sportsbook?
What Makes The Best Deposit Method for US Sports Betting?
To determine the deposit option for a sports betting app, we considered the following factors:
- No transaction fees: Even a 1% transaction fee can add up significantly.
- High success rate: Issuing banks will often block credit and debit card transactions at online betting sites.
- Ability to withdraw: Some banking methods are deposit-only, which means providing information for multiple banking methods.
- Keeping Track Of Betting: Separating your betting money from other finances is a great way to avoid problem gambling.
Best Sportsbook Deposit Method: PayPal (And Other E-Wallets)
PayPal and other e-wallets, such as Skrill and Neteller, are the best deposit method for online sportsbooks. However, you first want to add money to your e-wallet account through online bank transfer, not via credit card. That will add money to PayPal for free, then you can transfer that money into your sportsbook account.
If an online sportsbook accepts PayPal or another e-wallet, then the transactions should work 100% of the time. You can also use e-wallets for both deposits and withdrawals.
Having a separate account for your betting funds is also a good way to track your expenses. You can quickly and easily see how much you put into your e-wallet from your bank versus the sportsbook. Not only will this help you not overspend, but it can also be convenient come tax time if you have net winnings for the year.
Another Great Option: Online Bank Transfer
With online bank transfer, you skip the step of transferring funds to your PayPal account, but you also sacrifice the ease of tracking your betting expenses. This makes it easier to overspend on a sports betting app, so it should be used with an extra level of caution.
To use online bank transfer, you simply use the login credentials of your bank. Online bank transfer is usually fascinated through a third-party processor, such as Zelle, but transaction fees are still zero.
Underrated Deposit Method: Cash
If you really want to make sure you’re staying within budget, consider limiting your deposits to cash. And if you didn’t know you could bet at an online sportsbook in cash, now you know!
You can deposit in cash in one of two ways:
- Cash at the casino cage
For PayNearMe, you visit a participating retailer, such as 7Eleven or CVS, and pay via cash. You’ll receive a receipt with a barcode that you scan to add the funds to your account.
Alternatively, PayNearMe now allows deposits via Apple Pay and Google Pay as well. And while it’s not available for cash withdrawals, you can withdraw via ACH or debit.
The cash at the casino cage option is usually available when the sports betting app is partnered with a land-based casino or retail sportsbook.
To deposit in cash at the casino cage, you give the cashier your account information, hand them cash, and the funds are made available in your account. You can also withdraw the same way – except the cashier hands you cash, not the other way around.
The Worst Deposit Method: Credit Cards
For all the reasons PayPal is the best deposit method for sports betting apps, credit cards are the worst. When you use this method, you can expect:
- Ridiculous fees: Credit card deposits usually count as cash advance, which not only comes with fees, the interest rate is far higher. Both can add up to a significant degree. And compared to $0, even $10 is significant.
- Low success rate: Banks usually reject credit card payments at online casinos, a policy that’s due to many sports bettors playing at unsafe, illegal sites.
- Inability to withdraw: Credit cards are strictly a deposit option, so if you do use it as a deposit method, you’ll have to choose something else for cashing out anyway.
- Exceedingly easy to overspend: Credit cards allow people to spend more than they actually have, which is inherently dangerous when it comes to betting.
In short, do not use a credit card. Opt for e-wallets like PayPal, online bank transfer, or cash instead.