Legal Sports Betting Payouts
Sports betting is thriving in the USA right now. The internet is teeming with sports fans that know where to find some great legal US online sportsbooks. Most players will agree that the next best thing to betting on a favorite game is collecting their winnings. The great sports betting sites offer numerous payout options that get players their money fast and safe.
This page will cover the laws that surround sportsbook payouts, as well as describe the methods that are on offer for collecting your money. We will discuss payout speeds, fees, and minimums/maximums. We will also review two of the best sportsbooks on the web. Get ready to have some fun and win big with the greatest payouts in the business.
The U.S. sports betting laws that govern sports betting payouts are contained in the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The UIGEA requires that payouts do not go straight to a player’s credit card. The UIGEA only restricts this certain payout method, but as long as a site pays out in different ways, they are following the rules. The legal US sports betting sites are able to conduct payouts legally by using a variety of methods to get you your money.
The best online sportsbooks offer many safe payout methods such as checks in the mail and bank wire transfers. These methods are fast and secure, and the sites are able to function within the rules of the UIGEA by offering them. Players receive their winnings in a variety of fast and safe methods, and we will take a look at the most popular ones in the next section.
Read More: Are U.S. Sports Betting Sites Safe?
Because the UIGEA denies players the luxury of receiving winnings straight to their bank accounts, the legal US online sportsbooks have come up with many alternative methods. The sites in the states that have legal sports betting do their best to make payouts fast, and players can receive their money within a few minutes, or a few weeks, depending on the payout method. Let’s look at the most popular payout methods available.
Check - The most popular method for sports fans is a good old-fashioned check in the mail. These usually arrive within a week, but can sometimes take up to 30 days. The checks are great because they usually arrive quickly, and players can cash them at their local banks. There is nothing better than getting a big check in the mail with your name on it. This is to go to method for most people, and we have tried all of the payout methods. Checks are our preferred method as well.
Cash Wire Services - Cash wire services, like western union and rapid transfers, are great methods for receiving large payouts. As you will read further down the page, some payout methods charge fees, and cash wires are no exceptions. All you need to do is call the site and give them your information, and they will wire the cash to your account. These usually take less than a week to arrive, and are the second most popular payout method.
Bitcoin - Bitcoin is a new and innovative way to collect winnings. Players that have Bitcoin accounts can conduct all of their transactions through this service, making it simple to make deposits and collect payouts to the same account. You must have made at least one Bitcoin deposit in order to withdraw with this method. Bitcoin transactions only take a few minutes, making this one of the fastest payout methods.
Prepaid Cards - Many sites offer prepaid/gift cards as payout options. The options vary, with some sites offering Amazon gift cards, Walmart gift cards, My Cash cards, and more. This is a great payout method if you know you will be depositing the money right back in to your account, or you like shopping at certain places.
Other Methods - There are many other payout methods such as money orders, person to person, and account to account. Check out the online cashier to see what else is on offer. The ones we mentioned are the most popular methods, but there is a variety of ways to receive winnings.
The payout speeds vary by method, with some taking a few minutes, and some taking up to a month. The fastest payout method would be an account-to-account transfer such as Bitcoin. These methods deliver the money electronically to your account, and usually take a few minutes to process. Checks, on the other hand, can take up to a month, although they usually arrive within a week or two. Check the funding methods on the legal US sports wagering site that you choose to see which methods are on offer, and how long each one takes.
The superior legal online sportsbooks in the USA offer fast and safe payout methods. Whether the site only has a few ways to receive funds, or a whole barrel full, you can be sure that they do their best to get you your money in a timely manner. We are going to review two sites that have numerous payout options and serve as the best sports wagering sites for US players. It is rare that a site gets both the quality of the sportsbook, and the funding methods right, and these sites offer the best of both worlds.
Media giants that are very prominent in American pop culture consider BetOnline to be the best US sports wagering site in the world. After playing the sportsbook for a few months, we can’t find a reason to argue against them. This site accepts players from all fifty states, and has multiple amazing payout options. Whether would like to receive a tangible check, or an electronic transfer, this site will deliver your money quickly. Among the many payout options, you will find bank wire transfers, checks, person to person, Bitcoin, book to book, and more.
BetOnline now offers an astounding Mobile Betting feature that will allow you to access the entire sportsbook from the palm of your hand. You can even manage your account and request payouts on your iPhone, Tablet, or any other device that connects to the internet. BetOnline makes it easy to collect your winnings, and now you can do it from anywhere.
| LEGAL SPORTS BETTING | Details | BONUS REWARDS | Play Now! |
|---|---|---|---|
| Bovada Sportsbook | review | Collect Up To $250 / 50% Match | |
| BetOnline Sportsbook | review | 25% Match Up To $1,000 - "FIRST" | |
| SportsBetting | review | Bonus To $1,000 / 50% Match - "SB50" |
There are a few other things that Americans need to know when it comes to getting paid by an online sportsbook. We have outlined a few of those things below so that readers can make educated choices not only when selecting a payout method, but also when choosing between the different sportsbooks that offer their withdrawal option of choice.
One of the unfortunate side effects to conducting overseas transactions is that there are going to be fees. International exchange laws and the costs of sending funds between countries require the legal US online sportsbooks to charge minimal fees for payouts. Many of the best sites offer one free check payout per month, which is more than enough for many players. Therefore, if you only plan to withdraw once a month, you could do it without having to pay a fee.
The usual fee for a check ranges from $0 to $25. Cash wire services can charge between $20 and $75, depending on the amount withdrawn, making this is a good option for large payouts only. Bitcoin payouts rarely charge fees, and only exchange rates will enter in to the equation. This is a great method for payouts of any amount. Prepaid cards usually have no fees, and never expire. If, for instance, you do a lot of your shopping at Amazon.com, this is a great way to receive a payout. As you can see, fees vary by payout method. All fee information is on the online funding methods portion of the site.
Read More: Legal Sports Betting Deposits for US Players
Legal sports betting sites must put minimum and maximum amounts on each payout method for many of the same reasons they must charge fees. The costs of transferring funds overseas and the maximum amount of money that can travel between countries all factor in to minimums/maximums. We will list the minimums and maximums for each of the popular payout methods below.
Checks - The minimums for checks can be as low as $50 and as high as $500. The maximums are usually anywhere from $3,000 to $5,000.
Cash Wire Services - Cash wire minimums are usually around $100, and the maximums level out around $1000. Because this method comes with hefty fees, we only recommend using it for large payouts. ‘
Bitcoin - Bitcoin is a very easy way to collect small-to-medium sized payouts. The minimums are as low as $20, and the maximums hover around the $3,500 mark.
Prepaid Cards - Prepaid cards carry minimums of $50 and can go as high as $1,000. These are great if you like to shop at certain places like Amazon or Walmart, or if you know that you will use the winnings to deposit back right in to the sportsbook.