How to Deposit and Withdraw From Sportsbooks
Key Takeaways
Funding Sportsbook Accounts
Funding sportsbooks can provide some challenges based on your bank and the sportsbook itself. Here are a few methods that tend to work well
- GBank Signature Visa: The GBank Signature Visa Card offers 1% cash rewards on sportsbook deposits. Learn more about how this can increase your matched betting profits in our GBank review.
- EDGE Boost Debit Card: The EDGE Boost Visa Debit Card is one of the easiest ways to deposit into sportsbooks, with a starting daily limit of $100,000. The EDGE Boost Visa Debit Card also offers cash back on deposits up to 0.5%. Debit cards are accepted by nearly all sportsbooks and are often the easier than other deposit methods. Learn more in our EDGE Boost review.
- Online Banking: If your bank account allows deposits to sportsbooks, this method is often the best option after GBank CC and EDGE.
- Debit Card: Similar to online banking, your bank may block these transactions. Contacting your bank may prevent this. You may also need to raise your transaction limit on your debit card. Most banks allow temporary increases.
- PayPal: Link to your bank account. This can allow you to deposit directly from your bank account if your bank does not allow it.
- VIP Preferred: VIP Preferred is a deposit/withdrawal provider that many sportsbooks use. This method works very well for deposits and withdrawals but starts with low limits. These limits grow over time so it is best to open an account as soon as you can even if you do not plan on using it.
- Wire Transfer: Work great for large deposits but are limited to Monday through Friday during business hours. Always double check the wire information to make sure it matches exactly.
Closed-Loop Deposits and Withdraws
A closed-loop deposit and withdrawal system for sportsbooks requires users to withdraw funds using the same method they used to deposit. This enhances security by ensuring funds return to their original source and helps comply with anti-fraud regulations. While this system provides traceability and protection, it can limit user flexibility if they wish to change withdrawal methods. This is particularly problematic when PayPal/Venmo are used to deposit because a user has to withdraw via PayPal/Venmo. Both PayPal and Venmo may issue inaccurate 1099s based on withdraw amounts not net profit/loss.
Incremental Withdrawals
Incremental withdrawals can help bettors avoid triggering limits imposed by sportsbooks. By keeping each withdrawal under $2,500 and spacing them out to 1-2 times per week, matched bettors reduce the likelihood of drawing attention to their accounts. Several sportsbooks appear to conduct an account review for withdrawals of $5,000 or more which may result in limits. Incremental withdrawals make transactions appear more typical and less suspicious to the sportsbook.
Withdrawing From Sportsbooks Accounts
Most sportsbooks only allow withdraws via a method that you previously used to deposit. Meaning you may have to make a small deposit, ~$10, from a new method if you want to withdraw via it. As previously mentioned, some sportsbooks have a closed-loop deposit and withdraw system which has additional restrictions.
- Avoid PayPal: They do not properly track profits and may provide inaccurate tax forms.
- EDGE Boost Debit Card: Withdrawing to your EDGE Boost Debit Card checking account allows you to separate your matched betting bankroll from your everyday checking account, and also offers cash back rewards up to 0.5% on deposits. Learn more in our EDGE Boost review.
- Debit Card: Often the fastest method to withdraw money.
- Online Banking: Works well even if depositing via online banking did not work for large deposits.
- VIP Preferred: Works well.
The first time you withdraw from a sportsbook they will likely ask you for additional information such as a bank statement, or even a selfie of you holding your license. This is a normal practice to make sure that no one else is trying to withdraw your money.
Sportsbooks prefer deposits over withdrawals, and sometimes withdrawals can lead to limits from a sportsbook. Here are a few things to consider before withdrawing.
- Have you completed all Site Credit rollover requirements?
- Avoid immediate withdraws after the sign-up offer if you can
- Try to stick to smaller, spread-out withdrawals (weekly) instead of a large one-time withdrawal.
