Table of Contents

How to Deposit and Withdraw From Sportsbooks

Level: Beginner
Updated: Aug 25, 2023
2 min read

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

  1. Discover Credit Card: Discover appears to be the only CC that does not treat depositing into a sportsbook as a cash advance.  All other CCs charge large cash advance fees.  Using a Discover CC also allows you to receive CC rewards on deposits.  Not all states/sportsbooks allow this deposit method, so be sure to verify first.  Also, it is a best practice to set the cash advance limit to $0 to ensure it is never charged as a one.
  2. Online Banking:  If your bank account allows deposits to sportsbooks, this method is often the best option after Discover CC.
  3. 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.
  4. PayPal: Link to your bank account.  This can allow you to deposit directly from your bank account if your bank does not allow it.
  5. 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.

Withdrawing From Sportsbooks Accounts

You can only withdraw 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.

  1. **Avoid PayPal: They do not properly track profits and may provide inaccurate tax forms.**
  2. Debit Card: Often the fastest method to withdraw money.
  3. Online Banking: Works well even if depositing via online banking did not work for large deposits. 
  4. 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.

  1. Have you completed all Site Credit rollover requirements?
  2. Avoid immediate withdraws after the sign-up offer if you can
  3. Try to stick to smaller, spread-out withdrawals (weekly) instead of a large one-time withdrawal.
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