Bank transfers are the easiest and most popular deposit and withdrawal options at online sportsbooks. These come in the form of ACH, VIP Preferred, electronic checks, and bank wires. Each of these options involves depositing and withdrawing directly from a bank account.
Pros of using bank transfers at online sportsbooks
- Instant deposits
- No fees for most transactions
- Easy to use
Cons of using bank transfers at online sportsbooks
- Exposes bank account to potential fraud
- Makes it easier to play irresponsibly
- Large or frequent transfers may be marked as suspicious by banks
How to make a bank transfer deposit at an online sportsbook
The first step in making a bank transfer or electronic check deposit is to create an account. This includes giving the betting site your name, address, email address, date of birth, and the last four digits of your SSN. This information is used by the site to verify your identity. The geolocation matches your location with your device and address to ensure account and identity security.
Once your account is open, it is time to deposit. Choose a bank transfer option from the cashier. This may be ACH, VIP Preferred, electronic check, or bank wire. You will need to give your bank account number and the routing number. Your name and address on your online sportsbook account must match your bank account. If it does not, your transaction will be declined.
Deposit limits are generally $5 or $10 up to $1000 for new accounts. The maximum bet can go up to $10,000 or more for established accounts with a history of successful deposits.
Bank wires
The best option for large deposits is a bank wire. This requires additional steps. Players must contact the sports betting site and ask for its master account that accepts wires. Support gives the player the location of the bank and its account number. The player then goes to their bank with this information to initiate the transaction.
Most bank transfers are instant. Wires may take one business day to process. Banks usually charge $15 to $30 to send wires.
Bank transfer withdrawals
Requesting bank transfers, electronic check, ACH, and VIP Preferred withdrawals from an online sportsbook is simple. Choose the option in the cashier’s withdrawal menu. If you deposited using this method, your information is already saved, and the money will be sent back to that account. If you deposited using another method, like a credit or debit card, you enter your bank account and routing numbers.
These types of withdrawals are free on both ends. It usually takes one to three business days to process.
Bank wire withdrawals
Bank wire withdrawals are a bit more complicated. It requires contacting support. Players give support their bank account information and address. The bank wire is processed within a few days. The receiving bank typically charges $15 to $30 to receive a bank wire.
Keep a second bank account for these types of transactions
In 2023, there were account hacks at online sportsbooks. It appears these were done using credential stuffing, meaning players who carelessly used passwords on multiple sites and had those accounts hacked saw their betting site accounts compromised with the same password. This allowed criminals to access their bank accounts using VIP Preferred.
There is an easy solution to this. Open a second bank account for all online transactions. That means not just for depositing at online sportsbooks. Also use this method for PayPal, Venmo, and any other type of online transactions you make. This helps limit your losses and hassle in the event of a hack.
Bank transfer deposits at online sportsbook FAQs
Are there fees when depositing with bank transfers at online sportsbooks?
There are no fees when using bank transfer as an online sportsbook deposit option.
Are there fees when using bank wires at online sportsbooks?
Online sportsbooks do not charge a fee on bank wires. However, banks typically charge $15 to $30.
Are there fees when withdrawing by bank transfer at online sportsbooks?
There are no fees when withdrawing by bank transfer at online sportsbooks.