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Making deposits to and withdrawing funds from US Sportsbooks, notably the new ones in New Jersey, is not always something that happens instantly, but modern technology ensures it is invariably safe, pretty seamless and easy to do. Here are some of the available payment methods.
Although their payment menus are not as extensive as the best of their off-shore international sportsbook rivals, the fledgling US sportsbook industry does already offer a fairly wide range of deposit methods.
Most of the eight already-established New Jersey sportsbooks will allow you to make deposits using credit cards, ACH (eCheck), Neteller, Skrill, Pay-Pal, Bank transfers, wire transfers, guaranteed check payments, branded pre-paid cards, and with hard cash paid to Pay-near-me stations at 7/11s or to the cashiers cages of brick-and-mortar Casinos or Race Course betting lounges associated with them.
One or two casinos and sportsbooks will accept Bitcoin deposits, but not too many at this stage
Withdrawal methods are way fewer than for deposits
Most US sportsbooks restrict them to PayPal, (only if it was used to make the deposit) likewise eCheck and Neteller, in cash from the cashier cages of associated Casinos or by posting or couriering old-fashion paper checks to you.
Here we look at the various deposit and withdrawal methods mentioned above in greater detail
DEPOSIT METHODS
Credit and debit cards
Visa, MasterCard, and American Express credit card payments are one of the quickest, easiest and most popular ways to make sportsbook deposits and are acceptable to all US sportsbooks.
So too are debut cards which immediately transfer funds out of your bank account as opposed to credit cards which temporarily borrow money from your bank to make the payment.
Prepaid cards
Using prepaid cards, especially the branded ones offered by many US online Casino/sportsbooks to their customers, is another convenient and safe way of making deposits.
Using this method, you load the card with funds and then make deposits to the sportsbooks from it as need be.
PayPal
PayPal is an online payments system that gives its customers a safe platform to make prompt money transfers around the globe. An account set-up through your email address and with a password is funded via your credit card or electronic transfer from your bank account.
Most US sportsbooks, but not all, accept this popular electronic payment method as a safe and fast alternative to traditional payment methods.
ACH (eCheck)
ACH, also known as eCheck, stands for the ‘Automated Clearing House’. Using this is a method you can electronically transfer funds from your bank account to a halfway clearinghouse. These funds are then transferred to the sportsbook to which you are paying your deposit.
It is a fast and trusted method of payment offered by all New Jersey sportsbooks.
Neteller
Neteller gives you an electronic money wallet service that enables you to move money to and from gambling houses and other retail businesses online. Similar to eCheck, Neteller serves as a middleman to make payments online.
Most New Jersey online gambling sites accept Neteller deposits.
Skrill
Skrill is an e-money service similar to Neteller that makes prompt to-and-from payments worldwide via a middleman. It focuses on low-cost money transfers but is not as well known or as often used at Neteller by New Jersey sportsbooks.
Bank Transfer
A bank transfer (EFT) is the traditional way of electronically sending money from one bank account to another. This differs from ACH (eCheck), Neteller and Skrill in that transfers do not go through a clearinghouse or middleman and are not immediate, sometimes taking up to two and three days to go through.
New Jersey sportsbooks all accept this deposit method.
Wire Transfers
A wire transfer is another way of transferring funds online, most usually from one bank to another through a third party. Although safe and quick, not many New Jersey sportsbooks and Casinos use it.
Cashier cage payments
Deposits can be made in hard cash to the cashier cages or betting windows at the various brick and mortar casinos or race course betting lounges that partner the New Jersey online Sportsbooks. This is a popular payment medium used by all New Jersey sportsbooks.
PayNearMe
A convenient way of making over-the-counter, out-of-town cash deposits in areas of New Jersey where there are no casinos or race courses. Simply visit any handy 7/11 convenient store and use the PayNearMe system to pay your required deposit
You can find out how to go about using this method by simply talking to the stores or to your Sportsbook’s customer support.
Bank Draft, Bank Check or Cashier’s Check
These are paper checks that are guaranteed by a bank but are not an option to your everyday user. They are reserved for special customers able to afford much higher minimum deposits normally starting at around $500.
Bitcoin deposits
Not everyone is ready to trade in Bitcoins at this stage. But a few US Sportsbooks are accepting deposits via this increasingly popular form of currency.
They will usually convert the amount into US dollars. This by using the average of the current Bid and Ask prices from known Bitcoin currency dealers
WITHDRAWAL METHODS
The Withdrawal options offered by the New Jersey Sportsbooks are considerably less than their Deposit options. In most cases, the only ways you can withdraw funds from them is as follows:
Paper Checks
No US sportsbook is averse to paying with checks sent to you by post or by courier. But payments are delayed when using this method, especially when the postal service is used.
Cash payments
NJ Sportsbooks are all happy to make cash payments from the cashier cages. This includes betting windows of partnering brick and mortar casinos and racecourse betting lounges.
Prepaid Cards
Some NJ Sportsbooks will also allow you to withdraw funds from the Pre-paid cards you have obtained from them.
After you have deposited funds into it your Sportsbook account. The sportsbook, in turn, will partner your account with your pre-paid card. This normally will have been issued by a bank (The Bank of George in the case of BetStars). So that you can either withdraw funds at an ATM. Or spend them on making more bets, on associated casino and/or in the hotels and retail shops attached to them.
PayPal, eCheck Neteller or Skrill
If you have deposited your funds into a designated sportsbook or partner casino using PayPal. And share the same account wallet, you also make withdrawals from that same e-wallet; likewise eCheck, Neteller and Skrill.
FOOTNOTES
- Credit and Debit cards cannot be used to withdraw funds. Nor can you get cash back at PayNearMe facilities at 7/11 stores.
- All New Jersey sportsbook offer different deposit and withdrawal methods. So before making financial transactions, check out which options are being offered by your chosen sportsbook. Either via the information provided on the home pages of their interfaces or by contacting their customer support teams.