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What is a “payout” in sports betting? It often means withdrawing your money from your account. Another common term for this is “cashing out.”
For some people, a payout informally means winning a bet. Here, however, we’re talking about the withdrawal process of taking money out of your sportsbook account.
You can withdraw less or more than you deposited into a regulated online sportsbook. You can also withdraw a partial amount of your account balance.
State law requires regulated online betting sites to allow you to withdraw your funds.
There have been reports of regulated sportsbooks illicitly delaying cashouts, sometimes offering incentives to reverse a withdrawal request.
In 2021, the New Jersey Division of Gaming Enforcement threatened to fine sportsbooks for this practice. The regulator didn’t single out any sportsbooks. It appears the situation has improved.
Offshore unregulated sportsbooks are notorious for delaying customer withdrawals, with many customers reporting the inability to retrieve their money at all. There are no laws or regulations to protect your money with an offshore sports betting website.
That’s why regulated sportsbooks are the best options to use. They have been caught violating gaming regulations, but state officials take consumer complaints if there are issues.
You might now wonder which regulated online sportsbook allows you to cash out the fastest or which is the best to use regarding the withdrawal process. Here’s what you need to know.
There is No ‘Fastest Payout Sportsbook’
None of the highly rated online betting sites such as DraftKings, BetMGM, FanDuel, Bet365, Caesars, ClutchBet or Fanatics has the fastest withdrawal process.
Withdraw times can depend on factors such as:
- Method of withdrawal
- Amount of the withdrawal
- Identity verification checks
- Fraud checks
- Location of the withdrawal request
- Volume of sportsbook’s withdrawal requests
Generally, e-wallets like PayPal, Venmo and ApplePay offer the fastest withdrawals, often within 24 hours. Traditional methods like bank transfers and credit/debit cards can take longer, sometimes several business days.
Let’s dive deeper into how long it takes to cash out money from an online betting site.
Sports Betting Withdrawal Times
As we discussed, withdrawal times can depend on several factors. Here, we’ll give you a general overview.
With online banking, many institutions use real-time payments, a system that can speed up withdrawals to less than 24 hours. Many of the top financial institutions utilize RTP.
Large transactions may take additional processing time, but smaller withdrawals are often instant. Operators must help detect potential money laundering with large transactions.
Here’s a general timeline depending on your method:
- Debit card: up to 24 hours
- Online banking: 3-5 business days
- PayPal/Venmo: up to 24 hours
- Prepaid Play+: up to 24 hours
- Cash at retail location: under an hour, but larger withdrawals may take up to 48 hours. Sportsbooks will notify you by email when your cash is ready.
- Check: 7-10 business days
Important to note: It is usually quickest to withdraw your funds the same way you deposited them. Depending on the method, you may only be able to withdraw your funds through the same method you deposited them.
Frequently Asked Questions (FAQs)
Are there withdrawal fees for sports betting?
No, regulated online sports betting sites in the United States cannot charge you a fee for cashing out your money. However, there may be a minimum withdrawal amount.
How will I be notified of my withdrawal?
Sportsbooks typically send you an email. They also usually provide a notification if you bet through their smartphone app. Make sure you have notifications turned on for the sportsbook.
Why can’t I withdraw my money?
The most common reason is that you’re trying to withdraw a bonus. Bonuses, boosts, or other promotions must be used on bets or contest entries and cannot be withdrawn or taken out.
For example, if you receive a $100 bonus bet, that money can only be used on wagers according to the terms and conditions. However, any winnings you get from bonuses or boosts are yours and can be withdrawn as cash.
Can I get a refund on my deposit?
Yes, if you deposit money in an online sportsbook and change your mind about betting, you can withdraw the money without betting. Any promotional money you claimed will be lost.
Where is my sports betting check mailed to?
Typically, you can only get a check mailed to the verified address you used to register with the online sportsbook. You can’t have it sent to a different location.
Can I deposit in person at an online sportsbook?
Yes, but it depends if the online betting site has a physical, brick-and-mortar presence. If it does, you can typically deposit and withdraw in person.
Do withdrawal times depend on where I use the app or website?
No, withdrawal times are the same regardless of whether you’re using a sportsbook’s mobile application or its website through a web browser like Google Chrome.
