Written by:
Damjan Jugovic Spajic
Fact checked by:
Oliver Dickinson
Updated:
July 3, 2024

How to Deposit and Withdraw Money from a Betting Account

You’d think that depositing and withdrawing from a betting account was as simple as entering your payment details and hitting the confirm button, however, there’s a little more to it than that. We’re going to look at the major sportsbooks and show how to effortlessly fund your account and get your winnings ASAP!

Making a Sportsbook Deposit

With just a few taps on your screen, your betting account will be funded. The whole process takes less than 2 minutes and is very smooth. In this guide, we’ll use DraftKings as an example, follow along and happy depositing!

  1. Open the DraftKings app
  2. Tap the deposit or + button at the top of your screen
  3. Select a prepopulated amount to deposit or type in a specific figure ($5 is the minimum deposit)
  4. Choose your payment type (Visa, Mastercard, PayPal, Venmo, bank transfer, Apple Pay, and more)
  5. Enter your payment details, for example, credit card number
  6. Tick the box next to remember for future use
  7. Click Continue
  8. Review your deposit, including the amount and payment information entered
  9. Tap the Deposit button

DraftKings Sportsbook

4.8/5
  • Minimum deposit $5
  • Sleek and easy-to-use user interface
  • Plethora of betting options
  • Range of regular promotions
  • Limited withdrawal options
  • Needs a better rewards system
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If the deposit was successful, you’ll see a confirmation message. Deposits are processed instantly at sportsbooks, so as soon as you see the message, the funds will be in your account ready to be used. Also, remember you can only deposit using a sportsbook payment method that belongs to you. So don’t try to deposit via your buddy’s card, the transaction will be declined.

Supported Payment Methods

You can deposit at sportsbooks via these payment methods:

The only payment method that isn’t available is cryptocurrency. This is because licensed and regulated US sportsbooks are forbidden from accepting any form of crypto.

Minimum Deposit Amount

The minimum deposit at a sportsbook is just $5 (DraftKings), while the minimum deposit at bet365, BetMGM, FanDuel, and Caesars is $10.

DraftKings Sportsbook

4.8/5
  • Minimum deposit $5
  • Sleek and easy-to-use user interface
  • Plethora of betting options
  • Range of regular promotions
  • Limited withdrawal options
  • Needs a better rewards system
Bet $5, Get $150 In Bonus Bets
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FanDuel Sportsbook

4.7/5
  • Minimum deposit $10
  • Vast coverage of sporting markets
  • Supports ewallets & traditional payment methods
  • Promotions are kept exciting
  • App layout is a bit cramped
  • No NFL live streaming
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BetMGM Sportsbook

4.6/5
  • Minimum deposit $10
  • Plenty of payment methods available
  • Well-designed Android & iOS app
  • In-Game wagering
  • Football live streaming is not available
  • Customer service contact has to go through FAQs
Up To $1,500 in Bonus Bets
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bet365 Sportsbook

4.5/5
  • Minimum Deposit $10
  • Huge welcome free bet
  • Big sport market coverage
  • Easy and fast banking options
  • Few promos for existing players
Bet $1 receive $365
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Caesars Sportsbook

4.4/5
  • Minimum deposit $10
  • Reliable and user-friendly app
  • Most lucrative first bet promotion in the market
  • Huge market depth and coverage
  • Best rewards program in the industry
  • Experience can vary per state
  • Frequently changing its features
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Required Information

Before you can make a deposit at a sportsbook, you need to share your first and last name, address, date of birth, email, mobile number, and last four digits of your SSN. If the sportsbook can’t verify your identity based on your SSN, you’ll need to upload your ID and proof of address, such as a recent bank statement (no older than 3 months).

Then, you just need to enter your payment details. The personal details attached to your selected payment method must match those associated with your sportsbook account. For example, you can’t deposit via someone else’s credit card or bank account.

Start Betting

Once your funds have arrived, it’s time to place your first bet. First, scroll through the different sports until you find something that catches your eye, and click on it. You’ll see all the different betting options – tap on one.

Now, you need to make a prediction and type in your stake. Double-check the betting slip to ensure you’ve selected the correct bet, and pay special attention to the odds offered and your potential winnings. When you’re happy with everything, hit the Place Bet button.

Here is an example of how to place a bet at a sportsbook:

  1. Click on NFL
  2. Tap on Philadelphia Eagles vs. Dallas Cowboys
  3. Go to moneyline market
  4. Select Eagles to win at -150 odds
  5. Enter $100 stake
  6. Click Place Bet

Making a Sportsbook Withdrawal

The withdrawal process is virtually identical across all sportsbooks, but in this example, we’ll specifically look at withdrawing from DraftKings. To quickly and safely cash out your winnings, follow these steps:

  1. Log in to your betting account
  2. Tap on your profile image in the top right-hand corner of your screen
  3. Click the Withdraw button
  4. Enter the amount to withdraw (the max you can cash out is your Available to Withdraw balance)
  5. Click Continue
  6. Select your payment method (you can only withdraw to a payment method you’ve used to deposit)
  7. Check the details are correct
  8. Hit the Request Withdrawal button
  9. Enter the code sent to your phone or email

After you’ve submitted your withdrawal, you can keep an eye on its progress via the tracker. The stages are requested, reviewing, and processing. Once your withdrawal has been processed by the sportsbook, you should receive the money within 48 hours.

If your payment provider cancels your withdrawal, you’ll be notified via the tracker. If this occurs, try using another withdrawal method.

Supported Withdrawal Methods

You can withdraw from sports betting accounts via the following methods:

Wagering Requirements & Minimum Withdrawal

Bonus bets don’t usually have wagering requirements. When you place a winning wager using a bonus bet, you receive the profit minus the stake. For example, if you place a $100 bet at +200 odds, you would get $200 ($300 – $100). The profit can be withdrawn immediately.

If you receive a match bonus from a sportsbook, the wagering requirement is typically between 5x and 10x. So if you got $1,000 in bonus cash with a 5x wagering requirement, you’d need to make $5,000 worth of bets before it becomes eligible for withdrawal.

You can withdraw as little as $1 from a DraftKings betting account via all payment methods except bank wire and checks, while the minimum withdrawal is $10 at FanDuel and $20 at BetMGM.

Required Information

US sportsbooks require you to verify your identity during registration. So, when it comes to withdrawing, you usually don’t have to share additional information. If you’re cashing out a large sum ($5,000+), the sportsbook may request your ID and proof of address.

You might need to verify your withdrawal request via email or SMS. Also, as you can only withdraw using payment methods you’ve recently deposited via, you don’t need to re-enter your payment details when cashing out.

Sportsbook Payment Fees

Sportsbooks, including FanDuel, DraftKings, and BetMGM, don’t charge deposit fees; this has become the industry standard. However, your financial institution may charge a fee when you use a credit card, as they may view the transaction as a cash advance.

Cash advance fees are usually 5% of the transaction and max out at $10. There’s also a flat fee of $15 when you deposit via wire transfer, again charged by your bank.

💳Payment Method💲Deposit Fees💲Withdrawal Fees
Online Banking$0$0
Credit Card5% up to $10 (in some cases)N/A
Debit Card$0$0
VIP Preferred$0$0
Trustly$0$0
PayPal$0$0
Venmo$0$0
Cash at Cage$0$0
Bank Wire$15$15
ChecksN/AN/A

Sportsbook Deposit & Withdrawal Payment Speed

All deposit methods at sportsbooks are processed instantly except wire transfers, which will arrive in 1 to 5 days. Online banking and VIP Preferred deposits will be credited to your account immediately, however, the charge may take up to 3 days to appear on your end.

This is how fast you can expect to receive your money when withdrawing from DraftKings and FanDuel:

💳Payment Method⏱️Withdrawal Payment Speed
Online BankingUp to 5 days
Debit CardUp to 24 hours
VIP PreferredUp to 72 hours
TrustlyUp to 24 hours
PayPalUp to 48 hours
VenmoUp to 48 hours
Cash at Cage1 hour
Bank WireUp to 48 hours
ChecksUp to 14 business days

Common Sports Betting Payment Issues & Troubleshooting Tips

These are common problems you may run into when depositing at a sportsbook:

Reflecting on our experience, the most frequent issue players face when depositing at betting sites is simply entering their payment details incorrectly. So triple-check everything is correct before you start blaming the sportsbook!

Unfortunately, the issues don’t just stop at deposits, here are some withdrawal dilemmas that might pop up:

Safety Tips for Depositing and Withdrawing From Betting Sites

Betting sites are highly regulated in the US and overall are very safe, however, things can still go wrong. Use these tips to avoid any mishaps when depositing and withdrawing from sportsbooks:

Conclusion

Now you know exactly how to deposit and withdraw from a betting account. The process is straightforward, there are no fees, and most withdrawal methods only take up to 48 hours. Remember to use our tips to safely fund your account and ensure your winnings arrive pronto!

AUTHOR
Damjan Jugovic Spajic

A soccer and eSports fan who always roots for the worst possible teams, Damjan is a resident writer and contributor at Minimum Deposit Betting Sites. With over 5 years of experience in the online casino and sports betting industry, he largely focuses on writing reviews and testing out bookmaker transaction processes.