Looking to bet online? We explore which US banks allow gambling transactions
Online gambling is among the most popular leisure activities in the United States. The iGaming industry in the country continues to flourish as more and more states legalize online sports betting.
However, some US banks still haven’t caught up with the trends, as they frequently reject deposits and withdrawals from online casinos and sportsbooks. The UIGEA Act of 2006 still holds sway over these institutions, making them hesitate when it comes to processing gambling transactions.
In this article, we’ll discuss which US banks allow online gambling, why some banks don’t, and how to deposit via online bank transfer. We’ll also explore the list of alternative payment methods you can use in case your bank doesn’t allow online casino and sportsbook payments.
There are many US banks that allow you to fund your online gambling accounts via bank transfer or credit and debit cards. Gambling transactions via these payment methods are still quite popular, as they don’t involve any third-party payment processors. Moreover, banks employ some of the most reliable security systems, giving bettors peace of mind about their data safety.
However, there are still some banks in the US that don’t allow you to transfer money to and from your online gambling accounts. The primary reason for this stance is the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA), which prevents banks from processing online gambling transactions.
Which Banks Process Online Gambling Transactions?
While some financial institutions may still be wary of gambling transactions, those that allow online gambling do exist. In fact, some of the most reputable and trustworthy US banks have no qualms about processing gambling deposits and withdrawals.
The list includes:
- Bank of America
- Goldman Sachs
- Capital One 360
- TD Bank
- Wells Fargo
With most of the institutions on this list, you can rest assured that your online bank transfers will go through without any issues. However, we have to note that some sports bettors have reported that they couldn’t use their Wells Fargo accounts for online betting.
If you’re still unsure whether your bank supports gambling deposits and withdrawals, you can check on your online casino or sportsbook site or the bank’s official site. Online gambling sites usually list the banks they partner with in the Cashier section.
In the event that this information isn’t available, you can contact your financial institution directly. If your bank’s official site has a live chat function, you can use it to get the answer faster. Alternatively, you can contact your bank’s customer support via email or phone.
We should also mention that certain banks classify gambling deposits as cash advances, which may trigger certain penalties. This is the case with Chase, which may apply fees and higher interest rates to your credit card deposits.
How to Use Bank Transfer to Deposit on Online Gambling Sites
- 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
- 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
- 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
If your bank is on the list of institutions that accept gambling payments, then you can use bank transfer to make direct deposits into your online casino and sportsbook account. The whole process is simple and won’t take too much of your time. Here is a step-by-step guide:
- Once you have verified that your chosen casino accepts bank transfers, create an account by filling out the registration form.
- Log in to your casino account, open the Cashier, and navigate to the Deposit section.
- From the list of supported payment methods, choose bank transfer.
- Enter the amount you’d like to deposit. Make sure it’s in line with the operator’s minimum deposit limit.
- Enter the banking details. At this point, you may also need to complete a security check so the bank can make sure someone else isn’t using your account.
- Confirm the transaction.
Once you’ve completed every step, it’s up to the bank to review and process your transaction. Unfortunately, bank transfers aren’t the quickest deposit options, as they can take up to three business days. On the flip side, they are an excellent choice for large deposits, as their limits are much higher than those of other payment methods.
Do All US Banks Allow Online Betting Transactions?
Not all US banks allow online gambling transactions. Despite the expansion of legal online casinos and online sportsbooks in the US, some banks still choose not to process transactions involving gambling sites.
Some well-known sportsbook operators, such as DraftKings and FanDuel, have complained that major US financial institutions won’t allow players to transfer funds to their sportsbook and casino accounts.
However, as the sports betting industry continues to evolve and the number of legal online sportsbooks increases, we may expect more and more banks to jump on the bandwagon and start approving online gambling deposits and withdrawals.
Although it’s reasonable to think that banks would want to take advantage of the booming sports betting market in the US, this hasn’t always been the case. The reason why some American banks still reject or block transactions from your bank account to gambling sites stems from past experiences.
Namely, the UIGEA Act forbids these institutions from accepting payments from known gambling operators. Despite that, some of them have inadvertently processed players’ transactions from offshore gambling sites and suffered penalties from the federal government.
In an effort to prevent similar incidents, these banks have stopped processing all transactions to and from online gaming sites. Another concern they have is related to fraud and money laundering, which was legitimate when there were no regulated online casinos in the country.
Even though many US states have since legalized online gambling sites, including online sportsbooks, these banks remain adamant about their decision not to process money transfers to and from online sportsbook and casino accounts.
All things considered, there is still a high probability that banks will reject your transactions through online gambling sites. Luckily, you have nothing to worry about if this happens, as there are other payment methods you can use to fund your online gambling account. Let’s explore all the available alternatives.
E-wallets are some of the most popular and secure payment methods you can use at online casinos and sportsbooks. These payment processors act as intermediaries between your bank and gambling account, allowing you to transfer money even if your bank doesn’t process gambling transactions. The most popular e-wallet worldwide is PayPal, and if you have an active PayPal account, you can make gambling deposits using PayPal with ease.
In addition to processing payments, e-wallets can also store money. You can fund your e-wallet account using credit and debit cards or bank transfers. In this case, you won’t have any difficulties, as most banks work with most e-wallets.
Another advantage of e-wallets for online gambling transactions is their speed. These payment processors are among the fastest when it comes to withdrawals, usually processing your payment in less than 24 hours.
Some popular e-wallets most commonly accepted by gambling sites include PayPal, Neteller, Skrill, ecoPayz, Venmo, and Trustly. Some processors facilitate free deposits and withdrawals, while others may charge small transaction fees.
Prepaid cards have become a widespread payment method on online sportsbook sites across the US. This banking option includes a physical or virtual card (or both) you can fund with cash at a retail store or online via bank transfer or with your credit or debit cards. Like e-wallets, prepaid cards are a bridge between your bank and online gambling account, letting you bypass your bank’s restrictions.
One of the most popular prepaid cards in the US is Play+. This payment processor lets you sign up for a card directly from the Cashier at your online casino or sportsbook. When you do, you’ll be able to make instant deposits and quick withdrawals. You’ll also receive a physical Discover card you can use to withdraw money from ATMs.
The only downside of Play+ is that every sports betting operator offers its own version of the said card, so you have to sign up for each one separately.
In addition to Play+, another common prepaid card used on online gambling websites is Paysafecard. Although praised for its speed, security, and low fees, this payment processor doesn’t handle withdrawals. Most online sportsbooks offer a prepaid card option making it a very popular choice among bettors.
Regulated online sportsbooks in the US also have their land-based counterparts. Because of that, they can offer patrons the option to deposit and withdraw from their online accounts at physical casino cages.
To take advantage of this service, you have to visit a brick-and-mortar casino in person and bring your photo ID. You can then deposit into your online account using cash, credit or debit cards, personal checks, or even casino chips. The banking options you can use depend on the operator’s policy.
When it comes to withdrawals, you must request a payout online before visiting the casino cage. This payment method is not exempt from the operator’s internal processing, so you’ll have to wait up to three days for approval. When this happens, you’ll receive a confirmation e-mail directing you to the physical location to pick up your withdrawal.
One of the biggest downsides of this payment method is that it is only convenient for players who live near retail casinos. Even then, it’s not more practical than online banking options.
In the event that your bank has rejected your online sportsbook deposit, there is no retail casino nearby, and you do not have a third-party account with a payment processor, you can take advantage of PayNearMe. This payment method allows you to deposit cash into your online casino account via a unique code.
Simply log in to your sportsbook account, go to the Cashier, choose PayNearMe, enter the deposit amount, and the site will present you with a barcode. You can then show this barcode at one of the partnering retail stores; the cashier will scan it, and you can complete your deposit in cash.
This payment method is excellent for players who don’t want to share their banking details with the sportsbook or casino and want to deposit anonymously. However, it’s not as convenient as digital payments, and it doesn’t support withdrawals.
Although online bank transfers and credit and debit cards have become preferred money transfer methods among online gamblers, many banks don’t process gambling transactions. Luckily, as we’ve discussed in this article, there are still some well-known institutions that don’t restrict your bank account in this way.
If you’re still having trouble with deposits and withdrawals because of your bank’s policy, consider using some of the alternative payment methods mentioned above. Third-party payment processors and physical payments can be excellent alternatives for quick and easy casino transactions.
There are quite a few US banks that allow online gambling transactions, so you can choose between Bank of America, Goldman Sachs, Chase, Citigroup, and many others.
The reason why your bank might block transactions to gambling sites is due to legal procedures and reasons that have nothing to do with you. You can always contact your bank to double-check the reason or opt for an alternative payment method.
Currently, these banks allow online gambling in the US: Bank of America, Goldman Sachs, Chase, PNC, HSBC, Citigroup, Capital One 360, TD Bank, Santander, and Wells Fargo.
Many US banks are still behind the rising popularity of online gambling and may block gambling transactions, whether due to their own reasons or the UIGEA Act from 2006.
Bank transfers are probably the most secure online payment method, but you won’t go wrong if you opt for credit/debit cards, e-wallets, prepaid cards, or even depositing cash at the casino cage.
Bank of America does allow online gambling transactions via banks transfers but you must be using a licensed online sportsbook for any payments to be approved. The bank will go ahead with your deposit with no block in place.