Arizona sports fans legally make withdrawals and deposits as they place bets on wide markets. But before you do, you need to understand the ins and outs of banking options. So today, we dive into the banking methods offered, how they work, and what their terms are.
Understanding banking options for betting
In order to understand the gist of banking options, there are a few things to know. Firstly, you want to familiarize yourself with legal Arizona sports betting sites and the banking methods they offer. Second, it’s helpful to get familiar with the typical banking methods offered, which we’ll detail in full.
And, of course, you’ll want to consider both the upsides and the downsides of online banking options. While they are convenient in Arizona, they have their drawbacks as well. Therefore, it’s important to choose one that align with your financial options.
We think we can help you figure that out. So read on below to learn about all of the above and some answers to frequently asked questions about the banking options available.
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Banking methods in Arizona
We’ll begin by taking a look at where exactly you’ll be making your deposits and withdrawals. Each sportsbook has various methods, but only some offer methods with ideal processing times and low fees. Below, we highlight several of them and details about their withdrawal and deposit methods.
Some sportsbooks offer fast payouts in Arizona, and this is key for some bettors.
Bettors at BetMGM AZ can make deposits with ACH (VIP Preferred), major credit/debit companies, PayNearMe, online bank transfer, gift cards, and more. Withdrawals, however, are exclusively for online banking and ACH (VIP Preferred). In addition, withdrawals take one hour to four days, and there are no extra fees for withdrawal.
Draftkings deposits and withdrawals
Draftkings offers seven different deposit methods, including Play+, PayPal, credit/debit, cash, and more. In addition, they offer various withdrawal methods, including e-check, wire, cage, check, PayPal, and online banking options. Know that they impose certain limits and maximums on banking transactions.
Fanduel banking methods
Fanduel offers Venmo, checks, online banking, PayPal, and prepaid cards as withdrawal methods. Note that withdrawals could take between 48 hours and 10 business days, depending on the method. You can only withdraw with these methods if you’ve deposited with them at least once before.
William Hill deposits and withdrawals
Deposit with major credit/debit cards, eCheck via VIP Preferred, PayWithMyBank), PayPal, Prepaid Play+, Skrill, and PayNearMe at William Hill. Note: there’s a $20 minimum on digital deposits. Withdraw with eCheck via VIP Preferred, online banking, PayPal, Play+, or Skrill, and note the $20 minimum/$5,000 maximum.
Caesars Sportsbook Banking
Registered players can deposit with ACH (Electronic Check), major credit/debit cards, online bank transfer, PayPal, PayNearMe, and prepaid cards. Likewise, you can make withdrawals with e-Check ACH, prepaid cards, and PayPal. All withdrawals at Caesars have a minimum deposit limit set at $10.
Bally Bet banking methods
Bally Bet AZ deposits must be between $10-$2,000. They offer various deposit methods, but you won’t know which ones are available until registering and depositing. You can make withdrawals with Play+, ACH (e-check) online, ranging from instantaneous to four days for processing time.
WynnBET banking methods
WynnBET Arizona supports deposits with Visa/MasterCard, Play+ prepaid cards (with daily, weekly, and monthly limits), and others. You can also withdraw with Play+, PayPal, and other methods. Processing times will vary among banking methods, but most are around 24 hours.
Barstool banking methods
The Barstool Sportsbook Arizona offers deposits via e-Check (VIP Preferred), PayPal, prepaid cards, PayNearMe, and credit/debit. Withdrawals work for various methods, with a $500 minimum for checks and a $10 minimum for all other methods. Note that transaction fees may apply within the cashier or due to your bank’s policies.
Arizona withdrawal and deposit methods
Arizona online betting market generally offer a wide variety of options when it comes to withdrawal and deposit methods. However, your options vary between them, so it’s always good to shop around and find the one that suit you. Below, we’ll take a look at the specifics of the most common banking options available to Arizona sports bettors.
PaySafeCard banking method
PaySafeCard is a secure online transaction method that many new sites make use of. It’s a prepaid voucher that reveals little of your personal information. Banking with this method is relatively fast, and while PaySafeCard doesn’t have fees, the other ones might.
PayPal withdrawal and Paypal deposit
PayPal is one of the most convenient banking methods and a favorite among bettors. It’s private, secure, and keeps your bankroll separate from your bank account. In addition, a transaction via PayPal is typically instant with little to no added fees.
Skrill for deposits and withdrawals
Skrill is another type of e-wallet that many are using and are adopting alongside PayPal. There are some small withdrawal fees for Skrill, but deposit fees are little to none. However, note that you may still face fees from the bank or credit account you use to fund this e-wallet.
Play+ deposits and withdrawals
Play+ is a type of prepaid debit card that offers an instant processing time. They work at any ATM that accepts Discover. Play+ may be subject to fees, depending on the sportsbook you are betting with.
ACH (VIP preferred) banking method
ACH banking is popular among punters as one of the faster methods, but you have to enroll in VIP preferred. Sportsbooks typically don’t charge fees for ACH transfers, and neither do the checking accounts you use to fund them. The main downside is that you have a direct path from your bankroll to your checking account.
Neteller withdrawals and deposits
If you want an e-wallet similar to PayPal, Neteller could have been the method for you. That’s right, “could have,” since this e-wallet is no longer offering services to the US. It’s not apparent whether or not they will ever re-enter the US market, but time will tell.
Credit and debit cards for withdrawals and deposits
Credit and debit cards are some of the most common when it comes to sports betting transactions. Most of them accept at least Visa and MasterCard, while others also accept AMEX and also Discover cards. Online debit card withdrawals take several days to process, but you might incur fewer fees by using an ATM.
PayNearMe for withdrawals and deposits
PayNearMe is an app that allows you to load cash at stores like 7-Elevens into your app account. You can use this money to make transactions at certain sites. You use the app-generated codes to move your money into your betting account(s).
PayWithMyBank (Trustly) deposits and withdrawals
PayWithMyBank merged with Trustly, and since then, certain sportsbooks have supported this method. It’s known as a good alternative to using credit cards for deposits and withdrawals. This method typically takes several days for withdrawals to complete, while deposits are almost instantaneous.
This is commonly used for esports.
Pros and cons of banking options
For most sports bettors, the ability to seamlessly make deposits and withdrawals online has been a game-changer. Whereas in the past, it was a brick-and-mortar practice, nowadays, you can wager from your desktop or even mobile device. Now that sports betting is spreading across Arizona, it’s helpful to examine the pros and cons of online banking.
Pros of online withdrawals and deposits
The main pro of online banking methods is the convenience it offers to bettors. Being able to pull out your credit card, prepaid card, or e-wallet details and make a deposit makes wagering easy. In addition, people want to bet from home or wherever convenient to them, and online banking methods allow that.
Aside from this main advantage of convenience, though, there are some other key perks:
- Quick processing times – as withdrawal and deposit methods expand, there are more options available that present instantaneous processing times or short processing times
- Privacy and security – banking methods such as PayPal, prepaid cards, and other e-wallets offer a level of privacy you don’t get with credit cards and online banking
- There is variety – online banking with betting sites is advantageous to bettors since you have several payment options at any given time, whereas in-person betting doesn’t always have that
Cons of online withdrawals and deposits
Although there are many advantages to online withdrawing and depositing, there are also some drawbacks to be aware of. First of all, online banking methods often come with a catch. For example, if you’ve ever made transactions with one of Arizona’s online sportsbooks, you know that they have limits, minimums, and fees.
While some banking methods have quick processing times, others require waiting up to 7-10 business days to get payouts. Further, even though some methods pose fast processing times, some of them take time to approve the transaction first. This means you could be waiting longer than advertised to get your earnings.
And, of course, you have to understand that sportsbooks impose fees and rules that their punters must follow. For example, many have minimum deposit and withdrawal amounts. So, small payouts (say, $8) might require you to keep gambling before withdrawing if the site has a $10 minimum.
Or, if they have a minimum deposit amount, you sometimes have to deposit more than you planned to play. Always read the fine print of a sportsbook’s banking rules for this reason. You don’t want your bankroll to be in trouble.
Extra tips for AZ online withdrawals and deposits
When making transactions in Arizona, it’s always good to have a gameplan in mind. You don’t want to end up in a situation where you’ve wagered, but you are unhappy with banking methods. So take a look at some of our best tips below to prepare for online banking.
- Make sure to choose one that offers both withdrawal and deposit methods compatible with your finances. You don’t want to be in a position where you can’t withdraw your payouts.
- More banking options are not necessarily better. Quality is key, so if you can find a site that offers a few quick and low-fee options, that’s better.
- Always read the AZ betting site’s list of terms for withdrawals and deposits. You may have hidden fees, limits, or minimums to uphold.
- If you use your checking account, consult your bank first to learn their rules and conditions for gambling transactions.
FAQ about banking for Arizona
If your deposit isn’t accepted, there’s likely a reason, such as a lack of funds required, so check that first. Or, your bank or credit card company may have blocked the transaction. But, again, check with the customer support team to know for sure.
This will vary depending on what sportsbook you’re using and what withdrawal method you’re using, too. For example, some waive fees during an introductory period. And further, some banking methods just naturally have processing fees when you use them.
This will also depend on your sportsbook’s specifications. In addition to the banking method’s processing time, the sportsbook first has to approve your request. In general, though, e-wallet methods like PayPal and prepaid cards are typically the fastest.
Rarely, a sportsbook won’t require a minimum deposit amount. They rely on minimums and limits to keep operations running a certain way. That said, you should check with the terms and conditions agreement to see what theirs is set at.
Only a few methods will have instant processing times for withdrawals and deposits. You’re most likely to get an instant withdrawal or deposit with credit, e-wallets, and prepaid cards. However, you’re probably not going to get an instant processing time with checks and bank wires.