How to Quickly Get your Sports Winnings Paid Out to Your Bank Account
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Good on ya’, you’ve gotten the hard work out of the way by making some winners. This also means you’re completely set to enjoy your latest victories and that’s why we’ll give you a step-by-step payout guide to get your money from the sportsbook into your bank account. As we know things vary slightly from sportsbook to sportsbook, we try our best to give you the most complete explanation possible.
There are a few things you should know about sportsbook withdrawals which we will discuss more in depth in our complete cashing out guide. Please note that it takes time:
- For the sportsbook to verify the results.
- For the payment department to process the requested withdrawal.
- To process payments for sportsbooks when it concerns non verified accounts (KYC).
- To process payments for banking methods when it concerns non verified accounts (KYC).
1. Sportsbooks verifying results from official sources
The first step in the process of sportsbook withdrawals is just as important as submitting the actual withdrawal. You will need to double check every single detail and ensure you’re entitled to request the payment. Generally you can do so in your own sports book account where you’ll have access to the tracking section and recent withdrawals. Useful info can most likely be found somewhere in your banking or cashier section. Your favourite sportsbook will need to verify the results or your bet(s) as well. This is a rather automatic process, but it might just happen that you’ll see your withdrawal in the pending mode.
In order to give you a tangible example of how an easy payout works in the real world we’ve chosen to use NordicBet’s sportsbook as an example. Along with betting websites like Betsson and BetSafe, NordicBet is one of our 2020 favourites.
2. Payment department needs to process the requested withdrawal
Cashing out winnings is a threeway process involving the player, the operator and the payment method. When requesting your payment you will usually see that you can choose your preferred payment method.
Processing the request
After having selected your banking method it is up to the bookmaker to process your payment request. This means the bookie needs to go through your request, making sure you have met all of their terms & conditions, and of course, that you have sent in your verification forms. Please note that processing times vary wildly, depending on the state of verification (more about this later on), your preferred method of payment, and the handling speed of the sportsbook. All of this only concerns getting the payment ready.
Terms & Conditions
Every sportsbook works with terms & conditions and when you opened your account you were also requested to go through these and accept or decline them. Our idea is not to scare you with all sorts of terms and conditions, but we do want to urge you to always check them out. This way you won’t bump into any surprises, especially when you’re requesting your next payment. Terms and conditions usually concern the wagering amount for casino and sportsbook bonuses. If you haven’t used a bonus these terms might become less relevant.
3. Is the account verified (KYC) or not?
This one actually comes with a few steps and these might just be the most challenging ones. Especially, in case of large payments you might be requested to submit additional documents.
Verification is one of the most important steps to cashing out your winnings. The basic idea behind this? That you’ll need to prove that you’re you… When opening your account you were asked to submit your personal details, including your address, e-mail address and full name, for instance. As European laws require sportsbooks and online casinos to know their customer (Know Your Customer), most betting companies will ask you to also send further documentations like your ID, banking statements and/or utility bills. As this needs to be checked manually, this can actually take a few days before additional verification has been completed. We therefore recommend you to go through this process when you make a deposit. That is, if you expect to play at a betting website on a regular basis.
Party Payment Processors
Once the betting website sends you the funds, they usually make use of an additional payment processor. This can either be a bank, an e-wallet or even a fully separate processing company. As you might have imagined by now, this also takes some time. It is therefore very probable that a sports book can’t give you further details once the payment has actually been made by their financial department. You will probably see a status update.
4. Speed of the payment provider
The payment method you use actually makes a lot of difference. Each method has its own pros and cons and works with its own time frame. Choosing for one method over another might however mean a big difference in terms of handling speed.
The most common payment methods you will encounter are:
- Bank transfers: how long a payment via a bank transfer eventually takes from the time you initiate the request until it finally shows up in your bank can greatly vary depending on the bank. Be prepared for a withdrawal time of 1 to 3 business days.
- Credit and debit cards: expect to see your funds within a couple of business days. Allow up to 5 days for your payment to be fully processed.
- E-Wallets (Neteller, Trustly, Skrill): e-wallets offer a lot of advantages of the traditional payment methods and one of the biggest benefits is definitely fast payouts. Please check which e-wallet is available as the availability may differ per country. For the UK it’s fair to say that Neteller, Trustly and Skrill are all widely used. Generally, withdrawals via e-wallets should be available immediately in your wallet.
Final note: before you request your pay-out
With the knowledge of the above you have got quite some options now to speed up your payouts and find the fastest payout sportsbook. In a nutshell we would therefore recommend you to:
- Join the right sportsbook.
- Choose the right banking options.
- Benefit from VIP programs.
- Read the rules.
1. Join the right sportsbook
Every betting website is different – operators work with different cash out limits, processing times, verification procedures, and it can become a bit tricky if you’re new to online sports betting. Some websites are just more customer oriented than others and will guide you through the payment process in a user friendly way than others. If it becomes too confusing to request a payment, then you should think whether you are betting on the right website. A simple rule of thumb is that it should be just as easy to withdraw money as to deposit money.
2. Choose the right payment method
This is probably one of the most important things you can do yourself and you have full control over. Each method has its own time frame and e-wallets are just a lot faster than, let’s say, a credit card payment. If you do have the option to withdraw money via an e-wallet, then do so. This will not only save you handling fees, but it also saves you time.
3. Benefit from VIP Programs
A higher loyalty or VIP status might just give you some more benefits if you want to request a payment. It is true that VIP programs are somewhat more common for online casinos, but there are more and more sportsbooks that offer them as well. If you consider yourself a frequent player, then check out the benefits of your sportsbook’s loyalty program.
4. Read the Rules
The above also means you will need to go through all the rules and that’s definitely something we want to urge you to do, regardless of whether you’re enrolling into a VIP-program or not. As you probably want to receive your winnings as soon as possible you should always be aware of all the rules related to deposits and withdrawals. Make sure you go through the rules so you won’t come across any surprises. At the end your main goal is to find the fastest payout sportsbook and reading the rules is therefore truly indispensable.