Even if you’ve never visited an online sportsbook before, you shouldn’t have much difficulty making your first deposit. You should thoroughly research the top sportsbooks before making this decision, though.
Once you have registered for an account, you simply decide the amount you want to deposit and transfer your money into your online account. Many times, the funds are immediately available for you to start placing bets.
Withdrawals Can Be More Difficult
While depositing your money with an online sportsbook is made easy, making a withdrawal is sometimes not so simple.
In fact, you could be in for a rude awakening if you haven’t done the proper research. Some sportsbooks online require nothing short of jumping through hoops to retrieve your money.
We live in a society where, every week, we are joining a new site or downloading a new sports betting app. Every time I do so, I am asked if I have read and accepted all the site’s terms and conditions. I rarely if ever read them, though. I simply check “yes” and forget about it. I am not in the minority here.
However, when it comes to online casinos and sportsbooks, I carefully read all the terms and conditions, going so far as to print them out and go through them with a highlighter.
This puts me in the minority. It’s estimated that less than ¼ of gamblers ever read all terms and conditions before making a deposit.
By not paying close attention to these terms and conditions, you are putting yourself at a severe disadvantage at best. I can’t imagine many worse feelings when it comes to gambling than having to wrestle your money away from a sketchy sportsbook.
I don’t want you to get blindsided by the withdrawal conditions that you may encounter. Here are five things you need to know about withdrawals from sportsbooks online.
1 – You May Have to Prove Your Identity
You’ve just won your first massive parlay, and your account is nearly overflowing with digital funds. You excitedly place a withdrawal request and text the wife to get a sitter. It’s time to treat yourself to an elegant gourmet dining experience… Except there’s a snag.
You get a message informing you that the withdrawal cannot be completed because you have overlooked submitting the proper paperwork that proves you are the person you claim to be.
Where did this sudden need for paperwork come from? Will there be an endless string of hoops to jump through? Are you being scammed?
These are all questions that may be running through your head. It’s human nature. You want your money now. It’s going to take days to gather all of the necessary information and submit it to the online sportsbook.
It’s at this critical point where many keyboard warriors march to the internet forums for their justice. Of course, had they just spent 10 minutes reading all the terms and conditions or (at minimum) reading the withdrawal policy, this could have easily been avoided.
The online sportsbooks require identity verification to protect themselves, yes. But this is also to protect the consumer. The online sportsbooks want the gamblers to receive their winnings, not identity thieves or hackers.
In most instances, this step is also required to ensure that gamblers are of legal gambling age. The bottom line is to read the terms and conditions. You should also expect to be required to verify your identity and do so beforehand. This will expedite all future withdrawals as much as possible.
2 – Processing Times Vary for Withdrawals
When it comes to getting your money faster, all payments are not created equal. You should carefully choose how you deposit funds, as this may dictate how your withdrawal works.
If you are well-versed in the different processing times ahead of time, you’ll save yourself valuable time in the future. The last thing you want to do is choose a method that will take weeks instead of days for you to receive your funds.
Again, as will be a common theme throughout this article, it’s your responsibility to know the terms of the site you choose. If you wait to process a withdrawal until you need it, you may well be left holding your thumb.
3 – Cryptocurrency Doesn’t Translate to Instant Cash
It seems that a large group of gamblers have some dangerous misconceptions about cryptocurrency transfers. Many people assume these transfers happen instantaneously.
So, you may be surprised if your Bitcoin deposit or withdrawal isn’t immediately available for you. The fact is that Bitcoin takes time to process. Exactly how long it may take depends on several factors.
Bitcoin has become more prevalent over the last five years, and that increase in traffic has slowed the entire system. Before anything can happen, the online sportsbook must process and initialize the transfer. This may take days to process and even release the funds.
Once that occurs, the time for you to receive the funds may vary significantly. You could see the funds in as little as 15 minutes on the quick end in most instances. Most cryptocurrency transfers will take a few hours to arrive in your account. There are sometimes tricky delays, and you may not see your cash for a few days.
My best advice here is to plan and remain patient. You’ll get your money, though maybe not on your terms.
4 – Many Online Sportsbooks Process Withdrawals on Specific Days
A lot of gamblers are under the impression that a withdrawal request begins getting processed immediately. However, the fact that you made the request doesn’t translate to a person on the other end waiting to process withdrawals at your beck and call.
All you’ve done as far as the sportsbook is concerned is make a request for a withdrawal. While this transaction may be of paramount importance to you, the sportsbook has tons of transactions taking place at any given time.
Online sportsbooks often approve such requests on specific days. You should check your sportsbook for their processing schedule. Suppose you submit a withdrawal request late Friday, and the site doesn’t process withdrawals on the weekends. In that case, it won’t be processed until Monday.
Knowing when your sportsbook processes withdrawals won’t change how quickly you get your money. But it may save some frustration on your part by understanding the delay.
5 – Bonuses Can Freeze Your Withdrawal
The most common hiccup I see when players go to make a withdrawal are bonuses. Bonuses are often tied to your funds so tightly that you may not make a withdrawal until all bonus terms are met.
Nearly any bonus offer from sportsbooks online will have rollover requirements. Sometimes, these can be 10x or more. You’ll have to wager the amount of the bonus 10 times before you meet the terms of the bonus and withdraw funds.
When you try to withdraw funds before the bonus terms, you’re going to have some complications. You may be able to make the withdrawal after paying a fee. Some online sites will allow you to withdraw only the amount you deposited.
You may even be allowed to withdraw the entire balance, minus the bonus amount. This may be the best option available to you.
Obviously, there are dozens of variations to these restrictions that you may encounter. As I have continued to state, if you will simply read all terms and conditions upfront, you can avoid a tremendous amount of confusion and aggravation later.
Knowing Is Half the Battle
When I was a kid, I fell in love with the famous cartoon G.I. Joe. At the end of every episode, they’d close with some life lessons that adults were always trying to impart on kids. Things like how you shouldn’t fly a kite near power lines or that you should avoid swimming in a lightning storm.
The cartoon would end with the tagline, “Knowing is half the battle.” This has applied to many aspects of my life over the years, and I want to pass it on to you.
You are easily able to avoid the pitfalls others may choose to ignore by doing your research. Read all the terms and conditions. I’ve contacted customer service more than once to discuss the terms of a deposit bonus before accepting or declining one.
Remember, this is your money, and it’s your responsibility to know and understand how and when you will be able to retrieve it. If you find that your deposit is tied up because of bonuses, you really have no one to blame but yourself.
Take the steps now to make the most of your sports betting. Carefully read all the terms, submit any required paperwork immediately, and understand your online sportsbook processing schedule. You are then poised to reap the rewards of your labor relatively pain-free!
Michael Stevens has been researching and writing topics involving the gambling industry for well over a decade now and is considered an expert on all things casino and sports betting. Michael has been writing for GamblingSites.org since early 2016. ...
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