Fastest Payout Sports Betting Sites
While the online gambling world is diverse, with so many players having their favorite way to play and their favorites games to gamble their hard-earned dollars on, there is one issue that unites us all: payouts. Since the inception of the industry, payment processing has been a challenge. For many players, that includes trying to get their withdrawals processed by a site as quickly as possible.
What defines a fast-payout betting site, anyway? Well, there are several factors to take into consideration when you are trying to find a site that will get you your money as fast as possible. This page is going to outline the process, the options and some tips for you with the goal of helping you get fast payouts from whatever site you choose to play on.
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What Is the Payout Process?
Before we dig too deeply into the fastest methods and ways to get paid by an online sports betting site, it is important that you all understand how the withdrawal process works. The deposit process is simple: select a method and the amount you want to deposit, and almost instantly you receive funds in your betting account. Why, then, is the payout process so much more difficult?
Well, first off, a site doesn't want to pay you. It isn't because the owners are crooks (except in rare circumstances). The thought process is that is the site can delay the approval of the withdrawal, then you may just cancel the request and start betting again. This is common practice across the industry, regardless of what you might be told by a site.
As for the actual process, you would be surprised at all the steps taken before your money is sent to your account. Let's look at how a betting site performs this task:
- First, you put in your request, at which point you must adhere to the site's withdrawal limits.
- The request is then put on a list of pending withdrawals, where a fraud department will usually look to make sure there is no funny business going on with your account.
- You may then be asked for verification documents to be sent to the site.
- Once your payout is approved internally, it then has to be sent to the payment processor you chose. Depending on the volume of transactions a site has, you may have to wait for a batch to be processed.
- Now that your payment processor knows to pay you, they then have to place the money in your account.
- From there, you need to get that money from the processor to the bank.
As you can see, there are a lot of steps in the process, and each can add delays to the payout speed. This process is the same no matter what site you are playing at, although some companies may not lay out all the steps for you, which can be even more frustrating.
Which Payout Options Are the Fastest?
Okay, so we now know that there is a multi-step process to get a payout from a betting site. Next, let's look at the payout options available and how fast each one is. Since we are trying to help you find the fastest payout sites, we will list these from fastest to slowest.
The cryptocurrency market was built with two principal concepts in mind: security and speed. Given how the blockchain works, more and more people are turning to Bitcoin as a form of currency. The online gambling world was one of the first industries to embrace the use of this payment method. One of the best features of using Bitcoin for your betting account is the speed at which you can be paid. Some sites advertise that you could receive your withdrawal within 10 minutes, which is far and away the fastest of all the payout methods. However, it is important to note that this does not include the internal pending wait time.
One other factor to consider with cryptocurrency is the volatility of the value of the currency. As it is a new form of currency and not widely accepted by the general public yet, there have been huge swings in the value of Bitcoin over the last few years. As long as you are comfortable with this risk, this could be an excellent method for you.
Here is another method that can be processed in a matter of minutes. Many betting sites, especially sportsbooks, offer this method of payouts. Again, while the process of sending a Western Union is quite quick (15-20 minutes), a site will send those payments out in batches, which means you are at the mercy of how often they choose to process using these methods. The value of using this payout method is that you can get your cash instantly, meaning you don't have to transfer it from one account to another.
The e-wallet solutions that are available today were designed to offer users fast movement of their money within the secure e-wallet network. Companies like Skrill and Neteller are the leaders in this space. Once you have created an account with these companies, using them for your payouts is simple. Also, the sites have been pre-cleared by these processors, as well, so you can see your withdrawal processed into your e-wallet account within hours after being approved internally. The delay with e-wallets is in moving the money to your bank account where it can be more easily accessed. Later on, we'll discuss some tips to help speed up that process.
Using your actual bank account is one of the most secure ways to do your banking with a betting site. The best part about this method is there is no middle step - the money comes from the betting site directly to your checking account. This method is relatively quick - once your payment is approved and the site sends the wire, most are completed within 48 hours. There may be an additional delay of a day or so depending on the sending and receiving bank's locations, but when it is complete, the money will be no different than any other money you have at your bank.
Many people may not realize this, but you can have your betting site send you a payout via Visa or Mastercard. There are some restrictions to using this method, including the amount you can process. In most cases, the payout is being processed as a refund, which means that you can only request as much as you have deposited using the card in question. This may not be worth your time, as hopefully you are a winning player and want to withdraw more than you deposited! As far as timing goes, once a site processes your payout via a credit card, it can take up to 5 business days to see the credit to your account.
For some, the best way to get paid by a betting site is via the good old-fashioned check. We can tell you that this is by far the slowest way to get your payout. There are any number of potential delays in this process, from the actual printing of the check, which may wait for a batch from the site, to the physical mailing of the check from whatever country the site does their banking from. That may actually not be the slowest part of the transaction, as your bank may hold the check for up to 10 business days before it clears. All told, you could be waiting up to a month to receive your payout via this method.
How to Get Faster Payouts
You can see why fast payouts are one of the most frustrating issues players have with betting sites. While we can't give you a guaranteed way to speed up your payout requests (all sites do things a little bit differently), we can at least offer you a few tips on how to improve the process as a whole.
The first thing you should do when you are looking at a potential betting site is to quickly read through reviews and forum sites to see if there are any complaints about payout speeds. Now, some people will complain even if the site is relatively quick by industry standards, but you will easily be able to spot the sites at which there are serious payout issues. Our site reviews include a detailed section on Payment Methods, which you may find helpful.
Many sites will delay the payout process until you provide them with the appropriate documentation. While this stage in the process is to protect both sides, it can in some cases be used as a stalling tactic by a site. We always recommend that you contact a site as soon as you make your initial deposit to determine what documents they require, then send them immediately. Having your documents on file when you are ready to make a payout request will definitely speed up the overall process.
This is another trick that will make for faster payouts for you. Many of the e-wallet solutions offer customers a physical debit card, which can be used like any of those from a traditional bank. You will want to request this card early on after registering with the e-wallet provider, as it will take time to have the card mailed to you. However, once you have the card, you no longer need to transfer the money from your e-wallet to your bank account, speeding up your access to the cash by a couple of days.
Even though there is an increasing number of methods to receive payouts from a betting site, the bottom line is that you are at the mercy of the site itself when it comes to the timeline to get paid. However, if you are diligent, there are several ways you can improve the payout speed, which means that you will get your money faster than others who are not in the know. If you have any tips or tricks that you have used, we would love to hear them! Let us know what works for you or what sites you believe to have the fastest payouts, and we'll post them for our community to read.