It’s not every day that you win money from an online sportsbook. While there are some sites that offer cash back, or refunds on losing wagers, we will focus solely on those sites which allow players to withdraw their earnings at any time for a fee, usually around 10%. These are the traditional online sportsbooks.
Most online sportsbook singapore-based sites, for example, will front you the money until your withdrawal is processed. This could take a few hours or a few weeks depending on how much you’re withdrawing, and why (i.e., legal gambling winnings).
Most sites offer many different ways to withdraw your profits; it can be as easy as sending an email, fax or dropping by the office in person.
A few of the most common withdrawal options are:
The service that offers you instant access to your winnings and does not charge any fees.
This is a paper check sent to you through the mail that can take days or weeks to receive, depending on the site. There are also a few sites that offer direct deposit into your US bank accounts.
A wire transfer directly from the account you have with say, an online sportsbook singapore-based site. The length of time it takes for this process to occur is usually longer than most other options, especially if it’s international.
Electronic currency. This process can be done relatively quickly and anonymously. While there are some fees, they tend to be lower than most other options.
Money Transfer (Western Union/MoneyGram)
A fast service that requires your name, address, phone number and identification number; usually takes no more than a few hours.
This option is not available at every online sportsbook. Most sites only allow cash wagers and cash outs for players in certain regions or countries (usually Asian and Africa). If this service is offered, the fees tend to be lower than most other options; it could take anywhere from ten minutes to a few hours, depending on how busy the sites are.
If you’re looking to withdraw your earnings over $5,000, you will need to submit additional documentation (2 forms of ID and/ or proof that you are self-employed). This is often referred to as “Know Your Customer” (KYC) protocol.
There are some sportsbooks that don’t offer withdrawals at all, or limit payouts to $500-$1,000 at a time. These sites may not be as well known and usually have fewer wagering options.
The only other fees you might run into would happen if you withdrew using a method that isn’t an option listed above. There are a few sites that charge fees for using checks, credit cards, and/or bank wires.
In the event you win a large amount of money from an online sportsbook, it’s always best to consult with a client service representative before making any decisions. These people are trained to handle these situations accordingly, and can give you a better estimate as to how long it will take for your payment to process.
Some sites may also require additional documentation and/or phone confirmation if your withdrawals exceed a certain amount. These thresholds will vary from site to site, but can be as low as $1,000 and as high as $20,000+.
This will usually include but not limited to:
- A valid address (if they do not already have one on file).
- Government issued photo identification (passport/driver’s license/etc.)
- Self employed form filled out by your tax consultant (this is required for any withdrawals over $10,000 USD).
- 2 forms of identification.
- A 1-2 month waiting period before receiving the money, to ensure that you do not wager your winnings back and forth with them.
If a sportsbook goes through all these steps and still wants to place a hold on your winnings, they will inform you of the length of time that it might take for you to receive those funds. There are factors that can affect how long a check withdrawal may take, such as:
- The financial institution where the check is sent from. Some banks process checks faster than others.
- The country where the check was issued. Some countries have stricter currency control regulations, which means it will take much longer for the check to go through.
- The location of the sportsbook that you’re withdrawing the money from. They may be in a different time zone than you, or they could use a different financial institution; either way, it will take longer for the check to get processed.
A more secure version of a money order that you can cash at your bank or credit union. You can think of it as more “official” than having someone hold onto your money while you complete wagering requirements, even if they are legally obligated to complete the transaction. It usually takes a few days for the check to clear, but will vary depending on your financial institution and how busy they are.
If you plan on withdrawing money over $5,000 USD, the largest amounts that you can withdraw without having to submit additional documentation would be:
- $10,000 – Some sites allow you to withdraw this amount, depending on how busy the site is.
- $15,000-$20,000 – Most reputable bookmakers will ask for additional documentation if you try to withdraw anything over $10,000 USD.
From the information above it can be taken that a player has the ability to withdraw up to $20,000 USD per week; as long as the player agrees to receive it as a check. This is true for most online sportsbooks nowadays, and they also offer multiple methods of receiving your winnings, so you won’t have to worry about where the money will be sent if you decide not to take advantage of a check.