To qualify as one of the best online sportsbooks, deposits and withdrawals must be carried out flawlessly. As most of the best sportsbooks will offer much the same in the way of payment methods, they need another way to stand out from the crowd. And that's where they have to be fast and efficient.
Processing times will vary between casinos quite considerably and is something you need to be thinking about when starting up sports betting. While deposits always tend to be instant, no matter the payment method or the sportsbook, withdrawals can vary dramatically.
Sports betting sites have to process and check any withdrawals, which means they undergo a pending period before the funds can be released. They also need to check whether the wagering requirements have all been met before it can be processed. Finally, what can also slow down withdrawal times is the simple choice of payment method. eWallets are the fastest options, while credit or debit cards, bank transfers, and so on tend to be the slowest.
The top sports betting sites are ranked according to their payout records. If an online betting site can provide a clean sheet regarding payouts, it will have a better reputation. Having a better payout rate will also give an excellent indication to players how likely it is they will be able to claim any winnings. If a sportsbook is deemed more reputable thanks to its payouts, more players will trust it and subsequently play there. However, there is also a blacklist of casinos and sportsbooks. This means they have not adhered to the regulations and are unreliable and should be avoided at all times.
Another point to consider is the fees attached to any payments that are made. These days, few sportsbooks will attach fees to any transaction, be it a deposit or a withdrawal. But there are still some that do. This means that it is essential for players to check this on the banking site. Some sites will charge a flat fee; others will take a percentage of the withdrawal winnings.
It's worth pointing out, though, that while the casino may not take a fee for the transaction, your bank or the actual payment method you have chosen might. With that in mind, it's essential to check all avenues for fees and payments.