Credit Card Sportsbook Deposits
There are many ways to fund your online sportsbook account. You will find eWallets, bank transfers, checks, debit cards, and prepaid cards. However, one of the most popular sportsbook deposit methods is credit card. Most players in both the United States and Europe have at least one credit card, and pretty much all online sportsbooks accept them. This is because credit cards are easy, fast, and dependable.
This page will act as a hub of information regarding all things related to credit cards. We will start with some basic legal information that pertains primarily to US players. Next, we tell you about the various credit card brands you can expect to find at an online sportsbook. Next, we will examine the pros and cons of credit card deposits. We will then give you our pick for a can’t-miss online sportsbook that accepts every variety of credit card you can think of. We will give you some basic information on credit card withdrawals.
Are Credit Card Deposits Legal?
Yes, it is legal to use credit cards to make online sportsbook deposits. However, in the United States there is a law called the Unlawful Internet Gambling Enforcement Act (UIGEA), which makes it more difficult to use credit cards, although this law primarily affects withdrawals. The UIGEA is the reason you will see credit cards listed on deposit pages but not on withdrawals/payouts pages. Europe, on the other hand, is much more relaxed when it comes to sports betting laws. European bettors can easily make deposits and withdrawals using credit cards.
There are many popular credit card brands in the United States, and to a slightly lesser extent, Europe. Each of the major brands has its own various benefits and drawbacks. It all just depends on what you are looking for. Some cards have higher deposit limits than others, some have cheaper fees, some can only be used at certain sportsbooks…there are many small differences and variations that might not seem like a huge deal, but these subtleties can be a major reason to sign up with a particular card.
Visa:
The mother of all credit cards, Visa is the most widely used and accepted card in the world. Visa usually has the highest deposit limits, making it the card of choice for the serious sports bettor!
MasterCard:
Every bit as popular and well respected as any other card, MasterCard can be used at both American and European sports betting sites. MasterCard features great minimums and maximums, as well as fast transfer speeds.
Discover:
The Discover card is geared toward players in North America. Although not accepted at every online sportsbook, some betting sites out there take Discover. A good thing about a Discover card is that it offers low interest rates and tons of rewards and perks.
American Express:
Another extremely popular credit card brand. Cool things about American Express include Membership Reward Points, a 0% introductory APR, and tons of savings at all kinds of retail stores.
JCB:
This type of card is based in Tokyo, Japan, but is an international brand. It is primarily used in the United States and Asia. Although not as many sportsbooks accept JCB compared to some of the more popular brands, JCB cards are widely known for their low interest rates and high credit limits.
Diners Club:
Diners Club is sort of like the BMW of credit cards. It was founded in 1950, and is one of the original credit card brands.
.Pros Of Credit Card Deposits
Credit cards have plenty of benefits, which we will examine in this section. From ease of access and convenience to perks, promotions, and rewards, credit cards are the method of choice for many sports betting professionals. Almost all online sportsbooks accept them, not matter what country you live in. Here is a list of the pros of using credit to fund your sportsbook account. We’re gonna do this bullet-point style!
- They are everywhere. An estimated 70 to 75 percent of Americans have at least one credit card, although fewer Europeans have them. Still, the fact that credit is so ubiquitous means that most people can easily deposit $100 in a sportsbook with no problem.
- They are fast and convenient. Instead of waiting days for a money transfer to go through or to send a check or use Western Union, credit card transfers go through almost immediately, so you will not have to wait around wondering where your money went.
- If you are responsible, you can establish good credit. While responsibility is a problem for some people, it will be beneficial to you if you make sure to pay your balance on time and in full every month. If you do this, you will see a major increase in your credit rating.
- You can earn points and rewards that you can redeem as cash or save money at retail stores. The more you put on credit, the more rewards and benefits you can accumulate.
Cons Of Credit Card Deposits
Credit card is not a perfect deposit method by any means, and there are some negatives that you should be aware of before you choose to deposit to your sportsbook account using credit. This is not meant to scare you, but it is good to make sure that you are aware of some of the cons of credit cards.
- The fees can be expensive. They can be as high as 6.5 percent depending on the card and the site you are using.
- Since credit works on the principle of borrowing money you will have to pay back later, it might not be the best idea to use one if you are not financially responsible.
- Safety could be an issue. Even though the websites we suggest have many safety protocols, credit card fraud is a fact of life. It just happens sometimes and there is not much you can do about it.
- If you default on paying your credit bill, you accumulate late fees and interest, which means you will just have to pay back more later.
Most online sportsbooks you will come across accept at least some form of credit. The sportsbooks that we recommended go above and beyond to provide as many different credit card brands as possible. We are going to tell you about one specific sportsbook that stands tall like a giant next to all the other puny little sportsbooks. This particular online betting site has it all: two dozen sports to bet on, bonuses for every player, and a long list of funding methods, including all the major credit card brands. This site is safe and legal and has been in operation since 1991. It features millions of members from all 50 states in the US.
Best Sportsbook for Credit Card Deposits
BetOnline is one of the longest-running online sportsbooks in existence. It started over 25 year ago, and has since amassed a following of millions of loyal customers. It doesn’t matter what kind of betting you enjoy, BetOnline has it all: Poker and casino games, horseracing, and nearly two dozen sports to bet on. Funding methods are variegated; BetOnline offers everything from old-fashioned paper checks to eWallets, and of course, credit cards.
BetOnline accepts more credit card brands that any other site that we have come across. Visa, Discover, MasterCard, American Express, Diners Club, and JCB are all valid credit card brands at BetOnline. Credit cards are the most common way to deposit to your account for several reasons. First, nearly 75 percent of Americans have a credit card. Second, it takes just a matter of seconds for your transfer to be processed. And third, minimums and maximums are reasonable. The only drawback is that you will be charged a fee of 6.5 percent for each credit card transaction, but that type of charge just comes with the territory, and does not stop most people from using their credit card to make a deposit.
Withdrawing funds using your credit card is a tricky issue in the United States. If you live in Europe, you do this easily, because the laws are different. However, US players are at a bit of a disadvantage. Early, you briefly read about the UIGEA (Unlawful Internet Gambling Enforcement Act), the 2006 law that placed restrictions on what kinds of overseas transactions can be made using credit cards. While the law does not prevent you from making sportsbook deposits, it does stop you from making credit card withdrawals or payouts. Again, European sports bettors do not have anything to worry about. Americans, however, are out of luck when it comes to making credit card withdrawals. That being said, there are plenty of other easy ways that US players can withdraw their money. Check out the payouts/withdrawals section of your favorite sportsbook to see the list of methods.