Author: Steven D. Thompson
Updated: 16/06/2022 10:42 AM
Betting Deposit and Withdrawal Fees
This guide is meant for you if you want to know more about online betting deposit and withdrawal fees. Nobody wants to pay fees for depositing funds or cashing out their winnings at online bookmakers. That would mean spending some of the money you intended to use on sports bets. As we shall see, the vast majority of betting sites use payment methods that do not require you to pay fees.
Deposit Fees at Online Betting Sites
The first time you’ll need to use a payment method at a betting site is when you want to fund your online account. You can do this using the most popular payment methods such as debit cards, e-wallets, pay by phone bill, cryptocurrencies and bank transfers. The good thing about these payment options is that you can deposit funds into your betting account instantly. Most of them are also suitable for deposits and withdrawals. For deposits, there’s usually a minimum deposit and a qualifying deposit for claiming free bets and other bonuses.
Besides facilitating instant deposits, the best betting sites will not charge you anything for depositing money. You should not be forced to incur any extra costs when depositing funds using the most common payment methods. This is very important for operators who want to stay ahead of the competition in a crowded sportsbook market. Most new customers at a sportsbook will be unwilling to join if there are deposit fees. In the few instances where deposit fees apply, the amount changed is unlikely to exceed 2% of the amount deposited.
Withdrawal Fees at Online Bookmakers
You’ll certainly want to cash out your winnings from a betting site if you win a good amount of money from bets. Top-rated betting sites will offer you several withdrawal methods so you can choose your preferred option. For instance, you can withdraw money to a debit card, e-wallet account, bank account or crypto wallet.
As far as we know, the best online betting sites won’t charge you withdrawal fees. They will facilitate free withdrawal transactions regardless of the payment method you are using. The only things you have to worry about include the lowest minimum withdrawal amount and maximum withdrawal limits.
Also, you might be required to use the same method you used to fund your betting account as your withdrawal method. Whatever the payment method is, a decent betting site will process your withdrawal requests fast.
If a betting site decides to apply some fees to withdrawal transactions, it should be a reasonable amount. We are talking about an amount between 1% and 2% of the sum of money you want to withdraw. But this is not a common practice at online sportsbooks that want to appeal to many players.
Other Possible Fees to Keep in Mind as a Punter
As we have said before, most top-ranking bookmakers don’t apply transaction fees on deposits and withdrawals. Gambling operators usually take care of the fees so you can transact free of charge. But this does not mean the deposit or withdrawal process is entirely free for sports bettors.
However, other fees that have nothing to do with the betting site may apply. Therefore, it’s always important to read the payment terms and conditions before choosing a deposit method or withdrawal option.
The company or financial institution responsible for a certain payment method may charge you for using that banking option. So, the fee is not applied by the betting site. A conversion fee is another cost you might encounter if you want to convert from one currency to another.
Also, you are most likely to incur a small fee when uploading or withdrawing funds from your e-wallet or debit card to a bank account. The fees will depend on the payment method.
Transaction Fees for Various Betting Payment Methods
We have painted a general picture of what to expect in terms of fees at online betting sites in the previous sections. Now it’s time to focus on specific payment options and the charges you might incur if you use them for deposits or withdrawals. We will focus on the most used bank cards, e-wallets, cryptos, pay by mobile and bank transfer transactions.
Bank Card Fees - Debit and Credit Cards
Bank card payments are quite popular at online bookies in the world and other countries. To be specific, debit cards have taken this niche by storm. They are easy to obtain, available to most players and accepted by many reputable betting sites. On top of that, you can use your debit card for both deposits and withdrawals. And the best bookmakers offer free bets if you make debit card deposits.
Sadly for UK players, credit card payments are not accepted by UKGC-licensed gambling sites. The good news is that punters can always rely on debit cards such as Visa and Mastercard. These bank cards have been with us for many years. You will find them at almost every online bookmaker available today. Usually, the greatest betting sites won’t ask for a transaction fee when you use your debit card as a deposit method.
Visa, Mastercard and Maestro Fees
Visa, Mastercard, and Maestro are widely accepted payment cards at online betting sites. They allow punters to deposit funds into their betting accounts instantly. One of the benefits of using debit cards is that they are great for huge maximum deposits. The withdrawal limits for bank cards are also friendly if you want to withdraw large amounts of money.
If you pick a reliable bookmaker, you won’t be required to pay any transaction fees for using debit cards. However, a small processing fee that usually doesn’t exceed 2% may apply at some betting sites. But this should be the least of your worries. That’s because the top sportsbooks will let you deposit or withdraw money using your debit card for free.
E-Wallet Fees at Betting Sites
Even though there are many different payment methods for online bookmakers, most people go for e-wallets. The obvious reason is the fact that electronic wallets are easy to use, and there are lots of them. Those who use them will agree that the account opening process is very simple, even for new customers.
You can obtain your e-wallet online account right now by simply completing the registration form. This is possible on the official website or mobile app. With options like Skrill and Neteller, you can deposit and withdraw funds without paying any transaction fees.
PayPal Deposit & Withdrawal Fees
PayPal is one of the oldest online payment methods accepted by betting sites. It’s an e-wallet that allows sports bettors to store, receive and send funds online. You can fund your PayPal account using the most common payment cards or via a linked bank account.
Out of all e-wallets used by betting websites, PayPal is often the most expensive option for operators. If you join one of the best bookmakers, then you won’t have to worry about transaction fees because the operator will take care of everything. But you should note that PayPal may charge you fees when funding your digital wallet.
Skrill Deposit & Withdrawal Fees
There’s no way we can talk about e-wallets for online punters without mentioning Skrill. This is a pretty popular e-wallet brought to you by the Paysafe Group. As with PayPal and other e-wallets, Skrill is a great choice for fast and safe deposits and withdrawals. You only need to create an online account, upload some funds and choose Skrill as your payment method at a betting site.
In terms of fees, we don’t expect any top-rated bookmaker to charge you anything. Most sportsbooks will allow you to deposit and cash out free of charge. However, you must be aware of other applicable fees when uploading or withdrawing money from your Skrill account. The fees can range from 0% to 5%, depending on whether you are uploading, withdrawing, sending or converting currencies using your Skrill wallet.
Neteller Deposit & Withdrawal Fees
Neteller is undeniably another widely used payment method at online gambling sites. Operated by the Paysafe Group, Neteller is an easy-to-use e-wallet that facilitates deposits and withdrawals at sportsbooks. You can obtain a new account in a matter of seconds and use it at most bookmakers.
So, how much does it cost to use your Neteller account for online payments at bookies? Well, the best operators will allow you to make payments via this e-wallet for free. It won’t matter whether you are depositing or withdrawing funds.
The only fees you should worry about are those imposed by the service provider. A fee worth 2.5% is required to upload funds to your Neteller account via most payment methods. And withdrawal fees from Neteller to other payment options can range from 0% to 7.5%.
Apple Pay is a simple digital wallet designed for iOS users. You can use it at online sportsbooks if you have access to an iPhone, iPad or Apple Watch. Punters can use the e-wallet to fund online betting accounts using the app or website. According to Apple, there are no transaction fees when you use Apple Pay in stores, online or in apps. Thus, you can expect to deposit money into your gambling account without spending an extra coin.
Google Pay is similar to Apple Pay except that it’s designed for Android devices. Anyone who uses Android smartphones, tablets and smartwatches can access this payment service on the go. The best online gambling websites will permit cost-free transactions via Google Pay. So, transaction cost should never be a big issue for most punters. Just pick Google Pay as your deposit method and enter the min deposit required to enjoy free bets and other offers.
Pay by Phone Bill
Pay by mobile is one of the best payment methods if you loath sharing your bank details. All you require is a phone number registered with one of the supported operators. The most popular pay by phone bill options for UK bookies includes Boku and Payforit. With them, you can fund a betting account using your monthly phone bill or prepaid balance. There are no transaction fees when using these payment methods at the leading sportsbooks.
Cryptocurrency is arguably the best payment method if privacy and anonymity are your priority. A lot of cryptos have appeared since the inception of Bitcoin. We now have other great options like Ethereum, Ripple, Dogecoin and Litecoin. All of these and other cryptos are accepted by the top betting websites all around the globe.
Like debit cards and e-wallets, cryptos offer reasonable minimum withdrawal and maximum withdrawal limits. Moreover, cryptos are good for high maximum deposits. Note that the minimum amount and maximum withdrawals will vary from one gambling site to another.
One noteworthy advantage of cryptocurrencies is that they usually don’t attract transaction fees at betting sites. Whichever crypto you are using for deposits or withdrawals, the finest bookies will let you transact free of charge.
Also, you can use crypto deposits to bet online with special free bet credits for new players. You’ll only be required to provide the min deposit amount and place a qualifying bet to claim your free bet bonus.
Bank Transfer Transactions
Perhaps this one has caught you by surprise because bank transfer payments are a traditional banking method. Well, many betting sites still accept deposits and withdrawals made via bank transfers. But the truth is that bank transfers are rarely accepted compared to other payment methods. You simply allow your bank to send funds from your bank account to the online bookmaker. And you can always keep records with your bank statement.
For most bookies, a bank transfer is mostly a cost-free service. But it’s important to check with the operator to find out if there are any transaction fees. Some charges may apply to international bank wire transfers targeting online betting accounts. Other than that, bank transfers are great for huge maximum deposits and high maximum withdrawal limits.
Average fees for Betting Payment Methods
No transaction fees at most betting sites. But financial service providers can charge fees for uploading or withdrawing funds from the wallet.
Generally free of charge at online bookies. However, processing fees of up to 2% may apply, especially when using credit cards.
Cost-free transactions for online punters.
Zero transaction fees at the best bookmakers.
Most bookies offer free payments, but bank fees may apply.
Tips for Choosing Payment Methods
Does your selected banking option add unwanted costs when depositing or withdrawing funds? Can you use it for a long time and still tolerate any fees associated with it? With these questions in mind, the following tips will help you pick an affordable and reliable payment method.
Go for the Cheapest Payment Options
E-wallets are generally the least expensive payment method for online sports bettors. However, you should be careful because they may not qualify for free bets where payment restrictions apply. For example, the bonus rules may say that only deposits made using cards will qualify for a certain promotion.
Compare the Fees if they Exist
Generally, a good bookmaker will allow players to make free payments. If you come across a betting site with fees, you should compare the options. The standard fees range from 0% to 2%, so anything above that would be unreasonable according to us.
Consider the Maximum and Minimum Amount
Each payment method can only handle a certain maximum or minimum amount of money. There will always be variations in terms of minimum deposits, maximum withdrawals, maximum deposit amounts and minimum withdrawal limits. If there’s a fixed fee, then the best option is to deposit as much as you can to cut the costs. For fees expressed as percentages, big transactions will lead to higher expenses.
To sum things up, deposit and withdrawal fees are crucial factors to consider at online betting sites. You don’t want to join a betting site only to spend more than you had planned. Great betting sites allow punters to deposit and withdraw funds with no transaction fees. Only a few bookmakers will ask for a small fee to complete transactions via specific payment methods. And if it happens, the amount charged must be affordable.
If you want to deposit funds, bet online and withdraw your winnings without any charge, you should check out our recommended bookies with zero or very small transaction fees. Once you sign up, select your preferred deposit method and enter the min deposit needed to claim free bets.
Frequently Asked Questions
Will I pay any fees to deposit funds into my online betting account?
The best online bookmaker won’t charge you any fees on deposits and withdrawals. But some sportsbooks may require a small fee when you use certain payment methods.
Do betting sites charge withdrawal fees?
The greatest bookmakers will allow punters to withdraw money free of charge. However, some bookmakers may charge a small amount under certain conditions. For instance, you might be charged if you request withdrawal immediately after another withdrawal.
Are there other fees at online sportsbooks apart from deposit and withdrawal fees?
Top-rated bookmakers will make sure that new customers and existing players don’t incur unnecessary fees. The fees imposed by financial or banking companies that offer payment services are the only expenses you should think about.