When COVID-19 hit, many gamblers found they had to move their activities online because casinos and other facilities used for placing bets and gambling were closed. Along with moving gambling activity online comes the need to learn a whole new way of doing things. Here’s how to deposit and withdraw from an online gambling account.
How to deposit to an online gambling account
Before you can place any bets, you'll have to deposit some money. The easiest way to do this is using a credit card. Visa is the most widely accepted credit card among online gambling sites, but some sites accept other types of credit cards too. With most sites, credit card deposits are instant, although you do have to make sure you don't have any blocks on your credit card that would prevent the transaction from going through. Some cards automatically block gambling sites from taking money.
A newer way to deposit money that is growing in popularity is cryptocurrency. Some sites accept bitcoin, although other cryptocurrencies like Litecoin, Ethereum and Dash are also accepted. If you think you want to use cryptocurrency, you should find out which ones the site you're going to use to gamble will accept. Then you can exchange your cryptocurrencies to one of their supported digital currencies if necessary.
How to withdraw funds
Perhaps unsurprisingly, it can be more difficult to withdraw money from a gambling site than it is to deposit money. With most sites, it takes longer to get your winnings back out of them than it does to deposit funds into them.
With many gambling sites, the biggest issue when it comes to getting your winnings back out is the length of time it takes to actually get your money. While credit card deposits occur instantaneously in most cases, it can take 24 hours or even longer for the site to process your withdrawal request and then a few more days for the money to actually appear in your bank account.
The amount of time it takes to get your money also depends on the method of withdrawal you use. E-wallet withdrawals using services like PayPal are usually the fastest, followed by credit or debit card withdrawals. If you are really set on receiving a check with your winnings, it will take quite a bit of time. In the U.S., that is often the only way to get your money back out, so you should keep that in mind before requesting your money.