Banking with NY Online Sportsbooks – How to Guide

Each and every one of New York’s online sportsbooks offers players a wide variety of different methods to deposit and withdraw funds from their accounts. This is an extremely easy and smooth procedure, however it is important to know about each one of the banking options offered. The following guide will break down all of the available deposit and withdrawal options, how to use them, and give players an idea on which one might work best for them. You’ll be banking with your NY online sportsbook in no time.

NY online sportsbook banking options

One of the first tasks at hand for any New Yorker using online sportsbooks for the first time will be figuring out how they want to fund their accounts. This is an absolute must in order to get going and begin using the apps. Furthermore, withdrawing any winnings also requires players to have at least one successful deposit method previously used, so it will need to get done one way or another.

Most of the online sportsbooks available in New York will offer some, if not all, of the following banking methods:

  • PayPal
  • (ACH) VIP preferred e-check
  • Play+ Card
  • Online banking
  • Credit/debit card
  • Bank wire transfer
  • Skrill
  • Cash with PayNearMe
  • Cash at the counter

Each one of these methods has its pros and cons, so the following guide should help players narrow down their list. Let’s begin with some of our most recommended banking options:

PayPal

PayPal is one of the largest and most popular e-wallets in existence and happens to make for a great deposit method for online sports betting.

Players can deposit funds to their sports betting accounts via PayPal in a multitude of ways. For starters, they can link their bank account, a debit card, or a credit card to PayPal and use any of the methods saved on their account to deposit at any time. This is extremely convenient because it allows players to keep everything organized and in one place.

PayPal also allows users to deposit directly from their PayPal balance. This is one of the major advantages that PayPal has over other deposit options, as it gives players the ability to rotate funds between different betting accounts. What this means is that players can withdraw from one sportsbook, send those funds to their PayPal account, and then deposit them at a different sportsbook without having to wait three business days for the funds to return to their bank account.

If you are just looking to cash out and pocket your winnings, PayPal also provides some of the fastest withdrawals out there. Funds can appear in your PayPal account in as little as 30 minutes. It is worth noting that players must have at least one successful deposit with their PayPal account in order to use it to withdraw funds from the same sportsbook.

The only negative aspect about using PayPal to fund your sports betting accounts is the fact that the email address tied to your PayPal account must match the email address used to sign up for whichever sportsbook you are trying to deposit to. On top of this, any PayPal account used to deposit or withdraw must be a personal account, not one used for business.

(ACH) VIP preferred e-check

VIP Preferred e-check is essentially the same thing as depositing directly from your bank account. Online banking, however, requires players to sign in to their bank account and pass security checks every time they want to deposit using that method.

VIP Preferred e-check differs from online banking in the sense that all it takes is a one-time connection between the player’s bank account and the sportsbook of their choosing to set everything up and allow them to make easy deposits from that point on.

The following information is all that will be needed in order to set up VIP Preferred e-check:

  • Bank account number
  • Routing number
  • Bank location

Once everything is set up, it will only take the click of a button for users to deposit funds using their connected bank account. The main drawback from this method is the fact that it can take anywhere from 3 to 5 business days for withdrawn funds to appear back in your bank account, so be patient and know that your money is safe and on the way!

Bank transfers

Aside from VIP Preferred e-check, there are other methods available that involve depositing and withdrawing directly from your bank account:

  • Online bill pay: This method is not as common but definitely offers a major advantage to some users in the sense that you do not need to provide private information, such as your bank account’s routing number, in order to successfully use it. Alternatively, players can choose an amount to deposit and then approve the transaction by logging onto their online banking account, outside of the sportsbook’s app. There is absolutely no danger in providing necessary financial details to any of New York’s sportsbooks, however some players prefer to keep their information separated. If you can pay bills online through your bank, you can also fund your NY sports betting account.
  • Wire transfer: Wire transfers are even less common than using online bill pay to deposit funds, but mostly because they take a much more concerted effort on the customer’s part to complete. With that said, the main reason as to why anyone would use a wire transfer to deposit funds is because they typically allow much higher deposit limits, so it may be necessary for high-stakes bettors. In order to properly execute a wire transfer, players must first contact their sportsbook in order to obtain the proper transfer information. Next, they must contact their bank and relay the information before agreeing to pay a transfer fee. Transfer fees can range anywhere from $20-30, so there isn’t much of an incentive for anyone to use this method unless they are depositing an extremely large sum of money. If your deposit amount is under the max limit, it is probably more efficient to use another method instead.

Credit/debit cards

Credit and debit cards are by far the most common form of payment in today’s world. The same goes for sportsbooks, as the majority of players will likely attempt to deposit with a credit or debit card at some point. Despite being extremely convenient, there are a few drawbacks when it comes to using credit or debit cards to fund an online sports betting account.

For starters, most online sportsbooks typically only accept Visa and MasterCard. There is a chance that some will also accept Discovery or American Express, however it is increasingly unlikely. Debit cards essentially work the exact same way that an e-check would, meaning the player must have the amount that they wish to deposit ready and available in the account linked to their deposit method. Credit cards work similarly, except the player must have enough available credit in their account in order to fulfill their deposit. Furthermore, banks often treat credit card deposits to online sportsbooks as a cash advance, meaning there may be extra fees added. Be sure to check with your bank beforehand if you plan on using a credit card to deposit funds.

The biggest drawback as to why users should not rely on credit or debit cards as their only form of banking is the simple fact that you cannot withdraw funds onto either type of card. Users who deposit via credit or debit card will need to activate a second deposit method that also offers withdrawal, such as PayPal or e-check. This is not to say that players should refrain from using credit or debit cards to deposit, as they are definitely worthy methods to have at your disposal and work quite quickly. It is just a reminder that credit and debit cards are essentially a one-way street when it comes to sending money between the player and the sportsbook.

Prepaid Play+ card

Prepaid cards, provided by Play+, are offered by nearly every major player in the sports betting industry. Play+ cards essentially function the same way that a prepaid gift card does, in the sense that money must be added to it from an outside source such as a credit or debit card.

Players can sign up for a Play+ card at most sportsbooks and will receive a digital ‘card’ to make deposits with as well as a physical card in the mail. The main purpose for activating a Play+ card is because some credit or debit cards may get rejected due to bank policies. Play+ cards act as the middle man, allowing players to use the same rejected credit or debit card to fund their Play+ card and then use that to deposit funds into their sportsbook account.

The best part about activating a Play+ card is that players have the option to withdraw money using it. Once your physical Play+ card arrives in the mail, all you need to do is activate it. You can swipe it just like a debit card for normal, every day purchases or even hit the ATM and withdraw cash from your Play+ account balance.

Skrill

Much like PayPal, Skrill is another popular e-wallet used by sportsbooks as a deposit option. Skrill is a digital wallet provider that offers a variety of ways to transfer money between different accounts. There are two major drawbacks when it comes to using Skrill:

  • Unlike PayPal, Skrill charges users a small fee per transaction
  • Skrill is no longer available to use on FanDuel, DraftKings, and BetMGM, among others

Skrill works, and is a useful option, but chances are there are easier methods available… like PayPal.

Cash

If you don’t have the necessary banking information or accounts available to make digital deposits, nearly every sportsbook in existence offers its players the opportunity to make in-person cash deposits:

  • PayNearMe: This is the most common and convenient way to deposit cash. PayNearMe is offered at most CVS, 7/11, or Family Dollar locations – meaning you’re never far away. Users must first begin the deposit process online through their sportsbook. Next, take the barcode the sportsbook sends you to the nearest participating retail store (like the brands mentioned above), and the cashier can ring you up right at the register. You pay them your cash, and you’re all set. The money will show up in your account momentarily and then you are ready to go, it’s that simple. PayNearMe, like credit and debit cards, is also a one-way street between the player and the sportsbook, meaning players cannot withdraw funds using this method.
  • Cash at the casino cage: Being that there are various brick-and-mortar casinos located throughout New York state, players will have the option to deposit cash at physical locations that are affiliated with whichever sportsbook app they are using. This method is certainly the least convenient of them all, however it does pose its advantages. Players will not be required to submit any personal banking information so the process is generally less involved. And unlike PayNearMe, players can return to the same location and withdraw any of their winnings in the same way that they deposited them.

Paper checks

Paper checks are not as commonly accepted as a deposit method by most sportsbooks. If they do happen to allow it, the biggest issue with using a paper check to fund your account is that it usually takes anywhere between 7 and 10 days for the money to clear and hit your account. It is much more likely for a sportsbook to offer paper checks as a withdrawal method, however the same timeframe of 7 to 10 days will apply. We might see check deposits on offer during the early days of NY sports betting as operators work to establish their cashiers. However, we’d be surprised if they stuck around for long.

New York sportsbook cash outs

As previously highlighted throughout this guide, many of the deposit options offered by New York’s sportsbooks only work as a one-way street. What this means is that players can deposit funds using certain methods, but cannot withdraw using the same method. Credit cards, debit cards, and PayNearMe are just a few of the deposit options that only work one way. In order to withdraw funds, players will be required to use one of the following choices:

  • PayPal
  • (ACH) VIP preferred e-check
  • Play+ card
  • Online banking
  • Skrill
  • Cash at the counter
  • Paper check

PayPal and VIP Preferred e-check are definitely the best two withdrawal options available, and for different reasons. PayPal will often have your funds ready within the hour, however they will need a few days to reach your bank account from PayPal if that is where you choose to send your winnings, rather than sending them over to a different sportsbook. VIP Preferred e-check is extremely easy and convenient, as your money will appear in your bank account within 3 to 5 days, all at the click of a button.

Each and every one of these methods is safe, secure and will have you covered in case anything happens to go wrong.

Play+ cards, cash at the counter, and paper checks are all convenient, familiar methods for withdrawing. Cash at the counter will require players to do some traveling, however it’s always gratifying to receive a nice payout at the casino cashier’s window.

It’s also worth mentioning again that most withdrawal methods will require you to complete a successful deposit before they can be used to withdraw money from your NY sports betting account. So if you deposited some cash on a credit card, won a few bets, and want to withdraw the profits via PayPal, you’ll first have to link up your PayPal account and make a minimum deposit to confirm that it’s your account.

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