19 Mar

5 Steps to Receiving Fast Sportsbook Cashouts

The 5-Step Process: Quick Online Sports Betting Payouts Explained

Quick Online Sports Betting Payouts ExplainedOne of the primary search criteria for people seeking out a new sportsbook is fast cashouts. It’s understandable. It’s our money, and we want it in our hands – or at least accessible for spending – as quickly as possible. But online gambling isn’t like betting at the track, or with a local bookmaker. Your winnings are not placed directly in your hand before you leave.

The most common argument I hear is that, when a customer makes a deposit, that money is instantly available for betting. Therefore, the customer believes their withdrawals should come just as quickly. Unfortunately, it doesn’t work that way. It can’t work that way. It’s not because online sportsbooks are stingy, either.

When we make a deposit, the betting operator is able to instantly confirm that the funds are available, and that they are on the way from the issuing bank. The operator won’t actually get that money for a few days. However, knowing it’s on the way, they choose to credit the customer with the money in their account before it arrives, giving the customer the advantage of betting right away. Like deposits, cashouts also take a few days to get from the sportsbook to your bank. Thus, the problem is that banks are far less willing to give you access to incoming funds before they actually arrive.

Now that you know the fundamentals of online banking, let’s look deeper into the process. You’ll learn what really happens when we initiate a withdrawal, and what genuinely constitutes fast sportsbook cashouts.

5 Steps to Quick Online Sports Betting Payouts

There are five things that have to happen for you to receive a withdrawal from an online betting website. They are, in order of occurrence… 

#1 Customer Submits a Withdrawal Request

Before any money can exchange hands, you – the customer – must initiate a transfer of funds. To do this, you must have a positive account balance that meets the minimum requirements for a cashout. Most sportsbooks set the minimum at $10, but this can vary by which method of withdrawal you choose.

To initiate a withdrawal request, tap your way to the bookmaker’s Banking section. Choose to make a Withdrawal, enter the amount you’d like to cash out, then follow the instructions from there.

#2 Sportsbook Conducts a Fraud Check

The moment you press the button to submit your withdrawal request, the sportsbook’s back-end computers get to work. All of the information you’ve entered is automatically cross-referenced with the information you provided during account registration, and the ID information related to your payment method (i.e. does your info match the information on the bank account).

The results of the fraud check are computer-generated, and extremely fast, but most systems also require visual inspection form a real person, who must press a button to approve the results. For this reason, it can take anywhere from a few minutes to a few hours to exit this phase.

Once your submission clears the fraud check, the process moves on to step 3 or 4, depending on whether you’ve ever placed a withdrawal with this sportsbook before.

#3 ID Verification (One Time Only)

The ID verification process is a strict regulatory requirement of all reputable sports betting companies. Every customer is required to complete this process one time. If you’ve already done it, your payout process will skip this step. If not, you’ve got some work to do…

To verify your identity, you’ll need to deliver some documents to the sportsbook. You can email copies, upload images, or actually send hard copies through conventional mail. We don’t recommend the latter, as it will take much longer, but it is an option. Such documents may include:

  • Government issued photo ID
  • Bank statement
  • Proof of address, such as a current utility bill displaying your name and address

This is all standard practice, and is as much for your security and protection as the operator’s. Imagine if someone was trying to steal your identity. They might succeed if it weren’t for this “invasive” ID verification process.

#4 Payment Enters the Processing Phase

Steps 2 and 3 above are what betting operations refer to as “pending processing”. Step 4 is the actual processing phase. This is the part where the operator initiates the transfer of funds, sending the money via your payment method of choice (eCheck, bank wire transfer, eWallet, check by mail, etc.)

Your chosen payment method will have everything to do with how long this process takes. Bank transfers and eChecks usually take 1-3 business days, where an eWallet transfer, such as PayPal, is virtually instant. Check by mail is the slowest option, and can take up to 14 days to arrive.

#5 Funds are Received by the Customer

Now, the moment you’ve all been waiting for – the arrival of your money! This is the final step, when your cash is at your disposal. All in all, the total 5-step process can take anywhere from 24 hours up to 2 weeks, depending on the choices you make.

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