When you decide to begin using an online horse betting site for betting you will need to fund your account. You will also need to withdraw funds from your account when you have success betting horses. The process is the generally the same from one online racebook to another. It is also similar for horse bettors in every part of the world, from Australia to the United States. Here at ez horse betting we give you a brief guide to horse betting deposit and withdrawal options.
Making a Deposit is Required for Horse Betting Bonuses
Many online racebooks will offer new players a bonus of free money. The amounts can vary from racebook to racebook. All of them require the player to make an initial deposit before the bonus is granted.
The matching bonus is very popular at online racebooks today. In this type of bonus the racebook will match the player’s first deposit 100% up to a certain amount. The bonus money can then be used as the player sees fit. It is also subject to certain terms and conditions before it can be withdrawn.
The Common Ways to Make Horse Betting Deposits and Withdrawals
Each online racebook is given the task of deciding which deposit and withdrawal methods it will offer. Many offer the same methods. Here is a closer look at the common options.
A Credit or Debit Card
Credit cards and debit cards that bear the Visa or Mastercard logo are accepted by many online racebooks for horse racing betting. This is actually the most common method to make deposits. Visa is the preferred card, with Mastercard right behind in terms of popularity with players.
There are quite a few advantages when using a credit or debit card to deposit horse racing betting money. Deposits made with debit or credit cards are usually credited to the player’s account immediately. That means you can deposit and receive instant funds in your online racebook account.
In some cases you also have better protection when you deposit with a debit or credit card. In the case of a debit card you can also see the deduction from your bank account right away. This could be useful if you are strict about budgeting.
On the negative side using a credit or debit card to make online horse racing bets can leave a paper trail. If you want greater privacy when it comes to your online betting, another deposit option might be better for you.
To make a deposit with a credit or debit card you simply go to the CASHIER tab on your online racebook app. Once you click this tab you will be given the option to choose a credit or debit card that you have on file, or you can enter the details for a new one. Your deposits this way are safe and secured with the highest levels of encryption.
Bank Transfer
A bank transfer can be a very secure horse betting deposit option if you are not in a hurry to receive your wagering funds. The downside of a bank transfer is that it can take up to ten days for the money to land in your account. The same can be said for withdrawals.
To initiate a bank transfer you will obtain the necessary account information from your online racebook. This information will then be provided to your bank along with the transfer details. In some cases you may be able to initiate the process with an ACH transfer right from the app of your online racebook.
Some people are leery about revealing their bank account information to online racebooks. The online racebooks that we recommend are known for using safeguards to protect player data. You should not be concerned about the sharing of information with a licensed and registered online racebook.
Payment Processors – Skrill
Horse betting deposit and withdrawal options also include payment processors like Skrill. In some rare cases it may even be possible to use PayPal for this purpose. A payment processor is a company that allows you to send and receive money for a small fee. You just add money to your Skrill or PaySafe account and then send it to the online racebook.
One positive thing about this type of horse betting bankroll option is that payment processors often have strict measures in place to protect those who use their services. Sometimes these measures can even be taken to the extreme. You may be asked to provide verification of your identity and address before you can open an account, and the processor may sometimes delay deposits and withdrawals to conduct routine security checks.
All of these things are for your protection, but they can be a little tiresome. Some players have reported having their accounts frozen if any illegal or suspicious activity is suspected.
Pre-Paid Vouchers
Pre-paid debit cards and vouchers can be an attractive horse racing betting deposit option. With some prepaid cards you may even be able to receive a cashout to the card. These cards function similar to a checking account with the appropriate routing and account numbers.
Use caution when using a pre-paid card for horse betting. If someone takes your card you will have little success in reclaiming any money that was stolen. An upside is that using these cards can be a way to protect your anonymity when betting horses online.
Money Transfer Services
Western Union and MoneyGram are offered as deposit options by some online racebooks. With this method you go to a vendor that makes transfers for the company that you have selected. You will pay the appropriate fee in addition to the amount of money you want to deposit.
The transfer location will ask you for some information on the recipient such as a code or the name of the company that owns the online racebook. Make sure that you have the information that is requested. These types of horse racing betting deposits can take a few hours to post to your account.
Cryptocurrency
This is one of our favorite horse betting deposit and withdrawal options. Cryptocurrency is a type of digital money that can be exchanged between two parties for goods and services. It also can be used to bet horses online with many online racebooks.
The most recognized cryptocurrency is Bitcoin. It was created in 2009. Since that time, other tokens such as Litecoin and Ethereum have also appeared. The best online racebooks may take some of these digital currencies or only Bitcoin.
An advantage of using cryptocurrency for your online racebook deposits and withdrawals is that it offers more anonymity. It can be more difficult for someone to link a specific person to a cryptocurrency wallet than a debit or credit card receipt.
Choosing the Best Online Racebook Based on Deposit and Withdrawal Options
Horse betting deposit and withdrawal options are a big consideration for some people when choosing an online racebook. There may be certain conditions that limit the way an individual can make deposits. Everyone has their own criteria, but the best online racebooks have a few things in common when it comes to deposits and withdrawals.
Look for the online racebooks that have the greatest number of options. Having multiple ways for players to deposit money to their account is sometimes a good indicator of a online racebook’s reputation. It is harder for racebooks that aren’t on the level to get approval from Visa or Mastercard. Likewise, Paypal and Skrill don’t generally want to do business with sketchy companies.
The best online racebooks will also allow you to withdraw your funds in many ways. You can choose to have the money sent back to your debit or credit card (only if you have made a deposit with said card), to a cryptocurrency wallet, or directly to your bank. You can also request a check from some online racebooks.
Know Your Bookmaker’s Policies for Deposits and Withdrawals
We advise you to know your online racebook’s specific policies for deposits and withdrawals before you choose to open account. It is your responsibility to make sure the terms and conditions of an online racebook are ones that you can live with.
Here are a few questions to ask when you sign up:
- What horse betting deposit and withdrawal options are available?
- How long does it take for deposits to post to my account?
- How long does it take to process a withdrawal?
- Are the deposits and the money in my account safe?
- What is your policy on withdrawing bonus money?
If you are now ready to proceed with opening your online racebook account, be sure to check out the ones that we have recommended. Most of them accept players from all over the world. Signing up is fast and easy, and you can begin betting horses from home. Check our Bovada racebook review, Twinspires review, Amwager review, or even our Betamerica review. All great choice if you are in the US. 5Dimes review for folks anywhere!
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Isaac lugo
I am exploring the idea of betting horse racing online. What is the minimum I can deposit to open an account.
admin
Hello Isaac,
You can check both AmWager or Bovada to bet on horses online. Amwager has a $100 matching bonus max $100 and then on more deposits you get 10% cashback. So you can deposit $20 and get $20 free.