Legal sports betting has made its way to the state. So, it’s only fitting that we introduce you to the best banking options for New York. On this page, you’ll begin by learning about the deposit methods. Then, you’ll move onto the withdrawals. After that, you’ll find out where to use banking options. Finally, you’ll learn how to choose the best deposits and withdrawals for you.
- Banking options for New York
- Brands with the best banking options in NY 2022
- Deposits for betting in New York
- Best withdrawal banking options in New York
- Staying safe using banking options for NY
- How to choose the best banking option
- FAQ’s About Banking options New York betting
Banking options for New York
Choosing your online banking options in New York isn’t always easy. The various pros and cons of each method make it difficult to use only the best. And quite frankly, there isn’t a one-size-fits-all approach.
However, there are factors that help you weed out the great New York banking options from the not-so-great. These include:
- Deposit and withdrawal speed
To choose wisely, you must understand how each payment method works.
Brands with the best banking options in NY 2022
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Deposits for betting in New York
First thing first, let’s look at the various deposit methods offered at New York sports betting sites. Some of them are quicker than others but incur fees and vice versa. We know you want to get straight into betting in New York now that it’s legal. So, we’ll only look at the most popular deposit options below.
Online sports betting with PayPal in NY is wonderfully easy. It’s available at most legitimate ones operating in the state, providing a quick way to fund your account.
PayPal could be more convenient than using your credit card or online banking if you plan to bet regularly. The e-wallet never shares your information with providers, ensuring you can benefit from enhanced privacy.
PayPal deposits process instantly, regardless of the one you use. Whenever PayPal is provided on a site, you know it’s legitimate. Why? Because the company never works with illegal bookmakers.
Credit and debit card deposits
Making deposits via credit or debit card is convenient and quick enough for most bettors. The process for depositing at a NY site is the same as buying from Amazon. Simply type in your card number, input the deposit amount, and away you go.
All the betting sites we recommend accept this deposit, most notably Visa and Mastercard. Some also allow American Express and Discover. Regardless, there will always be an option. Bear in mind that some banks might treat gambling credit card deposits as advances. In this case, fees will apply.
Skrill is PayPal’s lesser-known cousin. It’s an e-wallet that comes with higher fees and fewer acceptances.
When depositing with Skrill, you should expect to incur between 1% and 6% of the total amount in fees. We’re not a fan of this, and we suspect you won’t be either. However, it’s still a viable option and worth a mention.
The good news is that there is absolutely no processing time. Your transaction will be instant, allowing you to take part in the action quicker. To tell you the truth, choosing a different deposit method is advised. But it can work when you’re out of options.
Another e-wallet option here. It’s supported by a decent number of them across the country. We love it for its easy bankroll management capabilities.
To get started, you sign up for an account. Then, you can make a deposit via the “money in” page. This part is just like using a credit or debit card.
The bit that tends to confuse bettors is when the operator asks you to enter your Neteller Secure ID. It’s a private number known only to you that lets you make deposits. However, it can be difficult to find on the site.
If you’d rather not fund your New York account online, you can use physical currency instead. It’s perfect for bettors looking to keep their banking information 100% secure.
PayNearMe deposits work like this:
- Choose deposit amount.
- Receive the payslip.
- Save the payslip to your phone or print it.
- Take the payslip to your local PayNearMe cashier.
- Pay with cash.
Once you’ve handed over the money, the processes your deposit in minutes. Thanks to the speed, it’s a decent option. However, you could be charged up to $5.99 for the privilege.
The final New York deposit method we’ll talk about here is the PaySafeCard. Developed by 4 Austrian business people, the innovative way to fund your account was launched in 2000.
Safety is a significant feature here, hence the name. And while times have changed, it continues to be a popular funding option today. Getting started is effortless. Not to mention that it’s one of the few online payment methods with no verification needed.
Best withdrawal banking options in New York
Now, you need to know how to receive your winnings. It’s unarguably the most rewarding feeling to make a great betting decision. But it’s far less fun when seemingly endless processing times and fees exist. Again, we’ll talk about the most common methods only to save you as much time as possible.
We love PayPal. It’s quick and easy, allowing you to get your money in just one to two days. It’s accepted as a withdrawal method at most online providers in New York. Plus, its high privacy protocols ensure you never spread your card information across all corners of the internet.
It’s worth pointing out here that withdrawal processing times from e-wallets are rarely less than 24 hours. We understand that some of them promote cryptocurrencies as a viable withdrawal method. But we don’t work with them because only illegitimate, non-licensed bookies provide digital currency withdrawals and deposits.
Play+ is a type of prepaid card that allows you to withdraw your winnings without banks declining the transaction. You can set up your account with only $10 and begin accepting your cash ASAP.
It’s one of the only online banking methods with instant withdrawal. However, minimum and maximum withdrawal limits differ depending on the one you choose.
ACH withdrawals via VIP Preferred
ACH (Automated Clearing House) moves your winnings straight to your checking account when you use the e-check provider, VIP Preferred. It has a very high maximum withdrawal limit at $250,000 per transaction.
Not to mention that you won’t have to pay any pesky fees. Keep in mind that you must wait between two and five working days for the money to hit your account.
An increasing number of New York betting sites have started to accept Trustly as a withdrawal and deposit method. There are lots of benefits to using this method, most of them hard to match.
When using Trustly, you benefit from the numerous layers of security. It’s incredibly user-friendly, speedy, and anonymous, effortlessly keeping your sensitive data safe. Although transactions can take up to three days.
Generally, there are no associated fees. However, some may charge, so it’s best to check beforehand.
Staying safe using banking options for NY
Knowing about the sports betting banking options in New York is all well and good. But if you don’t know where to use these methods, the battle is lost before it has begun. Let’s look at the best New York sportsbooks with the fastest withdrawals, easiest deposits, and safest security protocols in place.
Top marks for banking options go to FanDuel New York. Not only do they have the most methods, but they make it wonderfully easy to add money to your account. Signing up to FanDuel allows you to make the most of the fastest paying online site and its choices, including:
- Credit and debit cards (Bank of America, Wells Fargo, Capital One, etc.)
- FanDuel prepaid card
- Online bank transfer (to and from the same banks mentioned above)
DraftKings banking options
DraftKings New York accepts major credit cards, including:
- American Express
Withdrawals are processed as refunds, so you’ll need to choose one and stick with it. However, you can select PayPal for both withdrawals and deposits if you’d rather. The site is one of the most popular in the state. But they are somewhat lacking in diverse sports banking options.
While PointsBet New York is new to the legal scene in the state, the platform has some good banking options. From ACH to debit cards, you can use the most popular legitimate withdrawal and deposit methods here.
Unfortunately, the site doesn’t offer e-wallet options like PayPal or Skrill. So, despite the fact the provided methods are safe and easy to use, it’s unappealing for some bettors.
BetMGM banking options
BetMGM New York, owned by the luxurious MGM Resorts, is one of the best in the country. Betting with this platform allows you to make the most of all the banking options we discussed earlier.
We rate them highly thanks to their 24/7 customer service and secure payment methods. If your preferred banking options are refused, someone will be on hand to help correct the issue.
How to choose the best banking option
You know the New York banking options. You understand where to bet while keeping your money safe. But which method is ultimately the right one for you? Well, that is largely down to your preferences and accessibility. However, if you’re still stuck, follow these steps to come to a decision:
- Think about the speed — When it comes to getting your winnings, you want the fastest withdrawal at the online site. The same can be said for deposits. Typically, e-wallet payments are the quickest.
- Consider the fees — The lower the fees, the better. That goes without saying. Costs vary from New York site to site. However, they also change depending on the banking option. Generally speaking, there won’t be any additional charges when depositing or withdrawing to or from credit and debit cards. But check with your card issuer to be on the safe side. Some banks treat credit card betting deposits as a cash advance, incurring fees.
- Think about the effort required to deposit — If you are looking for minimal effort, then online wallets such as PayPal or standard methods like debit cards will be the best. But if you have physical currency in hand, you’ll want to use PayNearMe.
- Consider your privacy — Inputting your bank information onto an online site provides less privacy than a physical cash deposit.
FAQ’s About Banking options New York betting
Is betting legal in New York?
Yes, you can bet legally in New York. However, you may have to prove that you live in the state. You can do it by submitting a scan of your driver’s license or another form of photo ID.
Can you use cryptocurrencies as banking options in New York?
No. Cryptocurrencies are only accepted by non-licensed bookies operating out of state. To keep yourself and your money safe, we advise betting solely at licensed vendors like the ones we discussed earlier.
Can you withdraw free winnings in New York?
Yes. But remember that free bets are different from bonuses. They don’t usually offer free bets. Instead, you’ll find risk-free bets. They allow you to get your money back if your bet loses.
Can you set deposit limits to ensure responsible gambling on New York betting sites?
Absolutely. Responsible gambling laws are in place to ensure all offer fuss-free tools that allow you to set deposit/wagering limits.
What happens if your bank card is refused online in New York?
Most of them in New York can process your transaction repeatedly if depositing continues to fail. But if issues keep arising, contact their customer service team or try another method.