Maryland Online Betting » Banking options in Maryland

Banking options in Maryland

Maryland sports betting is now legal, and the major sportsbooks are up and running and ready to take your bets. But one of the most common questions that people ask is, “Is it the safest way to make sports betting deposits and withdrawals? How can I tell if payment is secure and legit?”

Banking options in Maryland for sports betting

  • Visa
  • Mastercard
  • Discover
  • American Express

Visa and Mastercard are accepted by all of the biggest Maryland sportsbooks. Discover and American Express are less common.

The good news is that the best Maryland sportsbooks have a variety of payment options, so you can pick the one that’s most convenient for you. In this article, we’ll discuss the pros and cons of each of these methods. We will also tackle some of the most frequently asked questions about deposits and withdrawals

MD Sportsbooks with the best Payment Methods 2021

Banking with debit and credit cards

Most people already use their credit and debit cards to make online purchases, so it’s not a huge jump to start using them to make sports betting deposits. The process is straightforward: just type your card details, the amount you want to transfer, and submit.

One of the advantages of using debit and credit cards for sports betting in Maryland is that the money reflects almost instantly. In most cases, there are no additional fees for using your card to make sports betting deposits. However, check with your card provider if they treat these types of transactions as cash advances, which will have a higher interest rate.

Maryland sports betting with Play+

Play+ (sometimes called PlayPlus) combines the functions of an e-wallet and a prepaid debit card. Basically, you register for a card and then transfer money into it. But here’s another benefit: you can use the physical card to withdraw cash at partner ATMs.

While not all sportsbooks accept Play+, if you see this as an option, then we recommend trying it out. Unlike PayPal and other e-wallets, you don’t have to pay deposit fees. In addition, your banking details are secure, and you can also control how much you spend.

Since you can transfer funds electronically, you don’t have to look for places that sell it. If you can’t find a PaySafe outlet near you, this may be more convenient for you.

Maryland sports betting with PaySafeCard

Prepaid cards or vouchers can be very useful for making online bets. For example, if you want to try a sportsbook for the first time and aren’t too keen on giving your bank details, then you can make a one-time deposit with a PaySafe card. It’s also a way to control your expenses.

Before, you could only use the card to make deposits, but good news—the card has introduced a payout option, so you can use it for sports betting withdrawals too!

The only downside is you have to buy the card. These are usually available at gas stations, convenience stores, and some retail shops. Doublecheck if the sportsbook accepts PaySafe. You can also download the PaySafe app, where you can keep a record of transactions and find out where you can buy them.

Maryland sports betting with PayWithMy Bank (Trustly)

If you don’t want to give your checking account number, then you can use this method instead. Essentially, PayWithMyBank is a secure portal. When you select this payment option, you’re led to a secure page where you enter your bank logins and approve the transaction.

The bank then sends the money to the sportsbook without revealing your account numbers. The money is instantly credited, and you don’t have to leave the sportsbook to go to another website. However, not all banks are enrolled in this service, and you may have to pay additional fees.

Maryland betting through ACH

If you do not have a debit card, or the sportsbook does not accept your credit card, you can opt for ACH (or Automated Clearing House). These are electronic checks that pull money from your checking account and transfer it to your chosen sportsbook.

All banks are connected to the ACH network. However, you just need to visit or call your bank to authorize the transfer. After that, it is easy to make sports betting deposits.

  • Look through their menu for banking options sports betting. Select ACH/check
  • Write your bank account and routing number (look at the lower-left corner of your check: the first number is the routing number, and the bank account number is next to it)
  • Select amount and submit a transaction

Maryland sports betting through VIP Preferred Deposits

The most popular Maryland sportsbooks allow ACH payments through VIP Preferred, including BetMGM, William Hill, BetRivers, PointsBet, and UniBet. This is a gaming platform that is widely used in the gambling industry.

You just have to open an account with VIP Preferred, and you can make online check transfers to any of your betting accounts. Benefits include:

  • Ability to use the account with several sportsbooks
  • Free sports betting deposits and withdrawals
  • High security (banking information is not shared)
  • Deposit limits set by the in-house management team

Maryland sports betting with PayPal

This is one of the most popular options for both sports betting deposits and sports betting withdrawals. Not only is it accepted by most sportsbooks, but it also has several built-in security options that protect you from fraud.

You don’t have to give your bank information, and you can question any unauthorized withdrawals (their customer service team is accommodating, and easily accessible through chat or email).

For your privacy, you can even create a special Paypal account for these types of transactions. Many people like to use it as a way of budgeting, too—separating their sports betting “allowance” from their personal spending account.

However, the email you use to create it must match the one you used for your sports betting account. The downside to PayPal is there are processing fees, just like other e-wallets.

Maryland sports betting with Skrill

If discretion is of the utmost importance, then use Skrill for your sports betting deposits and withdrawals. This online payment processing platform was designed especially for the gaming industry, from sports betting to online poker.

Once you set up your Skrill account, you link your other credit or debits cards to it so that you can feed it with funds anytime you wish. But like PayPal, you will have to pay transaction fees.

Maryland sports betting with PayNearMe

This is one of the easiest ways to fund your sports betting bankroll! PayNearMe is basically a payment platform, where you can consolidate different deposit types.

What does that mean? You can transfer funds from your debit or credit card, ACH, PayPal, Apple Pay, or Google Pay, or even through over-the-counter transactions at 7-11 or Family Dollar.

That makes it a lot easier to track how much you spend, or pick the payment option that’s most convenient for you at the moment. And, of course, you enjoy security and privacy since your personal bank details are kept anonymous.

Maryland sports betting with Neteller

Neteller works a lot like other e-wallets like PayPal, PayNearMe, and Play+. However, their unique feature is that you earn points or rewards for your transactions. As you go up levels, you can get lower transaction fees and exchange points for gift cards or discounts with merchant partners.

Not all sportsbooks allow Neteller as a payment option, so it’s not worth opening an account just for that. But if you already are a member, then it’s nice to know that you can use it to make deposits into your sports betting account.

Payment options for Maryland sportsbooks

While there are many sports betting websites and apps, these are some of the biggest and most popular platforms—not just because of their great bonuses but their ironclad site security. Transactions are secure and confidential.

FanDuel payment options

  • Deposits. It accepts PayPal, online bank transfers, credit and debit cards, and the Play+ card. The minimum deposit is $10.
  • Withdrawals. You can use PayPal (which takes 1 to 2 days), ACH (3 to 5 days), or the Play+ card (24 to 36 hours). You can also request for a written check which will be mailed to you (5 to 7 days).

DraftKings banking options

  • Deposits. It accepts Visa, Mastercard, Discover, and American Express. You can also use PayPal (1 to 2 days), ACH e-checks (3 to 5 days), or do a traditional wire transfer.
  • Withdrawals. You can withdraw your winnings through bank transfer (3 to 6 business days) or PayPal (2 to 6 business days). DraftKings is also one of the first sportsbooks that do payouts via credit card (marked as refunds) or cash (via casino partners). Watch your Maryland DraftKings app for announcements on these withdrawal options.

PointsBet banking

  • Deposits. You can only make deposits through debit card or bank transfer. The site does not charge any fees, and the money is reflected right away.
  • Withdrawal. You can withdraw winnings through bank transfer. There are no payment fees and no minimum or maximum limits for withdrawal.

BetMGM bank deposits

  • Deposits. This site has one of the most banking options. You can fund your account through credit and debit cards, ACH, wire transfer, PayPal, PayNearMe, Skill, and Play+. Minimum deposit is $10, and the funds reflect instantly (or in the case of Skrill, within the day).
  • Withdrawals. You can withdraw through ACH, wire transfer, PayPal, or Skrill. Minimum withdrawal is $20, and the processing time takes about 1 to 5 business days.

FAQ’s About Maryland sports betting banking options

My credit or debit card deposit was declined, but I’m within my credit limit! What happened?

Some banks have a policy of not allowing transfers to gambling or sports betting sites. Even if you are working with a legitimate site, and Maryland has already legalized sports gambling, the bank has the right to decline a transaction if it is part of its business policy. You can call your bank to find out if this is a reason, or if this was merely an error. Then, as you sort that out, you can explore other options for depositing into your sportsbook account, such as ACH, e-wallet, or pre-paid card.

What is the maximum deposit limit?

It depends on your payment option. For example, PayNearMe has a $500 a day deposit limit. Banks may also set caps for how much you can transfer in one day (that means total transactions with different vendors, not just your sportsbook).

Can I use cryptocurrency for sports betting?

No. In general, cryptocurrencies are only accepted by non-licensed gambling operators who are based outside of the United States.

Why were there deductions to my winnings?

If you wonder why your payout is smaller than you expected, then look into these factors. Your bank or e-wallet may have charged you a transfer fee, or your winnings reached a threshold where you can be taxed for it.

How can I prevent my banking information from being hacked?

The best sportsbooks use state-of-the-art security protocols, but of course you have to do what you can from your end. For example, don’t share your passwords with other people, use passwords that are hard to crack and change them frequently, and don’t use the public Internet when you do financial transactions.

Don’t “bet” on bad payment options!

Part of the fun of sports betting is you can win….or you can lose. So the risk is part of the game. But it would help if you didn’t gamble on your method of deposits and withdrawals. That should be clear and secure, and you should understand the terms (like fees or processing time). That said, there are many great banking options in Maryland available, and it’s just a matter of figuring out which one you want to use for sports betting.