Just as millions of people prefer to use a debit card rather than a credit card, many online sports bettors prefer to deposit and withdraw money to and from their online betting accounts via ACH bank transfer, rather than using a credit card or one of the third party “e-wallet” processors.
ACH wire transfer may also be called an “electronic check.”
Essentially what happens with this payment processing method is that the player gives the online sportsbook their bank account routing number and account number, and then the sportsbook direct debits the deposit amount.
When it comes time to pay out the winnings, the sportsbook already has the bank account info, so it can direct deposit the winnings to the player’s bank account. Normal processing times for the deposit can be as fast as 24-48 hours.
Everything should be this easy, right?
But of course it’s not always that easy…
Bank Transfer (Electronic Check) No Likey Americanos
Unfortunately for American sports bettors who would prefer to use this method of payment processing, the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) laws have made it difficult for banks to process online betting payments directly through U.S. bank accounts.
At this point in time, U.S. bettors really cannot count on the ACH bank transfer / electronic check mode of payment. Yes, it works sometimes, but things that work sometimes are not really that appealing when those things are your money moving in and out of your bank account.
In summary, if you are American, be wary of the ACH bank transfer / electronic check option. Hopefully this will clear up sometime soon, but for now, just be wary.
This should not be taken to mean that you won’t be able to get your money out once it’s in, but it may cost you more time and hassle than you’re willing to spend. For example, be prepared to fax your driver’s license, social security card, and a copy of a utility bill before you get paid.
Extra Security Measures for Online Betting Bank Transfers
Generally speaking, online sports bettors located in countries that are not as strict as the U.S. about online gambling may find that an ACH bank transfer / electronic check lives up to its potential as a convenient and compelling method of payment processing.
However, even in European countries such as Germany, Norway, and Switzerland, there can be some extra security measures attached to this mode of payment processing. These steps may include signing extra authorization forms and submitting various ID documents.
It makes sense why banks would want to make triple-sure that payments coming out of and into bank accounts are valid and authorized. There are many fiendish gamblers in the world who may get the wild idea to try use other people’s bank accounts like their own to get money into online casino accounts.
It also sometimes happens that people regret putting money in online accounts, and then they say that it wasn’t them, it was some fiendish gambler who stole their identity.
The bank then has to sort everything out.
So naturally banks will seek to protect themselves from being exposed to this kind of risk. As a consequence of this need for protection, it can be a hassle to use ACH bank transfer / electronic check as a payment processing method when you are dealing with online sportsbooks.
How to Use ACH Bank Transfer / Electronic Check for Online Sports Betting
The best solution to this problem, the solution that protects both you and your bank from undue hassle and expense, is to set up your bank account with one and only one online sportsbook that you are going to use consistently.
Once that particular online sportsbook has verified your identity and connected it with your bank account, you should be able to move money relatively easily via ACH bank transfer / electronic check.
If you’re a “one sportsbook” kind of guy/gal, then, ACH bank transfer / electronic check really may be as easy and fast as it seems at first glance.