Banking Options

By making more banking options available to their members, Texas online sports betting sites boost their usability and draw in a wider base of players. Some banking options take longer to process and are less secure than others, though. Therefore, you should first consider which option best suits your needs and go from there.

Instant eChecks (automated clearinghouse)

If you can submit online payments through a checking account, instant eChecks (ACH) are likely your best option for depositing money into your bankroll.

Instant eChecks allow your sportsbook to directly withdraw funds from your checking account through an automated clearinghouse, hence the term ACH. The only information you have to provide is your name, account and routing numbers, and your bank’s address.

Instant eChecks (ACH) come with a few added perks:

• Many online sportsbooks use a VIP Preferred gateway to process ACH payments.
• As the name suggests, instant eChecks are often processed automatically, although they may take up to 3 days to clear your bank account.
• You can complete an ACH payment online in just a few clicks of your mouse
• Just about every online sportsbook in Texas accepts instant eChecks.

If your bank account doesn’t allow for online payments, though, you may have to use a different banking option.

Online bank transfers

While most online sportsbooks will accept a direct bank transfer, not all banks are willing to transfer funds to an online betting site. Therefore, you’ll first have to check with your bank to find out if you can use their services to deposit money into your bankroll.

If you use any of the following banks, you’re in luck. They are all willing partners that will gladly transfer your funds to an online sportsbook:

• Capital One
• Chase
• Bank of America
• HSBC Bank USA
• TD Bank
• PNC
• Santander (Sovereign) Bank

If your direct bank transfer doesn’t immediately go through, you may have to change your online banking settings. Look for the option to enable online bill payments. Once enabled, your deposits should go through.

Compared to instant eChecks, direct bank transfers are slower but more secure. You won’t have to disclose personal bank details, meaning you’ll be at lower risk of having your information stolen. Instead, you’ll be directed straight to your bank’s online transaction portal.

Credit and debit cards

For most players, depositing money directly into their bankroll from a credit or debit card proves to be the easiest option. Just about all online sportsbooks accept Visa and Mastercard and, as more and more players sign up around the country, some sportsbooks are even accepting American Express and Discover cards.

To use a credit card, you must have sufficient credit to cover the cost of your deposit. The same goes for debit cards. If you don’t have enough funds, your bank will not allow you to dip into overdraft for a sportsbook. Additionally, not all banks will transfer funds to a sportsbook.

If you decide to use a credit card, note that the transaction might show up as a cash advance on your monthly statement. Cash advances typically come with higher interest rates, so be ready to cover the added costs.

PaySafeCard

For those unfamiliar with PaySafeCard, it is an online prepaid credit card system that allows you to pay for digital payments without a physical plastic card. The way it works is that you first purchase a prepaid voucher worth anywhere from $10 up to just about any limit. Your voucher then comes with a 16-digit PIN code you’ll use to process transactions.

Compared to using a standard Visa/Mastercard, PaySafeCard comes with a few unique perks:

• PaySafeCard is completely anonymous. You don’t have to provide any information besides the 16-digit PIN code to process a deposit through PaySafeCard, meaning that your bank details will never be put at risk.
• You can deposit money without a proper debit or credit card. Simply sign up with PaySafeCard and purchase a voucher. As soon as you have access to your 16-digit PIN code, you can immediately deposit funds into your bankroll.
• You can withdraw funds to a PaySafeCard without first using it to deposit money.

Despite these perks, though, PaySafeCard does come with a few drawbacks.

PaySafeCard sets daily transaction limits on all of their accounts, so you won’t be able to deposit more than $2,000 a day or more than $10,000 a month. If you switch to a VIP PaySafeCard account, you can increase these limits but you may not qualify for VIP status.

Additionally, compared to other banking options, depositing funds using a PaySafeCard does require a few extra steps. While it won’t take too much longer, it can still be a pain for users who want a quick experience.

PayPal

Within just 20 years, PayPal has become possibly the most well-known e-wallet in the world and, thanks to its popularity, it’s also one of the most widely accepted e-wallets among online sportsbooks.

PayPal acts as an intermediary between your bank and your Texas sportsbook. First, you must transfer money into your PayPal account and, from there, you can then fund your bankroll. You can fund your account through a few different options, though:

• One-to-one user transfers
• Direct bank transfers
• Visa/American Express/MasterCard payments

Although PayPal is both fast and secure, it does come with a few setbacks:

• Users can only use a personal PayPal account to fund their bankroll. Payments from a business or premier account will not process.
• The email address for your PayPal account must be the same as the email on your sportsbook account.
• You cannot withdraw funds to a PayPal account until you have first made a deposit using your PayPal account.

Despite these limitations, PayPal is still one of the easiest and most popular banking options you can use. Transactions clear within just a few days and you’ll only have to pay a small percentage of your withdrawal to PayPal.

Skrill

Like PayPal, Skrill is another popular e-wallet that’s quickly become a standard banking option for many online gamblers. As an e-wallet, Skrill allows players to store their card and bank details online without the risk of exposure. Whenever you want to make a transaction, you can fund your account and then process the payment through the e-wallet.

Unlike PayPal, though, Skrill is specifically geared towards online gamers. The founders of Skrill understood that many gamers prefer to keep their identities secret so, anytime you process a payment through Skrill, you can do so knowing that none of your private information will ever be exposed.

Skrill might offer its users added security but it does come with a few downsides as well:

• Skrill charges higher transaction fees than other e-wallets as a premium for their added security
• Not all online sportsbooks currently accept Skrill
• If you deposit funds to Skrill using a MasterCard, you may not be able to use those funds for gambling on an online sportsbook.

Compared to PayPal, Skrill is a younger e-wallet, hence why it’s not as widely used. As more people sign up for the platform, it’s sure to grow larger and become more widely accepted by online sportsbooks. For now, it’s something to keep your eye on.

Neteller

If you’re looking for another e-wallet option, you may prefer to use Neteller over PayPal or Skrill but be aware that Neteller and Skrill are owned by the same parent company. As an e-wallet, Neteller gives players a platform to safely store funds, as well as card and bank details.

You can transfer money directly from your bank or card using Neteller as a third-party intermediary or directly move funds from your Neteller account into your online bankroll. Transactions are processed instantly, meaning that your funds will be ready to use within minutes. However, you’ll have to pay a premium just as you would with Skrill.

The benefit of using an e-wallet, such as Neteller, is that your transactions are completely secure and anonymous. However, if you try to use funds from a Mastercard through Neteller, they may not process to your online sportsbook.

PayNearMe

If you would prefer to pay using a non-digital method, you can do so using a PayNearMe payment at your nearest CVS, Family Dollar, or 7-Eleven. PayNearMe is an electronic payment system that’s based entirely on cash payments. You simply deposit cash at your nearest participating store and they’ll provide a unique code that you can use to deposit funds into your bankroll.

PayNearMe’s emphasis on cash payments makes it an ideal banking option for anyone without a credit or debit card. Also, because your personal information isn’t linked to the payment, you can deposit funds completely anonymously.

It’s both a reliable and safe way to deposit funds without hassle. Best of all, you can find PayNearMe retailers throughout Texas—both in big cities and in smaller towns. No matter where you go, you’re sure to find either a 7-Eleven or a Family Dollar nearby.

Play+

Play+—or PlayPlus—blends elements of both prepaid cards and digital e-wallets. Players first purchase a physical card loaded with however much money they want to deposit. Within 14 days, they’ll receive the physical card but, during that waiting time, they can still use the funds to transfer money into their online sportsbook bankroll.

Once their card arrives, they can then continue using the same card anytime they want to load more money into their Play+ account. This system provides both the benefits of a secure and anonymous e-wallet with the ease of access of a prepaid card.

Trustly

Just like an e-wallet, Trustly acts as an intermediary between your bank and your online sportsbook. The difference, though, is that it doesn’t act as a holding facility for your card and bank information. Instead, Trustly acts as a workaround for the long wait times you’d suffer using a wire transfer.

Whereas PayPal, Skrill, and Neteller hold onto your information, Trustly simply processes payments in a secure and fast manner. Rather than a traditional e-wallet, you could consider it an open-banking payment system.

The only downside to Trustly is that it’s not yet commonly used on most online sportsbooks.

Below, you can find a summary of which banking options are currently accepted by the top 4 online sportsbooks in Texas.

BetMGM banking options

• E-Check (ACH) VIP Preferred
• Online bank transfers
• Credit and debit payments
• Online bank transfers
• PayNearMe
• Play+
• Skrill
• Neteller

Caesar banking

• E-Check (ACH) VIP Preferred
• Online bank transfers
• Credit and debit payments
• PayNearMe
• Play+
• PayPal
• Skrill
• Neteller

FanDuel banking options

• E-Check (ACH) VIP Preferred
• Online bank transfers
• Credit and debit payments
• PayNearMe
• Play+ and prepaid cards
• PayPal

DraftKings banking

• E-Check (ACH) VIP Preferred
• Online bank transfers
• Credit and debit payments
• PayNearMe
• Play+ and prepaid cards
• PayPal
• Skrill