NFL Betting - When to Withdraw Your Winnings from Sportsbooks
Oct 7th, 2009 by admin
At Bet-on-the-NFL.com, we spend a lot of time talking about top NFL betting sportsbooks, the easiest deposit methods, and how to bet your money; yet we rarely mention the fun part about sports betting: collecting your winnings. Why? Well, for the most part, the sportsbooks themselves take care of paying out your winnings, and the method by which you get paid out is selected by you the player. Also, collecting your NFL betting winnings is a somewhat sensitive issue, since you disclose your e-wallet, bank account, or personal address to the sportsbook when you request a payout.
So, the advice we can impart is knowing WHEN to collect your winnings. At first glance, this may sound like a simple issue: request a payout when your account balance reaches the amount of money you wanted to win. In reality, there are a few other factors that figure into the payout equation, which we’ll explain below so that you can maximize the benefits of collecting your winnings, plus get them sent to you in a timely manner.
Sportsbooks Impose Quotas on Payout Requests
Sportsbooks rely on keeping a large amount of cash on hand to take bets and pay out winnings. They also need funds for operations, employee salaries, and gambling licensing fees. Therefore, it should come as no surprise that sportsbooks (and many online casinos) go out of their way to keep money in their bank accounts as long as possible. One way in which outgoing cash is curtailed is to impose limits on the number of payouts you can request per month.
In most cases, you can collect payouts once a week, no more than 4 times a month. Also, unused monthly payout privileges are not banked for later use. If you skip a week, you lose that chance to withdraw your winnings. At first, this may seem like a crappy policy, but in reality, the average sportsbook player will find that they can generally withdraw what winnings they have without being limited by the NFL betting sportsbook’s somewhat sting policies.
If you’re a VIP player at the sportsbook, and regularly gamble more than $1000 per week, your VIP host will probably allow you greater latitude with payouts. Sportsbooks are a “pay to play” business: meaning if you pony up serious amounts of money, you’ll be given more perks than the regular “sqaure” bettor who gambles no more than $100 per week.
Sportsbooks Only Offer “Free” Payouts on Certain Weekdays
This provision goes hand in hand with the monthly payout quota. If you do request a payout, you’re going to be charged fees, unless you withdraw on a certain week day, in which case you can collect your winnings for free. In this instance, “Free” means the sportsbook will not subtract processing charges from your payout. Note, however, that your e-wallet may deduct processing fees, or your bank may subtract wire or check processing fees. So “Free” is a bit misleading.
At Bookmaker.com and Diamond International Sportsbook, players can request “FREE” payouts on Friday, with the deadline for requests being 3:00 PM EST. Any requests after 3:00 PM will be treated as standard payouts. If you think about it, Friday is probably the worst day for collecting a payout: it’s just before the weekend sports action is to start, and most likely, you’ll want to bet on some games or even deposit more money so you can get in on the action. As a result, it’s a little counter-intuitive to take money out on a Friday unless you’ve got a large balance built up in your account. NFL betting sportsbooks fully realize that this policy will discourage players from withdrawing, so they use the most inconvenient day possible to allow so called “Free” payouts.
As with monthly payout quotas, VIP players will sometimes be allowed to withdraw winnings for “Free” whenever they please. The sportsbooks know that these players will come back for more, so they allow them the privilege of Free payouts as a courtesy for their big business. Remember that “VIP” generally means a player wagering more than $1000 per week. If you only bet a few bucks here and there, you’re going to have to put up with the sportsbook’s regular payout policies.
When in doubt, always contact customer service FIRST before you request a payout, whether you are a VIP player or regular Joe. Sometimes sportsbooks will have special promotions that grant players the option of withdrawing for Free on any day in a specified week. Finally, it’s also possible that the sole act of calling customer service and reminding them of your business with the sportsbook will earn you a free payout. Remember, you’re one player in a sea of thousands, so sometimes sportsbooks lose track of their good customers. It never hurts to remind them who you are.
Sportsbooks Impose Limits on Certain Payout Methods
The final component of the payout equation is the dollar amount of money you’re actually allowed to withdraw. Just as some deposit methods have transaction limits, withdrawals are also subject to limitations. Most importantly, we should remind you that sportsbooks will NEVER return winnings to your credit card. The purpose of crediting money to your credit card account is usually to refund purchases of some sort. Deposits to sportsbooks are not considered purchases, and therefore can not be refunded.
The 5 best withdrawal methods are as follows: bank wire, check in mail, money transfer, e-check / ACH credit, and e-wallet. Remember, each of these methods have payout limits. Money transfer and E-check or ACH credit usually only allow smaller payouts; while e-wallets, check in mail, and bank wire allow much higher amounts. For exceptional payouts that exceed $25,000 USD, the only method most sportsbooks will allow is a bank wire. Remember, bank wires will take 7-10 days to appear in your bank account. Overall, bank wire is the best way to go for high withdrawals, and is very safe and reliable.
In conclusion, remember, you have to win first before you can request a payout! That means you should deposit and pick your games carefully. If you play it smart, chances are, by the end of the football season, you’ll have a pile of cash to bring home. On the other hand, if you find yourself betting on everything and anything, you may not be so lucky. Play with your head, not above it! Finally, before requesting any sort of financial transaction, particularly a payout, consult your sportsbook’s house rules and regulations, which almost always explain quotas, limits, and other restrictions on payouts in simple terms.
Good Luck NFL Betting from Bet-on-the-NFL.com!