Indiana sportsbooks offer a wide range of payment options through well-known and trusted payment processors, making depositing and withdrawing your funds a hassle-free process. In this article, we will go through each payment method and guide you through its main advantages and disadvantages.
Indiana sportsbooks with fast and easy banking
Common Indiana sportsbook deposit options
Before we get to the meat of things, we’ll start by listing the most common deposit options available at legal Indiana sportsbooks. Most of these can be found at every operator, however, some may be excluded, depending on the site.
- Visa/MasterCard credit and debit cards
- Online banking transfer
- VIP preferred e-Check (ACH)
- Play+ Prepaid Cards
- Cash at the casino cage
- Bank wire transfer
- Paper checks
What’s the fastest and easiest way to deposit at an IN sportsbook?
As you can see, depending on the sportsbook, patrons can potentially have up to a dozen different payment options at their fingertips. These range from in-person depositing to bank transfers and e-wallets. Although there are many factors which can go into selecting a payment method, we were guided by the following three criteria: speed, security, and convenience.
(1) ACH/VIP Preferred e-Check
ACH stands for Automated Clearing House and is a kind of electronic check. You may also see this referred to as Instant e-Checks or “VIP Preferred.” However it’s termed, using your bank checking account information to process a deposit or withdrawal is the best option for any bettor with a checking account. The reason is simple: ACH boasts very fast processing times. The service is also one of the most widely available — and you will find it offered by nearly every online sportsbook in Indiana.
PayPal is a pioneer in processing online money transfers. It is also arguably the most popular e-wallet both in the U.S. and worldwide. In addition, a majority of bettors probably already have a PayPal account, so using the login and platform is already a familiar process.
PayPal’s ubiquity did not come without good reason. The service is known for being safe and for its quick processing times. Since PayPal acts as a barrier between your bank account and the receiving end of your payment, you will never need to share any sensitive information like your credit card number.
But there are several things to note about PayPal.
- First, players must use a personal, not a business account, when transferring to an Indiana online sportsbook.
- Second, the email associated with your PayPal account must match the one used to set up your sportsbook account.
- Third, you can only withdraw using PayPal if you used PayPal to deposit. So you can’t deposit to your account with cash at the cage and later withdraw via PayPal.
Additionally, the company is infamous for being trigger happy when it comes to freezing users’ accounts to investigate potential fraud. While most of the time this is done due to a security concern, often, there is seemingly no reason.
How banking at legal Indiana sportsbooks differs from offshore, illegal sportsbooks
It should be common sense that any illegal activities come with major risks. Before the law limiting sports betting in the U.S. was overturned, bettors often resorted to wagering at offshore sportsbooks in far flung places like Costa Rica, or elsewhere in the Caribbean. As offshore betting is largely unregulated and offshore sportsbooks often operate illegally, bettors are vulnerable to abuse, excessive banking fees, and a lack of recourse should a sportsbook decide not to honor a payment request. Also, most of these deposit methods — checking accounts, PayPal and beyond — are simply not available at offshore books.
With sports betting now legal in Indiana, the situation is much different — and a whole lot safer. As sportsbooks need to comply with strict regulations in order to be granted a license, gamblers can now place their bets in safe environments with full legal protection. Unfortunately, for the majority of U.S. citizens, risky offshore betting still remains the only viable outlet to bet on sports. Not so in Indiana!
Using your bank to deposit
If for any reason you don’t like letting third-party services handle your transactions, you can use your bank’s own payment services to make your deposits. ACH, online banking transfers and bank wire transfers are the most commonly used.
(1) ACH/VIP Preferred e-Check
We have already mentioned ACH or VIP Preferred as our favorite payment method in Indiana and beyond. Through ACH, sportsbooks are directly connected to your bank account, which enables near-instant turnaround times, however, the amount might take 24 to 96 hours to be deducted from your balance. Again, the method is widely accepted at licensed IN sportsbooks.
(2) Online banking transfer
With this method, you will log into your bank’s online portal from within the legal sportsbook platform. When you choose this option, a pop-up window might open, or your bank’s portal may load within the sportsbook platform/app.
Online banking transfer is similar to using ACH or eChecks, but it does have a few differences. For starters, transactions are slower. Additionally, you will also have to log into your bank’s online portal any time you want to make a transaction. Finally, not all banks offer online banking transfers. Typically only banks that support bill pay services can provide the ability to make online banking transfers.
Here is a partial list of banks that allow online banking transfers:
- Bank of America
- Capital One
- TD Bank
One advantage — like with PayPal, users don’t need to enter any sensitive information while making a payment. Instead, they only need to log into their online banking account in order to confirm the payment.
(3) Bank wire transfer
Bank wire transfers are another way of depositing funds into your sportsbook account. Although they are a great way to deposit large sums of money to your account, they come with a hefty fee. This is a big reason why it’s less popular than other payment methods.
Essentially, e-wallets are online services which store your bank account information. They have numerous advantages, from providing users with easy access to their bank accounts, to the convenience of quick payments using only credentials like email and password.
In recent years e-wallets have expanded their services to facilitate payment processing by introducing wireless transactions through NFC and QR code scanning.
Paypal and Skrill have long been the staple payment methods when it comes to sports betting, both in the U.S. and worldwide.
As we mentioned, PayPal is one of the most popular e-wallets around. It is very quick, safe, easy to use, and you likely already have an account. It is also our top pick when it comes to e-wallets, as long as you keep in mind the downsides we have listed above.
While in many ways similar to PayPal, Skrill does differ in some key areas. First off, compared to PayPal, Skrill does generally have longer processing times and higher withdrawal fees. Unlike PayPal, Skrill also offers some extra perks, including a VIP program for high spenders, which provides bonuses, 24/7 support, enhanced security, and lower fees.
Prepaid cards are a great option for anyone who doesn’t have a bank account or doesn’t wish to use one. In fact, we are seeing nearly all sportsbooks and casinos offering their own branded cards. Operator-branded cards usually come with higher transaction limits and a greater chance that transactions will be approved. So, if you don’t mind the added step of having to first transfer funds to the prepaid card, and then to your sportsbook account, they can be a good option.
Keep in mind that prepaid cards must be funded before they can be used at the sportsbook site. You can do this with a checking account or a Visa/Mastercard. Also note that you don’t need to obtain the physical card in the mail in order to process a transaction. Once you complete your signup for the card, you should be able to use it right away.
Credit and debit cards
Credit and debit cards are convenient ways to make a deposit, however, there is the possibility that your bank might reject deposits made to sportsbooks, as legal online gambling in the U.S. is a relatively new phenomenon. Banks sometimes view gambling deposits as cash advances, which means your deposits may incur additional fees. In general it’s not a great idea to gamble on credit or with a credit card, but the option is there.
While for many, the appeal of online betting is the fact that it all happens online. However, many sportsbooks still allow you to make deposits and withdrawals in person. Here are some of the ways in which you can make in-person transactions.
(1) Cash at the casino cage
Sportsbooks will often allow you to make deposits or withdraw winnings at their land-based partnered casino. The obvious advantage is the fact that there are virtually no processing times and no fees. You just head to the casino cage, bring your identification and account number, and you can deposit or withdraw right then and there.
Here is the list of Indiana sportsbooks, together with their partnered casinos where you can make a deposit or cash out from your account:
|BetAmerica ||Rising Star Casino Resort|
|FanDuel Sportsbook||Belterra Casino Resort / Blue Chip Casino|
|DraftKings Sportsbook||Ameristar Casino East Chicago|
|BetRivers||French Lick Resort|
|BetMGM||Belterra Casino Resort|
|PointsBet||Hollywood Casino Lawrenceburg|
PayNearMe is a service which allows you to make a deposit at your local 7-Eleven, Family Dollar store or CVS. You will need a PayNearMe barcode and and specify the amount of cash you wish to deposit. Once you make the payment, you will receive a code you then need to enter into your sportsbook account.
It’s easy, reliable and since the participating stores are ubiquitous, very convenient.
Snail mail, baby. Since the entire process is done by mail it can take anywhere from 7 to 10 days for the check to clear. While most sportsbooks will give users the option to withdraw funds with paper checks, only some will allow for paper check deposits.
Cashing out at Indiana Online Sportsbooks
When it comes to withdrawals, your options will be more limited compared to deposits. As a rule, processing times will also take longer.
Our favorites: (ACH) VIP preferred e-Check and PayPal
Many of the deposit benefits we have mentioned about VIP Preferred and PayPal are also true for withdrawals. Both of the services are very fast, taking about 1-2 days to process. You should, however, keep in mind that PayPal withdrawals are sometimes limited to the deposited amount.
What Other Withdrawal Methods Are Available?
In general, here are the most commonly offered withdrawal options at Indiana online sportsbooks.
- ACH e-check — Allows direct transfers from the user’s sportsbook account to their bank account. Users must provide their bank’s routing number and account number.
- PayPal — Provides quick transactions while protecting sensitive bank account information. Money can only be transferred to the account it was deposited from.
- Prepaid card — Easy to use and useful for users without access to a checking account. They can also be used for ATM withdrawals, just like a bank-issued debit card.
- Cash at the casino cage — Convenient if you live near your sportsbook’s partnered casino. Processing is instant and you get paid in cash.
- Skrill — Slower processing times, but offers a useful loyalty program which offers rewards, lowered fees, and other perks. Users can withdraw money to any bank account linked to their Skrill profile.
- Check by mail — Takes the longest to process (usually from 1 to 2 weeks), which makes it inconvenient for most users.