Maryland Sports Betting » Banking options in MD

Banking options in MD

Sports betting has made its way to Maryland, and now is the time to start soaking up all the knowledge surrounding it. On this page, we have collected information on the different banking methods you will see online for depositing and withdrawing.

Understanding banking methods in MD

Banking and sports betting in MD are pretty self-explanatory, but you might be surprised to discover the number of ways you can make deposits and withdrawals. In this article, we go into detail about each method, including its benefits and issues.

Understanding what methods work best for you will help you narrow down your search for compatible site, so we have gone ahead and included the banking methods offered.

Online deposit methods

mobile-banking-options

The easiest way to deposit money into your  account is by making an online transaction. These are done from the comfort of your home (or really wherever you feel comfortable doing so).

Online transactions work well because you do not need to travel to execute one, there are little to no fees, and they process quickly. In addition, if you have issues with one type of online transaction, there is usually an easy way to work around it.

Debit or credit card

Fees: Usually no fee (though some credit transactions may be treated as cash advances and incur such fees)

Processing time: Instant

Most people have a debit or credit card and have used them to buy something online. Depositing funds into your  account follows the same process.

When making a deposit, you are asked to input your card number as well as other card details (usually a security code and the expiration date). Once you confirm the deposit amount, you submit the transaction request, and it is either approved or declined.

Most accept Visa betting in MD and Mastercard bets in MD, but you might have some issues finding a site compatible with Discover or American Express betting in MD.

Prepaid card

Fees: Vary

Processing time: Usually instant

Prepaid cards are a great option for keeping your personal banking information safe, but you should check to make sure that the prepaid card you choose allows transactions related to online gaming and that your site of choice accepts them.

Using something like PaySafeCard betting MD allows you to create a single-use card to fund your betting account. This is great for avoiding fees or assisting in budgeting or bankroll management.

Another great prepaid option is a Play+ card for betting in Maryland. These are prepaid debit cards that can be funded online for fast transfers, and you can usually find a link to sign up.

You also receive a physical Play+ card that you can use to spend your winnings anywhere Discover is accepted.

E-wallets

Fees: Varies

Processing time: Instant

An e-wallet may be a more convenient and secure option for you, especially if you want to keep any bank information separate from online sites. These provide a quick way to fund your  account as well as receive any payouts, and they help keep your bankroll separate from any other accounts.

PayPal betting in Maryland is the most popular example of an e-wallet, but another name popular in the online world is Skrill. Most tend to avoid Skrill because they have higher and more frequent fees, but this option is available for individuals who cannot utilize a PayPal account.

ACH transfer/eCheck – banking option MD

Fees: None

Processing time: Instant

An ACH transfer or eCheck allows you to make a deposit directly from your checking account to your mobile account. These are less popular, but they are a great option if you do not have a debit or credit card or you are having issues using it to make a deposit.

The success rate for deposits made using bank transfer deposits is higher than other banking methods, and this method is free, instant, and nearly as convenient.

VIP Preferred is a great example of a safe and secure e-check provider.

Online bill pay

Fees: None

Processing time: Instant

Online bill pay works similarly to online bank transfers, but you have increased privacy with this method. Unfortunately, it is not offered as an option.

With online bill pay, you choose an amount to deposit and are then directed to input your online banking information to log in on a secure page. By going this route, the provider can still receive a deposit without seeing the bettor’s account details.

Online bill pay is mostly limited to larger scale banks, so it might not be an option for you if you work with a local bank. However, you can set up an account with Trustly to make online deposits in this way, so make sure you look for MD sports betting with Trustly.

Physical deposit methods for Maryland

banking

If you are the kind that would rather fund your account using cash, some providers have found some ways to make this an option.

Using cash to fund your account is convenient if you want less of an online presence or you are having issues with your online presence. The methods listed below are the most popular ways to use cash to fund your account.

PayNearMe banking option MD

Fees: $0-$5.99 per transaction

Processing time: Usually less than an hour

PayNearMe allows you to fund your account using physical currency. You just choose the amount you wish to deposit, and a payslip will be created for you. Take this payslip to a PayNearMe location (these are usually pharmacies or convenience stores) and pay with cash.

Processing is not instantaneous, but funds usually make their way to your account in less than an hour.

Green Dot MoneyPak

Fees: $4.95

Processing time: In minutes

Green Dot MoneyPak works in a similar-yet-inverted way, but you will find it used more often with horse betting sites than other ones.

Simply visit the nearest location, purchase a voucher using cash, and then redeem the voucher online with your preferred provider.

Wire transfer

Fees: Depends on the bank (but they may cover the cost of deposits over a certain amount)

Processing time: 1-7 business days

Wire transfers are more popular with bettors wishing to deposit large sums of cash, typically an amount surpassing the maximum on other deposit methods. Transactions of this weight merit a visit to the bank, and they usually have a lofty fee.

Wire transfers also take more time to process because the transaction is higher risk. However, as long as you are not in a rush to access your funds, a wire transfer can be a more secure way to transfer a large sum into your account.

Withdrawing

payout-banking

Most of the time, your winnings can be withdrawn the same way you made a deposit, but this is not always the route you want to go. Options for withdrawing your winnings are slimmer than those available for making a deposit, but accessing the money you earned is usually an easy process.

There are three main ways to move these funds:

  • Online transfers
  • Physical cashouts
  • Prize withdrawals

Choose the one that works best for you, even if it is not the same way you transferred money into your account.

The fastest way to access your winnings

There are a few different ways you can have your winnings paid out in a quick and timely fashion. Fast Payouts in MD is a thing for many people out there.

If you set up a Play+ account, the money you earn is almost available as fast as you can transfer it because the account is indirectly linked to your account.

Most debit transfers and ACH or eCheck transfers function at the same speed.

E-wallets like PayPal tend to have instant transfers, but you need to check that your provider does not require you to make a deposit using PayPal before you can withdraw funds that way. Of course, this is not an issue if you only intend on using PayPal.

Utilizing these online methods helps make earnings available to you without requiring you to physically go out of your way, but it does not get cash in your hand.

Getting cash in hand

The options for withdrawing physical tender are not as numerous as the ones for depositing it, but you can get by as long as your provider has a location near you.

Many partners with a retail location to allow increased access for their users. You can go to these locations to make deposits, but you can also drop in if you need cash in hand.

For the most part, this looks like this:

  • Signing into your mobile account
  • Visiting the cashier
  • Selecting “cash at the cage” when withdrawing
  • Providing the necessary information to the cashier (usually photo ID and login information)

This “cash at the cage” option is great for privacy and fast cash, but it is not accessible for everyone. In most cases, you can accomplish the same task by transferring to your bank and withdrawing cash at an ATM, but that chances a hold being put on the funds.

Prizeout withdrawals

Prizeout provides a unique way to withdraw funds. Instead of receiving the cash that can be used anywhere for anything, cashing out with Prizeout puts your winnings on a gift card to a major retailer.

This may seem inconvenient, but in many cases, the amount put on the card surpasses the amount you chose to withdraw, increasing your funds. It is a great option if you know that you are going to use the gift card or if you want to make sure your winnings are set aside for a specific task.

Prizeout does not charge fees, and transactions are usually processed within a few minutes.

Banking options MD

online-bank-transaction

When looking for an online sportsbook, choose the option that checks off the most boxes of what you need. Know what sports you want to bet on, what types of bets you want to place, and what banking methods you are comfortable with or capable of using.

Choose one that is both legal and licensed to operate in Maryland. There are plenty of options out there, but some that operate under the state receive more oversight and work with stricter safety regulations.

FAQ – Maryland banking options

Why was my deposit declined if I know I have enough funds?

Your deposit may have been declined if your bank has anti-gambling policies in place or if they consider online gaming deposits to be high-risk transactions. If this is a recurring issue, consider switching to another method like an e-wallet or eChecks.

Can I make a deposit when I am in a state other than Maryland?

You can still fund accounts, sign up with new sportsbooks, and verify your identity when you are outside of Maryland. The state lines come into play if you want to place a bet.

Is there a way to limit my deposits to support responsible gambling habits?

Providers should provide easy-to-access links to assist you in enforcing responsible gambling habits. These usually include things like setting daily, weekly, and monthly limits on both deposits AND wagers.

Which banking method is safest for both deposits and withdrawals?

Online banking methods like ACH transfers, eChecks, and e-wallets tend to have the safest processing times for both deposits and withdrawals. However, when dealing with physical money, most transactions are processed in the amount of time it takes to get to the cashier.

Does Maryland have regulations pertaining to online deposits?

The standard safety protocols are in effect in the state .