How to Withdraw from a Sportsbook – Bovada

Withdrawing Money from a Sportsbook

There is always a time when a sports bettor needs to withdraw money from their sportsbook account, it could be because they have too much money in it and they want to transfer some out and into their regular account. Whichever the reason could be, a bettor should know how to withdraw money from their account. This simple guide will help bettors understand the steps they need to take in order to withdraw money, as well as the different options that could be used.

For this particular guide, we will be using the withdrawal options from the Bovada online sportsbook. These steps can be replicated at other sportsbooks, as they have similar practices.

Step 1: Logging Into the Account

This is as logical as it can be. The bettor first has to log into their sportsbook account in order to be able to check their balance, determine how much money they will be withdrawing, and then request the withdrawal. The bettor simply has to log in, by using their Account Number or the Email that is associated with their account, and the Password. Once this information has been input, they can click on the “SIGN IN” button.

 

Step 2: Checking the Balance

During this particular step, the bettor will be checking their account balance for two reasons, to see how much money they have available and to determine how much money they want to withdraw. They can do this in two different ways, by checking the account balance located at the top right hand corner of the screen.

 

Or they can actually check their account in detail using the “My Account” button. This is where the bettor will be able to see their total account activity, and where they can manage it from. They can view details like the Cash Balance, as well as the Bonus Balance. This is used when the bettor deposits money into their account, and they get a bonus from doing so.

 

Step 3: Getting to the Payout Page

In order to place a request for a withdraw, the bettor must first get to the Payout page, which can be accessed by clicking on the “Payout” button, which is located at the top right hand corner of the screen.

 

Or by clicking on the “Payout” button while in the Manage Account screen.

   

Step 4: Requesting the Withdraw

Once the bettor is at the payout page, they can pick from various different options. They can choose to have a check delivered to them by courier or use the Money Transfer or Rapid Transfer services. For the purpose of this guide, we will pick the Check By Courier option.

At this particular screen, the bettors have to keep in mind that there may be fees associated with their withdrawals; Bovada actually offers on free payout per month, so use this wisely. The bettor needs to accomplish several things before they are able to withdraw any money from their account.

  1. Check the NAME and ADDRESS that they have on the account, as the check will be sent to that address, and the check made out to that person.
  2. Be aware of the time limitations; for the check option it could arrive in 5-7 business days AFTER the payout request has been processed and approved.
  3. Input the amount of money that the bettor is going to withdraw from their account.

   

Important Tips before Withdrawing

Sports bettors should know a couple of things before they decide to withdraw any funds from their sportsbook account. They should keep in mind that there may be a fee associated with withdrawing, as well as limits to how much they can withdraw.

In this case, when the bettor decides to use the Check By Courier option, they would have a fee of $50 each time they withdraw funds; obviously as Bovada offers one free payout per month, this fee would be placed on any additional withdrawals. On top of having the withdrawal fee, there is a limit to how much money they can send with each check; in this case it is $3000 per check. This means that if a bettor wants to withdraw more than $3000 at one time, each individual check would have the $50 fee.

Taking the fees into account is important, but it is also important to understand the time delays that can occur. The actual payout request could take anywhere from 5 – 10 business days, and then the delivery could take another 5 – 7 business days. For those unfamiliar with what a business day is, it is any day of the week, except for weekends and holidays. Essentially it could take almost 3 weeks for the check to arrive, so plan accordingly.

A bettor should never withdraw their total amount, but should try to withdraw enough in order to validate the payout fee. So, if the payout fee is $50, they should at least withdraw 15x that amount, so anything above $750, but leaving about 25% – 40% of their total bankroll in their account. By doing this they can maximize their withdrawals and still have enough left in the account to wager with.

Step 5: Request Approval and Account Confirmation

Once the payout request has been sent, the bettor will receive an email with a withdrawal approval notice. When this happens, they should check their account to make sure that the appropriate amount of money has been taken out. They can do this the same way they checked their initial account information, by using the information in the top right hand corner.

   

As the bettor used to have $2000, and they requested $1500 of it, they will end up having a balance of $500. This balance is only valid if it is the first payout of the month, since Bovada gives their members one fee free payout per month. If the better decides to withdraw again that same month, they will find that on top of the amount paid out, they will have $50 less due to the fee.

Final Step: Patience

The final step of this process is to be patient, as it will take some time in order for the check to arrive at the bettors address. However, once that check arrives, it will be a splendid day for the bettor, as they can reap what they have sowed with their good bets and proper wagering habits.

Share on Facebook0Tweet about this on TwitterShare on Google+0Share on StumbleUpon0