Florida sports betting > Florida banking options

Florida banking options

Florida are the gateway for different banking methods to use online. Before and after winning, that bettor is going to need the right banking options for deposits and withdrawals. In this guide, we’ll pinpoint the ins and outs of the banking options offered by Florida providers.

Best banking methods for Florida

Every banking method has its pros and cons for deposits and withdrawals. Some may have faster processing times while others sport higher security standards.

While you may be familiar with the traditional bank transfer or paper check options, nowadays they also offer deposits and withdrawals through eWallets, physical locations, credit and debit cards, and more. You can even find some with an fast payout option.

So long as you are going through a licensed site, such as the top methods we mention today, you’ll have access to the best banking methods in Florida. Depending on what suits you best, you’ll be able to choose your preferred banking method of choice in this guide to use with your option today.

Florida banking options 2022

Pros and cons of FL banking options

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Banking options for online Florida sportsbooks vary. The most important aspect for bettors is typically time; no bettor wants to wait around for weeks until their cash is ready for them to use how they want.

The second important part of banking options is safety. With hackers and scammers abounding online, you need your banking information to stay private and secure on the platform you are using.

Another consideration while choosing your banking method is which goes best with your lifestyle. If you are a technologically savvy person, you may find options such as eWallets particularly appealing. If you prefer brick-and-mortar to the online world, banking options such as PayNearMe may be more attractive.

Below you’ll find the pros and cons of the top banking options offered by Florida operators. With this information, you’ll be able to choose which banking option is best for your transactions.

PayPal in Florida

PayPal is a well-known company across the U.S. that provides a platform for payment across contexts. It has now entered the realm of online wagers after being taken on as a banking method by many PayPal betting in Florida sites.

Pros

PayPal deposits for function as an eWallet, which is an online wallet. This means bettors can keep their bankroll separated from their other accounts and payments.

You can fund your PayPal account through bank transfers, user-to-user transfers, or a debit/credit card. PayPal is known for respecting its users’ privacy and does not share your information with online merchants or even with the platform you are using. In most cases, there are no fees to use PayPal in Florida and the processing time is instant.

Cons

To withdraw through PayPal on your account, you may first be required to make a deposit through it. Your PayPal account must also be associated with the same email account you use with your online site. The accounts you use to fund your PayPal must be personal accounts.

Skrill at Florida

Another lesser-known eWallet option is Skrill. This payment service hones in on the gaming industry.

Pros

Skrill keeps your details secure and discreet. It can link to your bank account or debit/credit cards. Even so, it’s a separate account you can use independently from your primary accounts, much like PayPal.

Many major operators have taken on Skrill as a possible banking option for users. It provides an instant processing time for your transactions, allowing you to use your money at a moment’s notice.

Cons

The downside of Skrill is their processing fees. Skrill charges between a 1%-6% fee for deposits and a flat rate of $5.50 for withdrawals.

PaySafeCard

PaySafeCard is one of the worldwide leaders in prepaid online payment systems. If you prefer to pay in cash when it comes to your bets, PaySafeCard may be the option for you.

PaySafeCards are sold both online and at local outlets. You purchase the PaySafeCard voucher with a $10-$100 value and receive a 16-digit PIN code either on a printout or pre-printed card. You then use this PIN code when paying online.

Pros

With PaySafeCards betting in Florida, you never need to share your bank account or credit card information. They can be sold both online or at brick-and-mortar locations, which provide versatility for their users. PaySafeCards are also owned in connection with Skrill, offering an easy bridge should you also want to use the Skrill eWallet.

Cons

Currently, PaySafeCards are mainly used as deposit methods for online in Florida. We are still awaiting a withdrawal method through PaySafeCard.

They also currently have a maximum limit of $100. While we hope this increases in the future, it may be limiting for those who want to make a larger deposit.

Play+

Play+ is an accessible debit card that can be used to quickly fund your bankroll. You enroll for the Play+ card directly through your provider to set up your deposit. Your Play+ card for betting in FL, will later be delivered in the mail, allowing you to use it as a physical debit card.

Pros

If your provider utilizes it as a banking method, Play+ will be easily accessible off of your account page. The funds placed on the card can be used anywhere that accepts Discover cards. You can also withdraw from the card at any ATM.

Cons

Play+ does require fees which vary depending on the transaction. You will also have to wait for the physical card in the mail if you want to use it at a physical location or ATM. Primarily used for deposits, it is up to the individual ones to determine if they accept Play+ as a withdrawal method.

ACH transfers

ACH transfers are also referred to as electronic checks, eChecks, or bank transfer deposits. They sometimes include wire transfers as well. This is when the bettor sends money to their account directly from the checking account at their bank of choice.

Pros

ACH transfers as a banking option at Florida sites are usually free, fast, and efficient. You don’t need a credit or debit card to connect your bank account to a operator for deposits and withdrawals.

Several platforms use ACH transfers as their VIP preferred payment option. This ensures instantaneous delivery times and top-notch efficiency.

Cons

If using a wire transfer, you may need to authorize the transfer in person at your local branch. The transfer may also take up to one day to process and require a fee.

Credit/debit cards in Florida

A popular banking option online in Florida is the debit/credit card. These are typically under the Visa, Mastercard, Amex, or Discover name.

Pros

More than 200 million Americans own a credit or debit card, which makes it one of the most common banking options around. Processing times are usually instant.

Cons

Credit cards come with interest rates and, sometimes, annual fees for use.

PayNearMe at Florida

Another method for those who prefer using physical dollars, PayNearMe allows bettors to take a payslip to the closest PayNearMe location and pay in cash. The payslip amount is determined by the bettor beforehand. The location will then exchange the slip for a special code bettors can input into their account to transfer funds.

Pros

PayNearMe locations often include pharmacies and convenience stores, with over 31,000+ locations across the U.S. The processing time is often within minutes, and usually less than an hour.

Bettors can keep their bank account information private when using PayNearMe for sports deposits.

Cons

PayNearMe may require a fee between $0-$5.99 per transaction, when you use them as banking option in Florida.

Neteller in Florida

With less expansion than PayPal or Skrill, Neteller is another eWallet available in certain states as a banking options.

Pros

Neteller has over 20 years of electronic transfer experience and is used around the world. It keeps your information safe and secure and can keep your payments separate from your daily bank account.

Cons

Neteller has entered and exited US markets multiple times amidst fluctuating gaming regulations. It is now available for use in certain states but is not as widely used as other eWallets.

PayWithMyBank (Trustly)

Trustly, originally a startup from Sweden, has paired with the American PayWithMyBank to expand their bank transfer payment services. PayWithMyBank is a payment service alternative to bank checks and cards. You can utilize it online and on your phone as a mobile app.

Pros

PayWithMyBank never stores or shares your information with any site you transfer to or from – including your site. Their real-time identity verification prevents potential cases of fraud or non-sufficient funds.

Cons

This banking method charges a fee depending on the amount and transaction type.

Top banking options in Florida

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Our top four Florida sports betting sites offer a wide variety of withdrawal and deposit options for your online needs. These operators have been vetted as licensed and regulated in the state of Florida, guaranteeing safety and security while transferring your funds with their banking options.

FanDuel banking options in Florida

Fanduel’s deposit options include PayPal, ACH transfer, credit/debit cards, FanDuel prepaid cards, and PayNearMe. Their withdrawal options include PayPal, check, ACH or eCheck, and the FanDuel prepaid card.

DraftKings banking options in Florida

Draftking’s deposit options include credit/debit cards, gift cards, PayPal, online banking, and the DraftKings gift card. Withdrawal options include paper checks or PayPal.

PointsBet banking options in FL

Pointsbet accepts cash, credit/debit cards, ACH, online banking, PayPal, PointsBet MasterCard, and PayNearMe options for deposits.  Their withdrawal methods are ACH transfers, online banking, or cash at certain brick-and-mortar facilities.

BetMGM banking options in FL

BetMGM accepts deposits from debit/credit cards, ACH transfers, PayPal, wire transfers, PayNearMe, cash at certain facilities, Skrill, and Play+. BetMGM withdrawal options include couriered checks, PayPal, Skrill, Play+, cash at certain facilities, wire transfer, and ACH transfers.

Banking options with deposit limits in Florida

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Providers have the right to impose deposit or withdrawal limits on their user accounts. These are usually imposed per every thirty days of activity. Some limits are determined by the platform and others are determined by your option of deposit or withdrawal.

Check with your operator to see if they have any limits imposed around your banking option of choice.

Many of them also offer the voluntary feature of setting up your own deposit limit on your account. This ensures you are remaining within your budget and staying financially responsible. This goes for Florida promos also, since the turnover limits needs to be reached

FAQ’s About Florida banking options

How can I withdraw my winnings in Florida?

Log in to your new Florida sportsbook account and verify your identity. Go to the Cash Out/Cash Withdrawal/Wallet page of your account and type in the amount you would like to withdraw. Select your withdrawal mention and voila. Some withdrawal methods include credit/debit cards, eWallets, ACH, and wire transfers.

What are the deposit methods for Florida?

ACH bank transfers and eWallets are two of the deposit methods for FL. Some well-known eWallets are PayPal, Skrill, and Neteller. Credit/debit cards are also a same-day deposit method. They may offer other methods with quick turnaround times on their deposit page as well.

What is the safest withdrawal method?

ACH transfers are typically the VIP preferred method for various withdrawals. Please note that different ones have different processing times and that this will affect when your banking method of choice receives the funds.

Is depositing safe?

So long as you use a licensed and registered FL site, your withdrawal and deposit should be safe. Once in the account, make sure to choose the banking option that appears most secure and comfortable for you. Several options, such as eWallets, do not share your bank account information with third parties.

Is there a limit to how much I can deposit or withdraw from my FL account?

While Florida may not impose a withdrawal or deposit limit for your online account, your operator can. Some of them impose maximum deposit amounts per 30 days. Other ones do not impose limits but may offer a voluntary deposit limit option where the bettor can limit their own account to ensure their financial responsibility.