Understand the banking options available at MD sites. With our guide of how banking works for your online wagering needs in the state.
Guide to banking options in MD
Do your research on the banking options offered in Maryland, along with the other features that you covet. Once you’ve made use of this guide and found the best banking options, you’re able to get into the action in MD. And maybe even win some dough. Enjoy!
Best banking options Maryland
Today, we’ll talk about an aspect that is often missed amidst all the excitement about the offers and the odds. We are talking about online banking. It’s really important to make sure that your favorite online sports betting sites in Maryland also offer you convenient deposit and withdrawal options.
We recommend DraftKings, FanDuel, BetMGM, and PointsBet as primary options that you should look into. Next, we’ll discuss a few features that make them stand out, with an in-depth review of the online banking options.
Checkpoints for a good banking options in MD
A good site should offer the following at a minimum:
- Reputation and legitimacy – Make sure that the site is licensed to operate in Maryland and that there are no obvious red flags (knocks by industry reviewers, legal action, sanctions, etc.) in their recent past.
- Fast, easy to use interface – Browse the site to make sure that everything is easy to locate, the displays are crisp, and the page loads quickly as you move through the content.
- Multi-Platform capability – The site should be accessible through desktop, tablet, or mobile phone. A good mobile app is really important for users.
- Good range of action and decent odds – Any good operator should post lines early enough for you to place bets in advance, going all the way through the conclusion of the event itself. The lines will vary, but odds should be attractive to you as well.
- Promotions – Any good provider should have a range of matching bonuses, free bets, risk-free plays, and special event bonuses. These are essential for a new bettor especially.
- Customer service – All decent online sites will have good customer service accessible via email, online chats, and phone.
- Live gambling – This is where a lot of the excitement is.
- Efficient and Convenient Banking – This is what we will discuss in detail below.
Why banking is important
You must check out the options for deposits and withdrawals in terms of convenience, speed, and rules. For example, without fast deposits, it may become impossible during live action. Also, getting your money stuck for long periods of time during withdrawals, or being charged high fees, is a big no-no.
Avoid sites that may require large minimum balances to be maintained on your account, and if not, they charge higher fees to withdraw funds. Besides the general principle of avoiding delays or high fees, the practical impact can be big on a bettor who wants to maintain modest balances (to avoid losing too much at a time).
For example, if you want to maintain no more than $5-600 in your account and the minimum balance required in your account is $1000, it may be a long time before your winnings get you to the point of withdrawal.
The banking options available in MD
Different regulations and limits on deposit and withdrawal should be found out for each online site. However, deposits usually register very fast (within minutes), and withdrawals are processed within five business days by most major providers.
Most of them will not charge you fees at their end – or if they do, they will be nominal. However, in some cases, they will work to cover fees that their larger bettors incur when utilizing their online services.
Finally, make sure that you can make sports betting deposits with mobile apps.
The best ones will offer you different ways to make deposits and withdraw funds, with some variations in terms of guidelines. Here are the typical options that are offered.
ACH Transfers (and VIP Preferred e-Checks)
All good Maryland online sportsbooks will allow for a streamlined deposit and withdrawal process by linking your bank username and password and initiating the transaction. However, they will often require a prior deposit using the same banking information on the withdrawal side.
One of the services often used involve VIP preferred e-checks, where you add your bank’s account and routing information and can transact freely at online sites.
Online banking transactions
While similar to ACH or e-checks, online bill pay is a more secure method for many bettors since the operator never sees any banking information. Instead, deposits are made into a secure account, and transactions are carried out from there.
Major Credit and Debit Cards
Using major credit and debit cards (Visa and Mastercard in particular) is always a fast, reliable, and easy option for making deposits or withdrawing funds during online sports betting. Some sites will also allow bettors to use Amex and Discover cards.
The transactions are instantaneous, and the only relevant fees may come from the card issuer treating the deposits to the account as a cash advance. Therefore, no such fees should be associated with online sites debit card withdrawals.
PayPal deposits and withdrawals MD
One of the most popular methods of transacting with online sites is via PayPal. A verified PayPal account with an email that is associated with your name and verified through the service is essential for withdrawals. Also, a deposit must be made first before a withdrawal is requested via PayPal.
Since PayPal has a bank account or a PayPal balance already established, it’s easy to make deposits with PayPal. In addition, it’s a secure e-wallet that keeps your stakes separate from your other money, does not share your financial information with the operator, and offers instant deposits and access to funds upon withdrawal.
There are no major fees associated with PayPal either. The service is not linked to every online site, but all good ones (including the ones we recommend) will make use of the service.
Skrill banking MD
Skrill is an e-wallet service similar to PayPal. A number of different providers, including some we recommend, allow its use. However, bettors in Maryland should be aware that there are usually higher fees (including a fixed fee on withdrawals plus a transaction fee) than PayPal. Also, Skrill is less widely accepted.
On the positive side, transactions clear instantaneously in most cases.
PaySafeCard banking option Maryland
The PaySafeCard is a prepaid (closed-loop) gift card that is safe and completely secure since none of your information is shared with either the vendor or the the site. They can be procured from several outlets such as Randalls and Moneygram and are a great online banking option – check if your site allows it.
Neteller banking in MD
This online digital e-wallet works in concert with several other payment options, with great anti-fraud and security features. Neteller membership is free and can be used for money transfers and online payments.
Neteller works in concert with some of the other methods available for banking with online sites. For example, MD bettors can use Neteller with Visa, Mastercard, or PaySafeCards. On the withdrawal side, Neteller also works with Skrill.
There are fees associated though the transactions are very fast in most cases.
Play+ prepaid cards
Akin to any other debit card, bettors can set up a Play+ account with their provider, deposit money, and get going on the same day. Once the cashiers at the online site approve it, a physical card is mailed out, which can then be used at ATMs that accept Discover cards.
Play+ cards can be used for instant transfers and without any fees charged by the provider. However, there may be fees associated with the card itself for certain transactions.
PayNearMe banking MD
The PayNearMe service is a completely secure and anonymous service that bettors in Maryland can pay cash to fund their deposits. You would log on and choose an amount to deposit, which in turn generates a payslip that can be carried (physical or electronic copy) to a nearby convenience or retail store and paid for in full. There is a fee per transaction.
A quick scan of the Baltimore, MD area shows 50+ convenient locations close to downtown, spread among 711s, CVS Pharmacies, Family Dollar Stores, and similar locations. In addition, other national retail outlets such as Walmart are also being brought into the network.
No third party is privy to the bettors’ information. Once the cash is paid, the money appears on the account in minutes.
PayWithMyBank is a very convenient option which several top sites associate with. For online bettors in Maryland, using PayWithMyBank would involve setting up an account using their banking username and password, then transacting without needing to go through additional steps or carrying a credit or debit card, or a check, to process an online transaction.
One big advantage of using PayWithMyBank is that all your information is verified through your bank and no one else. It also does not require you to remember any additional information (e.g., a PayPal log in ID and password, credit card PIN, etc.). Finally, it does not overextend your spending limit since you can only draw on the money you actually have in your bank account – as opposed to a credit line.
withdrawals and deposits
Each of the four operators below offers mobile apps, live games, and offer promos and consistently receives high marks for their service, speed, and other features.
We outline the specific banking options that they offer below.
DraftKings banking options MD
DraftKings offers bettors the option to use ACH transfers (including VIP Preferred e-checks), PayPal, major credit and debit cards, Play+ prepaid cards, PayWithMyBank, wire transfers, and checks as options for deposit and withdrawal.
FanDuel deposits and withdrawals MD
FanDuel has developed a reputation as one of the fastest paying online site, with good reason. It allows deposits and withdrawals through major credit and debit cards, ACH, Checks, Wire Transfers, online bank transfers, PayNearMe, PayWithMyBank, and PayPal. In addition, Maryland bettors can also use a FanDuel prepaid card. With the exception of a check, most payments are instantaneous. In addition, there are no fees charged by FanDuel.
PointsBet fast check-out Maryland
PointsBet has super-fast check-out times through PayPal, Online Banking, ACH, and e-checks. They will accept deposits through these means and through major credit/debit cards and PayNearMe.
BetMGM deposits and withdrawals Maryland
BetMGM allows deposits and withdrawals through credit/debit cards, online bank transfers, Play+, PayNearMe, and Skrill. Additionally, deposits can be made via e-checks, and PayPal and couriered checks can be used to withdraw funds. There are no fees, and withdrawals clear within 1-5 business days.