Part of using Tennessee’s online betting apps also involves knowing the banking options. Knowledge about how to deposit and withdraw money from and to your TN sportsbook account(s) is fundamental for every bettor. It is usually necessary to pick a deposit option immediately after creating an account, and before you actually start placing bets.
In order to do that, you need at least basic knowledge about how those methods are used. We are here to help with a basic but thorough guide.
Top TN Books With Fast Deposits/Withdrawals
List of TN Sportsbook Deposit Options
As you enter the world of legal online betting, you will be immediately asked to pick a banking method. You can’t fund your wallet, and consequently won’t be able to place bets, without a deposit option. Subsequently, you can’t gather your winnings without having a reliable withdrawal method.
Operators usually have at least a half-dozen of options for their customers. Some methods are more popular than others, while others are more cost-effective or quicker. It mostly comes down to personal preference.
Some of the possible payment methods that betting providers usually offer include:
- Online banking (log into your bank portal)
- (ACH) VIP preferred e-Check
- Bank wire transfer
- Play+ Prepaid Cards
- Visa/MasterCard debit and credit cards
- Paper checks
Our Picks for Best Deposit Options
With so many banking options available, some are going to be more advantageous than others.
Certain widely popular banking methods allow extended availability and lesser fees. Nevertheless, here are a few of them, based on our opinion, that have proven to be more useful than others.
(ACH) VIP Preferred e-Check
Players who have a checking account are recommended to use instant e-Checks or ACH. Many betting providers have this option listed under VIP Preferred.
Using this method, a direct connection between the player’s checking account and the betting account on the platform is established.
To activate this option, players only need to provide the account number, the routing number, and the bank account’s city.
Some advantages of using the ACH VIP Preferred e-Check include:
- Easy and fast to operate – Players can transfer funds in only a few clicks of a button.
- Instant turnaround time – The funds usually will become available in your account almost instantaneously. However, depending on your bank it may take a bit longer – between 24 to 96 hours.
- Accepted anywhere – Almost all online betting platforms accept this payment method.
PayPal is a popular and widely accepted e-wallet. It is not only used all around the U.S. but the world as well. Initially, with the development of betting platforms, it was not possible to use PayPal. But after some legal changes were made it soon became available, and one of the most widely used methods.
One of the biggest advantages of PayPal deposits is their lightning-fast turnaround time. In order to fund your virtual account, you have to fund your PayPal account first.
There are still some drawbacks that you have to consider before you decide to use it, like:
- You can’t make a withdrawal to a PayPal account without first making a deposit with a PayPal account.
- The email that you use for your PayPal and your player’s account have to match.
- Only personal PayPal accounts are accepted as a payment method, no business accounts allowed.
How Banking at Legal TN Sportsbooks Differs from Illegal Books
There are several ways to spot an illegal offshore sportsbook operator.
First of all, legal online sportsbooks are licensed by or through a state’s regulatory agency (the gaming commission or state lottery), and are often partnered with casinos, racetracks. These certifications will be clearly displayed on their sites.
Online U.S. providers generally must to have brick-and-mortar operators and technology partners. The case with offshore illegal sportsbooks is that they are often listed in regions other than the U.S., namely Costa Rica, Antigua, Curacao, etc.
Another important difference is banking options. While legal sportsbook operators have all the usual banking methods that are listed above, offshore sportsbook providers usually offer Bitcoin or other cryptocurrencies as payment methods.
Besides reliability, there are other advantages of legal betting operators to consider:
- Quality platforms and high-end software
- Generous promotions and bonuses
- Responsible gaming protocols
- Mainstream banking methods
Breaking Down the TN Sportsbook Deposit Options
To help you better understand which deposit method is best for you, it is better to summarize each of them individually.
Using your Bank to Deposit
There are a lot of people who do not like using a third-party service when it comes to their finances. Some online bettors prefer a direct connection between their banks and the betting provider, cutting out the middleman so to speak.
There are a few methods to consider when it comes to bank transfers. Most online betting providers usually offer ACH eCheck, online banking transfer, and bank wire transfers.
ACH/VIP Preferred is a method that is best suited for players with a checking account. This banking method has solid limits and relatively fast transactions. Funds usually arrive instantaneously, but sometimes it may depend on the policy of the bank you are using.
Online Banking Transfer
Online baking transfer allows players to transfer funds directly to their betting accounts. However, this may be limited as it depends on the online bill pay service that your bank provides. Most banks do participate in Online Bill Pay, but there are many that don’t.
Players are advised to check the availability first and then, if possible, enable the bill pay feature. The advantage of this service is not having to share your financial information with the operator. A definite downside is that not all major operators have this service available.
Bank Wire Transfer
Funding your account via bank transfer is another popular deposit option. It is especially popular because it works relatively fast.
The main advantage of using a bank wire transfer is that you can freely transfer large sums of money.
The other side of the coin is the length of the transaction (it often will take longer), plus added fees. Don’t count on this method if you want to get the money fast.
Using e-wallets brings a certain level of safety as you are not directly giving out your bank details to the betting operator. Instead, you are using an online account that is linked to your credit or debit card. Remember that you still need to choose a method to put money into your e-wallet.
Using e-wallets is very easy and transactions, for most, are seamless. E-wallets generally represent one of the fastest methods of funding your account with near-instantaneous payments.
There are numerous e-wallets available, but we will cover only the most popular ones.
PayPal is the most widely used e-wallet in the world. At first, it was not regarded as a popular option when it came to funding player’s accounts but has started to gain track with users more and more.
The main reasons for its popularity are the ease of use and not a lot of limitations when it comes to transferring. PayPal transfers usually go through fast and dollar limits are pretty high, so you can deposit large sums if you wish.
The main thing that you have to keep an eye on is the email that you are using. When you link your PayPal account to your betting account, make sure that both of them are registered using the same email address.
Neteller is another worldwide popular e-wallet. Actually, its popularity in the U.S. is not like it is elsewhere, but the service is slowly adding users from here in the states. Most people who use Neteller tend to be from overseas. Nevertheless, it is still a viable method that boasts similar advantages to PayPal.
Besides not having to give out your bank details to the operator you can also deposit large sums with Neteller. Actually, limits are higher than the ones that PayPal offers.
Skrill is another digital processing service similar to PayPal. Unlike PayPal, its usage is aimed towards the gaming industry. This makes it a perfect funding tool for your sportsbook.
Skrill is good at keeping your personal information discrete. However, the downside to using Skrill is that they do impose certain fees, much higher fees compared to other e-wallets.
One of the best things about a prepaid card is that it’s usually provided by the operator. Many operators can equip players with a Play+ card so they don’t have to go through the trouble of applying for a Visa or a Mastercard themselves. FanDuel’s prepaid card supplier is Discover.
Funding your prepaid account needs to be done using other methods, like a debit card or a checking account. You don’t even have to have a physical card with you to make deposits. You only need an account to do so. If you do have a physical card, you can use it to make ATM withdrawals.
Debit and Credit Cards
Both credit and debit cards have become one of the more popular methods in funding your betting account. The most popular ones are Visa and Mastercard of course, but some operators also accept American Express or Discover cards as well.
A debit card has to be linked to an existing bank account to work, while a credit card needs to have sufficient credit available in order to cover the deposit. But note that many financial institutions will not permit credit transactions in connection with gambling, even legal gambling. In fact, we do not endorse using credit for any gambling, either.
Have some cash and want to do it the old-fashioned way? Deposit some money by visiting an in-person cashier. There are a few ways to go about this process:
Casinos in Tennessee
Actually, there are no casinos in the Volunteer State! Sportsbooks are online only — the first state in the U.S. to adopt such a model, which you can read more about TN’s sports betting law here.
This means that you cannot make in-person deposits with an operator’s casino or racetrack partner. But besides being able to fund your sports betting account online, you may be able to also use the PayNearMe option explained next.
PayNearMe is an electronic payment service that strictly involves the usage of cash. Users can make deposits through a certain retail store in order to fund their accounts. They can make a payment in stores like 7-Eleven, CVS, or Family Dollar.
You can create a deposit ticket first using your sportsbook app. After which, you can go to the nearest PayNearMe location and give them the ticket along with the funds you want to deposit. You need to show them the barcode while the funds can be provided either by cash or credit card. After all that goes through, the deposited amount will appear in your account.
If all else fails, your final option is using a paper check. But in order to do that, players need to have sufficient funds in their checking accounts for this to go through.
However, this might take anywhere between 7 and 10 days.
Tennessee Sportsbook Cashouts: Our Preferred Methods
Based on our experience, the two methods that have proven to be the most useful are VIP Preferred (ACH eCheck) and PayPal. Most users do their online banking through one of these two options– and with good reason.
VIP Preferred (ACH eCheck) and Paypal
Getting your winnings is the number one concern for players. After they have successfully made their picks, cashing out is the main thing on their minds. The most favorable methods, in this case, are through VIP Preferred and PayPal.
The main advantage lies in them being the most widespread and easy to use options. You can quickly set up everything and get your money very quickly. Both cash-out methods allow you to get money into your hands quite fast. It can take about one or two days on average.
What Other Withdrawal Methods are Usually Available?
Besides the given two methods, there are more ways to withdraw funds. In any case, it comes to personal preference. Every one of them has its own advantages and disadvantages.
- ACH eCheck – This method is pretty fast. Users can easily transfer money to their bank accounts. They only need their bank account number and a routing number.
- PayPal – This method works very efficiently and fast. The only downside is that you have to make a deposit first with your private PayPal account in order to be able to withdraw using the same account.
- Online banking – Very useful for people who prefer doing things using their bank accounts, but may come with certain fees.
- Neteller – Not so popular in the U.S. but still a good way of getting money through an e-wallet.
- Skrill – Skrill is a good way to get funds to your account but it does come with higher added fees.
- Prepaid card – Getting your winnings to your prepaid card is also an option. You should also know that a deposit with the same card is not necessary in order to withdraw money to a prepaid card.
- Check by mail – This method is useful for a lot of people. However, processing may take up to one or two weeks.