Updated: May 2019
Online sportsbooks are great platforms for wagering, placing bets, reviewing odds, evaluating previous bets, and managing money that is set aside for gaming purposes. When it comes to depositing real money, however, many sportsbooks fall short of their customers' expectations due to the way they conduct operations or the restrictions placed upon them.
The deposit methods that some sportsbooks use can be pretty burdensome for players. Depending on where the player is located and the amount of funds they require to deposit, some sportsbooks request credit card payments to be made to mysterious entities. Other sportsbooks ask players to purchase and mail prepaid debit cards or money orders. Sending cash via money transfer is another deposit method favored by sportsbooks located overseas, something that's not always the most ideal solution for players who don't live close to a money transfer location.
Only a handful of sportsbooks offer their customers the opportunity to deposit funds directly from their banks into their online wagering accounts by means of a wire transfer. Bank wire sportsbooks allow their players to fund their online accounts using a deposit method that has been legitimately used in the business world for many years. Long before the Internet became a staple of daily life, bank wire transfers were routinely used to make payments, transfer balances, open accounts, settle debts, and many other purposes.
Customers of online sportsbooks who are based in the United States may wish to use a bank wire when it comes to large amounts. Whereas other deposit methods are often restricted to certain money amounts which can be deposited at once, bank wire sportsbooks are able to virtually accept any amount. Bank wires are unbeatable in terms of reliability and speed. All it takes to ensure that a bank wire is successful is to ensure that wire instructions are accurately entered on both ends. All major banks in the United States are set up for domestic and international wire transfers; smaller banks often partner with an intermediary.
Bank wire transfers can be made in person, over the phone and via online transactions. The bank charges will vary depending on how the transfer is made, and they are usually higher than those charged by credit cards or other payment processors. This is the main reason why bank wire transfers are preferred for depositing larger amounts.