Funding and Withdrawal Options

[The Judge]

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Western Union/Moneygram - Let's not forget the original method of choice for transferring money offshore - Western Union and Moneygram have been servicing the offshore gambler's needs for decades. Both are also available online for U.S. customers, adding to the ease of use. Fees are generally picked up by the sportsbook for deposits of more than a few hundred dollars. One downside is the need to provide identification at the counter prior to sending/receiving money. Another issue is relatively high fees if the sportsbook is not covering them. Of course, both have policies against gambling-related transactions, although most transfers slip through the system regardless. But with added pressure from Uncle Sam, we might expect new policies that crack down on sending money to gaming jurisdictions, making the use of these services more challenging in the near future.

Cashier Check/Money Order - Another old-fashioned deposit method is to just mail in a check. This can be effective, but slow, especially compared to other methods in the internet age. Checks also leave a "paper trail", while money orders are limited to smaller amounts, making them less than ideal for high-limit players.

Credit Cards - Many books still claim high acceptance rates for credit cards. Depending on your issuing bank, you may be able to sneak a transaction through, or the receiver may be able to do some manipulation on his end to ensure the transaction is not flagged as "gambling related" (i.e. processing the charge through a non-gaming merchant account). Of course, this also leaves a paper trail and doesn't allow you to withdrawal winnings, so even if your charge is accepted, this is not the most efficient transfer method.

E-Checks, EFTs, Bank Wires, and Debit Cards - Many sportsbooks allow E-check or electronic funds transfer, either through a 3rd party provider like Click2Pay and InstaDebit, or through their own software. However, this requires providing your banking information to the sportsbook in question. It also may violate the terms of service of your bank, causing your account to be closed. While most credit cards are blocked for gaming transactions, some VISA debit cards are still functional, particularly those from smaller "community" banks who have less stringent policies. If utilizing these methods, you may want to open a separate checking account which is only used for gaming-related transaction to provide an added level of security,

E-Gold - While not widely available yet, e-gold transactions may see an increase as other services disappear from the market. E-gold provides heightened privacy and low transfer fees (around 1% or less depending on amount transferred). Unfortunately, the privacy features also mean that fraud can be a problem. There are no chargebacks or waiting periods, so if an account is hacked, it can be emptied immediately with no recourse for the victim. It also has been the subject of investigation by U.S. Secret Service agents, so in the current environment that may be a sign of impending trouble. E-gold is not currently accepted by a large number of books - BetRoyal and 5dimes are two of the few that will take it. However, e-gold may become a viable option if more sportsbooks decide to utilize it.

Offshore Banks - For the truly dedicated, opening an offshore bank account may relieve a lot of money transfer problems. This is a more complicated solution whose details are beyond the scope of this article. However, many Caribbean nations have offshore banking solutions that would nicely fit the needs of the U.S.-based gambler.
Clearly, transferring money will not be as simple as it was even just days ago for U.S. players. The days of moving money in and out of books daily at low or no cost are probably gone. The sportsbooks, however, will adapt. This is a competitive industry, and while some may sink, others will figure out how to swim - there is too much profit in online gaming for it to just disappear. Some will begin offering free withdrawals by other methods; others will come up with innovative solutions like account-linked debit cards. Competition will drive offshore operators to come up with innovative and efficient solutions for deposits and withdrawals. The bottom line is: while this may be a temporary setback to the online gaming industry, sportsbooks, poker sites, and casinos will continue to thrive in cyberspace.

[TravisPH]

Great article, Judge! Thanks for posting it.