Anyone who has dabbled in some online betting will know that getting money from an account is slower than putting it in. The slower processing times for withdrawals can often be a source of frustration for bettors.
Despite the advancement of modern technology, it can still take up to five working days, or in some cases longer, for you to get funds. But will this area of online betting get up to speed as things move forward?
Maybe, as there are already some signs indicating that it will.
Why Are Withdrawals Slow?
What is the hold up with withdrawals? Betting sites have to hold on to requested funds under regulations. When a customer requests funds from their account, the betting site puts the request in a state of ‘pending’.
Fraud prevention and money laundering are reasons for a site holding your funds for processing. Betting sites are regulated and have to follow Know Your Customer and anti-money laundering laws.
During that time they will do checks to verify your details so that the money is directed where it is supposed to go. But some betting sites can take up to 48 hours to do this.
| Withdrawal Method | Average Time To Receive Funds |
| Debit Card | 3-5 Business Days |
| Bank Transfer | 3-5 Business Days |
| E-wallets | Up to 24 hours |
| Visa Fast Funds | 2 Hours |
| Visa Fast Direct | 12 Hours |
The info for this table is taken from the page https://legalbet.uk/betting-sites/sets/fast-withdrawal/
What You Can Do To Speed Things Up
The customer can do things to speed things up as much as possible when it comes to withdrawals. The first of those will be fully verifying your ID and Address. You will put in all that information when you first register.
But the betting site may well reach out to you before the first withdrawal is made, to double-check that you are who you say you are. That could include sending them a picture ID, a utility bill to confirm your address and in some instances proof of funds.
It sounds invasive, but it is for security. If the business has the right person verified, then you can get your money securely. This is generally only ever required once, but if there is suddenly a big anomalous withdrawal request that is out of character for the account, then they may request verification again.
Banking Method
The method that you choose to initially fund with is important. Requested withdrawals should be processed back to the initial funding source. If the payment source isn’t available, then it will cause delays. There are payment methods that are quicker than others as well.
E-wallets like Skrill, PayPal and Neteller are fantastic for speeding things up, as once the betting site releases the funds, you can receive the money the same day. They are quicker than banks, where extra security checks and processing times have to be endured.
Fast Withdrawals
What is the future of withdrawals? There has been movement in the right direction with newer features like VISA Faster Funds, which is a feature that can get you your cash within the hour in some instances. In a similar vein Visa Direct transactions can be done within 12 hours.
These newer features only work with banks that provide it. But it’s the sort of banking technology that punters could benefit from and shows that quicker withdrawals can happen.
Why Fast Withdrawals Are Important
There is a clear future for fast withdrawals at online betting sites. Customer satisfaction at betting sites would go through the roof if punters could get their hands on their money quicker. It would also build trust and credibility between the bookmaker and the end-user.
That would help the bookie out in terms of customer retention. Any betting sites that push into new technologies of faster withdrawals would also gain a significant competitive edge over competitors. There is a win-win for everyone.
A Nod To The Future
What could happen down the line? Cryptocurrency has been a much-touted, quick and secure solution. The problem with its unregulated status means that in a lot of territories, it is going to be tough to introduce for sports betting.
But there are possibilities like integrating mobile wallets into sports betting platforms for instant access, and payment processing innovations like real-time payments are really where consumers want to see this go.
Look for sites that have some available Rapid Transfers. If you don’t have it available, then consider using e-wallets as they are the next best option.