Best Withdrawal Methods On Sports Betting Sites
As a professional cricket bettor living in India, I get asked many questions by friends fascinated with my profession. Some of these questions are about handicapping and picking winners, but when the conversation turns online gambling “how do you get paid when you win?” is almost always asked.
The answer to this question depends largely on which betting sites are used. I’ll cover that in great detail in this article, and break down the most popular payout methods used to pay Indians their gambling wins.
Best Sports Betting Sites In india
Reputable Betting Sites Use E-Wallets (Best Option for India)
The two most popular e-wallets are NETELLER and Skrill, both of which offer accounts in Indian Rupees (INR). So, how it works: you start by opening an e-wallet account and linking one or both of your credit card and bank account to it.
From here you make a deposit (into your e-wallet account), and once it is funded you can use that balance to deposit money to an online bookmaker. When it comes time to cash out, visit that bookmaker’s cashier and request a withdrawal to your e-wallet. Once the withdrawals are processed you have the money in the e-wallet and now can do one of three things 1) let it sit there until you need it, 2) deposit it at another online gambling site, 3) have the e-wallet transfer funds to your bank account.
The selling features of e-wallets are many. Companies such as NETELLER and Skrill are regulated by the UK’s Financial Services Authority (FSA) and have millions of customers around the globe. Indian banks are not all worried about dealing with either company — as people use both for all sorts of things non-gambling related. Indian freelance writers, programmers, and graphic designers regularly use Skrill to accept payments from their clients. Expats looking to transfer money between different countries and currencies use this service as well. Remember an e-wallet is an intermediary – your bank account transaction ledger will only show the name of the e-wallet you use and not the gambling site. For most Indians, e-wallets are by far the best method to withdraw.
How to Withdraw Money using Neteller
In the past Indians enjoyed the ability to bypass using their bank for withdrawal and could cash out NETELLER funds right at the ATM machine using a NETELLER plus debit card. If you’re looking for a solid alternative, although not quite the same, Entropay offers “virtual” debit cards. This is a less popular e-wallet accepted by some bookmakers. – for a full review of this service see my page on EntroPay for Indians.
How to Withdraw Money using Bank Wire
There are two challenges when it comes to cashing out from online bookmakers via wire transfer. The first is this method is generally only available for withdrawals exceeding Rs. 2 Lakh. The other area of concern, I’ve used this method with Betway and their company name appeared in the transaction ledger on my bank statement. If you want to keep the fact you’re gambling online private, be careful about using this method.
How to Withdraw Money using PayPal
PayPal has a strong anti-gambling policy in regards to certain locations. Their policy is to only allow members whose registered account address is in Austria, Denmark, Finland, Greece, Ireland, Italy, Portugal, Spain, Sweden, or the United Kingdom, to engage in gambling transactions. Even though India is not on this list, I occasionally hear from friends who exploit loopholes in order to get paid via PayPal. This is a horrible idea because if caught first you risk a lifetime ban from using PayPal and you could also end up with your account balance frozen for a long period of time.
Transfer Services: Western Union
Another option for cashing out is transfer services like Western Union. This is offered mostly at bookmakers that also service the North American market. The downsides to this are a) UK bookmakers (which don’t offer this method) are much more Indian friendly than North American sites and b) this method is extremely expensive when you factor in fees and currency conversion.
Paper Cheque
Many sports betting sites are willing to send a paper cheque withdrawal to your India home address. This is by far the slowest method for cashing out of a gambling site. First of all the check often takes weeks to arrive, then once it does its generally in USD or GBP and because it’s drawn from another country, your bank will put up to a 60-day hold on it. While there are some exceptions to this, for the most part, you’re far better off avoiding this method.
Final Banking Tip To Withdraw Money From Betting Sites In India
As you can see most of the time the best option for cashing out of a gambling site is an e-wallet. The leading ones are NETELLER and Skrill, but there are others floating around. Two of the smaller ones that are legit are EntroPay and Click2Pay, where some others I’ve seen on the market and am not all that familiar with include Moneyline wallet, and WebMoney.
I strongly encourage you to stick to reputable online betting sites licensed in the UK or Malta such as Betway, or any other listed on our left side menu. The risk that comes in using Caribbean bookmakers is these sites change deposit methods so often. While at the moment they might have a banking method for cashing out Indians that could change tomorrow.
Meanwhile, the sites licensed in the UK have many options for withdrawal. Keep in mind, Indians for the most part use the same deposit and withdrawal methods as those from the UK, with PayPal being the only noteworthy exception.
