How to Withdraw Money from Indian Betting Sites
Sports betting in India have grown tremendously over the last few years. There are several betting sites that bettors can choose from. But when it comes to choosing a sportsbook, you have to consider the types of payment methods available. A hassle-free withdrawal method will offer you a great betting experience.
Some of the factors you should consider when choosing a payment method include transaction fees, safety, and waiting times. As a bettor, make sure you choose a payment method that suits you. If you are a bettor in India, you will be thrilled to learn that there are several trusted online payments that you can use. These online payments are safe and secure. They also promise faster withdrawal procedures.
Before You Withdraw Your Money; Your Account Must be Verified.
Although the online gambling space is filled with a plethora of online sportsbook, the verification process is a mandatory process for most sportsbook as it is a regulatory requirement. Account verification helps to keep off fraudsters and it enhances security.
So How Can You Verify Your Account?
To verify your account, you need the following documents
- A photo of your ID or passport
- Driving license
- A photo of your utility bill
- Bank statement
It is worth noting that your online profile account should match your credential details such as your name. The verification process across most sportsbook shouldn’t exceed 3 days. Once it’s done, you will withdraw your funds without any hassle.
How to Withdraw Your Funds From Your Betting Accounts
The following are some of the ways that you can withdraw your money from Indian betting sites.
E-wallets: You can withdraw your funds through e-wallets such as Skrill, Neteller, and PayPal.
- Skrill: Skrill is a popular online payment method that is widely used for gambling purpose. The platform is easy to use and has the approval of the U.K financial conduct authority. Indian players using this platform can top up their accounts using bank transfer, Bitcoin, Bitcoin cash, Neteller, and Maestro. Also uploading money to Indian sportsbooks is free. Sending money to other Skrill users attract a small fee while withdrawing attract a fee of 2.5%.
- Neteller: Neteller is a sister company to Skrill though majority of its transaction are gambling related suggesting online players use Neteller compared to Skrill. It offers the same features as Skrill such as instant transactions and it is also regulated by F.C.A
- PayPal: PayPal is still one of the most convenient and safest ways to withdraw money from your online bookmaker account. One of the top reasons why PayPal is a great payment method is because of the speedy transactions. Both the deposits and withdrawals are instant. Another bonus of PayPal is the fact that no transactions will show on your account. Moreover, there are no fees when it comes to withdrawing funds from your online betting account. If your bookmaker accepts this method of payment, then you may consider it.
- MasterCard and Visa: The two are the most common card options among many players and so is it in the Indian space. Indian bettors can use MasterCard or Visa to load their accounts with sportsbook for free. Card transaction takes between 2-5 days to reflect in your account.
- Bank transfers: Some Indian betting sites allow players to withdraw their winnings directly in their bank account. However, this process may take quite some time for the transaction to be processed completely since you’ll have to contact the bookmaker for specific instructions. Bank transfer is common with high rollers. Some betting sites will not deposit your winnings into your account if it’s not from certain banks. This makes bank transfers to be highly subjective. That’s why you should use popular methods such as e-wallets, MasterCard, and Visa. All you need to do is log in to your account, click on the homepage of your selected bookie, and then enter your bank account details. The funds will then be transferred from your betting account into your bank account. When it comes to bank transfers, there is no processing fee on the operator’s side, but your bank may charge you. The processing time takes between 3-5 days to clear.
- Cryptocurrency: Cryptocurrencies are making a name in the online gambling space. Bettors have adopted them for their security and anonymity. Popular digital currencies used in most Indian sportsbook are Bitcoin, Ethereum, and Ripple. Cryptocurrency prices are very volatile and you need to keep track of your coins as their value may appreciate or lose value due to the erratic price movements.
- Western Union: One of the most popular money transfer methods available in the market is Western Union. This payment method is accepted by a number of betting sites. However, the downside of this method is that it is quite expensive. If you compare Western Union to other payment methods such as e-wallets or credit/debit cards, you will find that e-wallets and credit/debit cards are a much better option. If you are considering using Western Union, let it be the last resort because it’s obvious that you don’t want to get charged hefty fees for the transaction
Withdrawing funds from your betting account is quite simple. Once you’ve verified your account and chosen your preferred withdrawal method, you will be able to access your funds. When transferring funds online, security should be your top priority. Data breaches have become very common these days, and the last thing you want is for your financial details to fall into hackers’ hands. That’s why you must choose a secure platform for your online transactions.
Frequently Asked Questions regarding withdrawals
Most of the popular Indian sportsbooks do not apply fees to withdrawals made via the common withdrawal methods. However, fees may apply when you use withdrawal methods such as bank transfers.
Once a player has completed the actual withdrawal process, the amount of time it will take for the funds to be credited into their account will depend on the withdrawal method they used. Generally, e-wallet withdrawal methods such as Skrill and Neteller will take within 24 hours. MasterCard or Visa cards can take up to 5 working days. Bank transfers can take even a week.
The answer to this question depends on your selected bookmaker. In most cases, the minimum withdrawal amounts for various withdrawal methods correspond to the minimum deposit amounts. It can be between Rs. 400 - Rs. 1,000.
The maximum withdrawal also differs depending on the individual bookmaker. Each withdrawal method’s maximum amount often matches the maximum possible deposit amount for that particular method.
Yes, some bookmakers have the option to recall the request while others support this call by contacting the customer support. Provided the payment hasn’t been processed, you can cancel the withdrawal request.
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