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Getting started with online casinos or sportsbooks is quite simple. All you need is a valid credit card (visa or mastercard) which can be used to purchase electronic casino chips. But how will you get paid your winnings? This is a question that concerns people more than anything else when it comes to gambling online. This article describes and discusses the most up-to-date ways casinos/sportsbooks pay you. Credit Card: The most common way used by casinos and sportsbooks is to deposit a refund back to your credit card. Usually this is fee-free for you. Caution: Casinos and Sportsbooks may only refund the amount you orignially deposited to you credit card. The reason is because credit card policies do not allow higher refunds. This means if you buy casino chips for $100 using your visa card and you leave the casino with $200 most likely the casino will refund $100 to your card and send you the additional $100 using another method. Mastercard International released new rules for credit card refunds by online casinos and sportsbooks recently, which could prohibit any refund back to your card. The bank which holds your mastercard account will determine if you are allowed to receive a refund from internet casinos. Refunds to visa cards are still possible without problems. Casinos using this method of payment: Almost every casino except casinos using Boss Media Software (Bossmedia casinos are Prestige Casino, Goldclub Casino, Diamond Club Casino, Jackpot Palace, USA Casino - This list is not complete and only represents casinos approved by Gambling Guide) Debit Card: Debit cards are getting more popular in the United States, since they give you direct access to your checking account. They work like a Visa or Mastercard, so they can be used the same way as credit cards. Casinos using this method of payment: same as credit card. Check: Checks are a frequently used method of payment. Because they are usually used to pay winnings that can not be refunded to your credit or debit card. Remember that most casinos are physiclly located on the Caribbean Islands. For this reason checks sent by regular snail mail will take a while to arrive depending on your location. Most casinos also give you the choice of using an express service like UPS or Fedex. This usually results in extra costs, which will reduce your winnings. Express services are usually subject to a $30 to $40 fee, whereas regular mail is usually free of charge. Therefore it only makes sense to use express service for higher winnings. However, you should always check with the casino. For example Vegas USA will send all checks by UPS Express without a fee. If you use this method you should have your money within 1-3 days. Casinos using this method of payment: almost every casino. Electronic Check: Electronic check processing is offered by all Cryptologic Casinos (e.g. The Sands, Intercasino, William Hill Casino, Omni Casino). This method requires a bank account in the United States. The time it states to set up this method for first time users is a little lengthy, but it has its advantages in the long run. First you have to fax Cryptologic your checking account information, such as routing number, account number, etc. The process is explained further in the casino software. After you send in your information your account with be set up which may take a couple of days. Once your account is ready you can cashin money by electronic check, which can be used immediately. You can also use electronic check to withdraw from the casino. In this process you can cash out the total amount of your winnings. However, if you cash in by eletronic check you are unable to cashout for seven days for security reasons. This process is totally automated so it is very punctual on the period of times set forth. Something you may consider is cashing in by credit card and cashing out by electronic check. This would allow you to skip the 7 day waiting period. For anyone who does not own a credit card, electronic checks is the only other way to gamble online which can be considered safe and fast. Withdrawls in Cryptologic casinos using the electronic check procedure are subject to a $1 fee per request. Casinos using this method of payment: only casinos running cryptologics software. Bank Wire: Bank wires are an optional way of payment used by some casinos. To use this method you will be required to provide the casino with information about your checking account such as account number, routing number etc. similar to electronic checks. After that, the casino will be capable of making direct deposits to your bank account. Bank wire usually causes additional fees to be charged by the casino and therefore is only recommended when receiving large winnings. However, even if the casino wires the money for free you will still be charged by your bank (usually around $10 per transaction). Casinos using this method of payment: Captain Cooks Casino and others NeTeller: A very new system is NeTeller. This method uses an independant provider which deals in eCash. NeTeller will provide you with a free online account. After you provide them with the required information you will be given an account number and password to access your account. After you cashout from the casino, the money with go directly into your Neteller account and you can begin using it online immediatly. If you decide you want the money put in your bank account you can send your money to Paypal or DirectPay (Yahoo) which will provide you with that option plus the option to use the money for online purchases. Paypal and DirectPay are online cash systems that were mainly established for the field of online auctions (for example on eBay and Yahoo Auctions) and other purposes to transfer money over the internet. Money deposited from a NeTeller Account is available instantly. Deposits to NeTeller accounts can be made by Master Card, Visa, American Express, Discover or Pay Pal. Casinos using this method of payment: Cybersportsbook and Casino, Sportsbetting.com, Get A Bet, Sportbet.com, Gamblers Palace, Island Casino, and others |
