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Introduction
Interested in online wagering but don't know what to do about funding
accounts and receiving payments? This may seem like a
difficult process, especially for those in the United States.
However, setting up what is known as an e-wallet is as easy as signing
up for a Paypal account.
E-Checks
Many poker rooms and some popular are adding e-check services to their
list of payment processors. Before the UIGEA Act was signed,
many poker rooms, such as Party Poker used them. There is a
trend back to e-check services, and sites like Full Tilt and PokerStars
are beginning to accept e-checks from US customers.
To use an e-check you need a
checking account. You can enter your checking account
information in your preferred site's cashier and your funds should
appear immediately. Depending on the site's policy, you can
also take payouts directly into your account, as well.
E-Wallets
The concept of an e-wallet is
simple. An e-wallet is a third party company that securely
transfers money to and from funding sources (such as bank accounts and
credit/debit cards) and the sportsbook/poker-room.
Registration and verification can take up to several weeks, but usually
the request is handled promptly. A well-known e-wallet is
Paypal. Although Paypal generally will not handle online
gambling transactions, Paypal users should be familiar with the
e-wallet model.
Credit/Debit/Prepaid
Gift Cards
Another common deposit method is via credit/debit cards. Most
United States-based funded accounts will not authorize transactions to
online betting sites, and very few allow them. However, most
pre-paid credit cards such as the Visa All
Access Gift Card will approve immediately on almost all sites
that accept credit cards. All Access Gift cards can be found
at your local grocer or drug store. Special note:
many prepaid gift cards have similar filters that your current credit
and/or debit card that denies transactions to gambling sites.
Visa Vanilla and Green Dot credit cards DO NOT work. Be sure
to take this into consideration if you decide to deposit with a gift
card.
Bank
Transfers, Electronic Transfers, Cashier's Check, etc.
Most sites also have alternatives to the funding methods mentioned
above. These are often in the form of electronic wire
transfers, cashiers checks, or money orders. Each site
varies, and sometimes require minimum/maximum transaction amounts
differing from e-wallets and credit card transactions. Each
site is different in their options, so check with your preferred outlet
before considering this option.
If you deposit with any
credit/debit card, you will probably need an alternative method for
cash-outs. Since many betting sites offer checks and wire
transfers, you can easily fund with a credit card without having to
sign up through an e-wallet...though signing up for an e-wallet
should be a method to mull over when funding your
account. One e-wallet account can fund more than one site so
long as the respective sites accept the same e-wallet. Last,
but not least, protect your money! Follow the same guidelines
you would for other online transactions, and be sure to do your
research before placing your bet!
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