People make bets for a multitude of reasons. To test their knowledge, to practice analytic skills, to feel the thrill that comes with receiving the outcome/ answers, to make every second of the event that you are betting on more exciting, etc. And of course, possibly the biggest reason, to make money.
People bet on sports with the primary goal of returning a profit on the money they laid down. In betting, this is called the payout.
For those new to online sports betting, there can be a lot of questions that arise are first about the payout. In this article we talk about how to get your payout, any possible fees that could occur with a return, and some of the best websites to use for getting your money back.
The payout is simply put how much money you will gain based on the odds and the amount of money you put down. A straight bet would return you $110 for a winning $100 bet. So, if you put down $20 down on a straight bet, you will have a profit of $22 and a payout of $42.
To figure out the odds of the bet simply divide the return of 110 by the bet of 100. You will find odds of 1.1. Which you can multiply by the amount of your bet to find the payout. Knowing this you can know what to expect before you even receive the winnings.
How to Withdraw your Winnings
Although most if not all companies will instantly calculate the bet for you, it helps to know when odds shopping. So, now that you have won a bet you are wanting to be responsible and cash out while you are ahead. Well, there are naturally a few steps you need to complete in order to get your payout.
- Login and go to your account information
- Select a method of withdrawal and an amount to withdraw
- Provide additional documents to verify (if necessary)
- Hit confirm and follow any additional steps
There may be extra steps added but these are the basics. The first thing you will be asked to do is to verify yourself. Now perhaps you have already done this when signing up or making a deposit. If so, then you will likely not have to worry about this step.
The casino/ sportsbook will then check to make sure that your request is okay to process. This means making sure that meet their terms, have not broken rules, etc. They will then send your money to a third-party company to process the transaction back to you.
There are a couple of other things that can delay your payout such as illegitimate or poor- quality sportsbooks, or if you have broken the terms and agreements of the establishment. This can be just about anything, but punters are most often cited for things like being a professional gambler, not fulfilling bonus terms or making prohibited bets.
Details about Withdrawing Funds
Another thing that has a lot of variables are the amount of fees attached to your withdrawals. Fees will vary from site to site and also with different third-party processing companies. The processing methods that seem to be the cheapest are Bitcoin, mailed checks, Play+ Cards and wiring the money to your bank account.
The sportsbooks also have fees that can be attached to your withdrawal. Some will have fees for processing and shipping your winnings however these are now largely irrelevant. Since sports betting has become legal in the United States, many sites today do not charge any fees for withdrawals.
Finding the sportsbook with the fastest payout time can be crucial for many reasons. And because of this, many people have gathered information on all of the popular names in the sports betting industry regarding the payout times.
Learning the payout speeds, options for withdrawal/ deposits and terms and conditions on the site will help you with a smooth transition from betting to receiving payments. After all, your winnings are like your trophy for successfully beating the odds. It is best to be able to show it off as quickly as possible.