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For a betting site to be great, it truly needs to be all-rounded. Aside from having enticing odds and a variety of markets, a good sportsbook also needs to prioritize banking.
In fact, without adequate deposit and withdrawal options, bettors will have a hard time accessing the services that a betting site offers.
Luckily, BetMGM sportsbook has various banking options that cater to all types of bettors.
In this comprehensive guide, we’re going to show you how to deposit and withdraw funds at BetMGM, and we’ll also go through each banking method that is listed on the site.
Once you’ve accessed your account, click the deposit button—this button should be somewhere at the top of your home screen.
A list of banking methods will pop up. Select your preferred payment method.
Enter the exact amount that you wish to deposit.
Depending on the method that you’ve chosen, you may need to follow other additional prompts.
Finally, click the deposit button. The funds will reflect in your account, and you can now begin placing bets.
As we’ve mentioned, BetMGM has various payment methods, so you can freely choose the method that you’re comfortable with.
Before you choose a specific method, you need to consider a few things such as any associated costs, how long deposits and withdrawals take, and the ease of transferring funds.
Below are some of the payment methods that bettors on BetMGM can use.
Mastercard & Visa
If you’re a Mastercard or a Visa user, you can use your debit or credit card to fund your BetMGM account.
Some banks are usually strict with online gaming and won’t allow you to deposit to betting sites, so you need to make sure that your bank allows you to make such transactions.
You should also check with your card issuer to see if there are any additional fees from their side.
If you have an American Express-branded card, you can also use it to deposit funds into your BetMGM account.
However, you can’t use certain types of cards. For example, corporate travel cards and bank co-branded cards can’t be used to make deposits.
BetMGM won’t charge you for using your AMEX card, but you need to check your cardholder agreement to see whether you’ll be charged any associated fees by your provider.
PayPal—an extremely popular e-wallet—is one of the most efficient and secure payment methods that a bettor can opt for.
You can use PayPal to fund your BetMGM account. You can also use this method for withdrawals; however, for you to receive withdrawals via PayPal, you need to have made at least one deposit using PayPal in the last six months.
You can use ACH to make deposits at BetMGM. In fact, this is the site’s preferred payment method, with most bettors advised to opt for it.
If you’re wondering what ACH is, it basically allows you to use your checking, savings, or money market account for funding purposes.
Once you provide the site with your ID no., your bank’s routing no., and your bank account number, you can move funds directly from your bank to your BetMGM gambling account.
As you can see, this is a quick, hassle-free payment method.
You’re probably already familiar with Venmo, a digital wallet owned by PayPal that’s mostly used for person-to-person transactions and payments between friends and family.
Because of its nature, practically no legal sportsbook in the US — including BetMGM — accepts Venmo as a payment option.
However, there’s a possible loophole of using a Venmo Mastercard debit card at BetMGM.
This is another P2P mobile app that users use to send and receive cash directly, just like with apps like PayPal and Venmo.
However, Cash App isn’t accepted at BetMGM.
If you have some cash in hand, you can go to one of your local stores (e.g., a 7-Eleven or a CVS) and fund your BetMGM betting account via this payment method.
To deposit via PayNearMe, you first need to go to the sportsbook’s cashier section and select this deposit method.
After entering the amount that you wish to deposit, you’ll receive a PayCode (also known as a PaySlip) on your email or phone. Finally, head over to a participating store and present this PayCode.
Your funds should take around 15 minutes to reflect in your betting account.
Similar to PayPal, Skrill is another popular e-wallet that can be used to fund your BetMGM account.
BetMGM won’t charge you for depositing or withdrawing via this payment method, but you have to keep in mind that there are still some transaction fees that are charged by Skrill.
Physical Location Or Cash Cage
Online bettors can also go to one of BetMGM’s land-based partners if they wish to make a direct deposit at the casino cashier.
For example, if you’re in New Jersey, you can go to Borgata Hotel Casino & Spa in Atlantic City to deposit cash at the casino cage.
For this method, you’ll need to have your government-issued ID with you as well as a BetMGM account.
VIP Preferred e-Check
Finally, we land on a payment method that is favored by most bettors and is BetMGM’s recommended ACH/e-check deposit means.
VIP Preferred e-Check is a quick and efficient payment method that allows you to transfer funds from your bank account directly to your sports betting account.
To make a deposit using this method, you simply need to provide the following information:
Your ID number
Your bank’s routing number
Your account number
Deposit Bonuses Offers
Deposit bonuses are one type of welcome bonus incentive at BetMGM. A deposit bonus is commonly given to a new bettor after the bettor signs up and funds their new betting account. This type of bonus is commonly known as a first deposit bonus or a matched deposit bonus.
In these types of bonuses, sportsbooks typically reward new bettors by matching a certain percentage of that bettor’s first deposit.
For example, if a sportsbook is offering a 100% first deposit bonus, you’ll get an extra $500 if you deposit $500 after registering on the site.
Currently, BetMGM doesn’t have a deposit bonus. Instead, new customers are rewarded with a risk-free bet that guarantees them a refund of up to $1,000 if they lose the first wager that they place on the site.
How To Make An Online Withdrawal At BetMGM
Just like making a deposit, withdrawing your funds from BetMGM is extremely easy. Here are the easy steps that you need to follow to ensure that you receive your funds:
Launch the BetMGM app and sign in.
On the top-right, click on “My Account”.
Head over to the section titled cashier.
Click on the withdrawal tab.
Select your preferred withdrawal method.
Enter the amount that you would like to withdraw and follow any additional instructions.
Click the withdraw button to confirm your withdrawal.
The minimum amount that BetMGM will allow you to withdraw is $20. Typically, withdrawals take between 1 to 5 business days to process since the site needs to review every request manually.
When making your first withdrawal, it’s common for the site to request your identification.
BetMGM Sportsbook Payout Time
Ever you ever wondered “How long does BetMGM take to payout?”.
Here is a timetable with estimated times to get your winnings.
If you’ve never heard of bankroll management, it simply focuses on the financial aspect of sports betting and majorly deals with how to manage the money that you’ve set aside for sports betting.
If you’re keen on profiting from sports betting, you have to be extremely wise with your finances. Here are a few tips that will help you manage your bankroll:
Keep Personal And Betting Finances Separate
Just like a business, never mix personal finances with betting finances. This is essential as you’ll always be aware of the amount that’s left in your bankroll, ensuring that the temptation to spend over your limit never crosses your mind.
Additionally, it’s easier to track and note your betting habits if you separate your personal finances from your betting bankroll.
Don’t Chase Your Losses
This is probably the greatest temptation that bettors deal with. If you’re experiencing a bad run of form, you may be tempted to increase your stakes to recoup some of your losses; we strongly advise that you do the opposite.
If you begin chasing your losses, you’ll dig yourself into a deeper hole since you’re increasing your risk by staking more. You may get away with it once, but, eventually, the habit will catch up with you.
Remember, losing is also part of the process. What separates a sharp from an amateur is how a sharp deals with his losses.
Track All Of Your Wagers
When you track all of your bets, you’ll figure out your strengths and your weaknesses. Essentially, this will give you an upper hand as you’ll identify the areas that you should put most of your focus on. You’ll also pinpoint the betting markets and habits that drain your bankroll and be able to ditch them.
If you need any assistance regarding a deposit or a withdrawal, you can contact BetMGM at any time.
Their live chat is available 24 hours a day, or you can contact them via email support. Phone support is also available, though that will depend on the state that you’re in.
Alternatively, you can also check the site’s detailed FAQ page if you have any queries.
About the author
Placed his first sports wager shortly after high school, and has been involved in this whirlwind of the industry since then. Fan of most of the maj...