Now that you have created an account, deposited your funds and made your bets, it is time for the fun part – withdrawing your winnings. There are a few steps to complete before you can take money out of your account. We shall go over the steps and requirements needed to withdraw winnings and the different methods you can receive funds at most online sportsbooks available in Canada.
How to Withdraw Funds?
To withdraw funds from your account, you must first complete a few steps. These steps are necessary to make sure your account is legitimate, that the funds are going to the right person and to abide by international requirements to prevent illegal activity such as money laundering. Once you have completed these steps, you can start making some money.
How to Begin the Withdrawal Process
The first step is to login into your account, then locate the withdraw option on the sportsbook. After you select withdraw, the sportsbook will ask how much you would like to take out of your account. After you enter the amount, you will be redirected to a new page where you complete the necessary steps to process your withdrawal request.
Requirements to Withdraw Funds
Online sportsbooks have a list of requirements each user must provide before they will process a withdrawal. The first is some form of government identification. It is imperative that the ID list your date of birth and that you reside within Canada. This step is necessary to prevent underage betting and to ensure you are a resident of Canada. Most sportsbooks will accept a driver’s license, passport or health card. Also, make sure the ID is not expired.
The next step is to verify your deposit/withdraw method. Security on sportsbook is very important. To stop fraud and other issues, most sportsbooks will require you to prove your withdraw method is correct. If you use a credit or debit card, the online sportsbook will ask you to send a picture of the front and back of the card along with a bank or credit statement with your address. This is to help ensure funds are going to the correct person.
Once you have entered in all the requested information, the online sportsbook will verify the information and begin the withdrawal process. This step usually takes a few business days. While this does sound time-consuming and inconvenient, this step is only necessary once (useless you change how you wish to withdraw funds).
There are multiple ways to withdraw money from an online sportsbook. The majority of online sportsbook users elect to use the same method they deposited their funds. Each payment method has its advantages and disadvantages. Pick the one that best suits you to start. Later on, you can always switch your deposit and withdraw method.
- Debit and Credit Cards
The most common way to withdraw from your account is through credit and debit cards. Once your card is set up and verified, usually after you send in necessary documentation, then your winnings will return appear on your card. Most online sportsbooks require a clear picture of the front and back of the card to confirm a credit or debit card.
There are no fees associated with this method. A withdraw on a credit card will look like a payment, while a debit card transaction looks more like a deposit in your bank account. These types of transactions take a few days to process and appear in your account.
- Bank Transfers
Bank transfers (also called wire transfers) act similar to debit cards, except instead of providing a debit card number, you provide your direct banking information. You will need to provide some form of documentation proving the bank account belongs to you. A scan or download of a bank statement with your name, account details and address should suffice in the majority of cases
Once your information is verified, you can withdraw money right into your bank account. On average, these types of transactions take a few days. If you are in doubt ask your online sportsbooks’ customer service department the name the deposit will appear under.
- Cheque by Mail
With the dominance of internet banking, physical cheques are on the way out. However, they still have their place in the world and are one method to withdraw your winnings.
Physical cheques are by far the slowest method of withdrawal. With processing types and international shipping (across oceans), it can take up to a month for cheques to arrive in the mail. A cheque is good for a large withdrawal, but otherwise, they are too slow an to recommend.
- Bitcoin and other Cryptocurrencies
Bitcoin is quickly becoming the preferred method of withdrawal for some online sportsbook users. Bitcoin withdrawals are now the fastest way to receive winnings.
As long as you have used Bitcoin to deposit funds and use the same Bitcoin wallet to deposit winnings, withdrawals rarely exceed 15 minutes. Bitcoin fees are generally paid by the party sending the money, making most withdrawals free for the customer.
There is always the price volatility associated with Bitcoin.
In just minutes your money could increase or decrease in value. Most who use Bitcoin are aware of this and believe the rewards of using Bitcoin outweigh the risks.
Overall eWallets are not a bad way to withdraw funds from your account. The problem is the limited amount of options available. Paypal remains the biggest eWallet globally, but due to some regulations, almost no Canadian online sportsbooks will accept this method. There are a few lesser-known options available, but most charge fees to deposit the money into your bank account.
It is hard to argue for person-to-person withdrawals. A person-to-person withdrawal is done through a company like Western Union or MoneyGram. With high minimum limits, high fees and slow processing times, this method sits at the bottom of the list.
Important Information Regarding Withdrawals
While a reputable sportsbook will never deny you your money, there is important information to know before completing a withdrawal. This information can help avoid conflicts later on and understand why specific requests are denied.
- Minimum and Maximum Amounts
Most online sportsbooks have a set minimum and maximum amount you can take out of your account at one time. Each online sportsbook has a different minimum and maximum, and they do vary depending on the method you use to withdraw money. As credit and debit cards are the most popular method, we shall use them as an example.
If you are withdrawing money through debit or credit, most online sportsbooks will require you to withdraw a minimum of $10 to $20 at a time.
For maximum’s, many online sportsbooks will cap you at $1000 per transaction. Canadian banks and credit card companies are the reason for the limit. Both remain apprehensive of online sportsbook and could decline any transaction exceeding a certain amount. If you wish to withdraw more than $1000 at a time, consider another method or withdraw smaller amounts over time.
- Transactions Limits
The general rule when withdrawing money from an online sportsbook is you get one free withdrawal per period. Periods are typically one week or one month. Now, most sportsbooks will allow you to make more than withdrawal during the period. However, most will charge a processing fee. Fees range between $5.00 to $10.00 on most online sportsbooks.
- Withdrawals and Bonuses
If you received a 100% sign up bonus or certain other types of bonuses you could be ineligible to withdraw some or all of your winnings. Many online sportsbook bonuses are subject to a rollover requirement. A rollover requires a customer to bet a minimum amount before they can successfully withdraw money from their account.
For example, if you deposit $50 and receive a 100% bonus with a 10x rollover, then you have to wager $1000 to clear the requirement. Some online sportsbook release portions of the funds as you work towards your rollover. When trying to make a withdrawal from your account and you have not reached the rollover requirement, you will find out how much you can withdraw and how much more you need to wager to clear the remaining rollover.
Problems When Making a Withdrawal
Occasionally a withdrawal request will not go through successfully. There are many reasons why this can happen. Here are some of the main reasons why a withdraw request is denied or fails to go through on the website properly.
- Incorrect Information
If the information in your account is incorrect, then two things will occur. Either the money will return into your betting account and you will need to fix your information, or the money will end up somewhere else, leading to more than a few problems. As most people use the same method of deposit as they do withdrawal, this time of problem is relatively uncommon. It is still good to double check all information when submitting it for review.
- Internet Problems
If your internet is running too slow, a withdraw request may time out. Close other tabs (or apps on a phone) to speed up your connection. If need be, reset your internet router and try again later. In rare cases, a sportsbook server is down for maintenance. You will need to come back when the site is running again to make a withdrawal. Typically, scheduled maintenance only lasts a few hours and just happens when site traffic is low.
- Bank Rejections
Although this problem is much more common when making a deposit, a bank may reject an incoming withdraw request. This problem is typically due to the size of a deposit. Canadian banks and credit cards do not always accept larger deposits ($1000 or more) from an online sportsbook. The money should return to your account shortly after rejection. This issue is decreasing (as most online sportsbook cap withdrawals at $1000) but can occur from time to time.
- Too Much Activity
If you make too many requests to withdraw money from your account, you could run into some problems. As processing withdrawals are costly, some online sportsbook will stop their users from making too many requests within a small period. Also, making too many banking transactions can flag an individual’s account. This means the bank could forward your information to the CRA if they are suspicious of your activity. Limit yourself to two or three transactions per month to remain in good standings with the online sportsbook and your bank.
- Account Deemed Invalid or Fraudulent
In extreme cases, you may not be able to make any withdrawals from your account. If you are determined to be underage or are not a resident of Canada, your account could be closed. Also, if you are caught making more than one account (to receive additional bonuses), you will likely forfeit all winnings and could get blacklisted from the sportsbook.
Additional Info and Considerations
Before moving, here is some helpful additional information to remember. These are just some tips to help you make the most of your online betting experience.
- Keeping Track of Withdrawals
The best way to keep track of current and previous withdrawals is through email. Any good online sportsbook will email their customers all the details about their withdrawal (amount, reference number and where it will be deposited). If there are ever problems, having this information is the quickest way to find a resolution.
- Determining How much to Withdraw
Determining how much you want to withdraw from your account is based on your past and future betting strategy. If you plan to keep wagering, it is much easier to keep some money in your account then withdraw everything and make a deposit. If you are done betting for a significant period, it is smart to withdraw all funds and only deposit more when you plan on betting again.
- Dormant Accounts
If you leave money in your account and do not have any activity within a certain timeframe, your account will eventually be considered inactive. Dormant accounts are subject to charges or interest fees. These fees will come directly out of your account until your balance reaches zero.
If you plan to stop or restrict your account usage, the best course of action is to either withdraw all funds or contact the online sportsbook to make arrangements and set limits. Most online sportsbooks have guidelines and assistance for individuals looking to cut back or completely stop using their account (for personal reasons).
Frequently Asked Questions
It is quite common for Canadians to have questions about withdrawals and how to receive their winnings. As any rational person bets on sports to win money (or at least some form of prize and satisfaction), Canadians want to be as well informed as possible before they start sending information and collecting their winnings. Here are some frequently asked questions Canadians have about withdrawing from their betting account.
Is it Legal for me to Receive Money from an Online Sportsbook?
How long until I Receive my Money?
Can I Change my Method of Withdrawal?
Can I Cancel or Change a Withdraw Request?
How will I Know When I Receive my Money?
What Happens if I do not have Enough Funds to make a Withdrawal?
What if I do not Have a Valid Government ID?
What if the Sportsbook is Denies me my Money?
What if a Mistake Occurs?
Where can I find more Information on Making a Withdrawal?
Canadian Sportsbooks Guide
- Lesson 2: How to sign-up for a sportsbook
- Lesson 4: Best sportsbook sign-up bonuses
- Lesson 5: 100% deposit bonuses explained
- Lesson 6: Withdrawing money from your betting account
- Lesson 7: Using Bitcoin at an online sportsbook
- Lesson 8: Safest Bitcoin sportsbooks