Sports Betting is finally legal in the state of Maryland. It’s been a weird, wild road to legalization since betting was first banned in the state way back in 1968.
After referendums in 2008 and 2012, respectively, different forms of gambling have started to pop back up in the Old-Line State, culminating with the passage of legal sports wagering in 2021. Not to be outdone by the other five states to pass sports betting laws this year, Maryland is offering a colossal sixty gaming licenses. That’s three times as many in any other state!
If you are living in Maryland, you are probably refreshing your browser and waiting on sites to go live. While you wait, we are here to dig into the most likely ways you will be able to deposit and withdraw at Maryland Sportsbook. Maryland sportsbook deposits and withdrawals are important parts of the online sports betting experience.
How to Deposit at a Maryland Sportsbook
You’re going to need to add money to your sportsbook before you choose any wagers. While nothing is set in stone yet in Maryland, we can once again look to its cousins in the sports betting landscape and make some safe assumptions in regards to deposits.
Expect to see Maryland authorize the use of credit/debit cards, ACH transfers, pre-paid cards, cash at casino cages, and digital payments like PayPal for minimum deposits. These will likely be the same options for withdrawals too. Since Maryland is one of the newest states to pass sports betting, you might also see cryptocurrencies as a transaction method when everything goes live.
Most methods are going to have some sort of minimum deposit amount – usually $5. Fortunately, the funds are likely to appear in your account instantly. Expect a wire transfer to take 5-7 business days.
There is no hard and fast rule on what method is best and it will vary depending on personal preference. Although, a few things you will want to consider before deciding on your method of Maryland sportsbook deposits are:
- Minimum Deposit Limits
- Maximum Deposit Limits
- Legal Restrictions
- Time Frames on Available Funds
- How Payments Will Appear in Statements
Keep an eye out for deposit bonuses that you will want to take advantage of, especially as Maryland begins the rollout and tries to entice betters with huge deals.
How to Withdraw at a Maryland Sportsbook, Without the Hassle
It is usually pretty easy to sign up and deposit money, but getting it once you’ve won big? Generally, that’s a whole different story.
If Maryland is following in the footsteps of many of its neighboring states, withdrawing will likely be a process that includes some sort of identity verification.
The type of verification and the amount will vary from sportsbook to sportsbook. But, at the very least, you will need to provide some sort of government-issued ID. Library cards aren’t going to cut it here; anticipate using a driver’s license, passport, or birth certificate that bears the same name as the account holder. You will need to either scan or take a photo of the identification and submit it to the sportsbook.
What’s more, you will probably be asked to provide some sort of documentation with your billing information on it so you can get that sweet payout sent directly to your bank account. Something like a utility bill or bank statement will likely suffice. If you want to withdraw or deposit via a credit card, you need to submit a photo of the front and back of the card, along with a verification form.
All of these requirements will vary by sportsbook. So, make sure to do your research before making a decision on which one to use. And keep in mind, the verification process for Maryland sportsbook withdrawals will often take up to 48 hours.
How to Withdraw Funds
Now that you have gone through the process of getting set up with your sportsbook and they have verified all of your documentation, you can finally request to withdraw your funds.
There will be a page or window called “Cash Out” or “Withdraw” or “Cashier”. Here, you can input how much money you would like to take out. Select your preferred method of payment and the withdrawal process will begin.
The speed of your withdrawal will vary by method. Some are certainly faster than others – the range can go from instant (PayPal) to 10 days (physical check). Keep your eyes peeled for methods that incur fees on the transaction! And certainly read on for what withdrawal methods we expect to be available at launch in Maryland.
More Info on Depositing & Withdrawing
Now that we’ve covered withdrawing and depositing, let’s dive in a little deeper on specific methods. So, we expect to see many of these when sports betting goes live in Maryland. Certainly, methods for both will differ, but at least some of the following should be available for either or both.
|Payment Method||Fees?||Processing Time?|
|Credit & Debit Cards||Almost never||Around 3 business days for withdrawals; instant for deposit.|
|PayPal & Other e-Wallets||None||Instant|
|Prepaid Cards (Play+ etc.)||Vary||Instant|
|Cash at Cages||None||Instant|
|ACH Transfers||None||1 to 2 days|
Credit & Debit Cards
There are few more convenient methods than credit and debit cards. Most sportsbooks will accept Visa and Mastercard. Other cards vary depending on the sportsbook. But, with up to 60 online sportsbooks potentially coming to the Old Line State, you won’t be short of options.
PayPal (and other e-Wallets)
Virtual e-Wallets are certainly popular methods for Maryland sportsbook deposits and withdrawals. They are widely accepted at legal U.S sportsbooks.
All you need to do to get started is enter your information on the login page. Funds should then start showing up in 1-2 business days.
E-Wallets are known for their security as you do not have to share banking information with the sportsbook. Venmo is a popular mobile e-Wallet owned by Paypal. Traditionally, transfers from Venmo to a checking account take 1-3 business days to process, so keep that in mind.
So, prepaid cards are becoming increasingly available and we expect to see them upon launch. To use one, you will need to have a checking account or credit/debit card to transfer money to the card. The biggest advantage of these is the high acceptance rates.
All of the biggest online sportsbook brands have their own prepaid cards. For example, the BetMGM Play+ prepaid card is extremely popular and will likely be used by many in Maryland.
Cash at Cages
This method requires you to travel to the partner casino of the online gaming site you are using and hand the teller funds that they will instantly allow you to bet with. Or, you can withdraw and receive physical cash. You will need some form of ID to do this.
Sometimes listed as VIP Preferred, this method uses an Automated Clearing House (ACH) to move cash directly to your bank account. They often have high deposit limits making them a top choice for big Maryland sports bettors.