People that are relatively new to sports betting can have some trepidation about registering an account with vulnerable banking and personal information out there. Nearly all sportsbooks have security at the highest levels, but for those still concerned about having personal details online, depositing via a cheque alleviates those concerns.
The good thing about cheque sits in Canada is the fact that nearly 100% of sportsbooks will accept cheques in some form. Personal cheques might not always be accepted, but cashier cheques are universally accepted. Doing it this way ensures that the money will get deposited without any technical issues hindering the process.
Cheque Online Race & Sportsbook Handicapping Sites
Clearly the two biggest advantages of using a cheque as your deposit option are it's top tier level of safety and it's relative inability to get rejected like a credit card transaction could. Depositing with a cheque is basically the same as a cash transaction between you and the sportsbook and money will have no problems getting into your betting account. Also, with all of the personal details stated on the cheque and who the two parties are involved in the transaction, there is no way for others to cash the cheque or steal the information. That high level of security really appeals to bettors who prefer a more “old school” way of funding a betting account.
Clearly there will always be a place for depositing/withdrawing money via cheques at sportsbooks, but it's something that a bettor really has to plan out and be ready for delays if they go this route. Safety and security are the huge selling points of this method, and that's why it will continue to be used by traditional bettors, and accepted by sportsbooks.
Obviously there are some major disadvantages to using a cheque or cashier's cheque as a deposit method. The biggest of those is the amount of time it takes to complete a transaction with a cheque. The bettor has to go to the bank, write the check, send it to the sportsbook – which could take upwards of 10+ business days to get there via regular post – and then get the sportsbook to process the funds to your account. In today's world of ultra-fast consumption of news, information, etc, the time it takes for bettors to be able to bet with their money via the cheque method (even if they used express shipping services that take 2-3 days) is a big deterrent.
Cheques can take upwards of 28 business days to be deposited into your sportsbook account, depending on where you are in the world, and the minimum deposits can often up to $2,000. The two types of cheques accepted today are generally Cashier’s Cheques and Instant eCheques. Sportsbooks don’t generally take personal cheques unless contacted and agreed on personal terms.
Getting a withdraw in this fashion isn’t unheard of, but it does come with its negatives. The main issue is getting a withdrawal can take a very long time, as some casinos and sportsbooks take up to two months to deliver cheques via mail or courier. Another issue is when you’re withdrawing money via cheque, sportsbooks can charge anywhere between $20 and $50 per cheque. Though, often sportsbooks offer one free cheque withdrawal per month.