They allow players to wager anonymously since they can get funds off-line and in person, without involving state financial institutions or banks. Throughout this article, we will cover the most popular P2P payment systems available.
Person to Person Betting Transfer
Person to person transactions are more commonly known as cash transfers. This payment method has always been a popular one for bettors at online sportsbooks since they began to pick up as the internet become more influential in the early ‘2000s. As we mentioned before, transfers are usually completed with Western Union Or MoneyGram.
Most Popular Person to Person Betting Sites
We’ve compiled a list of the most popular Person to Person betting sites available to bettors at online sportsbooks. P2P payment methods are extremely safe and allow users to complete transactions without disclosing information regarding sportsbook activity. We’ve mentioned a few payment methods already, but for full disclosure check our list of sportsbooks on this page.
Depositing using Player to Player Methods
In comparison to the majority of other deposit methods, the fees for cash transfers are very high. Similar to all transfers, the fee isn’t fixed and is based on the amount deposited, meaning the more money sent the higher the fees.
Additionally, one of the pitfalls when withdrawing with a P2P payment method, take MoneyGram for example, they have a limit of $899 per transfer. Generally speaking, most sportsbooks impose a maximum deposit limit of around $2,000 per transfer. When the amount being deposited isn’t that high, let’s say $10-20, the fees are quite low. But, when the amount being deposited is $500-1000, the fees increase significantly. The fees are also dependant on the location the money is being sent from and where it’s being received.
Most sportsbooks will offer to reimburse funds for sending the money. As they want the bettor to send the money upfront, then once the money arrives the user will normally be given back the transfer funds. Moreover, if you’re a regular player or sportsbook VIP, it’s worth contacting them to ask them to cover your fee, if you continue to deposit.
Withdrawing using Player to Player Methods
Withdrawing with Player to Player payment methods can be particularly costly. In some circumstances, withdrawal fees can be as high as 10%; which might equate to losing $200 on a $2000 withdrawal.
Withdrawing money from your sportsbook via P2P can often take quite a while. Generally speaking, transfers can take anywhere within 48-72 hours. Most online sportsbooks process checks in about a week, but some can take two weeks or more.
Sportsbooks Not Offering P2P Transfers
Though Player to Player payment methods are extremely popular, there are numerous sportsbooks out there that don’t offer P2P transactions. Major companies like Bovada don’t feature P2P, due to the fact they wanted all-about-anonymity for users. This resulted in a number of P2P companies being dropped by major sportsbooks.
Major sportsbooks always list a number of other depositing options to choose from, as does Bovada.
It must be noted, that the payment method isn’t particularly convenient. The fees can be extremely high compared to other depositing methods. Low maximum payout amounts are also a problem. This means if you are going to make a deposit try to make large deposits in one moment, as opposed to spreading them out over a period of time.