It may seem commonplace to want to deposit funds into your Tennessee online sportsbook account using a credit card. Maybe you’re thinking about earning some extra points while putting money down on the next big game.
Unfortunately, sports betting doesn’t exactly work like that in the Volunteer State. Credit cards actually exist on Tennessee’s list of expressly prohibited deposit methods.
Gambling on credit cards banned in Tennessee
The Tennessee Lottery, the state’s only other form of gambling, operates in a similar way as the sports betting market. All lottery ticket purchases must be made with cash.
It just so happens that the Tennessee Education Lottery (TEL) serves as Tennessee’s sports betting regulator, in addition to overseeing the state lottery. As a result, a number of governing similarities exist between the two markets.
The TEL prohibits bettors making deposits via credit card in order to reduce the potential for that bettor to accrue debt.
Requiring bettors to wager with funds they have readily available is a tenet of responsible gambling.
The TEL does not want bettors borrowing money they do not have in order to fund recreational gambling.
How to deposit at Tennessee sportsbooks
Although credit card deposits may be out of the question, plenty of other options exist for funding your sportsbook account.
According to the TEL, the types of sportsbook deposit methods currently permitted are:
- Debit cards
- Electronic bank transfers, including such transfers through third parties
- Online and mobile payment systems that support online money transfers
- Winnings or payouts
- Any other means approved by the TEL or the Board
Electronic bank transfer (deposits and withdrawals)
The ACH/e-check deposit option is one of the most-popular funding solutions among Tennessee bettors. For those who already have an established checking account with a major US bank, this is often the quickest, most hassle-free route to depositing. After setting up an account, bettors can begin making deposits and withdrawals almost instantly.
Withdrawals using ACH/bank transfer average around two to five days.
Wire transfers are an additional deposit option for those looking to link directly to a bank account, though this generally requires longer processing time than other methods.
PayPal (deposits and withdrawals)
Known for its safety and reliability, PayPal is another speedy sportsbook deposit option. Bettors can instantly fund their account and also withdraw earnings once they connect PayPal with a banking account.
Withdrawing funds via PayPal can take anywhere from two to four days.
Debit card (deposits)
Pulling out a debit card to make a deposit can be another accessible method for bettors. You enter your card information into the site much like making any other online purchase.
Keep in mind, this deposit method is strictly available for debit cards since credit cards are prohibited.
Prepaid card (deposits and withdrawals)
Many online sportsbooks, including BetMGM, DraftKings, and FanDuel, offer a prepaid card option called Play+. Bettors can purchase these cards online in any denomination and receive them in the mail within a few day’s time.
Funds on the card can be used anywhere Discover is accepted. You can withdraw funds from your sportsbook account back to your Play + card. This is one of the fastest withdrawal options available. Funds are usually available in a few hours.
To withdraw funds from your Play + card, just visit an ATM.
For those looking to add funds to their sportsbook account via cold hard cash, bettors can make an in-person deposit at a variety of retail locations across the state using PayNearMe.
To complete a PayNearMe deposit, the sportsbook generates a barcode that the customer can take to the counter of any Dollar General, Family Dollar, or CVS Pharmacy. A cashier will then scan the barcode on the customer’s phone and register the cash transaction. The cash will then be deposited into the player’s sportsbook account.
A similar in-person deposit option exists for Action 24/7 depositors, who can visit any Advance Financial location and make a cash deposit to their account.
Check by mail (withdrawals)
After you begin turning your wagers into winnings, you’ll want to find a preferred method of cashing out those funds. Sometimes, receiving a good ol’ fashioned check in the mail is the best way to withdraw those earnings. Once the sportsbook sends out a check, the bettor can cash or deposit it into a checking or savings account like any other check.
Checks usually arrive in the mail between seven and ten days.
Get your money’s worth with deposit bonuses
There is no “right” deposit method. Some bettors prefer one method over another. Alternatively, one method may be more accessible to a bettor on one day, while a different method may prove more accessible on the next.
And with seven Tennessee sportsbooks currently in operation, these deposits don’t have to be limited to a single operator. Luckily for new users, many sportsbooks even offer start-up incentives to welcome you in.
Some books offer deposit bonuses that add additional playable funds into a bettor’s account after his or her initial deposit.
Free bets act as a type of insurance, providing bettors with risk-free wagers in the form of site credits if a bettor’s wager loses. Other sportsbooks offer odds boosts, drastically enhancing the odds of a particular event.
Boosts like these provide a fun way for bettors to get their feet wet in the sports betting world.
Credit card deposits may not be an option, but sportsbooks offer plenty of other ways to maximize on your next deposit.