Deposit Options at Tennessee Online Sportsbooks
The legalization of sports betting in Tennessee has given sports fans around the state the opportunity to bet on their favorite teams and sports safely and legally. But those new to sports betting often have a lot of questions, and some of those questions revolve around the process of making deposits and withdrawals into and out of an online sportsbook account.
How easy is the process? What methods can you use? Is all of this legal? We’ll cover all of these questions in this Tennessee online sportsbook guide on how to deposit and cash out of your accounts.
Is it legal to deposit at online sportsbooks in Tennessee?
In 2019, a bill to legalize sports betting in Tennessee passed through the state’s Senate with a vote of 19 to 12 and through the House of Representatives with a vote of 58 to 37. Gov. Bill Lee allowed the Tennessee sports betting bill to pass into law without his signature. The law would allow for sports betting through online sportsbooks only as opposed to the brick-and-mortar locations found in some states.
After the law was passed, discussions on regulations came in the months to follow. In April 2020, the Tennessee Education Lottery board of directors approved regulations for sports betting in Tennessee, taking another step toward rolling out legalized online sportsbooks later in the year. Sports betting operators interested in applying for a license to operate their online sportsbook in Tennessee are required to pay a $750,000 fee to acquire a license in addition to a $50,000 application fee.
Once approved, a sports betting operator licensed to accept wagers in Tennessee is completely legal and regulated by the state. This also means that depositing and cashing out through these sportsbooks is 100% legal.
How do I deposit and withdraw money from online sportsbooks?
One of the most exciting aspects of legalized sports betting in Tennessee is the ease with which you can make deposits and withdrawals. Sports bettors with experience dealing with unregulated offshore sportsbooks know how many hoops and ladders you have to jump through to make a deposit using cryptocurrencies and other complicated methods. When you play in Tennessee at a regulated sportsbook, the process of making deposits and withdrawals is legal, so there is no need for any complications.
Transaction methods vary slightly from sportsbook to sportsbook. What follows are a handful of methods that you will be able to use to make legal deposits and withdrawals into your Tennessee online sportsbook accounts.
ACH/e-check (deposits and withdrawals)
For Tennessee sports bettors who have a checking account with one of the major banks in the United States, ACH (instant e-check) will often be the fastest and most convenient way to make a deposit into your sports betting account. By setting up and verifying your bank account information through your preferred sportsbook’s secure cashier, you can make deposits and withdrawals directly to and from your checking account.
Once you have your account set up, deposits and withdrawals will always be just a few clicks away. You can confirm whether your bank is eligible through your sportsbook’s deposit page.
Prepaid card (deposits and withdrawals)
Many online sportsbooks offer a prepaid card option. One of the biggest benefits to this option is that because you are dealing directly with the sportsbook, there are never any issues with a transaction being declined or needing additional verification once you have your prepaid card set up.
You can fund your prepaid card with a checking account or a credit or debit card. You will receive a physical card in the mail that you can carry in your wallet. When you withdraw funds from your online sportsbook account to your prepaid card, you can either use the card at an ATM to withdraw cash or use the funds on your card wherever prepaid cards are accepted, which includes most places that accept credit and debit cards. Prepaid cards are an excellent deposit option for Tennessee residents who have had issues with other methods due to their bank or credit card declining transactions.
PayPal (deposits and withdrawals)
PayPal is well known in the United States as one of the safest and most reliable online payment systems in the world. Customers who have used PayPal for things like eBay purchases or food delivery services know how quick and easy the payment service is to use.
The same holds true for PayPal as a method to make deposits and withdrawals to and from your online sportsbook account. You can easily connect your PayPal account to your banking account so that funding your account or withdrawing your winnings is no trouble at all.
Skrill (deposits and withdrawals)
While it doesn’t have the same national name recognition as PayPal, Skrill is another highly respected online payment system. It works the same way as PayPal does, connecting to your bank account and allowing you to make deposits and withdrawals with ease. Tennessee residents who have an account with Skrill instead of PayPal will be able to use their preferred online payment system at most sportsbooks in Tennessee.
Electronic bank transfer (deposits)
The ACH/e-check option will be more convenient for most Tennessee residents, but in the event that your particular bank of choice is not supported to send e-checks, a bank transfer could serve as an alternative. In general, online banking transfers take longer to process and could come with higher fees.
Credit or debit card (deposits)
Making deposits with credit or debit cards can be easy and effective with the right credit card. Unfortunately, there can be a few drawbacks. While sports betting deposits are completely legal in Tennessee, some banks and credit card companies still default to declining transactions made to online sportsbooks. This is likely to change in the future as card companies adjust to the new laws, but in the present you may run into some declined charges.
Fortunately, a quick call to the bank or your credit card provider to verify the purchase is usually all it will take to get your deposit processed. And in some cases, you won’t have any problems at all. Consider being proactive and calling customer service for your credit or debit card provider to let them know to preapprove your deposit and to make sure there won’t be any additional fees charged.
Tennessee residents who want to make in-person deposits using cash can use PayNearMe to make deposits at online sportsbooks that accept them. Brick-and-mortar locations around the state such as participating Ace Cash Express, CVS Pharmacy, Casey’s General Store and Family Dollar allow locals to deposit cash directly into their sports betting accounts using a bar code provided by the online sportsbook.
Check by mail (withdrawals)
Most sportsbooks offer the option to withdraw using a standard bank draft sent by mail. You can deposit a check received in the mail into your checking or savings account like any other check. While most Tennessee sports bettors will prefer the convenience of the online methods listed above, some less tech-savvy residents might still prefer an old-fashioned check in the mail.
Do online sportsbooks offer deposit bonuses?
No matter how you decide to make your deposits and withdrawals, you can do so knowing that it is now completely legal to bet and make these transactions in Tennessee. Which deposit and withdrawal methods are the best will largely be a matter of personal preference and may also depend on the fees associated with them, which could vary from sportsbook to sportsbook. But generally speaking, PayPal and ACH/e-checks are tough to beat in terms of convenience and simplicity to use.
Keep in mind that you don’t have to limit your deposits to just one online sportsbook. Sportsbooks in Tennessee and around the world often offer lucrative first-deposit bonuses to entice new customers to try out their sportsbook. Many of these offers come in the form of free bets, giving the bettor an opportunity to place a wager on a game that will be reimbursed with site credit if it loses. Deposit bonuses offer bettors a great opportunity to make some money and also to see what a new online sportsbook has to offer.
It is important to note, however, that these deposit bonuses come with withdrawal restrictions. Most include a playthrough requirement (which requires you to wager a specific amount) before you can make a withdrawal, while others require you to wait a certain number of days. Check the rules and regulations on deposit bonuses before agreeing to partake in the promotion. If you are just making a deposit to bet on one event or have concerns about being unable to withdraw your funds shortly after making a deposit, consider making your deposit without accepting the bonus.