Online betting isn’t legal in New York yet. However, we’re expecting this to change in the near future. If and when legislation is passed, we think that Betfair will be one of the first to introduce an online gambling site for New York customers.
The best online gambling websites offer a good range of deposit and withdrawal options. This is so customers can choose how they transfer their funds, and open up the possibility of online betting to a wide range of residents. In this guide we’re going to discuss what your Betfair payment options could be when the New York site is open.
Note that while Betfair is unlikely to charge you for making deposit or withdrawals, your banking institution might. Check with your bank before you use a Betfair payment method.
Betfair Deposit Methods
As there isn’t a Betfair New York site available yet, we’re giving you a general overview of standard deposit options. Judging from what’s available in other States, your Betfair payment options for making a deposit are likely to consist of the following both on desktop and mobile:
- Credit Card
- Debit Card
- ACH
- Check Deposit
- Wire Transfer
- Cage Deposit
Your credit and debit card Betfair payment options could include Visa and Mastercard. You can have up to three cards registered on your account at any one time.
Minimum and maximum deposit limits apply, but these are different depending on which Betfair payment method you’re using. Check the t’s and c’s of your selected method before you attempt to deposit. Generally, minimum deposits tend to start at $10. This is the case with most online bookmakers. Maximum deposits vary and Betfair bonus code rules may be different.
You will also be able to set up personal deposit limits on site. This will help you keep track of how much you’re transferring. It is also a possibility that NY customers will be able to make Cage deposits. We’ll know more about this when New York gambling legislation is passed.
How to Withdraw from Betfair
As with the deposit options above, we’re not entirely sure of what withdrawal methods will be available. We’ve looked into the Betfair payment options available in other States to get an idea of what to expect. We anticipate that Betfair payment methods for withdrawals in NY will include:
- ACH
- Check
- Cage Withdrawal
Like with all payment options, there may be fees or charges applied to any withdrawal. Check the Withdrawal terms before you request a transfer of funds. Withdrawal amounts may also be subject to IRS or tax requirements.
If you win over a certain amount, Betfair will report your win to the Internal Revenue Service.
If you need to fulfill IRS requirements, you’ll be informed of this before you can withdraw your winnings. It’s also important to point out that you may be asked to send off additional verification documents before you receive your withdrawal.
Betfair will tell you what more information is required on the Withdrawal page. We hope that this text has helped you understand what payment methods are most likely going to be available once the brand goes live.
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