When you sign up at a legal online racebook to bet on the action at Churchill Downs, the site you choose will largely determine your Kentucky Derby banking options. While there are common deposit and withdrawal systems in place across all the top racebooks, each one offers at least a few unique financial avenues for their customers. These books compete for your business, after all, and this is one of the biggest ways they do that.
Nevertheless, the basic Kentucky Derby banking options are universal across the board: credit and debit cards and cryptocurrencies. All major Internet racebooks and sportsbooks take Visa and Mastercard (though only Bovada, SportsBetting, and BetOnline accept American Express), and each one of them also takes Bitcoin. (Bovada also takes Bitcoin Cash, while SportsBetting and BetOnline both accept the altcoins Ethereum and Litecoin.) No matter what your financial situation, however, it’s easy to find a reputable racebook that will cater to your personal needs.
How To Deposit Into Your Kentucky Derby Racebook Account
Once you sign up at any online sportsbook, you’ll be prompted to securely prove your identity before you can deposit into your Kentucky Derby racebook account. This process typically takes just a few minutes, and then you’ll be able to choose your method of payment.
Again, the most common method used by most members is simply credit or debit, but other options exist at most books, including cashier’s checks, money orders, bank wire transfers, peer-to-peer payments, and the aforementioned cryptocurrencies (of which Bitcoin is the most popular). Different deposit methods take differing amounts of time to clear, however, so you need to plan ahead if you intend to use certain avenues to load up your digital betting wallet ahead of the Kentucky Derby.
Best Kentucky Derby Racebook Deposit Options
The best Kentucky Derby racebook deposit options depend upon your individual financial and wagering needs. Essentially, there are two factors to consider when picking the most appropriate buy-in mechanism: how fast you need to be able to place a wager, and how much money you want to load up at once. When weighing your Kentucky Derby banking options, these two points are critical.
If you need to deposit money and have it show up in your account immediately, credit and debit is the only way to go. Cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are all viable options too, with clearing times of between 5 minutes and 2 hours. Of these, note that credit and debit cards will have a much lower deposit limit at your racebook of choice, so if you’re going to be a high-roller come the Kentucky Derby, the crypto options carry much higher limits – often tens of thousands of dollars – and even lower processing fees.
On the other hand, many Kentucky Derby bettors (and sports betting enthusiasts in general) have not yet invested in the cryptocurrency market (which does admittedly take a little bit of research and legwork). High-rollers of this type will usually want to choose a cashier’s check, a money order, or a bank wire transfer.
The last choice is especially useful, as it usually has no limit at online racebooks. However, bear in mind that all of these payment avenues take lots of time to transfer. If you go these routes, you will often have to wait up to two weeks before your money shows up in your Kentucky Derby racebook account.
How To Withdraw Payouts From Your Kentucky Derby Racebook Account
Like deposits, members at online sportsbooks and racebooks have several options when it comes to withdrawing their winnings. To withdraw payouts from your Kentucky Derby racebook account, you’ll first have to contact your book’s cashier service online or via telephone, where they will verify your identity.
After that, you can ask to be paid via several different methods, from cryptocurrencies and courier checks to bank wires, money orders, and more. (Unfortunately, online sportsbooks and racebooks no longer use credit or debit chargebacks to issue winnings to their members.)
Best Kentucky Derby Payout Options
Of course, also like deposits, there are different positives and negatives associated with each withdrawal type, and the best Kentucky Derby payout options will depend on your personal needs and setup. Cryptocurrencies like Bitcoin and other altcoins will always be the cheapest, quickest choice, as the transfers are same-day and carry minimal processing fees. That said, crypto is still a young, niche market, and the vast majority of online Kentucky Derby bettors will not have cryptocurrency accounts set up to handle such payouts.
As such, they will have to pick from a rather short list of options, including courier checks, money orders, and bank wires. All of these carry (comparatively) high fees and processing/transfer times, often taking up to two weeks to show up in your hands stateside. Still, no matter which Kentucky Derby banking options you choose to handle your winnings, you can rest assured that the top sportsbooks and racebooks in the industry all guarantee prompt payouts and stellar customer service. Your check is in the (e)mail!
Understanding Bitcoin And Cryptocurrency
It is clear that cryptocurrencies are the wave of the future, and understanding Bitcoin and cryptocurrency in general is probably a good idea if you’re going to make a habit of betting on the Kentucky Derby (or any other sporting event available at legal online racebooks and sportsbooks).
While the concepts involved behind crypto are long and often convoluted to the layman, it is enough to say that decentralized digital vehicles like Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and hundreds of other altcoins on the market exist as a viable alternative to fiat currencies. Bitcoin and altcoins are traded like stocks, and their prices – or values – fluctuate daily. Many view this market as excessively volatile, but the main cryptocurrencies in circulation – like the ones used by the best Internet racebooks – have established themselves as not only reliable but extremely upwardly mobile and profitable as investment opportunities and hedges both.
You can see why, going forward, cryptocurrencies could comprise the Kentucky Derby banking options of choice. They are massively more secure than more common transaction types (as they make use of a revolutionary, quantum-hacking-resistant security concept called blockchain), they take only a few minutes to deposit and withdraw at all major racebooks and sportsbooks, and the upshot on the market-side is that – unlike fiat money – crypto has an extremely high chance of growing in value on any given day. Yes, the trading market is extreme, but crypto is the safest Kentucky Derby bet you can make. Buy low, bet medium, win big, sell sky-high!
Understanding Racebook Bonuses And Rollover
When you sign up at a racebook and look over all your different Kentucky Derby banking options, you’re sure to come across the heavily-advertised bonuses that both new and returning members are eligible to receive. While these bonuses can definitely be valuable, however, they are not for everyone, and new users are advised to steer clear of such offers until they have a full understanding of racebook bonuses and rollover requirements.
The bonuses themselves are self-explanatory for the most part. However, TANSTAAFL – there’s a catch. And this catch is called rollover. Rollover, in simple terms, represents the “fine print” of all online sportsbook and racebook bonuses, as you must fulfill the so-called “rollover requirements” of any bonus before cashing out winnings associated with the deposit in question.
Here’s an example of how bonus rollover works: Let’s say you’re going to bet on the Kentucky Derby, and you choose Bovada as your primary racebook. At Bovada, you can get a 50% Sports Welcome Bonus worth up to $250 – with a 5X rollover – to put towards the ponies. In other words, whatever amount you deposit, you’ll get half that amount again added to your digital wallet (up to a maximum of $250).
So you put in $500 and opt to receive the $250 bonus. That gives you $750 dollars to wager with. However, this is where rollover comes in: You cannot withdraw any winnings associated with that $750 deposit until you turn a handle of 5X (or five times) that amount. That means that to withdraw your winnings from this buy-in, you will have to wager a total of $3750 with Bovada (on horses or any other sports wagers offered at the site). Bear in mind, this represents the total handle, not just total wins or losses.
Generally speaking, you should only accept a bonus if you plan to stay at a given sportsbook or racebook and wager for the long haul. If you only want to bet on certain periodic events like the Kentucky Derby, World Series, or Super Bowl, you probably want to be able to take your winnings out right away, which means any bonus requirement would ultimately prevent you from getting quick access to your cash.
Best Kentucky Derby Banking Options For First-Time Bettors
As you can imagine, you have lots options to consider before you jump online to bet on the ponies, from payments and bonuses to the logistics of transitioning to cryptocurrency. But don’t let all of this overwhelm you. The best Kentucky Derby banking options for first-time bettors are simple enough to root out.
All you really need to do is sign up at a couple of top racebooks (so you can shop around for the best Kentucky Derby odds), load up your accounts with your charge cards, and start browsing the boards. This simple approach to the many Kentucky Derby banking options should be appropriate for 90% of the folks out there, and remember – you can always change everything up later on down the track.
