Payouts and Deposits could be the most important component of a sportsbook. If players can’t easily deposit they will go somewhere else and if a player need to be paid quickly or they will move on. Sportsbooks like Bovada know this and keep it a top priority in their business plan.
My personal experience with Bovada
Background: I have used Bovada since 2004 (it was Bodog from 2003-2011 on 12/14/2011 Bodog created Bovada to handle their US customers) and I only had 1 problem in those 10 years. In March 2011 (I actually looked the date up in my email!) I had a check payout bounce. I emailed support and they issued me a new check and covered my bank fees for the returned check. I received that check 3 days later.
I am sure I have easily received over 100 payments over those years (full disclosure – some of it was for marketing their site on a poker related website I used to own and they paid to my player account). In 2012 I did try to move from receiving checks to bank wires, but the Bovada payment processor at the time did not play nice with my bank 🙁 . I have always received my checks quickly (within a week) and have basically had no issues – and that’s the reason I am pretty loyal to Bovada!
In late 2018 I started using BetOnline more due to the larger bet size and faster payouts..
Our Latest Payout Updates
- Mar 2020 – btc payout times were 20 hours to receive. The only other option is a check by courier which takes 3 weeks.
- Dec 2019 – avg btc payout times were 24 hours to receive
- Jun 2019 – avg btc payout times were 36 hours to receive
- Aug 2018 – Continuing to use bitcoin with zero issues!
- May 2018 – Continuing to use bitcoin for deposits and payouts with no problems!
- November 2017 – Bovada adds Bitcoin Cash (another cryptocurrency) for deposits/payouts.
- August 2017 – Still using bitcoin for deposits & payouts with no issues at all.
- March 2017 – Still receiving payouts with bitcoins and speed ranges from 20 minutes to 28 hours. So speed definitely varies, but overall is a million times better than waiting 3 weeks for checks and then taking them to the bank..
- April 2016 – I finally made the move to using bitcoin for all my betting. After you get all set up, it’s fast and very very inexpensive.
- January 2016 – Still receiving bank wires around the 5-7 day mark. Their checks were really slow in December 2015.
- April 2015 – My bank wire was received 6 days after payout request.
- December 2014 – I tried a bank wire (with my same bank acct that was denied in 2012) and success! I also received a wire in Jan 2015 with no issues. All Bovada wires are now sent in Euros and converted to USD by your bank. My bank just charged a $15 incoming wire fee. There was no fee by Bovada and somehow with the currency conversion my actually amount received was about $50 higher than my cash out amount – bonus!
Let’s take an in-depth look at the Bovada payout and deposit options along with the current fees.
Fee: $50 or it can be your 1 free monthly payout
Minimum Payout: $100
Limit: $3K every 7 days
Speed: 10 business days
Minimum Payout: $10
Limit: $9,500 every 3 days
Speed: 15 minutes
So basically, 1 free Bovada check payout a month or unlimited free bitcoin payouts all month long.
5.9% 0% on first deposit
Min Deposit: $25
Fee: varies by the money transfer service
Min Deposit: $10
Deposit Screen and Options
I made a credit card deposit for this article, so I could see all the current deposit/payout fees and options. I was presented with the only 2 deposit options that are listed above. Deposits cover the 3 major credit card companies (Visa/MC/AMEX) and of course bitcoin.
On your first credit card deposit, they waive their “deposit processing fee”. After that credit card deposits will have a hefty 5.9% bovada fee for credit card processing. I don’t love the fees (and other books like BetOnline don’t have cc fees), but I don’t think it’s outrageous and I like the fact that they are not hiding it, it is clearly stated on the deposit screen.
Bitcoin deposits and payouts are always free. If anyone plans on depositing and withdrawing multiple times, then it is worth it to get setup with bitcoin.
The whole deposit process takes 30 seconds and then the money is in my account and ready for for some NFL betting this weekend!
If you have any questions about Bovada deposits or payouts, contact me and I’ll tell you what I know. Obviously, some of the information (like check location), I did not want to put out there in the public.Visit Bovada
Page Last Updated: April 4, 2019