How Responsible are Sportsbooks with Player Withdrawals?

NASHVILLE, Tenn., Feb. 5, 2021 /PRNewswire/ — Let’s say you bet on the big game through an online sports betting sportsbook…

NASHVILLE, Tenn., Feb. 5, 2021 /PRNewswire/ — Let’s say you bet on the big game through an online sports betting sportsbook and BAM!, you win. Now what? How do you get your winnings? The turnaround time on your cash is dependent on the sportsbook with whom you placed your bet.

However, in New Jersey it’s been found that some sportsbooks may not be completely on the up and up with cash withdrawals. The sports betting regulator in New Jersey, The Division of Gaming Enforcement (DGE) recently called out sportsbook operators for encouraging players to cancel their withdrawals and continue wagering.

There are four sportsbooks operating in Tennessee and all but one of these sportsbooks, Action 247, operates in New Jersey. While the regulators haven’t named any names, regulators in New Jersey found that some sportsbooks have been known to encourage players to cancel (or reverse) their withdrawals (winnings) in hopes they will begin wagering again. As of now, no Tennessee players have reported issues with the withdrawal process on any of these sportsbooks.

Players are allowed to cancel a withdrawal, if they choose to do so. But prolonging the process in hopes that someone will just give up and gamble more money or encouraging or enticing them to reverse their withdrawal request is completely unfair to consumers. 

Know Your Withdrawal Options

If you live in Tennessee and you bet with one of the four operating sportsbooks, Action 247, FanDuel, DraftKings, and BetMGM, here are your withdrawal options:

Action 247 has partner locations in Tennessee, and because of this, they are able to boast almost instant in-person cash transfer times. Additionally, the average approval time for a digital withdrawal is 15 seconds.

DraftKings does not stipulate how long payment processing initially takes. The book does mention that it generally takes 2-8 business days after the Accounting Department processes a withdrawal for funds to appear in a user’s account.

At BetMGM, the internal review process can take up to five business days, though the sportsbook approves some withdrawals in as little as a few hours. Once processed, each method has a slightly different transfer rate.

FanDuel processes PayPal withdrawal requests within 48 hours. Online banking takes 2-4 business days and checks arrive within 7-10 business days.

Let’s break it down even further:

Sportsbook

Tennessee Cash

Withdrawal Locations 

In-Person Cash

Withdrawal Time

Digital Withdrawal Time

Action 247

100+ Locations

Instant

15 seconds

DraftKings

0

Not available

up to 8 business days

FanDuel

0

Not available

up to 4 business days

BetMGM

0

Not available

up to 7 business days

If sportsbooks intend to stay in business, they will have to play by the rules and consumer fairness and responsible gambling go hand in hand.

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SOURCE Action 24/7