BetMGM is another top betting site that supports bank wire deposits and withdrawals. Once on board, new users are greeted with a risk-free bet worth a maximum of $1,000. You also get great odds and excellent bet variety.

What we use to rank bank transfer betting sites

Here are some features that separate top sportsbooks from average ones;

Competitive odds

Odds determine how much you can win from a wager. The better the odds, the higher your potential winnings. This is why it’s important to compare odds on different sportsbooks before making a wager. Overall though, we rate sports betting sites with competitive odds higher than those without.

Bet variety

Bettors should also be able to make different types of bets across various sports. Thus, a good bank wire betting site will have all the bet types, from spreads, moneylines, and props, to totals, futures, and parlay bets. Handicappers should also have odds on games and events across all the major leagues. They should be able to bet on the NFL, NHL, NBA, MLS, MMA, NCAA, tennis, and golf.

Bonuses and rewards

Bonuses and rewards make betting a little more exciting. Thus, sportsbooks will typically run intro promos for new bettors. These types of promotions include a deposit match and risk-free bets. They reduce the risk of placing a bet, making a beginner’s first steps in online sports betting less risky. There will also be regular promos and bonuses for people who bet regularly on a platform. They include odds boosts and bonuses and are designed to keep things interesting.

Legitimacy and security

Sportsbooks typically request some of your personal information when you’re signing up. You’ll have to give them your name, contact information, and driver’s license or social security number. And depending on your preferred payment options, you may also have to give them your banking information. Thus, you must sign up for a secure online betting site. Generally, legal sportsbooks promise the best security for your data. You’re also assured that you will receive your payout if you win.

Customer reviews

We test all the sportsbooks we review. Still, we look to social proof to tell us the overall public opinion on a particular sportsbook. A good bank wire betting site will have positive customer reviews, making it easier to recommend it to our readers.

How does wire transfer betting work?

Bank wire is a little different from what most people are used to today

Depositing with Bank Wire on Sport Betting Sites

Log into your online sports betting account and navigate the “Cashier” section. Select deposit and choose bank wire as your deposit method. By doing this, you’re essentially ordering that money be taken out of your bank account and transferred to the recipient’s (sportsbook) account. So, you’ll need to know the recipient’s bank account number. The sportsbook will provide it immediately you choose bank wire as your deposit method. From there, there are three ways you can go about your bank wire transfer;

• Online via your online banking provider, or a third-party site like MoneyGram or Western Union. For betting purposes, this method will do due to its convenience. 
• Over the phone, where you call your bank and read them the recipient’s information.
• In person by visiting your bank with your account number, valid identification, and banking details account you’re sending money to.

Bank wire transactions aren’t the fastest of options. Depending on your bank, it might take less than a day or up to five days for the deposit money to reflect in your betting account.

Withdrawing with Bank Wire on Sports Betting Sites

Withdrawing is similar to depositing, only this time, it’s your online betting site conducting the transaction. Once you select bank wire as your withdrawal method, you’ll need to fill in a short form with your banking information and select the amount of cash you wish to withdraw. Your online betting site will review the cash-in request and send the transaction request to their bank. From here, it can take up to five business days for your payout to reach you.

What you need to start bank transfers

You need a bank account to do a bank wire transfer. This is a relatively low barrier since almost everyone has a bank account. And for those that don’t have a bank account, opening one is relatively easy. All you need to do is visit the nearest bank with the relevant documents, and you’ll have your account open in no time.

Why choose bank wires for your betting site deposits?

Traceable Transactions

Your bank logs all transactions that occur through your bank account. So, you can see where your money is going or coming from. It also allows for reversals when you make mistakes. If you wire your money to the wrong bank account, you can trace and retrieve it. It will cost you some time and money to do so, but at least you’ll have a good portion of your money back.

Security

Bank wire is very secure. You’re not storing money in an online account that can be hacked and stolen from. Instead, the money is in your bank account, and it’s your bank that is responsible for the transaction. Thus, your deposits enjoy a high level of security that won’t be easily compromised.

No Need to Register on another Platform

You don’t have to open an account with another payment platform. As long as you have a bank account, you can do all your transactions with only your banking information. This saves you the hassle of providing your personal information to other online payment platforms like PayPal, Skrill, and other eWallets.

Wide acceptance rate

Almost all online gambling sites accept bank wires as a payment option. So, whichever sportsbook you choose, especially among the major betting platforms, you’ll always have bank wire available to you.

High maximum limits

Bank wires allow you to transact large amounts of money. In fact, no other payment option lets you make deposits as big as bank wire. So, if you’re a high roller, you can quickly deposit the maximum amount of money your sportsbook supports, usually $10,000.

Disadvantages of Bank Wire

Long Payment Processing Duration

There are extra steps of approval needed to complete a bank wire. Thus, wire transfer deposits and withdrawals take longer to process than other payment options. Usually, you have to wait up to five business days for the transaction to clear.

Transaction Fees

Bank wire transactions typically carry a fee. These fees vary depending on the transaction size. Overall though, they can get pretty high, with some bank wires attracting a fee of up to 10% of the deposit amount. So, if you’re a high roller, you could end up paying hundreds of dollars in charges.

High deposit minimums

High deposit maximums come with high deposit minimums. Also, the extra steps needed when moving money between bank accounts don’t favor small transactions. Thus, bank wires typically have higher deposit minimums than other options. You may have to transact at least $200 or higher depending on your sportsbook.

Alternatives to Bank Transfer

If you want a deposit method that gives you the same level of security as direct bank transfers, you can use ACH or AMEX. Debit card deposits are also quite secure. However, if you want to avoid the slow processing times, use eWallets like PayPal and Skrill. You can also use prepaid gift cards, debit cards, and other payment options like PayNearMe.