It’s not absolutely necessary to pay money to participate in fantasy leagues online. Most of the major sites host free games that you can participate in for fun. Sometimes they even host freeroll contests that cost nothing to enter but award actual prizes. However, if you get bitten by the fantasy bug, there will probably come a time when you decide to put a little cash on the line.
Top Picks for Easy Deposits and Fast Payouts:
The simple fact of the matter is if you want to win real money, you’ve got to deposit real money. That’s the only way to win big cash in online fantasy leagues. While some sites do host the occasional freeroll with real cash prizes, most contests have an entry fee. Barring a win in a large freeroll, you’ll eventually need to make a deposit like the rest of us.
Depositing to fantasy sites is easy thanks to the fact that the industry is entirely legal in the USA and Canada (and maybe even some other countries). We can use normal deposit methods such as credit cards, debit cards and PayPal to fund our accounts at all the major fantasy sites.
I cannot begin to tell you how nice it is to have simple deposit methods for online fantasy. I did a lot of grinding in online poker a few years back and deposits were always such a pain thanks to federal legislation that made it illegal for banks to process transactions to poker sites. Fantasy betting is 100% legal and does not suffer the same obstacles.
Funding your account is as easy as choosing a method and typing in your information. Deposits are processed instantly in most cases and you can deposit as little or as much as you want. Every deposit method that I’ve tried so far has been equally easy and reliable. It really comes down to a matter of personal preference at this point.
The purpose of explaining the various fantasy deposit methods out there is to give you the rundown of which options are accepted at which sites and help you find the one that works best for you. Read on for all the details regarding deposit limits, fees, withdrawals and other important information related to moving money to or from your favorite daily fantasy site. Let’s begin with an overview of the most common deposit methods in online fantasy today.
PayPal is my personal favorite. If you’re not familiar with it, PayPal is an online wallet and payment system that is used around the world to make purchases, transfer money to friends and receive money from other people. It’s sort of like a virtual wallet that you use to shop in the giant shopping mall that we call “the internet.”
A PayPal account is free and easy to set up. The company charges no fees for making deposits to fantasy sites. It does, however, charge small fees for receiving money and transferring money to your bank account. All in all, PayPal is the easiest method of them all because it works instantly and can be used to easily move money from one site to the next. It also comes in handy for receiving payments from fantasy sites.
If you don’t already have a PayPal account, just go ahead and get one now. It’s free to sign up and you’ll probably use it at some point. Most daily fantasy sports sites accept PayPal, so it comes in handy when you want to move money from one site to the next.
Sites that accept PayPal:
Credit and Debit Cards
Almost every fantasy site accepts payments via credit and debit cards. All the major brands are accepted: VISA, MasterCard, Discover and American Express. As long as the front of your card has one of those brand logos, you can use it to fund your account.
There are no fees associated with depositing via this method. The only downside to funding your account with a credit card is that fantasy sites cannot process payments back to your card. Some sites may be able to refund an amount equal to your original deposit, but if your total withdrawal amount is greater than that, the remainder must be paid to you via paper check in the mail or a transfer to your PayPal account.
Sites that accept credit and debit cards:
Dwolla is an e-wallet just like PayPal except with much lower fees. All transactions greater than $10 are charged a flat $0.25 fee. Transactions less than $10 are free. That’s all there is to it. Dwolla is super cheap and completely secure. The only downside is that not many fantasy sites accept it as a payment method.
Sites that accept Dwolla:
Skrill, formerly known as Moneybookers, is a popular online wallet in non-US countries. It hasn’t yet picked up much traction in the United States but it does offer a safe and easy-to-use experience for anyone in search of yet another PayPal alternative. Skrill is only accepted at one major fantasy site at this time.
Sites that accept Skrill:
Bitcoin is the virtual currency that has been making the news in recent years due to its ability to process payments anonymously and without government interference. The basic idea behind Bitcoin is that it is not managed by central banks, it is owned by nobody yet it can be used by everybody. The biggest risk you face when dealing in Bitcoin is an ever-fluctuating value.
Sites that accept Bitcoin:
- None at the moment
Big List of Sites and Deposit Methods
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