Why Is My Sportsbook Charging Me Weird Amounts?
Have you ever been looked at your credit card statement and noticed that your sportsbook deposit doesn’t correspond with the amount you chose to deposit? Have you been charged and subsequently refunded? Perhaps you’re noticing incremental charges, sometimes days apart?
After sending money to an online sportsbook, seeing uneven amounts on your statements is entirely normal, and part and parcel of using one. It might be confusing at first, but there’s a variety of reasons that sports betting isn’t quite as simple as simply purchasing a product on Amazon.
1. Processing Fees Can Sneak up on You
Sometimes, sportsbooks tag bettors with credit card processing fees on every single deposit. Unfortunately, some sportsbooks still charge a processing fee for bettors who deposit with credit cards, opting to avoid this fee themselves. This practice has become less common in an increasingly competitive market, and the majority of today’s sportsbooks cover the processing fees.
If your online sportsbook of choice charges a credit card processing fee, it should be set somewhere between 2-5%.
You may see a charge on your credit card that doesn’t exactly match your deposit. For instance, if your sportsbooks’ credit card processing fee is 4.9% and you elect to make a $100 deposit, you’ll see a charge for $104.90 on your statement.
Many people don’t scrutinize their sportsbook’s terms and conditions and are subsequently left with the incorrect notion that they’re being ripped off. There’s an entire Reddit thread dedicated to ostensibly ‘fraudulent’ fees, which are actually extremely easy to find within any legitimate sportsbook’s terms and conditions.
Of course, processing fees stem occur because sportsbooks use intermediaries to handle their finances. When an additional third party is involved in the deposit process, it usually comes additional fees.
2. Foreign Currency Conversions
These usually occur if you’re using a book that isn’t primarily catered towards your region. If you opt for a sportsbook that’s foreign to your locale, you may see charges on your credit card statement that result from currency conversion.
Say that you’re based in the US and decide to deposit at a UK-based sportsbook. There’s a good chance you’ll incur a small fee when your sportsbooks’ payment processing service converts USD to Pounds, and they’ll pass conversion back onto you.
These fees are typically between 1 and 3 percent, depending on your credit card provider.
This doesn’t apply every time you opt to deposit at a sportsbook outside your targeted region, but it isn’t uncommon either.
3. Sportsbooks Might Double Charge For Security Reasons
Occasionally, sportsbooks will double charge the amount you deposited, and then refund one of the charges.
Operating an online gambling operation on US soil is wholly illegal, which is why all US facing sportsbook have payment processors and licenses in the Caribbean or Europe. Due to the legal gray area that sportsbooks operate within, your credit card company will block payments to a source associated with online gambling. This is only because they don’t recognize where you’re sending your money, not because making a sports bet is illegal.
As a result, the division of your credit card company that’s responsible for overseeing compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations occasionally blocks payments from merchants they deem suspicious. Foreign entities (like third-party payment processors that sportsbooks use) may also be blocked by your credit card companies’ anti-fraud divisions.
As a result, some sportsbooks have been known to charge you for your deposit twice, just in case one of the payments is blocked. Of course, if both go through, they’ll absolutely refund one of them.
If you see a double charge that’s out of the ordinary, contact your sportsbook’s customer service department to clarify what happened. Under no circumstances should both charges go through.
4. They Can Charge So It Looks Like You’re Not Depositing at a Sportsbook
Sportsbooks are aware that, when you make a deposit, it sometimes gets flagged by your credit card companies’ security division. As a result, it’s not unheard of that if you deposit $100 at your sportsbook, you’ll get charged in multiple increments.
For example, you could see one charge for 47.98, and another for 52.02. This is simply so you don’t have to go through the hassle of having a payment blocked, and having your deposit delayed. Sometimes, these charges can occur a few days apart.
What’s a Fool-Proof Way to Avoid This Hassle?
Every time you see a strange charge on your statement it (almost) always relates to a single, simple factor: All online sportsbooks use 3rd party payment processors.
The answer for how to never have to deal with odd charges on your credit card is simple: Use Bitcoin! If you use Bitcoin for sports betting, your deposit goes directly to your sportsbook. There is no intermediary, no oversight, and no hassle. The transaction is between your Bitcoin wallet and your sportsbook’s Bitcoin wallet.
There are numerous advantages to using Bitcoin to make a deposit at an online sportsbook, but most notably, Bitcoin transfers to sportsbooks are always verified, successful, and for the exact amount that you intended. You’ll never have to deal with any of the headaches associated with conventional currency again!