You can read about the minimum amount that bookmakers will allow you to deposit into and withdraw from your betting account elsewhere on this site. Here we’re looking at the opposite, concentrating on the maximum amount of money that you’ll be able to to deposit into your account or withdraw in the event that you’ve won a lot. As with the minimum amounts, the rules differ from bookmaker to bookmaker and aren’t set in stone.
You might think that there wouldn’t be a maximum deposit amount, such is the extent that bookmakers will be desperate to get hold of your money. In reality, there is one and it is largely in place in order to prevent fraud and potential money laundering. Most betting sites will also have rules on withdrawing too much money all in one go, mainly so as to allow them to maintain their liquidity for as long as possible.
Maximum Deposits
There are countless rules in place when it comes to fraud and money laundering that bookmakers have to follow. The idea of allowing criminal elements to use a betting site to launder money is one of the United Kingdom Gambling Commission’s biggest fears, so they do what they can to limit a nefarious actor’s ability to put huge sums of money into betting accounts and the industry generally obeys these rules.
That’s not to say that the rules are set in stone. It’s likely that each bookmaker will be willing to make an exception if they’re able to discern where any money being deposited is coming from and that a punter is acting in good faith. If you want to deposit money into your account in an amount that is bigger than your bookie of choice’s limit then it is always worth contacting their customer services team to ask.
For smaller bookmakers, there is an obvious reason why they’ll want to limit how much you can deposit into your account: how much they can afford to pay out. Whilst the biggest players in the market will be wary of losing big bets, they can afford to do so much more readily than a newly created bookie. This is why the rules on maximum deposits will vary from company to company, with no set rule for the industry.
Deposit Method Matters
The other thing that will influence how much a bookmaker is willing to let you deposit into your account is the method that you’re hoping to use. As an example, debit cards will have a much higher maximum deposit amount than something like Apple Pay. There are numerous reasons for this, but the main one is that some deposit methods are just easier for all parties to use than others and the fees charged will differ.
If you’re hoping to put a large amount into your account then you’ll want to look towards and eWallet like Skrill or NeTeller. If you want to deposit a very large amount then your options will be limited to bank transfers. Some bookmakers will have relatively low deposit amounts but will make up for this by not limiting how many times you can make a deposit, whilst others will have a higher figure but let you put money in less often.
Limits To Withdrawal Sizes
It is not all that difficult to figure out why a bookmaker might want to limit the amount of money that a person can withdraw from their account in one go. Bookies are all about the liquidity that they have available, which will shift pretty dramatically if a punter chooses to withdraw hundreds of thousands of pounds from their account in one go. They need to ensure that they limit how much money they’re ‘losing’ at the same time.
So it is that some bookmakers will have a low maximum withdrawal amount, but allow you to request several withdrawals in the same 24-hour period. Others will say that you can withdraw £100,000, but are limited to doing so just once every month. For that reason, if you’re likely to be dealing with large sums of money then you’re better off with a bookie that has a relatively low maximum withdrawal but no limit on how often you can do so.
The Bigger The Site The Better
The simple truth is that the bigger, better-known bookmakers will always be better to use than the smaller alternatives when it comes to depositing and withdrawing large amounts of money. The more customers a bookie has, the more liquidity they’re likely to have and therefore the easier they’ll be able to cope with large sums of money leaving their accounts in one go. It really is that simple in the majority of cases.
Not only will they have more liquidity, but the bigger a betting company is, the more deposit and withdrawal options you’ll have available to you. In the cases where they have a huge number of customers wanting to add money to and take money from their accounts regularly, they’ll also be able to negotiate lower fees with the banks they work with. This is then usually passed onto the customer in the form of bigger deposit and withdrawal limits.
Maximum Payouts
The other thing that you need to think about when it comes to your betting account is the maximum payout amount for bets. After all, there’s no point in depositing hundreds of thousands of pounds into your betting account to place wagers with if the amount that you’ll be paid out if you win is limited to less than you’re depositing. Each bookmaker has its own set of rules when it comes to maximum payouts, so check them out.
The maximum payout is usually different depending on the sport that you’re betting on, which is another thing worth bearing in mind. If you only bet on cricket and the maximum payout for cricket wins is £80,000, why would you want to deposit £100,000 into your account? All of this information is usually readily available from the various bookmakers, so be sure to check their terms and conditions so you know where you stand.