Betway is an online gambling site that offers all types of gambling, including an extensive casino and sportsbook. The United Kingdom Gambling Commission licences Betway, so you can ensure that it operates in a legal way.
There are many significant elements about Betway, but we’re going to take a look at how Betway pays out and how long it takes. We also provide some tips and tricks that you can use for banking with this gambling site.
How money is transferred on Betway (in brief)
Depositing with Betway
Betway has many deposit and withdrawal methods that punters can use. To make a deposit on your account, register at Betway, log into your account and look for the “Banking” link. Click here and then select the payment method and amount that you want.
All transactions are secure with advanced digital encryption technology. Betway’s security protects both your personal information and banking information.
The deposit methods are various. All of these payment methods are immediately deposited into your account and incur no fee.
| Payment Method | Deposit Minimum | Deposit Maximum | Time for Deposit |
|---|---|---|---|
 Visa | $/￡/€5 | $/￡/€100,000 | Instant |
 MasterCard | $/￡/€5 | $/￡/€100,000 | Instant |
 Neteller | $/￡/€5 | $/￡/€37,500 | Instant |
 PayPal | $/￡/€5 | $/￡/€5,500 | Instant |
 Rapid Transfer | $/￡/€5 | $/￡/€5,500 | Instant |
 Trustly | $/￡/€5 | $/￡/€5,500 | Instant |
 Direct Bank Transfer | $/￡/€5 | $/￡/€100,000 | Instant |
 Vyne | $/￡/€5 | $/￡/€5,500 | Instant |
| Payment Method | Withdrawal Minimum | Withdrawal Maximum | Time for Withdrawal |
|---|---|---|---|
| Visa | $/￡/€5 | - | 1-3 days |
| MasterCard | $/￡/€5 | - | 1-3 days |
| Neteller | $/￡/€5 | - | 24 hours |
| PayPal | $/￡/€5 | - | 24 hours |
| Rapid Transfer | $/￡/€5 | - | 1-3 days |
| Trustly | $/￡/€5 | - | 24 hours |
| Direct Bank Transfer | $/￡/€5 | - | 1-3 days |
| Vyne | $/￡/€5 | - | 1-3 days |
How to Make a withdrawal at Betway?
To make a withdrawal at Betway, you have to follow specific steps:
- Access your account – Use the login button and provide the required information to access your account.
- Select the “My Account” option – Depending on which of Betway’s websites you are using, you may find this option under a different name. The company is available in many places.
- Go to “Banking” and choose the “Withdrawal” category – Once again, there might be small differences in the names of these options, but they should give you the same results.
- Select the withdrawal alternative you like and enter the preferred amount – There will be different withdrawal alternatives, so pick one. Do not forget to enter the amount you wish to withdraw.
- Submit your request – The last step is to submit a Betway withdrawal request and wait to see what’s going to happen.
Betway states that the minimum waiting time is 24 hours. Withdrawal time can be up to 72 hours when you make a request on holidays or weekends, including Friday night after business hours.
You’ll see the money in your bank account from 2 to 24 hours for web portfolios and 1 to 5 business days for debit and credit cards or bank transfers.
Essential aspects to consider when paying out
It’s important to remember that specific bonuses have wagering requirements, which can make withdrawing harder. If you know you’ve applied a betway bonus code, then you need to look at the terms and conditions.
So, what’s a wagering requirement? When you receive the free bonus cash, the gambling sites add a requirement for betting so that you can’t withdraw the free money before playing with it. These requirements can be anywhere from 10 to 50 times the bonus cash.
For example, if you receive €/$/￡100 in bonus cash with a 30 times wagering requirement, you need to gamble €/$/￡3,000 before you’re allowed to withdraw any amount of winnings.
Before you can withdraw any money with Betway, you need to provide some security information. If you’re not approved, then this can delay your withdrawal time. You need to submit a photo of a government ID, which can be a passport or driver’s license and a copy of a utility bill, which can be a phone, electric or water bill.
You won’t be allowed to withdraw with Betway without completing these two things.
Cancelling payouts
Yes, you can cancel or reverse your withdrawal with Betway. It can be the whole amount or partial. All you have to do is locate the “Reverse Withdrawal” tab in the Banking section of the website.
The processing department will receive your request, and they will make a pending withdrawal in your account. You should see your fund return into your Betway account within 24 hours.
Special cases
If you’re one of the lucky ones, who win a jackpot with Betway, or wins a significant amount with sports betting, some of the withdrawing policies might change. Some gamblers that are in the Betway Casino VIP program can deposit and bet millions of euros/dollar/pounds.
VIP members have specific withdrawing policies and maximums that aren’t the same as the regular public.
The withdrawal time is fastest when you use web portfolios. These include e-wallets, such as Skrill, Neteller, MuchBetter and Eco. On the Betway website, it states that you’ll see funds in your banking account within 2 to 24 hours.
It takes slower with Visa debit and credit card and bank transfers. You’ll see your winnings in your account from one to five business days. This is because there are more security features with your bank accounts than with e-wallets.
If you’re really looking to have your money quickly, then you need to have your wagering requirements met, and your security documentation approved. Then, simply choose one of the e-wallets to use for your payment method.
When you choose an e-wallet for both depositing and withdrawing, that will be the quickest way to get your money. If your primary concern is winning fast and withdrawing, then it might be better not to use the promotions.
This is because you won’t have to wager more than you want just to be able to withdraw your winnings.
If you feel that the gambling site isn’t paying you out correctly or that the withdrawal times are taking longer than expected, you can always contact support to figure out what the problem might be. It could be that the website is looking at your security information or whether you’ve met your withdrawal limit for the time period.
The United Kingdom Gambling Commission licences Betway, so it should pay you out correctly and within the time period stated on the website and in its terms and conditions. If you feel that the representatives aren’t helping, and Betway is holding your money without reason, then you should contact the UKGC to make a claim.
The only reasons that Betway can avoid paying you out are if you haven’t met the wagering requirement that you agreed when accepting a promotion, or if they believe you’re gambling in a fraudulent way.
This can mean that your ID submitted is fake or altered. In most cases, people do this when they’re underage, or if Betway has banned them. Another thing would be if you’re using money that isn’t yours and Betway finds out.
Any suspicion of illegal activity while gambling with Betway gives it the right to freeze your account and not allow for further withdrawing.
The Bottom Line
Betway is an excellent site and has reasonable withdrawing policies. The withdrawal time is an industry norm, and the amount of withdrawal methods is acceptable. All online gambling sites that offer promotions have wagering requirements and rules against illegal gambling.
The United Kingdom Gambling Commission will protect you if you think a gambling site isn’t being fair. You can ensure the Betway will resolve all conflicts and answer any questions you might have regarding withdrawing from their website.