Updated:May 3, 2023 7:07 pm
Online sports betting websites provide players with different payment methods. The most popular payment methods are e-wallets, bank transfers, and mobile money. There are usually various T&Cs associated with each payment method. A common one on reputable betting sites is a payment limit, which refers to the maximum and minimum amount a player can transact in a given period. The Hollywood bet app has deposit and withdrawal limits on all payment methods.
There are different types of payment limits used by sportsbooks and online punters should learn more about them before opting for any payment method. The payment limit set by the casino is different from the one set under responsible gambling and applies to every player.
Types of payment limits
The amount limit refers to a specific amount over which the players cannot go and below which they cannot go when making transactions. Gambling platforms can input the amount limit in various currencies or one universal currency. The amount can also vary from one payment to another. Most of the time, the amount limit is limited to the maximum and minimum amount a player can transact in a single transaction. The amount limit is usually attached to a single payment method, not the player’s account. Therefore, savvy players can still use other payment methods to fund their accounts.
The time limits operate in various ways depending on the sports betting site. A gambling platform can limit the number of payment transactions in a day, week, or month. Players can only make a specified number of payment transactions during this specific period. The transactions can either be deposits, withdrawals, or both.
Amount and time limit
The amount and time payment limit is the most common among sports wagering websites. The operator sets a specific maximum and minimum amount imposed on a particular period. The period can be daily, weekly, biweekly, monthly and even annually. Sportsbooks can impose different amounts and time limits on payment methods as they choose.
Payment limits are a valuable tool in the online gambling industry. They help players gamble responsibly, and the operators can easily track payments. High-roller players might find the limits a hindrance, but they can also use various payment methods to deposit and withdraw funds when betting online. The major challenge with high rollers is their love for making large withdrawals as most sportsbooks don’t encourage large withdrawals and they will often request various KYC documents to verify your identity and the transactions before approving a large withdrawal.