- Fast option for transferring funds
- No bank account needed
- Convenient for users with multiple sports betting accounts
Betting Sites that take P2P Deposits
Many popular sportsbooks offer peer-to-peer (P2P) as a form of deposit. Those sites include some of the most prominent players in the game, like BetOnline, BetUS, and Bovada. P2P deposits are one of the oldest and most reliable ways to get funds into a sports betting account. The easiest way to look at the P2P deposit method is as a cash transfer. P2P allows you to transfer funds from one sports betting account to another or to exchange funds with another sports bettor. If you’re familiar with bank wire transfers or companies like MoneyGram, Western Union, or Zelle, you know how P2P transfers work.
Most sports betting sites that support P2P deposits also offer promotions and bonuses for deposits made with this method.
Funding sportsbook accounts with P2P deposits is the preferred method for many, be they frequent bettors or occasional wagerers, and itâs not difficult to see why. The advantages of P2P betting are that it is easy, secure, and doesnât entail divulging any bank account or credit card information.
There may be fees involved when using P2P deposits, but these fees can often be avoided if the bettor hits the site’s minimum threshold.
Best Peer-to-Peer Betting Sites
Most major sports betting sites offer some type of P2P deposit method. The best peer-to-peer betting platforms are:
Bovada
Bovada offers the most extensive range of deposits when it comes to P2P. This method's minimum deposit is $10, and the maximum is $15,000. Bovada is one of the user-to-user betting platforms that does not charge fees for P2P transfers on its site.
BetOnline
BetOnline allows users to deposit via Person to Person. While there could be fees involved with this deposit method, BetOnline picks up the fees for deposits of $300 or more.
XBet
XBet offers users P2P transfers via telephone calls with customer service. What one needs to complete the transfer is sender and receiver information and a confirmation number from the business that is facilitating the transfer. The minimum P2P transfer for XBet is $100, and the maximum is $500. Any deposit over $300 has the fees waived.
BetNow
BetNow offers P2P deposits via Person to Person. Transfers deposits can be completed online or on the phone with customer service. The minimum deposit using this method is $50 and the maximum is $500.
MyBookie
MyBookie is another site that provides users with the option to use Person to Person as a P2P deposit method. The minimum deposit amount using the service is $100 and the maximum is $500.
BookMaker
BookMaker is another sports betting site that provides P2P deposit options.
Many Bettors use P2P to Deposit
P2P transactions gained popularity in the early 2000's. The deposit method picked up steam around 2006, and although the use of P2P has faded a bit with the proliferation of cryptocurrency options, P2P deposits remain in vogue with bettors who have multiple sports betting accounts and users who want to transfer funds to and from other sports bettors they associate with.
P2P Avoids Third-Party Issues
The Professional and Amateur Sports Protecting Act (PAPSA) restricts all but four U.S. states from legally betting on sporting events. That means most Americans use offshore sportsbooks such as BetOnline to get their sports betting fix.
While these sportsbooks welcome American customers with open arms, banks, and financial institutions often make it harder for bettors to deposit money into their sportsbook accounts. Online sports betting transactions must go through a trusted third party during processing, which usually results in deposits being blocked by banks. This comes down to the strict rules against sports betting in the United States.
P2P deposits help customers avoid third-party issues.
No Fees?
One appealing aspect of P2P deposits is that once they hit a certain threshold, many sports betting sites charge no fees when using this method to get funds into accounts. While the limit can be high in some cases, the use of P2P deposits could appeal to experienced sports bettors with a fair-sized bankroll.