VIP Preferred is a payment method designed and marketed exclusively for the online gambling sector. It has been adopted by many of the top sports betting names and is accepted by over 500 different gambling brands across the US.
So, what makes betting sites that accept VIP Preferred different and how does it compare to other trusted payment methods? If you’re interested in the answer, we’ll tell you everything you need to know and then you can decide for yourself if it’s worthy of your attention and what you need to do to set up an account.
The good news is that you won’t have to spend time setting up a separate account before you can use a VIP Preferred betting site. You will be able to enroll as a VIP Preferred member at the same time as you create a new sportsbook account if you wish. Alternatively, if you have an existing account, you can add it as one of your gambling sites deposit options. We will describe the verification process in more detail later in this guide.
However, assuming you already have a VIP Preferred account set up and your sportsbook has an option for VIP Preferred sports betting, it’s straightforward to make a payment.
As you might expect, making a withdrawal from a VIP Preferred sportsbook account entails a very similar series of actions and is just as quick and easy to complete. Naturally, your transactions must be within your VIP Preferred credit limit and made following the minimum and maximum amounts defined by your VIP Preferred betting site.
When you deposit with VIP Preferred bookmakers, you’ll be reassured that it will instantly reach your account. VIP Preferred harnesses the electronic ACH (Automatic Clearing House) system for transfers, so the transaction happens as quickly as your broadband connection permits.
As you are making a deposit directly from your selected bank account to your sportsbook, no third-party institution is involved, another factor that could slow a transaction down. In a wagering situation where time is of the essence, this might just be a crucial factor for you.
Withdrawal requests from a VIP Preferred betting site typically take two working days to process and reach your bank account. However, this type of transaction can take up to five working days in some cases, depending on when you make your request. Another factor is the time it takes for an operator to authorize a withdrawal and the specific withdrawal policies employed by the VIP Preferred bookies you use.
If fast payouts are important to you, it’s always wise to look into this side of your bookmaker’s operation before you sign up, but on any occasion where you have waited any longer than five working days to receive your requested withdrawal, you should raise it with your operator’s customer support.
To use VIP Preferred bookmakers, it is necessary to ‘enroll’ via the Global Payments system to access VIP Preferred services. As we mentioned, this process can be completed from a VIP Preferred betting site where the applicant already has an account or when signing up for an entirely new one. Eligibility is limited to US residents over the age of 18 years who hold at least one account with a US bank.
The enrolment process is very straightforward, it only has to be done once, and it’s quick to complete. During this initial registration, it is possible to associate up to four separate bank accounts with the VIP Preferred service. A verifiable Bank Account Number and Bank Routing Number are needed for each account.
In addition, one official form of ID is required, and the following are all accepted:
ID documents do not need to be uploaded. Instead, a selection of details is requested randomly during the process, which is easier and faster for most users. Verification of the ID takes less than two minutes, after which confirmation is sent via email, together with the credit limit that has been automatically assigned to the new VIP Preferred account. The limit is not negotiable at this stage and cannot be adjusted by the betting site itself.
Enrolling with VIP Preferred is separate from any verification required by the sportsbook itself. It does not preclude the user from the usual procedures to open an account with a bookmaker.
When we compile a payment method guide like this one, we examine it in every detail, including delving into the company’s history and any associated or parent organization. Our team found that most of our readers prefer to know some company background, confirming the legitimacy of the payment method provider we are reviewing.
We discovered that the power behind VIP Preferred is Global Payments Inc. A reputable company specializing in payment technologies and solutions has been in business for around 50 years. Global Payments is listed on the NYSE (GPN). It is a Fortune 500 company and a member of the S&P 500. Global Payments launched VIP Preferred in 2012, specifically for the betting and casino sector, where it is certainly beginning to become more prominent.
Our experiences with the practicalities of using the payment method and bookmakers accepting VIP Preferred have both been positive. Although betting sites that accept VIP Preferred are currently fewer than those taking other forms of payment, we are sure those numbers will grow as more US states legalize sports betting.
Thanks to the proven reliability of the payment system itself, the speed at which transactions are completed, and the fact that it is fee-free, VIP Preferred is an ideal payment method that will fulfil the needs of many US bettors.
Although VIP Preferred has been available for around nine years, it is still one of the lesser-known payment methods. That is possible because it is only open to US residents with at least one US bank account and is only used within the gambling industry.
We found that it is more commonly a payment method for playing at casinos, where you can use it to deposit and withdraw at both land-based and online versions.
However, as more US states are coming to the idea of legalizing sports betting, that will likely change in the future.But how does it compare to the other popular payment methods you might encounter? We’ve made a direct comparison below, based on a few common themes and highlighting some of their most noticeable differences.
As we mentioned, betting sites that accept VIP Preferred are less prevalent than those that accept more mainstream payment methods. Credit or debit cards are the most common, with Skrill and Neteller not too far behind.
Not all US banks will process payments to gambling sites using debit or credit cards, and a Skrill betting site will often exclude you from claiming bonuses. As it currently stands, far fewer problems are experienced by users of betting sites with VIP Preferred deposit options. In addition, it is possible to transfer quite substantial sums of money compared to other payment methods, making it ideal for the high rollers amongst you.
Although most legitimate betting sites do not charge fees for processing deposits and withdrawals from your sportsbook account, using certain payment methods will incur fees levied by the payment provider. The list includes credit card providers, PayPal and direct ACH payments (other than via VIP Preferred).
There are several drawbacks if you use betting sites with ACH deposit facilities. Firstly, your bank will charge you a fee for every transaction. For example, a deposit of $100 to $300 can cost you as much as $50 in fees, depending on the bank that holds your account. The greater the amount, the lesser the fee percentage, but it is still a substantial amount. Secondly, ACH deposit transactions take 7-10 working days to complete, which is hardly conducive to success in a sports betting environment.
Many deposit payment methods are processed instantly, or within a few minutes, with the exception of ACH as detailed above. For online betting VIP Preferred deposits are always instant, despite the fact that they are transmitted using the ACH network, but that’s largely thanks to the ingenuity of Global Payments Inc.
Withdrawal times vary a great deal between betting sites and the withdrawal method you select. There is almost always a period of time that the operator takes to verify all withdrawals and there can be a further delay if additional verification is needed. However, a VIP Preferred betting site will usually ensure that the money is in your account in two working days or less.
Whilst almost all betting sites offer standard payment options, some go above and beyond with the choices that are available for you. A Play+ betting site is much more commonplace these days, as are betting sites that accept PayNearMe, along with a whole range of other local ewallet options.
Undeniably, all have their pros and cons, but at the end of the day it is important to select a payment method that works for you and your individual circumstances, provided that it is secure and reliable.
You only need to complete the Global Payments VIP Preferred enrolment process once. You will also be assigned a credit limit at the time of enrolment. This is determined according to your banking history. You can use this payment method at any land-based or online betting sites that accept VIP Preferred, provided you adhere to the stipulated credit limit.
It is worth noting that your credit limit applies to your individual VIP Preferred account, as defined by your status with your bank. The credit limit cannot be adjusted by your sportsbook, although they have the right to assign limits to any account you hold with them, that is a separate matter.
It is often the case that sportsbooks will exclude certain deposit payment methods when you are claiming a bonus. This is often because the operator will be charged fees for transactions made using certain payment methods, credit cards, for example.
However, VIP Preferred does not incur fees for either party, so we have not seen it excluded by any operator we have reviewed, either for sign-up bonuses or ongoing promotions. That said, circumstances can change, so we recommend that you always check the current T&Cs applicable to a bonus for yourself to avoid disappointment.
It would usually be the case that an operator insists on the same payment method for depositing to and withdrawing from your sports betting account. However, many betting sites that accept VIP Preferred will allow withdrawals to be made using this method, even if you have deposited to your account with a different payment method.
Again, this is defined by the policies put in place by sportsbook operators, rather than a global policy applied to all betting sites that accept VIP Preferred, so it’s always best to check your operator’s T&Cs carefully and if in doubt, reach out to customer support for further clarification.
If you are comfortable using funds from your bank account to bankroll your gambling activities, betting sites with VIP Preferred deposit and withdrawal facilities are ideal for you. You only need to enroll once, after which using VIP Preferred as your payment method precludes the need to expose your bank details each time you sign up with a new operator. It is also very fast and has the added benefit of being completely fee-free to use.
When completing transactions with a VIP Preferred betting site, the ACH system is used, which enjoys bank-level encryption and is considered 100% secure. You also have the reassurance that any sportsbook offering VIP Preferred as a payment method is genuine. Only fully licensed operators offering their services in US states where sports betting is legal can offer this payment method.
If you want to sign up with bookmakers that accept VIP Preferred, there are a few processes you will need to complete before you can use the payment method. Before deciding whether VIP Preferred is right for you, we suggest you take the time to read our detailed guide to betting sites that accept VIP Preferred right here at Wetten.
The payment methods offered by individual betting sites are a subject we cover in every one of our extensive operator reviews. You can view them at any time here at Wetten.com. You can also read our in-depth guide to betting sites with VIP preferred deposit and withdrawal options, which will provide you with more information about this payment method.
In the US, gambling laws are defined by individual states, and there is a good deal of variation between them. If you travel to a state where sports betting is legal, then you can use a VIP Preferred betting site in any state where a sportsbook holds a license to operate. Our bookmaker reviews here at Wetten will tell you which operators are legit and which US states they are licensed in.
Several different factors determine your suitability for a VIP Preferred account. As these all require a degree of explanation, you should refer to our in-depth guide to VIP Preferred as a payment method here at Wetten. If you find that VIP Preferred is not for you, you can also check out our other payment method guides.
All sportsbook operators have the right to assign betting limits to an individual account. However, the credit limit assigned to your VIP Preferred account is outside of their remit. Please check out our Wetten guide to betting sites that accept VIP preferred for more information on this subject.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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