Online Poker Funding Methods for the U.S. Player

It is the year 2010. The Unlawful Internet Gambling Enforcement Act (UIGEA) has been on the books in the United States since late 2006. While the deadline for implementing its regulations has been pushed back to the middle of this year, many financial institutions have already begun clamping down on transactions to online poker rooms. Options for American players have become limited. In this article, I will present several funding methods that are still available to U.S. online poker players. Even though they aren’t all inexpensive, foolproof, or even widely available, there should be suitable options for everyone.

Credit/Debit Cards

Most online poker rooms accept VISA and MasterCard credit cards nowadays, as well as debit cards with the VISA or MasterCard logo. These are hit or miss, though, as many card issuers block online gambling transactions. Before the UIGEA passed, credit and debit cards were actually oddities as deposit methods for Americans, as there were plenty of reliable e-wallets to use. Many card companies didn’t allow gambling transactions on their cards back then, not because of any laws, but because they didn’t want to expose themselves to increased chargeback risks. Post-UIGEA, as other funding methods began to dry up, online poker rooms began looking for ways to get credit and debit card transactions to go through.

e-Checks

Personally, I have found e-Checks to be the easiest and most reliable online poker funding method at those poker rooms that use it. The two largest online poker rooms, Full Tilt Poker and PokerStars, readily accept e-Checks, which is likely one contributing factor to their market dominance.

e-Checks are just what they sound like, electronic checks. You just enter the information found on your check, including the bank account number and routing number, and the funds hit your poker account instantly.

e-Wallets

Back in the day, before that nasty UIGEA, most online poker players used e-Wallets to fund their poker accounts. For those unfamiliar with the concept, an e-Wallet is an online account from which you can transfer money to and from poker rooms and your bank. It really is just like a wallet; you take money from your bank account, put it in your wallet, and then take that money and use it at a store. With online poker, you transfer money from your bank to your e-Wallet and then move some or all of it to a poker room. E-Wallets are great for keeping track of your online poker funds, as you can stash your bankroll all in one place and quickly move it in and out of poker rooms.

Unfortunately, most of the good e-wallets, namely Neteller and ePassporte, have left the U.S. market since the UIGEA. The ones that do accept U.S. customers are now few and far between (eWalletXpress is one that several poker rooms still use). The big problem is that they all are typically fee-heavy; there are fees to move funds from your bank to the e-Wallet and fees to transfer funds out. There are no fees, however, to transfer to and from online poker rooms. To minimize the impact of fees, I recommend making the largest deposit you are comfortable making when you are being assessed a flat fee.  Also, some deposit fees are lower or even eliminated if you are willing to wait for your transfer to clear rather than having the funds appear in your account instantly.  If you can be patient, you can save a little bit of money.

Western Union/MoneyGram

If you don’t want to give your bank account information to an online poker room or e-Wallet and don’t want to try a credit card, then sending money via Western Union or MoneyGram can work very well. I won’t go into the whole procedure here, but in a nutshell the poker room will give you their recipient information, which you then take with your cash to a Western Union or MoneyGram location. When that’s done, you log into your poker account with some additional information from the retail location and you’re all set. As with e-Wallets, there are fees involved, but you can usually deposit $1,500 or more per day, so if you max it out, the fees aren’t too bad. You actually have to leave the house to do it, however, which can be a drawback for some players.

The four deposit options I just detailed aren’t the only ones out there, but they are the most common and usually the quickest. In today’s online poker environment, sometimes we just have to take what we can get.