The fastest paying online sportsbooks in Michigan make it even more fun to bet on sports. When you win, not only does your balance grow, you can cash-out quickly if you want to access those funds.
Today life moves at breakneck speed, and people are used to getting everything as soon as they want it. We binge TV shows when we want them, and order food, clothing, and even cars on our phones fast. The benefits of using fast payout sports betting apps is evident: do what you want when you want with YOUR money.
Our Michigan sports betting experts have used the apps and betting sites and identified the fastest paying sportsbooks.
Comparing the Top 4 Fastest Paying Michigan Sportsbooks
In the table below, we compare the Michigan sportsbook apps with the fastest payout options.
|AVERAGE PAYOUT SPEED
|1-2 Days for PayPal; 2-4 Days for Transfers, Debit
|PayPal, 1-2 Days or quicker
|10x First Bet
|1-3 Days for PayPal and Debit; 3-5 Days for Other
|PayPal, 1-3 Days
Up to $1,000 - Michigan Bonus Code: PLAYBONUS
|2-4 Business Days, 1-3 Days for PayPal
|PayPal or PayPlus
Michigan Promo Code
|2-4 Days for PayPal, 3-5 Days for ACH and Debit
|PayPal, 2-4 Days
|Up to $1,250 in Bonus Bets
Fastest payout option at Michigan sports betting apps
You have multiple options for payouts with Michigan sports betting apps. A payout is when you receive your winnings from a bet and choose to withdraw that money in some fashion.
Here are the top ways to get your Michigan sportsbook payout:
- PayPal (sometimes as fast as 1-2 hours)
- Bank transfer (1-3 business days)
- eCheck (2-4 business days)
- Check (as long as 7 days)
In our tests of fastest paying Michigan online sportsbooks, PayPal consistently rated the fastest. In many cases, your money will appear in your PayPal account instantly. The latest we experienced with PayPal was a little under 20 hours.
Other fast cashout/withdraw options in Michigan take place within 1-2 business days. That timing will vary based on the sportsbook. You’ll also see some eCheck cash-outs occur within 48 hours. The timing will depend on your banking institution, in most cases.
DraftKings states that all withdrawal requests are subject to a review that may take up to 3-5 business days, however we experienced quicker payout times from DraftKings Michigan, often 1-3 business days.
Quickest playthrough requirements at Michigan sportsbooks
Playthrough requirements, also known as wagering requirements, are terms and conditions imposed by sports betting apps or online gambling platforms in Michigan that you must meet before you can withdraw any winnings earned from bonus offers or promotional funds. These requirements are designed to prevent abuse of the bonuses and ensure fair play.
When you receive a bonus bet or promotional funds from a sports betting app, it usually comes with a certain wagering requirement. The playthrough requirement specifies the number of times you need to wager the bonus amount (or sometimes the bonus plus the deposit amount) before you can request a payout.
For example, let’s say you receive a $100 bonus with a 10x playthrough requirement. This means you would need to place bets totaling $1,000 (10 times $100) before you can cash out any winnings. It’s important to note that not all bets contribute equally towards meeting the playthrough requirements. Some bets may have different weightings or may not count at all.
Additionally, the playthrough requirements may have a time limit attached to them. This means you must fulfill the wagering requirement within a specified period. If you fail to meet the requirement within the given timeframe, the bonus and any associated winnings may be forfeited.
It’s crucial to read and understand the terms and conditions of any Michigan sportsbook bonus or promotional offer before accepting it. This will help you determine the playthrough requirements, eligible games or bets, contribution percentages, and time limits associated with the bonus.
By having playthrough requirements, sports betting apps aim to strike a balance between offering attractive bonuses and ensuring that players engage in legitimate betting activity before being able to withdraw funds.
Comparing Michigan Playthrough Requirements
Your playthrough requirements will vary based on the type of bet, and also the sportsbook.
FanDuel, for example, is offering a Bet $20, Get $200 Bonus Bet. That offer has a 1x playthrough requirement, which means you only need to play the bonus bet once before cashing out any winnings. That payout can be quick: as soon as 1-2 business days with PayPal or bank transfer.
BetMGM Michigan on the other hand, requires a 15x “rollover” of bonus betting credits. That means you must rollover (or bet) 15 times the amount of their bonus offer. If you are receiving $100, you must place $1,500 in wagers from those funds before you can cash-out any winnings.
With Caesars, you only need to wager an amount equal to the bonus before getting a payout. For example, if you get $1,200 in bonus bets, you can split them into 10 $100 bets, let’s say, BUT you will need to wager all $1,200 before withdrawing any winnings in real-money.
Playthrough for DraftKings are usually based on 15x requirements. It’s based on how much you deposit AND the promo or bonus offer. According to DraftKings: “The playthrough requirement is determined using the original deposit amount, the matched Casino Bonus funds and the offer playthrough requirement to calculate total required playthrough amount.”
For example, if you deposit $1,000 and get $1,000 in promo bonuses, that equals $2,000, which you multiply by 15. In this case, you’ll need to playthrough $30,000 in bets before any bonus bet funds can be withdrawn. This requirement may vary based on the promo.
Frequently Asked Questions
Which sportsbooks in Michigan offer the fastest payouts?
We set up accounts with five top Michigan sportsbooks and tested their payout speeds. The fastest paying Michigan online sportsbooks:
In our experiments, DraftKings and FanDuel were virtually identical in the speed of payouts for Michigan sports betting, averaging 1-2 business days. One of our payouts with Caesars MI took six days, the longest we experienced.
Do Michigan sports betting apps offer early cash-out?
Yes, some Michigan sports betting apps and betting sites offer early cash-out.
Early cash-out is a feature offered by some Michigan sportsbooks that allows bettors to settle their bets before the conclusion of an event. This feature gives you the opportunity to secure a portion of your potential winnings or minimize your losses, depending on the current state of the bet.
When you place a bet with the option for early cash out, the sportsbook calculates the current value of your bet based on the odds and the progress of the event. This value is influenced by factors such as the current score, time remaining, and other relevant game statistics.
If you’re winning, the cash-out value will usually be lower than the potential total winnings, but it guarantees a certain profit regardless of the final outcome. On the other hand, if your bet is losing, the cash out value will typically be higher than the potential loss, allowing you to minimize your losses before the event concludes.
The cash-out value is dynamic and can change in real-time as the event progresses. If you choose to cash-out from your Michigan sports betting app, the sportsbook will offer you the current cash out amount, and you can decide whether to accept it or let the bet ride until the end.
These Michigan sports betting apps offer early cash-out:
There are a few reasons why bettors might choose to cash-out early:
1. Secure winnings: If your bet is winning, but you’re concerned that the opposing team may make a comeback, you can cash-out early to guarantee a profit, even if the final outcome is not in your favor.
2. Minimize losses: If your bet is losing, cashing out early allows you to limit your losses and recover a portion of your stake.
3. Manage risk: Cashing out can be a strategic move to manage risk and ensure a certain level of return, especially when circumstances change during the event.
It’s important to note that the cash-out (or cashout) feature is not available for all bets or events offered in Michigan by MI sportsbooks, and the availability of a cash-out can vary between operators. Additionally, the cash-out amount offered may not always be favorable, especially in situations where the event outcome is highly uncertain.
Before using the cash-out feature, carefully consider the current situation, your original betting strategy, and the potential impact on your overall bankroll.
How do I know when I can cash out my sportsbook bonus?
Typically, you’ll see a cash-out option on your betting slip in the sportsbook app, if one is available. Some apps, such as BetMGM, will use “push notification” to offer a cash-out. That means you may see a notification on your app that explains a cash-out available for your bet. Click on that notification to see details of the cash-out offer, and accept if you desire.
Not all bets will have cash-out potential, so adjust accordingly. You may see a cash-out floated by the sportsbook when a bet is going sideways for the operator. That’s a way for them to mitigate their losses.
Which Michigan online sportsbooks offer same day or instant cash-out?
You won’t get instant cash-out from MI sportsbooks. But, you can use a service called PlayPlus (or Play+) to get some instant payout options.
With PlayPlus, you set up a funding account and use it to deposit funds in FanDuel, DraftKings, or BetMGM. Those are the three sports betting apps in Michigan that work with PayPlus. Once you have your PlayPlus connected to your betting app, when you want to withdraw or cash-out your funds, they can be accessed instantly (in most cases). Be advised that only money you deposited with PlayPlus will be eligible for same-day or instant cash-out. Also, PlayPlus takes a small handling fee for their services.
Can I deposit and withdraw with Bitcoin on a sportsbook app?
No, Michigan does not allow the use of Bitcoin and other cryptocurrencies for funding your online sports betting. If you create an account with a sportsbook that offers this option, you are dealing with an illegal, unregulated operator. Your funds may be at risk, and you may be at risk for fraud or being involved with illegal operations. Your money is not safe with illegal, offshore, unregulated sportsbooks.
Consult our list of licensed Michigan sportsbooks to choose a safe sports betting option.
How do I know my Money is safe at Michigan Online Sportsbooks?
Consumers benefit from the protection of the Michigan Gaming Control Board, which regulates the industry in the state. Only sportsbooks that have been issued a license from the MGCB can legally operate in Michigan. You’ll see the MGCB seal on those betting sites or in the apps.
Thanks to regulation from the MGCB, and enforcement from the Michigan State Police, consumers are protected from unsafe and illegal activity. Michigan has been diligent in shutting down illegal sportsbooks and prosecuting operators who are outside the law.
The money you place at risk with Michigan sportsbooks is protected against fraud. Each licensed sports betting operator must offer a dispute process for any issues with bets and payouts.