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Betting Payment Methods

When you’re placing bets on different sporting events, there is plenty to factor in. You need to decide what kind of bets to place, where to place them and which athletes or teams to back. With all of this, it’s also essential to choose a payment method that works well for you.

If you know that the payment method you choose is safe and secure, you’ll be able to relax more and focus properly on placing your bets. You’ll enjoy deciding how you want to do this more, and will make better decisions so that you win more money. And if the method you choose is simple and easy for you to understand, you’ll be able to spend more time betting and winning and less time worrying about the actual transactions.  

These payment solutions consist of credit cards, debit cards, e-wallets, online vouchers, direct banking software and pre-paid cards. In a nutshell, you will find something to use. One of the major benefits about choosing an online banking mechanism is that not only does it give you your own private online account, but it allows you to buy, purchase or procure other goods and services from other internet vendors.

Payment Method Factors to Consider

When you’re looking into different payment methods for online sportsbooks, you need to decide what is most important to you. Do you want rapidly-processed transactions above everything else? Is remaining anonymous and not sharing any details with the betting site your primary concern? Are you happy to use different methods for depositing and withdrawing from your sportsbook account, or do you want the simplicity of using the same one for both processes? What is the client support like, and is there a loyalty programme? And are the fees attached to the system competitive?

There are several reliable payment methods open to online punters. To use all of them at your sportsbetting sites of choice, you just need to make your way to the cashier interface, choose the deposit or withdrawal option, and follow the simple prompts. The most common payment methods fall into 3 broad categories: credit and debit accounts, e-wallets and vouchers. You should find out everything you can about each specific option, but to get you started and give you some idea of where to look first we’ve summarised them for you here.

Credit and Debit Cards

Essentially two sides of the same coin, both these internationally recognised brands provide debit and credit cards and are highly regarded for their speed and safety. In addition to being accepted at most if not all sports betting providers, these cards can often be used to make withdrawals as well and have an estimated time of 2 – 6 business days when receiving a payment.  

Below are some benefits when using Credit and Debit Cards:

  • Not anonymous; sportsbooks keep your personal information
  • Very fast transfers
  • Low transaction fees
  • No extra bank accounts need to be set up since you are moving your funds from one that already exists
  • State-of-the-art SSL encryptions are performed on each transaction, but identity theft and card fraud are still remote possibilities

e-Wallets

Neteller: This is one of the oldest and most well-established e-wallets around. In fact, Neteller was largely responsible for starting the whole e-wallet movement. Originally the company emerged thanks to the online casino industry – a by-product thereof. Today Neteller offers a safe and effective e-wallet that you can use to deposit and withdraw funds. You can store money in your Neteller account and conduct business all over the net. You can also transfer funds from your Neteller account into your bank account. Withdrawal timeframes for Neteller are 24 to 48 hours.

Skrill: This e-wallet is known as Moneybookers in some regions and like Neteller can be used to make deposits and withdrawals. Skrill can be used to store cash online and to transfer money into your actual bank account. Skrill also has a MasterCard prepaid card that can be used at ATM’s. Withdrawal timeframes for a Skrill account are 24 to 48 hours.

Below are some benefits when using e-Wallets:

  • Anonymous
  • No credit checks
  • Longer withdrawal times than credit and debit cards
  • Set up your e-wallet by visiting the company’s website
  • Money is moved from any of your bank accounts to your e-wallet account and then to your sportsbook account, and vice versa
  • Easier to budget and manage your punting, with 2 stages to the transfer process

Other payment options:

Instant Banking by Citadel:

This Canadian-based organisation allows you transfer cash between your bank account and your betting website. One of the appealing qualities about Citadel is its ease of use and minimum paperwork when opening an account. Citadel however can only be used to deposit cash and not withdraw.

eCheck:

This banking option allows you to instantly and safely transfer funds between your bank account and your sports betting account. Echeck is fast and effective, offers a simplistic user interface and can be used to make deposits and withdrawals. Withdrawal timeframes for this banking mechanism are 3 to 8 business days.

Paysafecard:

This is a very popular option, especially in the European markets. However, Paysafecard can be used in hundreds of countries and is not just for sports betting or online casino gaming. It can be purchased in various currencies and various amounts, making it an ideal travel companion. In addition to this, the card is sold physically at participating stores which are easily located through their website. You can check your balance online and the card comes with a 16 digit pin code which you will need to use when making a deposit. Paysafecard is also great if you’re looking to budget and keep all your gambling funds in one central spot. This payment option is for deposits only.

Choose a payment method that works for you and enjoy sports betting online at the top sportsbooks with peace of mind.