There was a big update regarding payments for online betting in April of 2020, when the United Kingdom imposed a ban on credit card deposits at online betting sites. The reason being that a lot of problem gamblers were using credit cards to fund their betting account.

Pros and cons of debit card payments

There are several good reasons for why debit cards is the most widely used payment method for online betting. 

Pros

• Deposits are instant
• Eligible for sign up offers
• Easy to withdraw money

Cons

• Punters have to share their card details with the bookmaker

The most options punters will find when it comes to payment methods, lies with e-wallets. The most well-known option is Paypal, but there are also betting-geared options such as Skrill or Neteller, as well as big brand options such as Apple Pay or Google Pay.

The general advantage of e-wallets is that they gather all your funds in one place, as an online version of your physical wallet. Instead of using your debit card for your online purchases (clothes, electronics, betting etc), and sharing card details, you only need to share your card details with the company behind the e-wallet. Logically, it is therefore more secure.

Pros and cons of e-wallet payments

E-wallets are very popular for deposits and withdrawals at online betting sites, as many consider the pros to outweigh the cons. 

Pros

• Instant deposits
• No need to share bank details with bookie
• Fast and easy to withdraw funds

Cons

• Not eligible for sign up offers (in general)

Paypal is one of the most preferred e-wallets on the betting market. The reason for it is that Paypal is a well respected, secure option and it is also possible to claim the welcome offer with Paypal deposits. At least in almost all cases. This is not the case with many other e-wallets.

• Main advantage: Considered the most secure, reliable e-wallet.
• Main disadvantage: Not the fastest deposits and withdrawals.

Neteller is a digital payment service that works very much like a wallet. With a Neteller e-wallet you can save and spend money online. It is a very tried and tested payment method within the online betting community.

To spend money with Neteller on betting sites, you will simply need to upload money into your e-wallet from your bank and then chose Neteller as a payment option with the betting site.

• Main advantage: Integrity, as you don't have to share bank details with bookmakers.
• Main disadvantage: Not eligible for sign up offers.

Skrill is a similar service to Neteller in that it is an online digital wallet. You simply select what currency you will deposit with, along with some basic personal details and you will have set up your Skrill account.

Like Neteller, it is a very well trusted payment service within the betting world.

• Main advantage: Widely accepted among bookies.
• Main disadvantage: No sign up offers.
  

Apple Pay is a deposit option that has really exploded in the past years. Similar to other e-wallets, its simplicity, especially on the mobile device is what makes it a great option for punters looking to deposit at online betting sites.

Unfortunately, Apple Pay is only available for Apple users and does not allow for withdrawals.

• Main advantage: Probably the fastest option for payments.
• Main disadvantage: Does not support withdrawals.

Google Pay is the latest payment option for Android users at online betting sites. It is very simple to use, and probably the fastest one for Android users.

• Main advantage: Probably the fastest option for payments on Android phones.
• Main disadvantage: Does not support withdrawals.

Bank transfers, also known as bank wires, are simply a way of sending your money from your bank to a betting company.

In theory, this is the simplest way of doing business as there is no middle-man transferring the payment for you. The bank will simply check that you have the money and send it.

Pros and cons of bank transfers

Pros

• It's simple and straightforward
• It is a secure option
• Bigger deposits and withdrawals available

Disadvantages

• Processing Time

In some countries the process of bank transfers has been very much improved because of third-party services such as Trustly. But in the UK the bank payment remain fairly slow. That is, however, the only real downside of bank transfers for online betting. 

On the other hand, the main advantage with bank transfers are that they are very secure. Probably the most secure option available to UK punters. 

Adding to that, if you are a punter who likes to gamble with bigger amounts, bank transfers might be your cup of tea. The maximum amounts for deposits and withdrawals are larger compared to other methods because of the security bank transfers bring.