Payment Methods Overview
Regardless of wether you are looking to place a sports bet, or play at an online casino you're going to need to place a deposit in order to earn real money. You will also need a method to withdraw your winnings. In order to deposit or withdraw money with an online betting site you will need to select from one of the multiple payment methods offered by the betting site you select.
Payment Methods offered by Betting sites
Below we have listed a number of popular payment methods that the larger, reputable betting sites offer you. We could not list all of the methods, the list is simply too long. However we have listed our most frequently used. We have focused on ease of transaction, cost and security as criteria.
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.
- Easy-to-use. Neteller is a very slick and user-friendly website and service.
- No extra software required.
- Secure payment method. Neteller has been around for a long time and is a very well-trusted company within the betting world.
- Offered by almost all major betting sites.
- You can incur a fee (2.5%).
- The payments can take a while to process.
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.
- Fast payments
- You do not have to leave your bank details to your betting site of choice
- You can incur a fee (1-2%)
- Some betting sites can void sign-up bonuses for customers who have deposited using Skrill
Debit and Credit Cards
You will be hard pressed to find a betting site that doesn't accept Visa or Mastercard debit and credit cards. It is the most straightforward form of online payment you can use to deposit or withdraw money to/from betting sites.
- Speed of transactions: Whatever Visa or Mastercard you have, the processing time should not take more than 24 hours.
- Trust: This is no-brainer. Every e-commerce site, retailer or betting site will trust Visa or Mastercard, which means that almost every site will allow the method.
- Cost: You won't be charged fees, unlike some of the other payment methods.
- Availability: You won't find a bookie that doesn't accept Visa or Mastercard.
- Compromised details: Although highly unlikely, it is possible for hackers or thieves to steal your information when you enter your card details online. Your card information could also be held by the bookie, which means if their cyber security if breached then you might not be able to get any stolen money back.
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.
- It's simple: All you need is a bank account with money it it.
- Availability: It is a very low-risk method for the betting site. A bank will not send money unless it has it.
- Safe: There is no middle-man. No other company or individual is involved other than your bank, you and the bookie.
- Maximum deposit. Since money is only exists when it actually exists in the bank and with no other provider handling the payment at any time - the bank and bookie is extremely lenient in terms of your maximum deposit threshold.
- Processing Time: This can very depending on the bank, but you could be looking at up to 10 days processing time.
- Fees: The larger the deposit amount, the less the fee will matter. This also varies drastically between different bookies. Some can allow free bank transfers and some will ask for a £25 fee. Then there are some that are just confusing. We once came across a rule that you could have one free transfer up until the 28th day of each month, then you would be charged £6 per transaction. It not only depends what bank or bookie you use but where you are based.
- The minimum payments are usually higher than other methods: You can - in some cases - be looking at a minimum deposit four times higher than the Visa/Mastercard requirement.
A crypto-currency that has been around for almost a decade, Bitcoin has fascinated, but not convinced many of the major bookies. Despite its growing popularity, in part because it is a decentralised nature that is not regulated by big corporations, banks or governments.
In some ways, it should be the perfect match for the betting industry which suffers from stiff regulation. However, it can come with its downsides and those downsides have put off many of the major betting sites.
- Fast Transactions - Now this means the actual transfers once you have the Bitcoins. To get them in the first place you will need to 'mine' them - which will take time and a lot of your computers processing power. You could also buy them of an exchange which can also be time consuming.
- Value - This has been an advantage so far. Bitcoin's value has risen exponentially since 2010.
- Unregulated: this means that you are free to spend your Bitcoins without any government or bank tracing you.
- No fees.
- Volatility - Although it has risen in value, it does drop rapidly for small periods. The currency is much more volatile than the major currencies. Then there is always the reality that one day - it is more than likely to crash.
- Time: as we mentioned, unless you have the Bitcoins already it can take a while to get hold of them.
- Availability - No major betting sites currently accept Bitcoin. Almost every major betting site is have the discussion though.
- Regulation - There will be no institution to bail you out should you lose all your money.
What is the best payment method to use on betting sites
This is a difficult to answer as it depends on what you want from your transactions.
If you want ease of transaction then using your Visa/Mastercard could be your best option.
If you are in a country where you cannot use your debit or credit card directly, then Skrill or Neteller could be the best way to secure a secure and relatively speedy transaction.
If you are looking to remain anonymous then Bitcoin could be something to consider. However, so few betting sites accept Bitcoin.
What is the fastest payment method to use on betting sites?
Most payment methods are fast but Visa and Mastercard payments are very quick.
Which payment method is the most secure to use on betting sites?
If it is a reputable betting site that you are using, then any payment method they offer should be reliable. If they are licensed in the EU then you can be sure that they encrypt your information through advanced security programs.