Before signing up at any sportsbook, one of the things players would first want to confirm is the platform’s payment methods. That’s because betting requires depositing funds, and the more convenient it is to do this, the more attractive an online sportsbook is to bettors.
Similarly, if you are a bookmaker planning to set up your online betting site, it would be to your advantage to incorporate widely used payment platforms into your website. Apart from enjoying wide acceptance from many quarters, Kate Richardson, an expert in ranking online betting sites using various parameters, opines that it significantly raises a gaming website’s ranking.
In this article, we will consider some widely accepted payment methods that most sportsbooks rely on to receive players’ deposits. Do these payment methods have attractive bet offers over others? Let’s find out.
Guide for Choosing Online Betting Payment Methods
Your number one consideration when making any online payment should be the security of your details. And for sports betting, it’s important you ensure the sportsbook of your choice has the necessary security encryption in place to prevent scams, frauds, and other risks.
That said, the betting industry has gone beyond brick and wall and most people now prefer online games, especially through their mobile devices. As such, a flexible mobile payment method is worthy of consideration. If a payment method won’t work unless you log in through a computer or desktop, you may wish to check another sportsbook that supports such.
Finally, it isn’t just about being able to fund your online betting account seamlessly; you must also be able to withdraw your earnings speedily and without stress. Therefore, it’s a critical consideration when partnering with a bookmaker or signing up for an online sportsbook. For the overall betting experience, a payment method that supports withdrawal is advised.
With all of these considerations noted, let’s take a look at the payment methods most widely accepted by betting sites.
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Debit Cards
Most debit cards are issued by VISA and MasterCard and are issued by banks and associated financial institutions. This payment method triumphs for its universality and wide acceptability by almost ALL betting sites.
Many welcome bonuses that bookmakers include on their websites have debit cards issued by VISA and MasterCard included as supported options. These cards are also secure because apart from the PIN and other details you have to supply, your issuer also often requires two-factor authentication for double security.
The main demerit of debit cards is the charges often imposed on each transaction. The fees can get so high at some points based on several factors outside the control of the user. That aside, there is the risk of misplacing these cards and getting the details on them stolen.
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PayPal
PayPal is a payment wallet available in many countries of the world. It allows users to send and receive payments in a very secure way. In fact, it’s one way to keep your bank and card details off the internet. Just load the wallet with some funds and use it as your payment option when betting online.
To sign up for a PayPal account, you typically need an email address, residential address, phone number, and other personal details. You can link a card or bank account to fund PayPal and seamlessly make a deposit with it on your preferred sportsbook account. PayPal is highly security conscious and it supports both deposits and withdrawals. The downside is that the full option is not supported in all countries.
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Skrill
Skrill is more like PayPal because it is also an online wallet. In most countries where PayPal’s functionalities are restricted, players can switch to this mode, enjoying a seamless deposit on their betting site. Registration with Skrill is fast, and you only need a few personal details to sign up. Once everything is set, you can use your account to deposit online with bookmakers that incorporate Skrill into their sportsbooks.
Skrill, like PayPal, requires verification, which can be time-consuming. Also, some users complain that the customer service department of this payment option needs to do more to up their games. But despite these identified challenges, it’s many players’ choice for its very fast payment and withdrawal abilities. Skrill also has excellent conversion rates and fund-loading options.
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NETELLER
“I have been using it (Neteller) for years and have not encountered any problems. I love it!” Says a satisfied Neteller user.
With its UK-approved 128-bit SSL encryption and two-factor authentication, it ranks high among payment methods in terms of security. If you have reservations about making bet deposits via your bank account or card, Neteller is the buffer you can trust.
Being an e-wallet, registration, and usage are pretty straightforward. You only need a valid e-mail address and proof of identity to sign up. And just like you can select it as your payment method, you can also use it for withdrawals. Besides ensuring your privacy, Neteller is mobile-friendly and supports multiple currencies.
Nevertheless, you may wish to know that this payment method is only available in selected countries. Also, while funding your Neteller, your financial institution will charge you fees, which can add up with time.
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Trustly
Trustly came into the scene in 2018 and it’s a secure payment method that most online bookmakers now welcome. It’s not yet globally available as only Europeans and North Americans have access to it. Like other digital e-wallets earlier discussed, Trustly also acts like a middleman, ensuring that you don’t give any betting site your card or bank details.
To use this payment system, you will have to first sign up on their page by supplying personal details like your name, country, and email address. Most online sportsbooks list Trustly as an accepted payment method; simply select it in your betting account and you are ready to enjoy Trustly.
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Bitcoin
Although many may be skeptical about the safety of cryptocurrency for betting, the fact remains that it’s a popular payment method with both bookmakers and players. In 2009, Bitcoin came into the scene, revolutionizing how we hold our currencies. Despite its highs and lows, it’s now one of the popular means players use to gamble online.
To use Bitcoin for online gambling, you must purchase and hold it in a wallet. You must also check that your betting site supports that wallet. Once you ensure these two things, you can go ahead and deposit the corresponding BTC you want
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Google Pay
Google features one of the most secure wallets that several online sportsbooks now support. It debuted in 2011 as Google Wallet but has now assumed its recent name. GPay securely encrypts your card details and ensures that you don’t have to enter these sensitive pieces of information on a betting website. Registration, however, requires that you manage a Gmail address and other personal details
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Apple Pay
Apple Pay is one of the payment methods available to bettors who use Apple products. It accepts funding from credit and debit cards and allows user to deposit the same on their sportsbook’s account safely.
As one of the payment methods from a renowned brand, which recently came into the scene, you might not find as many sportsbooks that accept Apple Pay for bet deposits as you would for other methods.
However, if you are keen on this method, one way to discover Apple Pay-friendly sites is to read reviews from reputable sources. MightyTips is one of such reputable review websites that help bettors curate online betting sites and bookmakers that accept Apple Pay for deposits.
For UK betting sites, it’s best you pay attention to details like minimum deposits and bonuses that come with each betting site to fully maximize the benefits of depositing with Apple Pay.
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Boku
Boku is a mobile banking method that transfers your bill to your mobile balance or next mobile bill. So, let’s say you want to use it as one of your payment methods for online betting, the amount you deposit through it will either be removed from your existing prepaid balance or added to your next mobile bill.
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Paysafecard
Bettors that genuinely want to keep their personal information secret consider Paysafecard. As a prepaid voucher, It is one of the best payment methods that doesn’t require funding with cards or bank transfers. You simply purchase the voucher and deposit with it on your betting apps
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Bank Transfer
Many online sportsbooks also accept bank transfers for bet deposits. It’s a traditional payment method that requires logging into your bank’s app and transferring your deposit.
However, while it’s low in charges or fees, you should know that it’s not a payment method to use if you’re in a hurry. Transfers need clearance from relevant financial institutions, causing delays
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Cheque
For large deposits, many betting sites also accept cheques. However, like bank transfers, cheques are subject to clearances, which can also cause delays.
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Credit Card
Credit cards are also among the popular payment methods for betting. They work like debit cards, but you can’t withdraw into them and some issuing institutions can place limits on how much you can spend betting.
Key Things to Consider When Looking for Payment Options
Having an excellent betting experience goes along with seamless payments. That’s why this article dwelt extensively on payment gateways that most online betting sites now support.
When looking for payment options for best betting, consider speed, security, and associated fees. But in addition to these, The Spread adds:
“Consider factors like account setup, interface design, and overall user experience. Payment methods with intuitive interface and straightforward processes are generally more convenient.”
They are very much on point.
Conclusion
While there are free bets, most sites may only allow it for a while. Sports betting enthusiasts would have to deposit an amount to enjoy the game. Choosing the right payment method is critical because betting is essentially money-driven.
The options listed above are available with leading sports betting sites. Be sure you understand how your choice works so you can