The payment system is a vital aspect of every online sportsbook. Punters who prefer placing wagers online cannot pay in cash. They have to visit the virtual cashier of the betting site and select a payment solution to deposit and withdraw funds. Gone are the days when punters could choose from a couple of traditional payment methods such as credit/debit cards and bank transfers.
Modern online sportsbooks offer a wide range of payment solutions, enabling bettors to carry out transactions safely and promptly. Although plenty of payment services do exist, they are not the same. Bettors have to familiarize themselves with the specific features, strengths, and weaknesses of the different payment methods to select the one that best corresponds to their preferences.
Before selecting a preferred payment service, you have to keep in mind a few things:
- Some payment services support deposits only
- The availability of some deposit methods depend on the country of your residence
- The deposit limits vary with the different sportsbooks and payment services
- The different payment options support various currencies
- Some payment services apply fees to gambling-related deposits
Digital wallets have gained popularity among sports fans due to their ease of use and promptness. Deposits via eWallets are processed instantly, providing punters with the opportunity to place bets immediately. Furthermore, sports fans can use digital wallets to cash out their winnings, and it takes from 24 to 48 hours to receive the funds.
Online sportsbooks rarely impose fees on payments via eWallets. Digital wallets can please the preferences of recreational and high rollers, alike due to their flexible transaction limit. Besides, the services digital wallets offer come at budget-friendly costs.
Punters can pick from various digital wallets. Skrill, Neteller, PayPal, ecoPayz, and MuchBetter are some of the most widely accepted eWallets at online sportsbooks. Here you can find a complete guide about how to use Neteller. Sports fans have to keep in mind that some eWallets cater to the needs of punters from particular jurisdictions only. Next to that, they have to open an account with the selected digital wallet and fund it.
Depending on the preferred eWallet, punters can use their debit/credit cards, another digital wallet, prepaid cards, or online banking getaways to deposit funds to their digital wallet accounts.
Although there is a lot of confusion about the legality of cryptocurrencies, many online sportsbooks have already added them to their lists of supported payment solutions. Some bookies even offer special bonuses for bettors who use digital currencies to deposit funds to their accounts. Punters should know that there are three ways of obtaining cryptocurrency, including mining, purchasing, and exchanging.
Cryptocurrencies are available worldwide. In other words, regardless of the country of your residence, you can use them for betting online. Besides, cryptocurrencies offer fast and secure transactions, allowing punters to remain anonymous. Another reason for the ever-growing popularity of digital currencies among sports fans is the high maximum withdrawal limits. Furthermore, sports fans can deposit and withdraw funds at no cost.
Most people have at least one debit or credit card. It can be used to make online and in-person payments in real-time. Bank cards are widely accepted, offering a high level of security to users. Many online sportsbooks allow punters to use their debit/credit cards to deposit or withdraw funds. Unfortunately, some bookies impose high processing fees on deposits via bank cards. In addition to that, issuing banks may also apply fees to financial transactions.
Bank cards that enjoy a high acceptance rate include Visa, Mastercard, and American Express. Punters should bear in mind that due to regulations, UK residents cannot use credit cards for gambling-related payments. A crucial thing to note is that at times, debit/credit card companies decline payments to gambling and sports betting sites.
On a more positive note, using your debit/credit card to fund your sports betting account is child’s play. Of course, you will be required to provide your banking credentials. However, you should not worry too much about that because reputable online sportsbooks have taken different safety measures to safeguard their registrants’ sensitive data.
A growing number of sports fans prefer to use prepaid cards to top up their sports betting accounts. The deposit method is considered one of the safest because punters do not have to link a bank account to it. Prepaid cards provide punters with the opportunity to fund their sports betting accounts without disclosing personal information.
Prepaid cards have a fixed monetary value, preventing sports fans from racking up debts. Punters can buy a prepaid card from various retail stores, so obtaining one is not difficult. Prepaid cards provide sports fans with a convenient and fast way to deposit funds into their accounts. There are different types of prepaid cards, but the one that most online sportsbooks accept is Paysafecard.
One of the major drawbacks associated with prepaid cards is the tight maximum limits on deposits. This renders it unsuitable for punters who want to deposit large amounts of money into their sports betting accounts. Furthermore, punters have to pay high monthly maintenance and currency conversion fees. However, the disadvantages should not put you off because there is no absolutely perfect deposit method. The thing is to find the one that best suits your needs.