Online Betting Payment Methods
If you want to have an enjoyable betting adventure, there are three things you need to do. The first one is to find top-quality betting sites with lots of sports markets and competitive odds. You also have to locate the best and most rewarding bonus offers in the industry. The last thing to do is to make sure you have various betting payment methods at your disposal.
Here, we will focus on that last crucial aspect of online betting. An online bookmaker should always enable a myriad of betting payment methods for its players. That's the only way punters will be able to deposit and withdraw using the banking options they prefer and enjoy their betting experience to the fullest.
Read our comprehensive guide to learn more about banking options when wagering online. We will give you all the information you need regarding online betting payment methods and how you can use them to your advantage when placing your bets. Let's start!
Overview of Online Betting Methods
To capitalize on each payment method's advantages, you have to know how individual banking options work. Our overview of online betting methods is crucial in this regard. It will tell you which payment option isal to use when making deposits and which one is better suited for making withdrawals. Read on to find out how the most popular payment methods for online betting work.
Credit and debit cards are attractive banking options for betting enthusiasts. They enable instant deposits and safe and secure payouts. Besides, bookmakers list cards as accepted payment options when it comes to making bonus-triggering deposits. This means that players can get all online betting perks, including the best bonus offers, when using debit and credit cards. That is enough of a reason for most punters to embrace cards wholeheartedly when betting.
Credit cards used to be more widely accepted than they are today. The UK Gambling Commission banned players from making credit card payments in Britain in 2020, and other gambling authorities are considering doing the same. However, the payment method is still legal in most countries and regions around the world. As long as that's the case, millions of punters will continue to use credit cards when wagering online.
Unlike credit cards, debit cards are as widely accepted as you like them to be. Most, if not all, best rated bookmakers accept debit card payments, and they are the preferred payment method for making deposits and withdrawals for punters these days.
When you use a debit card to make your deposits, you will notice that the minimum and maximum deposit limits are quite reasonable. Debit card deposits can be as low as £5, and many online betting sites say that they don't have a maximum deposit limit on debit card payments.
Using Paypal as a Payment Method
Expert punters consider PayPal as one of the best payment methods for online betting. The E-Wallet comes with lots of perks when compared to other banking options. PayPal allows you to make instant deposits into your betting account without incurring an additional transaction fee while doing so.
Another advantage of using PayPal as a deposit method is that you don't give betting sites your financial details when making payments. PayPal works as an intermediary between the bookmaker and the player. That'sal if you are looking for an extra layer of privacy between you and the sportsbook.
Neteller is an established online payment method that has been around for more than two decades. Betting enthusiasts have been using the payment service since its early days and continue to do so today. That's a testament to how well-suited Neteller is when it comes to making betting deposits and withdrawals.
Neteller deposits to your online betting account are instant. Withdrawals rarely take more than 24 hours.
However, the E-Wallet also has transaction fees that come into play when you deposit money onto your Neteller account. They range between 1% and 8% per transaction.
Besides, Neteller is not available everywhere. Some countries, and by extension the online betting sites operating there, have restrictions on using the E-Wallet as a deposit and withdrawal method.
Skrill is one of the rare payment methods that openly markets itself as beingal for online betting. Some of the reasons why Skrill is an excellent payment option when betting include its:
- Ease of use;
- Special VIP program.
Skrill betting deposits are instant, while the funds you withdraw get to your Skrill account within 24 hours. The payment method is super easy to use, and you can pay with your Skrill wallet via your PC, mobile or tablet. Skrill's VIP program is another thing to consider as it reduces your transaction fees and gives you 24/7 support.
Google Pay is an excellent banking option if you own an Android device and are an avid betting enthusiast. It enables smartphone-using punters to deposit via online payments similarly to other E-Wallets such as PayPal, Skrill, and Neteller.
Google Pay allows instant deposits, it's effortless to use, and you don't have to share your card details when making your online wagering deposits.
Apple Pay is to iPhone and iPad users what Google Pay is to owners of Android devices. Betting enthusiasts who own an Apple device can use Apple Pay to deposit safely without sharing their card details. Two-factor authentication also helps when it comes to increasing the security of online betting transactions.
Other benefits of using Apple Pay include its simplicity to use and its low costs. You can do all of your betting transactions via your mobile Apple device. Also, bookmakers don't charge a fee when you transfer funds to your betting account via Apple Pay.
These days, there are more and more betting sites that accept cryptocurrencies such as Bitcoin, Ethereum, and Litecoin as payment methods. This is because cryptocurrencies are generally safer than conventional banking methods, enable worldwide payments, and come with low transaction costs. As such, they are an excellent alternative to fiat currency and are becoming a viable banking option for an increasing number of punters.
E-Wallets make betting easy. E-Wallet deposits are lightning-fast, and funds reach your online betting account in an instant. Moreover, you don't have to enter your card details when you deposit.
Withdrawal speeds are equally as impressive. The best E-Wallets out there guarantee same-day payouts. Even better, if you find an instant withdrawal betting site, you can get your sports bets winnings within hours of making a withdrawal request.
Deposit Methods at Betting Sites
To make the most of your sports wagering adventure, you have to use the best deposit methods at betting sites. Not all deposit methods are equally as good, and some betting payment methods are better than others.
So how can you find the best deposit methods? Well, you have to look for two things. The first one is the deposit limits banking options have.
Credit and debit cards usually have the lowest minimum deposit limits, while bank transfers have the highest. A credit card deposit can be as low as £5, while a minimum bank transfer deposit is usually around £200.
When it comes to high maximum deposit limits, bank transfer payments are the best. A full bank wire deposit is usually around £150,000, which is quite an increase compared to the maximum of approximately £40,000 that cards and E-Wallets allow.
The second thing to consider when choosing deposit methods is speed. Most E-Wallets and cards allow for instant deposits, while bank transfer payments take much longer to complete. Funds will usually take between two and ten days to get from your bank account to the online betting site.
Withdrawal Methods at Betting Sites
Knowing the best withdrawal methods at betting sites is the difference between having readily available betting funds and having to wait for them for weeks. Some withdrawal methods let you get your sports bets winnings within hours, while others make you wait for days, even weeks.
The best withdrawal methods at betting sites include E-Wallets such as PayPal, Neteller and Skrill. These allow you to withdraw your winnings as fast as possible and tend to have reasonable withdrawal limits.
Cryptocurrencies and cards are a close second as they usually come with slightly longer withdrawal intervals, but their withdrawal limits are similar to those of E-Wallets, if not better.
Bank transfers are the worst withdrawal methods you can choose if it is the fast payouts you are after. They take days and sometimes weeks to complete, and you will have to wait between three and seven days for winnings to get to your bank account. On the plus side, though, bank transfers allow for larger withdrawals and are often the preferred withdrawal method of high-rollers.
Deposit Exclusive Bonuses
At Betpack, one of our goals is to educate punters to get more for the money they deposit. And one of the things that we frequently have to inform and remind our readers about is exclusive deposit bonuses.
These exclusive deposit bonuses are betting promo offers that you can trigger with only a select group of betting payment methods. For instance, a betting site might say that it will only give you access to a free bet promo if you deposit using a debit or credit card. This means that if you deposit using PayPal, prepaid cards, or Bitcoin, you won't get those free bet credits.
Punters are often unaware of these bookmaker stipulations. They make a deposit they think is a qualifying one and then wonder why they haven't received the free bets in their online betting accounts.
To prevent this from happening to you, always read bonus terms and conditions (T&Cs) carefully. These will tell you which betting payment methods will activate a bonus and which won't.
Advantages & Disadvantages
Betting payment methods come with some inherent advantages & disadvantages you should be aware of. Knowing each banking option's pros and cons will help you choose the one that suits your betting style the most, thus increasing your chances of winning more money.
Credit or Debit Cards Pros & Cons
If you opt to use credit or debit cards for your deposits and withdrawals, you can expect to get:
- Reasonable minimum and maximum deposit and withdrawal limits;
- Decent deposit and withdrawal speeds.
Card deposits also qualify you for the majority of bonus offers betting sites have, so that's also an advantage they have over other betting payment methods.
However, some countries areng to restrict the use of credit cards for betting, so that's something to bear in mind and keep a close eye on.
E-Wallets Pros & Cons
Going with E-Wallets such as PayPal and Neteller is also an intelligent decision when betting. E-Wallets come with reasonable deposit and withdrawal limits, too and offer even faster payouts than cards.
On the downside, you always have to check bonus T&Cs to know whether an E-Wallet payment qualifies you for a bonus offer or not. Some betting sites say that PayPal, Skrill, or Neteller deposits don't activate a welcome bonus or trigger free bets. That could be an unpleasant surprise if you didn't read the bonus T&Cs in advance.
Cryptocurrencies Pros & Cons
Lastly, cryptocurrencies such as Bitcoin are also great payment choices, especially if you find top-rated betting sites that accept them.
Cryptocurrencies are safe and secure, protect your privacy, and offer instant deposits to your betting account most of the time.
On the negative side, crypto payments might not always beal as they tend to have slightly slower withdrawal times than E-Wallets (24 to 48 hours). You also have to check whether a crypto deposit activates a bonus offer as this varies from one betting site to another.
You can take your sports bets to the next level if you play with the right payment providers. The best banking options allow instant deposits and same-day payouts. As such, they are an invaluable tool in an experienced punter's betting inventory.
At Betpack, we always tell you whether a betting site offers an adequate number of withdrawal and deposit types. We also inform you whether a payment method qualifies you for a specific bonus or free bet promo as that's another crucial aspect of making the most of what sportsbooks offer.
Therefore, if you want to make the most of your sports bets, you should go with the betting sites which have received praises for the variety of payment methods they offer. We have reviewed tons of those here at Betpack and suggest that you visit them as soon as possible.