For those of us that like to take a gamble across online betting sites, it helps to have a little flexibility from our provider. That flexibility can come in many forms – it could mean a wide choice of markets and an extensive set of side bets or maybe we need a number of options to get in touch with customer service quickly and effectively. But it also helps if an operator provides a good selection of betting payment options. Not all of us want to use a bank account or credit card all the time and with so many other options out there, it’s good for a bookie’s customer base if a good selection of methods is offered.
Here is a guide to the best online betting payment methods.
Debit Cards
You should find that all bookmakers take debit cards as a way to fund your account. Check the full list however as while all the major providers will be covered, there may be exclusions such as Amex who charge more to the operator at point of sale.
As a very general rule, transactions should be instant with no fees to pay but you should, of course, check this with the individual bookmaker’s terms and conditions, along with any minimum or maximum deposit / withdrawal limits.
Bank Transfer
Most operators provide bank transfer as an online gambling payment option and it’s an easy way to send money across and to receive it back. Do check on transfer times information however as while most of the options here provide instead funding, this method can typically take between 2 and 5 business days.
eWallets
There follows a list of eWallet providers, all of whom are represented at some level in the betting industry. An eWallet is not a bank in the sense that it is not authorised to lend money but it will store your funds in a safe and secure account.
Here are the most common providers from around the sportsbooks.
Paypal
Paypal was formed in 1998 and has grown to become the most popular and most recognisable of all the eWallet facilities. It became part of the EBay group with which it had partnered extensively on the popular auction site and from that point, established retailers across the world started to offer it as a form of payment.
At one point, Paypal had full restrictions on payments for gambling services but that has been relaxed to an extent. It still isn’t a widespread feature on funding lists for most operators but what you will find is that the established brands, particularly those who have been trading since before the days of the internet, are allowed to offer this as a deposit and withdrawal facility. More and more new operators join the ranks of Paypal betting sites.
Skrill
If a bookmaker isn’t offering the services of Paypal then it’s likely that they will move along to the two eWallets that play the biggest role in the industry. The first of these is Skrill who were set up in 2001 as MoneyBookers to provide lost cost transfers between banks and individuals overseas.
In time, their flexible way of working was picked up by the sportsbook and casino operators and they are now common across the network. Skrill works identically to Paypal in the sense that it isn’t a bank but it will hold your funds securely for when you need to deposit to and withdraw from your various accounts.
For more information and a list of Bookmakers accepting Skrill payment option, please visit our Skrill bookmakers page.
Neteller
Neteller is the second name on the eWallet list for most bookies and along with Skrill, they are something of a ‘must have’ for the majority of operators. Neteller was founded in Canada in 1999 and were very quick to recognise the growth of internet betting and the need to provide additional financial services.
Once again, this is an eWallet with no banking services but Neteller are one of the biggest providers to the gambling industry so if you are looking to sign up with a range of sportsbooks, it will be very useful to have this funding facility.
Also do check out our list of Neteller betting sites for a complete selection.
Bitcoin
Bitcoin is a cryptocurrency and it remains something of a mystery to the wider general public so retailers have also been a little slow to catch onto it. The same principle applies to the gambling industry so currently, a relatively low number of operators have chosen to accept this online payment solution.
In contrast, some operators have set up in recent times as exclusively Bitcoin betting sites so you can only fund into your account if you use Bitcoin and have access to the Blockchain. It may take some years for the currency to get into the mainstream but the demand seems to be getting bigger so we should see more and more operators adopting Bitcoin in the near future.
Others
You’ll see many other eWallets and transfer facilities listed from bookie to bookie but this is by far the most popular set of options. Others, such as moneta.ru may be specific to certain countries while others such as PaySafeCard are widespread, but not quite as well used as the eWallets that we have listed here.
If you have more than one account with a bookmaker, you’ll find that having a range of funding options gives you greater flexibility and access so consider your options and look into signing up with some additional payment providers.
Most Popular Methods of Payment in Different Countries
United Kingdom
In the United Kingdom, players have come to expect a certain set of payment options to be listed. Bank transfers, plus all the major debit cards are the minimum requirements and no bookmaker would even think of trading unless these were provided.
When it comes to eWallets, Skrill and Neteller are the most common while a smaller set of bookies will also include PayPal. The world’s biggest eWallet doesn’t like to work with everyone in the industry but PayPal are happy to attach their name to the established brands and they are a very welcome addition to some lists.
Those are the most popular payment types but some sportsbooks will add more obscure eWallets including the likes of EcoPayz, Instadebit and PaySafeCard for making an online payment.
Canada
Some of the payments methods that we’ve mentioned above can also be used by bettors in Canada. Bank transfers are widely used along with both VISA and Mastercard. Other providers are specific to the country and these might typically include Interac, IDebit and Instadebit.
Those three companies may only be listed by sportsbooks that have a clear focus in North America such as Sports Interaction but, when they are available, it’s a bonus as many Canadians are familiar with those three options and how they work.
Cash Betting
When we talk about cash betting we often think in terms of handing over real money in a physical betting shop. In some countries around the world, that practise still exists but there are other ways in which you can use real cash with which to place a bet.
The common way in which to do this is via a prepaid debit card. Some bookmakers are starting to issue their own cards and the customer can load them with cash at a betting shop for use online at a later date.
Along with this option, there are third party companies who offer this service. Skrill and Neteller both have debit cards that are linked to your account while other companies that can allow you to access cash betting include Ukash and Entropay.
Payment Methods’ Safety and Security
All payment methods should provide a strong level of safety and security whenever you play online. It’s an important issue and one that we should cover in this round up.
In terms of eWallets and cash betting, many players prefer to use these methods as there is an added level of security attached. The benefit is that your bank account and bank card details and information are not shared with the bookmaker so there is one less place for those details to be stored.
That may not be the case when playing with debit cards and bank transfers but you should still be safe and secure when making any transaction. Check the bookmaker’s About Us page and they should have details about their Secure Socket Layer (SSL) technology along with other methods used to keep you secure.
If in any doubt, fire a question over to customer services for more details to the given email address.
FAQs about Betting Site Payment Options:
How to make a Deposit at an Online Bookmaker?
Once you’ve identified a payment method that you want to use, the process for adding funds should be very simple. In fact, when you open an account, there are some sportsbooks that will take you straight to their cashier once you have completed the sign up procedure.
If this doesn’t happen or, if you already have an existing account and you need to reload, you just look for a button on the top right hand corner of the homepage. It will be marked with words such as ‘deposit’ or ‘cashier’. Click on it and you start the process off.
The sportsbook will now ask for your preferred payment method from their list of available options. Click on the one that you want and enter either your account or your bank card details. Enter the amount that you wish to deposit and then hit ‘confirm’.
Most methods will allow your funds to clear immediately and that is a positive note on which to end a swift and convenient process.
What Deposit Methods are Available at an Online Bookmaker?
We’ve listed many of the deposit methods that are available at online bookmakers but the exact list that you will be faced with depends on the company that you choose. Some may only provide options for VISA and Mastercard while others will add Paypal, Skrill and Neteller as the main eWallet methods.
There could be that list of smaller eWallets too with PaySafeCard, Instadebit, Interac and others being provided in places.
To answer specifically, scroll to the bottom of your sportsbook’s homepage and see if the payment operator’s logos appear. If not, there may be a separate payment information button while once again, any questions on this point can be answered by customer services.
What Withdrawal Methods are Available at an Online Bookmaker?
The answer to this question will be similar to the one in the previous section. However, it’s worth remembering that some of the payment methods that we’ve mentioned so far can be used for deposits but not for withdrawals.
Debit cards should certainly be present on the list and you should also be able to withdraw any profits directly into your bank account. Aside from those basic methods, you could still expect to use PayPal, Skrill, Neteller and many of the smaller eWallets if the sportsbook offers them.
Once again, you can check the list in full with your chosen bookmaker.
What is the Usual Withdrawal Time of Winnings?
In general, you can expect a withdrawal to take up to 48 hours to hit your account. Operators will attempt to put these through in a shorter space of time but it’s recommended that you wait for two days and then check your account.
If in any doubt over this point, check with the bookmaker’s help section to see if they can give you their own, definitive answer.
What is the Processing Time for Making Deposits?
In contrast to withdrawals, the vast majority of deposits should hit your account instantly. Sportsbooks want you to start playing without delay so, we would say that 99% of deposit transactions will be instant.
The general exception to this rule is bank transfers. These could slow the process down and, if you are looking to deposit to your sportsbook account in this way, you should generally allow between 3 and 5 days for the money to land.
Are There Withdrawal Limits for Payment Methods at Online Bookmakers?
Once again, the answer to this question will depend on which bookmaker we are dealing with. Some sportsbooks have no limit at all on withdrawals while others have set sums which you can’t go over. Even if there is a published limit, it may well exceed the levels of most winnings. For example, Ladbrokes currently have a maximum ceiling of £55,000 on their withdrawals right now.
Remember, this is a limit per transaction and, if you happen to have more than £55,000 in your account, it’s simply a case of waiting a few days before processing again.
These are strong guidelines and the overall advice here is similar to before: Your chosen sportsbook should have a separate payments page which outlines any maximum limits. If not, check under the list of Frequently Asked Questions or get in touch with customer services.
Can Previous Deposits and Withdrawals be Tracked Back?
Once you are logged in to your sportsbook, you will have an account section where all of your recent payment transactions can be tracked in full. If, therefore, there is any dispute over a deposit or a withdrawal at a later date, all of the relevant information will be at your fingertips.
It is always advisable, particularly if you are going to bet on a regular basis, to keep a spreadsheet of all your profits and losses and you can extend this information to include deposits and withdrawals too. By doing that, you have a back up record of all your financial transactions. In summary, you can track all your deposits and withdrawals via your chosen sportsbook but we do recommend that you keep separate accounts to back things up.
How Much Money can be Won at an Online Bookmaker?
It’s a very open question and in some cases, hundreds of thousands of pounds can be won on a single sporting event. Some punters who were shrewd enough to bet on Leicester City to win the English Premier League in 2015/16 welcomed in profits of some £250,000.
Those sums can climb even higher and it’s claimed that the record win at an online sportsbook currently stands at £1.45 million. That sum came from just a £2.00 Accumulator and it underlines that there can be life changing figures on the table at times.
Few of us will be lucky enough to land such an amount but with research and informed staking, it is possible to avoid regular losses and reign in some smaller wins on a consistent basis.
