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Betting Deposit Methods

An important factor when choosing the right sportsbook is that it accepts your preferred payment method. Betting sites know they must provide a variety of betting payment methods to bettors, among other things, if they want to attract them to create an account. Check out the list of popular payment methods and the sportsbooks that accept them.

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Neteller
29 Sportsbooks
Visa
29 Sportsbooks
Skrill
28 Sportsbooks
Bitcoin
17 Sportsbooks
PayPal
8 Sportsbooks
Apple Pay
4 Sportsbooks

Top Betting Payment Options

With so many sportsbook payment options available, it has become imperative for online betting sites to offer their customers a possibility of choice and accept at least the most popular methods, if not more than that. Offering a variety of betting payment methods means that bookies are looking to make payments and withdrawals more convenient for bettors, which is certainly a plus.

Some payment options are only available for deposits, so bettors need to use different methods for withdrawing their winnings. That’s why it’s a good idea to check the payment options that a sportsbook accepts before signing up with it.

Let’s look into some of the most popular sports betting payment options.

Credit/Debit Card Payment

The majority of sports betting sites accept debit and credit cards as a deposit method, and you use them the same way you would make any other online payment. Given that most people own at least a debit card, it is one of the most common and most convenient payment methods at online betting sites.

Mobile Payments and E-Wallets

Mobile payments and e-wallets have significantly simplified the way we make monetary transactions, especially international transactions. Using e-wallets to make payments is very common for making deposits to sports betting accounts, and with so many e-wallet solutions available nowadays, they are undoubtedly one of the most convenient payment options.

Crypto Payments

The number of sportsbooks that allow the use of cryptocurrency to make payments into bettors’ accounts is on the rise as more and more users prefer crypto to fiat currencies. Cryptocurrency is universal everywhere in the world, so users don’t have to worry about conversion, and heavy encryption makes payments more secure than with any other payment option.

Best Betting Payment Methods

A Closer Look at Online Betting Payment Methods 

When you choose your preferred payment option, there are quite a few methods available, and we are talking only about the most popular ones. Let’s look a bit more closely into some of them and explore their pros and cons.

MasterCard/Visa Cards

Using debit cards like MasterCard or Visa to deposit funds into a sports betting account is very common as it is a widely used, everyday payment method. The reason why we singled out debit and not credit cards first is that the UK Gambling Commission has banned the use of credit cards for betting and gambling purposes, and some other major gambling authorities might do the same in the future.

Credit cards are, of course, still an allowed payment method at many sports betting sites, so you can use them as well when making a deposit into your sports betting account. 

These are some of the pros and cons of using bank cards at a sportsbook:

Pros:

  • Wide acceptance among betting sites
  • You can claim almost any bonus or promotion
  • Appealing minimum and maximum limits

Cons:

  • Withdrawals can take up to several days
  • Transactions appear in your bank statements

PayPal

One of the most popular e-wallet solutions, PayPal, is also one of the most popular sports betting payment methods. It is so popular that it’s no longer considered an alternative payment solution but quite a common option to see on almost every sports betting site. While almost all deposits are instant, no matter what deposit method you use, PayPal has an advantage over bank cards for offering faster withdrawals.

Here are a few advantages and disadvantages of using PayPal at a sports betting site:

Pros:

  • Faster withdrawals
  • Not sharing your banking details with the sportsbook
  • Widely accepted at sportsbooks

Cons:

  • Some bonus offers might not be available
  • No VIP offers

Neteller

Another popular e-wallet that is becoming more common at online betting sites and casinos is Neteller. A Neteller account is easy to set up and even easier to use when making deposits at a sportsbook. Neteller charges a fixed 2.5% fee for depositing into your account by using any of the numerous options available for topping up your e-wallet funds. If your local currency is not supported, you will also need to pay the conversion fees.

Neteller also has its pros and cons:

Pros:

  • Top security, like other e-wallets
  • Many available top-up options
  • VIP Programme and prepaid Net+ MasterCard

Cons:

  • Might not be available for promotions or withdrawals
  • Potentially high fees

Skrill

Skrill is among the favourite betting payment options for punters who often use it to deposit funds into their accounts. One of the reasons could be that Skrill has low transaction fees for depositing into users’ accounts that range from 0% for bank transfers to 5% for Paysafe Card. Skrill, like other e-wallets, offers fast and secure payments, and it allows users in around 200 countries worldwide to make transactions in 40 different currencies.

Let’s look into some of the pros and cons of using Skrill:

Pros:

  • Widely used for both deposits and withdrawals
  • Fast and secure payment method
  • Loyalty programme and a Skrill Prepaid MasterCard

Cons:

  • Higher fees for some payment methods
  • Some promotions might not be available

Cryptocurrency

Bitcoin, Ethereum, and Tether are some of the most widely used cryptocurrencies, but sportsbooks that accept them could also accept some other cryptocurrencies. Speaking of these most popular ones, you are likely to find betting sites that accept them, particularly those who declare themselves as crypto sportsbooks. Cryptocurrencies are an extremely secure payment method that is available everywhere in the world.

These are some of the advantages and disadvantages of using cryptocurrencies:

Pros:

  • Complete anonymity and maximum security
  • No conversion fees
  • Fast transactions

Cons:

  • Not so widely accepted
  • Maybe not accepted for promotions

Different Betting Payment Methods

Choosing a Betting Payment Method - Key Factors to Consider

If you are still in the process of choosing your preferred payment method, we are here to help. Every method has advantages and disadvantages, as you may already know, and your choice depends on several factors. Let’s look into those factors briefly so you would know what to consider when making a choice:

Transaction Time

When looking into transaction time, your main focus should be the withdrawal transaction time, as most, if not all, deposits should be instantly processed. Withdrawal times, on the other hand, depend on the payment method. For example, e-wallet transactions, much like crypto transactions,  should be processed almost instantly and completed within 24 hours, whereas bank transactions could take up to several days.

Privacy

If you dislike sharing your banking information with a sportsbook, you should avoid depositing funds with your debit or credit card and pick an e-wallet solution or a cryptocurrency, like Bitcoin or Ethereum. Cryptocurrencies are considered to be the most secure option because of their heavy encryption, but if you are not a crypto enthusiast, then an e-wallet or other similar solution should do just fine.

Fees

All sportsbook payment methods have their transaction fees, whether for putting funds into accounts, processing transactions or withdrawing money from sports betting accounts. The best course of action could be to check what fees apply for every method in your country and for potential currency exchange before deciding on your preferred method.

Security

Nowadays, all sports betting payment methods are reasonably secure with all the encryption protocols and other safety measures. However, cryptocurrencies are considered the safest because of heavy encryption and the fact that no banking data appears anywhere in the transactions. When using an e-wallet, you don’t share banking details with the sportsbook either, so they are also considered to be safer than bank cards, for example.

Bonuses

Some sports betting sites can limit the availability of their bonus offers to certain payment methods, so that is another thing to consider. We suggest reading the terms and conditions of bonuses that you find attractive to compare and learn what a favourable option is for claiming welcome bonuses and other promotions.

Availability

Most sportsbooks accept traditional payment methods like debit cards or bank transfers, and the number of those accepting alternatives such as Payz, Trustly, Apple Pay, or PayPal, Skrill and other e-wallets is constantly increasing. Cryptocurrencies might not be as widely accepted as the methods that involve fiat currencies, but there is still a decent number of sportsbooks that allow you to make your deposits using a cryptocurrency of your choice.

Enhance Your Betting Experience

Whatever your preferred sports betting payment method, its most important quality should be that it allows you to make the best of your sports betting experience. It should open the door to your favourite sports to bet on and allow you to claim bonuses and promotions with the betting sites you choose. 

If you feel that you are somewhat limited by the chosen payment method, consider reading this guide again and picking another option from the sports betting payment methods we mentioned here. The method you choose should provide certain benefits and make your betting experience more convenient, not more difficult. When you decide on the payment method, make sure to look into the bookie as well before making your deposit and placing your first bet.

FAQ

What is the fastest betting payment to use?

When comparing different payment methods’ deposit and withdrawal transaction times, we can conclude that e-wallets are typically the fastest betting payment method, especially when it comes to withdrawals.

What is the best payment method for online betting?

Choosing the best payment method for online betting depends on what each bettor deems important when making their transactions. Bettors who value privacy choose e-wallets, those who appreciate anonymity pick cryptocurrencies, and some simply use their bank cards.

Can I make a deposit via my smartphone?

Most banks have apps, and e-wallets and crypto wallets are also meant to be convenient and mobile-friendly. Making a deposit by using your smartphone should be easy with most, if not all, payment methods.

How long do I have to wait to collect my bet winnings?

Some sportsbooks process withdrawals fast, while others take a bit more time. How much you will have to wait to collect your winnings also depends on the payment method you choose, as e-wallet transactions are typically faster than bank transfers, for example.

Are these betting payment methods safe?

All payment methods we mention are safe, with payment solution providers guaranteeing a certain level of encryption and other security measures. We recommend using only verified and reputable sportsbooks to ensure your funds are safe.