There are a lot of major factors which come into play when you consider your next betting destination. An often looked-over aspect by players are the payment methods and what they entail.
Betting Payment Methods
Nowadays, we’re more or less spoiled for choice. Anyone can make a deposit at almost any sportsbook regardless of where he or she resides. Yet, there are still discernible differences between what’s on offer in terms of fees, withdrawal times, and similar factors which can save you headaches in the long term. You may be also wondering about safety, but risks in that regard are non-existent in this day and age.
If you were ever curious to learn more about each of the betting methods you come across on a daily basis, we’ve compiled a detailed list with everything you need to know.
PayPal is one of the world’s leading instant payment services. PayPal has a strict focus on online banking, and makes for incredibly fast money transfers between private individuals and business entities.
The best thing about PayPal is that it serves as a universal payments system. You can link almost any checking/savings account or debit/credit card and deposit money to your PayPal wallet. Then, you can use your wallet to deposit at bookmakers or receive withdrawal money.
The only downside would be its not available in some countries. Some bookies have dropped PayPal in favor of e-wallets such as Skrill and Neteller.
Arguably the most recognizable payment method in the spheres of online betting, Neteller is one of the largest e-wallet services in the world.
One of Neteller’s main benefits is the Net+ card, which can be used to pay in physical as well as online locations wherever MasterCard is accepted. Just like with PayPal, you can deposit funds to Neteller using credit and debit cards such as VISA and MasterCard.
You’d be hard pressed to find a bookie which doesn’t accept Neteller. Additionally, they boast some of the industry’s fastest payouts.
Owned by the UK-based Skrill Limited group, Skrill was one of the world’s first e-wallet services which focuses on fast money transfers with minimal fees.
Just like with Neteller, you may also acquire a Skrill card which is accepted as a MasterCard. You can deposit and withdraw funds to your Skrill account, and then use your Skrill wallet to make payments online and offline.
Skrill is extremely popular with bookies and players, and as an e-wallet it also carries fast payouts.
Credit and Debit Cards
VISA is one of the oldest financial service operators in the world. The company offers their services to banks through credit and debit cards. VISA authorizes billions of transactions on a yearly basis, it employs top grade safety measures and multiple security checks on each transaction.
Every well-established and up and coming bookmaker will take your VISA card as means of deposit and withdrawal.
There’s hardly a person who hasn’t heard of MasterCard thanks to their active marketing presence. By number of transacions alone, MasterCard is the second most popular banking transaction service in the world.
MasterCard’s only downside in comparison to VISA is that American-issued cards are not allowed to perform transactions with betting companies. Otherwise, you will find MasterCard as safe as reliable as any betting method out there.
Deposit and Withdrawal Limits
Every bookmaker out there sets varied deposit and withdrawal limits, depending on the payment method in question. The reasons for these limits also vary, and in some cases they can be manually extended.
Some bookmakers allow their VIP members to deposit and withdraw more than usual. In general, however, these limits are daily and range in the thousands, thus they will rarely need to be adjusted.
However, e-wallet services may impose tighter transaction limits, especially on unverified accounts. If using a credit or debit card, you will also need to check with your bank and verify if any limits persist and if they can be adjusted.
Besides the payment methods available, fees are also a very important aspect to consider when choosing a sportsbook.
Unfortunately, there is no universal rule which dictates fees on a global scale. Every bookmaker is free to impose any fees they deem optimal, as well as every payment method.
The banking page of each sportsbook usually lists the associated fees with each payment method. If not, you can refer to their terms and conditions or contact customer support.
Whenever you do come across payment fees, they will usually be no more than 2.5% per transaction.
This is yet another highly important factor to take into account when considering your preferred payment method. Deposit times are a non-issue with all bookmakers, and are always instant unless you are using bank transfer.
Withdrawals on the other hand are never instant, and vary greatly by bookmaker and payment method. Bank transfers are on average the slowest when it comes to withdrawals, and may take even up to 2 working weeks. Credit and debit cards are next in line, at an average pace of up to 5 business days. E-wallets such as Neteller and Skrill are the fastest payout methods, thus the most popular. Payouts via e-wallets usually take 1-2 business days.
How to Deposit at Bookmaker
Before you pull out your card to make a deposit, there are several things you need to consider.
Some bookmakers have a policy to payout to the initial method which was used to deposit. If your deposit method is unavailable for withdrawals, make sure you have an alternate method prepared for that cause. You should also make sure that players from your country of residence are allowed to play at your bookmaker of choice.
Also, do some research on their website and check the fees, limits and withdrawal times to determine the most optimal deposit method.
After all that has been done, you can click on the designated deposit button, enter your card information and you will be set within seconds.
How to Withdraw Money from Bookmaker
Withdrawing cash to your card is essentially as simple a procedure as depositing. However, there are usually certain prerequisites you must complete.
The most important thing you should take care of verifying your identity. This is done via sending one or more of the following through photographs or scans: Personal ID, Passport and Utility Bill that’s not older than 3 months. The verification process takes no more than a day or two.
After that, click on the designated withdraw button and you can expect your hard-earned cash within days.
Best Betting Payments
It has become a recognized standard that e-wallets are the best payment methods in the industry. The small fees they carry are negligible when you take into account the convenience they bring. You can easily link you bank accounts, credit and debit cards to your e-wallet and perform quick transactions. Most importantly, e-wallets boast the industry’s fastest withdrawal times.