The process of online betting can be a bit confusing when it comes to banking options. The best online sportsbooks offer their customers sometimes more than 100 deposit and withdrawal options, and customers can get confused by such a large number of options.
Eventually, to deposit or withdraw money at an online sportsbook, you will need to select from one of the multiple payment methods offered by the sportsbooks that you choose. Naturally, before you decide on what sportsbook to register, you need to determine what is the best possible banking method for you.
In this article, we listed some of the most popular banking options that the large and popular sportsbooks offer to their customers. That way, you will be able to choose one (or several) banking methods that will fit your needs. Always check at your sportsbook if they accept a certain deposit or withdrawal method.
We couldn’t list all the deposit methods in this article, but we listed the most popular ones, and in our humble option, the best banking options for customers in the betting industry. We have focused on ease of use, transaction speed, and security of personal information as criteria.
Credit and Debit Cards
There is no sportsbook in the world that will not accept some type of credit or a debit card as a deposit or withdrawal method. Currently, in the world, over 300 million people are using payment cards (credit or debit), and naturally, sportsbooks accept this payment method gladly. The most popular payment cards are, without any doubt, VISA, Mastercard, and American Express.
Advantages:
- Speedy transactions (processing time within 24 hours for deposits)
- Secure and reliable
- Almost every sportsbook accepts this deposit and withdrawal method
Disadvantages:
- Some sportsbooks may charge transaction fees on this payment method
- Highly unlikely, but personal and financial data can be compromised sometimes
PayPal
is probably the most famous money transfer service in the world, over 100 million active users. Despite its popularity, PayPal isn’t accepted in a large number of sportsbooks due to strict rules. That is not a bad thing, as PayPal is rather selective when it comes to the sportsbooks that they allow using their services. So, if your favorite sportsbook has PayPal as a banking method, this is a strong indicator that the company is reliable and trustworthy.
Advantages:
- High-security protocols
- Easy to use
- No monthly fees
Disadvantages:
- Not accepted by every sportsbook
- Problematic customer service
Skrill
(formerly known as Moneybookers) is one of the favorite e-wallets for the bettors around the world. This e-wallet is a virtual bank account that connects customer’s bank accounts with online merchants.
This company was founded in 2001, and since then they became a popular banking options for bettors, as this e-wallet is widely connected with sportsbooks around the globe. Quite often, sportsbooks give a special bonus offers (internal link towards Type of Bonuses article) to bettors when they make a deposit via Skrill.
Advantages:
- Skrill transactions are safe and anonymous
- Fast and reliable
- Ease of use
Disadvantages:
- Bad customer support
- Complex and slow verification process
Neteller
is another digital payment service that works as an internet wallet. It was one of the first services of this type, and they were extremely popular among poker players. This banking method has a lot of positive sides, as you don’t need to share your financial details with the sportsbook and have an extra layer of security by your side.
Advantages:
- Offered by almost all sportsbooks
- Secure payment method
- User-friendly website
Disadvantages:
- Not the fastest payment method
- Transaction fees
Bitcoin
is a virtual currency – a cryptocurrency that exists only on the internet, and this currency, as well as other cryptocurrencies, isn’t controlled by anybody. In recent years Bitcoin became a very popular payment method for bettors as it is safe, fast, cheap, and transactions are anonymous.
Advantages:
- Fast transactions
- Transactions without fees
- Completely anonymous
Disadvantages:
- Completely unregulated
- Unstable nature that tends to fluctuate in value
Other Notable Methods
Except for those most popular payment options, bettors can use a wide range of other less famous methods like Bank Transfer, MoneyGram, Western Union, Click2Pay, EcoPayz, and others.
Sportsbooks around the world widely accept all of these payment methods, and the only question is whether you prefer to use it. Of course, all of those methods have advantages and disadvantages, but the most important thing is to choose the one that fits your needs.
FAQ
Online betting is safe and secure as long as you play at reliable, licensed, and legal sportsbooks. If you are not sure if your sportsbook is legal and licensed, try to find a review of it on our portal.
This is the question without a universal answer. If you prefer user-friendliness, then using credit/debit cards could be the best option. If you prefer to have fast transaction times, then Skrill or another e-wallet is a possible solution. But if you like to stay anonymous, Bitcoin is the right choice for you.
Every payment method that is available at your sportsbooks should be safe and reliable. Sportsbooks encrypt your information through advanced security programs and keep your information on external servers.