DEPOSITS AND WITHDRAWALS

The Most Popular Banking Methods at Sportsbook

Sports betting banking methods

Never again have any doubts about banking methods in your favorite sportsbook.

In this section, we will write objective and detailed guides that will cover every angle that you need to know about deposits and financial terms and conditions of your favorite sportsbook. If you want to know about transaction times and transaction fees, we will cover those topics as well.

Sometimes it is pretty hard to choose the best deposit method, and bettors often stress when they need to make a withdrawal.

In one of our previous articles, we wrote about the most popular banking methods at an online sportsbook. In that article, we stated that every sportsbook in the world has different banking methods that they offer to their customers.

Some brands have only the most popular and respected methods, while others lure customers with a vast number of deposit methods.

It really depends on the online sportsbook business strategy. But there is no sportsbook in the world that doesn’t accept credit/debit cards as a deposit or withdrawal method.

So, if you want to make your sportsbooks deposits via this method, read our comprehensive guide and find out why it is good to use this method, and what are the downsides of it.   

What Is The Difference Between Credit and Debit Cards

Credit cards

Although many people don’t know this information, credit and debit card are not similar, despite they look almost identical. Both of those types carry a logo of a major credit card company (VISA, Mastercard, American Express). And both eliminate the need to carry cash. But, apart from those two similarities, credit and debit cards are two completely different types of paying instruments.

The main difference between credit and debit cards is where the money is drawn from when the purchase is made. If you use the debit card, then the money is coming directly from your savings account. While when you use a credit card, the purchase is charged to the credit line, and from that credit line will be charged at a later date.

Also, it is much easier to obtain a debit card, while banks are pretty rigid when it comes to credit card approval.

Debit Cards

Maybe the easiest way to explain how debit cards work is to imagine that you are paying with cash by using the card.

With a debit card, you can pay for goods, services and you can also collect the cash from ATM. But you can’t spend more than you have on your debit card account.

Actually, a debit card is issued by the bank by the sole purpose of easy access to funds without a need to carry cash.

On top of that, it is pretty easy to get a debit card from the bank! As there are no particular conditions for getting one. It is enough to open the bank account, and the bank will give you a debit card on your name.

There are not many betting brands that don’t accept debit cards as a deposit method. Using this method is safe and convenient, and we strongly recommend this deposit method as one of the best available.

Advantages of Debit Cards usage at sportsbooks are:

  • Debit cards are relatively safe deposit method
  • Fast transaction times
  • Available 24/7
  • Customers can make a cash withdrawal at any ATM in the world

Disadvantages of Debit Card usage at sportsbooks are:

  • Despite security protocols, personal and financial data may be stolen
  • No possibility of making any transaction on a credit

Credit Cards

banking methods sportsbooks

A credit card is actually a debt instrument and depending on its owner account balance and financial safety, a credit card comes with a lower of the higher credit limit.

Regularly, the owner of the credit card has 30 days to pay his debt before the bank start to charge interest. But in some cases, banks start to charge interest right away. Also, credit cards come with extremely high-interest rates, so it is smart to be careful with them.

Another essential information that you need to know about credit cards is the fact that it isn’t easy to obtain one.

Customers need to be at least 18 years old and need to provide to the bank the solid proof of your independent income or assets. That way, customers show the bank that they will be able to repay eventual amounts they will charge.

The sportsbooks widely accept all the major credit card brands (VISA, Mastercard, Maestro, etc.). But the most popular are without any doubt VISA and Mastercard, as both of these brands are almost universally accepted by online sportsbooks and casinos. Other credit card companies are also accepted, but these two listed are the most popular.

Advantages of Credit Card usage at sportsbooks are:

  • Ease of use
  • One of the fastest deposit methods
  • High deposit limits

Disadvantages of Credit Card usage at sportsbooks are:

  • Some sportsbooks don’t allow withdrawals

Prepaid Cards

The prepaid cards are a pretty interesting alternative to debit and credit cards, as they give you the same features. But on the other hand, you can spend only limited funds that you have on the card at the time of charge. Actually, the prepaid card allows you to keep your privacy, while you don’t need to open the line of credit.

There are several popular types for prepaid cards that are widely accepted by the best sportsbooks for players:  

Paysafecard

Paysafecard is a very popular prepaid card accepted around the world. This card is easy to use; it is very safe and has pretty fast transaction times. Using this type of card is smart, as you may separate your personal and betting budget, and at the moment, more than 3.500 sportsbooks have this card listed as a deposit method.

Entropay

Entropay is also a rather popular choice for bettors around the world. We will not write much about Entropay, as this company is primarily an e-wallet. But the company gives to their customer a choice to obtain a prepaid card, so if you are thinking about using this type of deposit method, Entropay is a smart choice.

Conclusion  

In the end, we will not make a final decision about the best banking methods in an online sportsbook. As there are many excellent deposit methods, but credit, debit, and prepaid cards are an excellent choice for the players who prefer to have fast and secure transactions.

FAQ

Can I use a credit card to withdraw my winnings from the sportsbook?

Usually, it is possible to make a withdrawal using the credit card, but sometimes sportsbooks will ask you to make the withdrawal to the same credit card that you used for a deposit.

What is the best payment method to use in sportsbooks?

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.

What are the most popular credit cards?

VISA and Mastercard are the most popular credit card companies, but many bettors use Diners Club, Master Card and American Express credit cards, and those companies are also widely accepted at sportsbooks around the world.