When the time comes to select a new online bookmaker, there is more to consider than you might think. You may spend most of your effort looking for the sports betting sites that offer the best odds or the best sports markets. But one area that you should turn your attention to is the available payment methods. The leading sports bookies will provide their customers with a whole host of options to choose from, hoping they can provide for everyone’s requirements.
There are countless ways of making both deposits and withdrawals into your bookmaker’s account in this day and age. So the question is, which betting payment method is the best?
Although the answer to this question depends on many factors, including your personal preference, our team of experts has put each payment option through tough tests to see how they size up to one another. We will cover the advantages and disadvantages of each method, how easy they are to use, what fees are attached and the deposit and withdrawal waiting times.
Top Sports Betting Payment Methods
With so many ways available to customers to make deposits and withdrawals, it can be tough to select the best one. However, the truth is, despite their being better payment options than others, the best one for you comes down to your personal preference and requirements. For example, you may be someone who likes to bet on the move and will need a payment method that can make instant deposits. Or, you may be a punter with limited disposable income, so you will want a payment option that avoids incurring extra fees.
These are just a couple of examples of how payment options can differ from one another. Below, we look at each type of payment option available and what they have to offer.
Credit Cards & Debit Cards
The first thing you should know when it comes to credit cards is that the United Kingdom has now banned the use of all of them to fund any gambling activity. This is a new law to have passed with it being introduced in April 2020, which means no online gambling operators can accept this payment method. This new law aimed to help with the Responsible Gambling movement.
Despite this new law, debit cards are still permitted and have become the preferred choice of many punters. The main reason for the popularity of debit cards is that they are widely accepted across the majority of online sports betting sites. Below, we take a closer look at some of the most popular debit cards available to UK customers.
Visa, Mastercard & Maestro
Visa, Mastercard and Maestro are three of the most popular debit card options you will find available as UK customers. All three options are accepted at most UK online betting sites. Accounts set-up with either of these three options is considered ‘personal accounts’ where customers have registered accounts with the respective bank.
Punters can then fund their bets using whatever funds they have in their accounts. Setting up a bank account is not the simplest of processes as you will need to arrange meetings with your local financial institutions(Banks). Still, you probably already have a bank account set up as they are a requirement in day-to-day life.
- Instant deposits
- Widely accepted across UK bookies
- Easy to use
- No transaction fees attached
- Customers debit card details will need to be entered
- Punters must have funds in their accounts
- Lengthy withdrawal times
E-wallets & Digital Wallets
E-wallets and digital wallets are quickly becoming punters preferred way of making both deposits and withdrawals on sports betting sites for many reasons. Essentially, e-wallets act as a sort of online platform where customers can store their money. Customers fund their e-wallet accounts via their bank accounts, but their details are not required to be entered when attempting to make any transactions, adding a layer of security. Rather than entering your bank details, customers will use a login and password to access their account.
Using e-wallets to make transactions will appear as the e-wallet on bank statements, making them a great option if you want some anonymity when betting. Since they have undergone such rapid growth in popularity, you can find several e-wallets and digital wallets available to you.
One that I’m sure you have all heard of goes by the name PayPal. PayPal is an e-wallet launched way back in 1998, but it is not just any old e-wallet as it sits as the leading online payment system currently available. Safety and security are two factors you do not have to worry about with PayPal, thanks to them being fully licensed and regulated by the Financial Conduct Authority. Customers can quickly register an account with PayPal, with the process taking just a couple of minutes to complete and from there they can begin adding bank accounts so they have access to funds.
- Very easy to use
- One of the quickest payment methods around
- Safe and secure
- High deposit and withdrawal limits
- Simple sign-up process
- Not accepted at all UK bookmakers
- Not accepted as a valid deposit method for some welcome offers
An e-wallet that seems to be following in the successful footsteps of PayPal is the younger brother Neteller. Founded in 1999, Neteller arrived just one year later than PayPal and is owned by the world-renowned Paysafe Group. Neteller is widely accepted across UK sports bookmakers and hit the limelight when it recorded processing over 80% of online gambling payments. Like PayPal, Neteller is not accepted as a valid deposit method when claiming certain promotions and offers. But, customers can use it to make standard deposits and withdrawals.
- An extra layer of protection with no need to show bank details to bookies
- Small or zero transaction fees
- Synonymous with the online gambling industry
- Deposits are not eligible for various promotional offers
Skrill is another e-wallet owned by the Paysafe Group, which initially entered the scene in 2001 under Moneybookers. Like PayPal, Skrill is regulated and licensed by the Financial Conduct Authority, so there is no need to question the security of this platform. Despite being in PayPal’s shadow, Skrill is very popular amongst punters and is recognised by most UK bookies. To help promote their brand, Skrill has worked with Italian football giants, AC Milan representing them as their official payment partner.
- A widely accepted payment method
- No minimal fees
- Offers an extra layer of protection
- Fast deposits and withdrawals
- Not eligible for most sign-up offers
Founded in 2000, EcoPayz is one of the many e-wallet options you can find accepted by a range of UK bookmakers. EcoPayz offers an excellent alternative to Skrill, PayPal and Neteller, offering a unique EcoPayz Mastercard. In addition, EcoPayz is regulated and licensed by the Financial Conduct Authority.
- Offers unique Ecocard option
- Fast deposits and withdrawals
- Helpful customers support services
- Various fees may occur during transactions
One of the newest additions you can find available at most online betting platforms these days is the Apple Pay option. Launched in 2014 by Apple, Apple Pay is a digital wallet available to all Apple iPhone, iPad and iWatch users. Apple Pay betting is an incredibly convenient form of payment as deposits can be carried out instantly, while a fingerprint or a personal code verifies transactions.
- Instant deposits
- Very convenient
- Bank details remain anonymous
- Not a valid withdrawal method
Other E-wallets & Digital Wallets
Above, we have covered all the most popular e-wallets and digital wallet services available to punters across the United Kingdom. Still, of course there are other options available to you too. The likes of Click2Pay, Entropay, WebMoney and InstaDebit are all accepted at most UK bookies.
Like e-wallets, prepaid cards are becoming an increasingly popular method of making deposits and withdrawals at sports betting sites for many reasons. Some consider prepaid cards the perfect option when it comes to online gambling, as not only do they offer anonymity, speed and security, but they only let customers use whatever funds have been loaded into the account. The extra security that comes with using prepaid cards is that they are not linked to customers’ bank accounts, so there is no way in which third parties can find out these personal details.
The most popular prepaid card available to UK customers is Paysafecard, which has been around since 2000. There is no need for registering an account with Paysafecard, as customers can instead by whichever card they want. For example, Paysafecard’s come in denominations of £10, £25, £50, £75 and £100. A 16-digit pin code is used to verify payments, and the only fees you will incur come when making refunds or when failing to use the funds within 12 months of purchasing.
- Very secure payment method
- Instant deposits
- No need for an account
- No personal information required
- Can only be purchased in set denominations
- Can not be used for withdrawals
Bank transfers are a payment option that is widely accepted and has been used for countless years for its reliability. Customers using this method will input their bank details straight into the sports betting site, and funds will be wired to and from their account.
- Available for both deposits & withdrawals
- Long waiting times
- Fees are applied
Pay by phone is an alternative payment method that is becoming increasingly popular amongst online gamers, mainly for their convenience. More and more online gambling sites in both the sports betting industry and gaming industry make their platforms available via mobile devices. What more could players want than one handheld device where they can play, bet and top-up their online betting accounts from?
Boku is probably the most preferred payment method available when it comes to pay-by-phone methods. Founded in 2009, Boku has been providing punters with a convenient and safe payment method of transaction. Boku can only be used to make deposits, and there is a maximum deposit amount set at £30. Customers pay for these deposits by either loading funds onto their pay as you go tariff or via their phone contract. The verification of payments is achieved by a one of code being sent to the mobile phone.
- No extra fees
- An extra layer of security
- Can be linked with Neteller accounts
- No need to enter bank details
- Low maximum deposit limit
- Does not accept withdrawals
- Can not be used at all betting sites
Frequently Asked Questions
Which Payment Methods Are Best for Making Deposits?
Deciding what payment methods are best used as deposit methods is a decision you will have to come to yourself, as it comes down to what you require and/or prefer. Make sure to consider options that offer instant deposits.
Can Credit Cards Be Used to Make Deposits?
No, since the new law has been passed credit card deposits are not allowed.
Can the Speed of Transactions Vary?
Yes, this is one factor that sets one payment option apart from another. Transactions times will vary between payment options. E-wallets tend to offer the quickest transaction times for both deposits and withdrawals.
Can Debit Cards Be Used to Make Deposits?
Yes, debit card deposits are still permitted. In fact, debit card payments remain one of the most popular forms of payment.
Will All Online Gaming Sites Accept the Same Payment Methods?
No, accepted payment methods will vary from one platform to another.
Which Is the Most Secure Method of Payment?
E-wallets are often considered the most secure method of payment, with them offering very secure transactions. These safe transactions come from the extra layer of security they add, as no account details are required to be entered into your preferred bookmaker.
Using Cash To Bet Online
Although most sports betting sites and online casinos are on the internet now, this does not mean that cash has no place to serve anymore. On the contrary, cash remains a viable method of payment on the majority of online platforms. In addition, some sports bookmakers will allow customers to use cash to fund their online accounts from their land-based stores and offer withdrawals.
Things To Look Out With Betting Payment Methods
Now that you have seen what sports betting payment methods are available to you, you can begin deciding which one is best for you. Although you will have to consider various factors concerning the site you may be using or what is available to you, many other factors should influence your decision.
- What’s Available – Although this may sound silly, you have got to consider what payment options are actually available. There is no point in wasting time deciding between payment options when the betting platform you want to use does not accept it.
- Deposit Times – When it comes to deposits, the majority of payment options available support instant deposits, however, there are a few that do not. If you are looking to place bets close to the time of the event starting, then you may want a deposit method that offers faster payments.
- Withdrawal Times – Unlike deposit times, withdrawal times can vary in length and tend to be a lot longer. Withdrawals made from debit cards for example can take anywhere up to five days to complete, while e-wallets offer much faster times.
- Deposit Limits – From one bookie to another, you will find that there are various deposit limits – that includes both minimum and maximum amounts. If you find yourself on a tight budget, it is wise that you find a betting site and payment method that offers small deposit amounts.
- Withdrawal Limits – Like with deposit limits, you will encounter withdrawal limits so its best to find payment methods that suit your needs. For example, if you are someone that bets high stakes and receives large sums of winnings, you will want one that offers high withdrawal limits.
- Attached Fees – Deposits are usually fee-free, but this is not the case with withdrawals. Some methods of withdrawal will most certainly charge small fees for each withdrawal made. Be sure you know any fees that might be attached to the payment method of your choice.
- Bonus Eligibility – If you are the type of punter that likes to make the most of bonuses then you will certainly want to consider which payment method you use. Deposits made by e-wallets tend to leave the user ineligible to claim the bonus they originally set out for.