Sports betting payment methods

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If you love playing sports betting, then you’ll be happy to know that it’s becoming bigger and better than before.

As one of the fastest-growing industries today, the sports betting market is projected to grow by $134.06 billion from 2020 to 2024. This is according to the report of PR Newswire.

To give you an idea of how big the development is, the market’s value has jumped from $270-million worth in 2017.

Without a doubt, the sports betting industry has a promising future, especially now that most people are in the comforts of their homes.

When it comes to sports betting, the rules and regulations vary from country to country. However, all players have similar needs, including the need to have safe and secure payment methods.

The good news is that there are various sports betting payment methods available now. The options range from e-wallets, online bank transfers to cryptocurrencies, and players can use them for both depositing and withdrawing money. It’s fast and convenient.

What are these sports betting payment methods? This article presents some of the best modes of processing money when playing sports betting. It also highlights the advantages and disadvantages, helping you choose which method works best for you.

1. PayPal

This is a random list, but first on the line is the sports betting payment method by PayPal. When it comes to online gambling, PayPal is a staple name in securing payments.

Many players choose this option because it processes the deposits and withdrawals fast and easy. More than that, PayPal has a lot of security features that protect your money while playing your games.

There are also several Paypal bookmakers with instant deposits and zero percent withdrawal fees. Furthermore, PayPal is easily one of the many Neteller and Skrill alternatives.

Depositing Funds

  1. Log in to your PayPal (create one if you don’t have an account yet; go to the website) and deposit funds to your account;
  2. Click the ADD MONEY button. The process is similar to making online payments;
  3. Log in to one of your Paypal bookmakers, then select the DEPOSIT button to move the funds from your PayPal account to your online betting account.

Withdrawing Funds

  1. To withdraw funds or your wins, log in to your betting account and click the WITHDRAW button to see the list of payment methods;
  2. Choose PayPal as the payment method, then enter the amount you want to withdraw;
  3. Once you have completed the details, confirm your transaction. One of the best things about this is that the withdrawal process is done in an instant. However, some bookmarks can take up to five days to cash out your money.

PROS

  • Fast and easy processes to deposit and withdraw funds from your PayPal to bookmaker sites;
  • No service fees on major betting platforms;
  • Secure payment method and offers many security features;
  • Bank statements only display the transactions made from and to your PayPal account;
  • Present on all online bookmaker sites.

CONS

  • Withdrawal fees may exist in some bookmaker sites;
  • Cashing out can take some time; other services may also incur service fees.

2. Credit Cards

Another popular sports betting payment method is through credit cards. Most players own at least one card, which they use for their bets. Aside from that, almost all gambling sites accept credit cards to process payments, deposits, and withdrawals.

They want to make sure that it’s more accessible and convenient for the players to place their bets and avail themselves of their services. Plus, Bookmakers that accept credit cards or even Visa card gambling sites process deposits in an instant and without fees.

Funds will also be reflected in your chosen bookmaker account right away.

How to Deposit Funds

Bookmakers that accept credit cards have similar instructions when it comes to depositing money.

  1. Go to your chosen bookmaker site;
  2. Click SIGN UP to create an account;
  3. Fill in the necessary details to complete your registration, then click JOIN NOW or any option that confirms your account;
  4. Once you have set up everything, go to your profile and click DEPOSIT;
  5. Select CREDIT CARD as your payment method, then complete your credit card information and enter your desired deposit amount;
  6. Click DEPOSIT to complete the process. Check your profile to see the amount you have deposited, then start betting and making more money.

How to Withdraw Funds

Since you’re withdrawing funds to your credit card, it is common for sportsbooks to verify your identity. Once the verification process is complete, you can withdraw your funds.

Remember that there is a certain amount of money that you’re allowed to withdraw. In some cases, bookmakers may lock a part of your funds until you clear a bonus transfer.

For example, you have $500 in your account. You can only take out $200 or lower to avoid getting a penalty.

  1. In your account or profile, click WITHDRAW or any similar option like CASH OUT, WALLET, or CASHIER.
  2. Enter the amount of money you’d like to withdraw, then select the choice of payment method.
  3. Click REQUEST WITHDRAWAL so that the sportsbook can start reviewing your account information. The review process can take up to 48 hours, depending on the number of requests. But most of the time, you’ll get a decision about your request within 24 hours.

PROS

  • Instant deposits;
  • Availability of currency exchanges;
  • Players can use multiple credit cards;
  • Free credit card transactions;
  • Can fund bitcoins or e-wallets.

CONS

  • Requires verification and review processes to withdraw funds;
  • Approval depends on the credit card issuer;
  • Transactions can be deemed as cash advances, which can have a higher service charge;
  • Higher transaction fees for international transactions.

3. Prepaid Gift Cards

Prepaid gift cards for online gambling look like regular credit cards, but they only have a fixed monetary value. They are easy to find since they are available at most stores like 7-Eleven and Walmart.

With these cards, you’re converting real cash into online betting funds without having to disclose your personal information. Although there is the advantage of having a limited amount to gamble, not all bookmakers or betting sites accept prepaid gift cards.

How to Use Prepaid Gift Cards

Using prepaid gift cards for online gambling is straightforward. It only takes a few minutes to deposit the funds and start playing. The first thing you need to do is log in to your bookmaker account, then click DEPOSIT to continue the process.

Second, select the PREPAID CARD option and the card you’re using. Third, enter the amount and the distinct card information. The code usually consists of numbers and symbols, depending on the prepaid card.

PROS

  • Secures anonymity;
  • Convenient cash conversion for online betting;
  • Easily available in physical stores;
  • Money-saving method due to fixed monetary value;
  • Prevents overspending;
  • Instant fund deposits.

CONS

  • Must be bought personally;
  • Not accepted by all online betting sites;
  • May have high deposit fees.

4. Bitcoin

Using Bitcoin (BTC) as a sports betting payment method has become a popular choice among bettors due to its convenience. Besides that, betting with Bitcoin has many advantages that conventional online gambling doesn’t offer.

There are bigger bonuses if you register with Bitcoin bookmakers. And if you like to place large amounts of bets, Bitcoin, or cryptocurrencies in general, usually provides higher betting limits.

Depositing Funds

  1. Get a digital wallet for your Bitcoin by downloading a software application. You can do it on your phone or computer;
  2. Create an account for the cryptocurrency transactions. The software generates a unique Bitcoin address for you (and a QR code), and it’s the most important thing you need to have for this payment method;
  3. Once you have an account, you need to deposit funds to your wallet. Credit cards and bank transfers are the popular options, but they both service fees, so choose one that works best for you;
  4. Select the currency for the Bitcoin trade like BTC and USD, then you can start depositing funds from your BTC wallet to your chosen sportsbook account;
  5. Go to your Bitcoin bookmaker and click DEPOSIT or the likes then select BTC as the payment method. Enter the desired amount in BTC. But to make it easier for the players, the money is shown in currencies like USD or GBP;
  6. Copy and paste your wallet’s unique address then press SEND, CONFIRM, or any button that completes the transaction;
  7. Wait for a few minutes to see the deposited funds on your profile.

PROS

  • Faster transactions;
  • Provides security and privacy with unique addresses;
  • Available in all parts of the world;
  • Bigger and better bonuses and perks;
  • Volatile and flexible when values increase;
  • No rejected deposits.

CONS

  • Higher fees;
  • No refunds;
  • Volatile because values decrease;
  • No proper regulation.

5. Apple Pay

If you love using your iPhone, you’ll be happy to know that there are Apple pay casinos. It’s like an e-wallet that secures cash-free payment transactions.

To use this method, you have to download the Apple app on any compatible devices then start placing your bets on your favorite bookmaker sites. Apple pay is a flexible payment service that is similar to Paypal bookmakers and betting sites that accept paysafecard.

Deposit and Withdraw Funds Using Apple Pay

Depositing funds to your using Apple Pay is really simple and only takes a few minutes. These steps will guide you.

  1. Get your Apple ID and link it with any accepted debit cards. This time, Apple Pay only works with VISA cards;
  2. Select a casino that accepts Apple Pay;
  3. Choose Apple Pay as the payment method.

If you deposit funds, you can’t withdraw your money with Apply Pay. Withdrawing funds or winnings is done through Trustly or Zimpler. Once the process is complete, the money is reflected in your bank account within 15 minutes.

PROS

  • No storing of card information;
  • Safe and secure payments with Face Recognition and touch ID;
  • Casinos don’t charge extra fees;
  • Several cards can be used at the same time;
  • Provides simple overview of your payment transactions in the Wallet app.

CONS

  • Not common at online casinos or gambling sites;
  • Exclusive for Apple devices;
  • Additional fees may apply for other services.

6. Google Pay

Of course, Apple is not the only one with an electronic payment service. Google has its version called Google Pay or G Pay, and you can use it as a payment method for sports betting. With that said, Google pay betting is a quick and easy process as long as you have compatible Android devices.

To use it with your online betting accounts, all you have to do is to link your selected mode of payment to your G Pay account. Once you have set it up, you can start funding your betting accounts, like how you use credit or debit cards as a payment method.

Using Google Pay to Deposit Funds

  1. Log in to your chosen online betting account;
  2. Click DEPOSIT or any similar button then select Google Pay as you mode of payment;
  3. Enter the desired amount you would like to deposit in your account;
  4. Verify your transaction by entering your Google Pay password or scanning your fingerprint, whichever security detail is available on your Android device;
  5. Check your profile to see if your money has already been deposited.

Depositing your money only takes a few minutes. Once the funds are available, you can start placing your bets.

When it comes to withdrawing your funds from a Google Pay betting site, you need to use a different payment method like bank transfers or PayPal.

PROS

  • Allows instant transfers of funds;
  • No processing fee for depositing funds;
  • Keeps records of all your transactions;
  • Refunds your money if you encounter issues;
  • Secures payments and personal information.

CONS

  • Not all bookmakers accept Google Pay as a payment method;
  • Unable withdraw funds to your Google Pay account;
  • Requires validation before transfers are completed.

7. Boku

For those who like paying through their mobile phones, one of the best sports betting payment methods is Boku.

Founded in 2009, Boku allows bettors to refund their sportsbooks with the help of their mobile phones. Similar to e-wallets, this payment method doesn’t let you disclose your bank details to your chosen bookmaker.

However, the main difference between Boku and other e-wallets is that you don’t pay directly through your bank account, but you have to wait for your monthly phone bill or bank statement. Your mobile number is the most important thing you need in completing your transactions on Boku betting sites.

How to Use Boku

There are two options in using Boku as a payment method: one is when bookmakers offer Boku and the other way is when Boku isn’t one of the primary payment options.

Assuming that your chosen bookmaker has a Boku payment method, these are the steps in depositing funds in your account.

  1. Log in to your betting account and click DEPOSIT to see a list of various payment options;
  2. Select Boku then enter the amount you wish to deposit in to your account;
  3. Confirm the transaction;
  4. The bookmaker site redirects you to the Boku site where you need to enter your mobile number. Click BUY or any similar button to proceed;
  5. A text message is sent to your number, instructing you to confirm the deposit;
  6. Reply to the message with a “Y” to complete the transaction;
  7. Deposits are processed in an instant.

If there is no Boku on the list of payment options, you can use the e-wallet Neteller to deposit funds. To do that, bettors have to make a Boku deposit into a Neteller wallet, then proceed to funding their betting accounts.

The good news is that most bookmakers offer Neteller, allowing players to refund their betting accounts through Boku.

PROS

  • No transaction fees;
  • Secure and protected transactions with text message verification;
  • No need to disclose or share card details;
  • Registration only requires a mobile number.

CONS

  • Limitations on deposit amounts;
  • No withdrawals; requires another method for cashing out;
  • Not all bookmakers accept this payment method;
  • Not recommended for players who have high bets.

8. PaySafeCard

This payment method is a prepaid solution that is perfect for punters who want to gamble on a budget. PaySafeCard is safe and secure as it doesn’t ask you to disclose your personal information and card details.

You’re not required to register, and all transactions are processed fast. As a prepaid card, it is available for purchase at physical stores and on PaySafeCard’s website.

You can select from a set of different denominations, depending on your budget. This prepaid card contains a 16-digit pin, and you can play up to 10 cards on betting sites that accept PaysafeCard or at any Paysafe casino.

Depositing Funds

  1. Log in to your betting account then click the DEPOSIT button to open a list of payment options;
  2. Select PlaySafeCard and enter the amount shown on the prepaid card;
  3. Click DEPOSIT to redirect to a page where you need to enter the 16-digit pin. You also have the option to log in to your PaySafeCard account and deposit the funds by using a digital voucher;
  4. If the pin is correct, the deposit is reflected on your account. You can start placing your bets.

Withdrawing Funds

Since PaySafeCard is a prepaid card, you can’t use it for withdrawing funds. Because all bookmakers are regulated by AML, withdrawals are made through bank transfers.

It’s one of the safest ways to cash out your winnings if you have used PaySafeCard to deposit funds.

PROS

  • Straightforward use;
  • Fast deposits;
  • No transaction fees;
  • No need to disclose card details and personal information;
  • Available in different parts of the world.

CONS

  • No withdrawals;
  • Has deposit limits;
  • Need to deposit all the amount show on the card;
  • Has monthly fees if you go over the limit.

9. Neteller

Neteller provides one of the largest money transfer services in the world. That’s why there are many Neteller bookmakers today. It is an e-wallet that has similar functions to PayPal, giving players a convenient way to bet and play online gambling.

It allows you to transact fund deposits and withdrawals from and to your various online accounts. You can also use Neteller to transfer money to other Neteller users.

To use Neteller for betting, you have to open an account on their website. Link your account to at least one payment method you like.

It accepts almost all modes of payments, including MasterCard, Visa, Maestro, online checks, wire transfers, and internet banking for the UK and most European countries.

Although it is available in many countries, take note that using Neteller to process payments is not allowed in the US, Indonesia, Malaysia, and Thailand.

Depositing and Withdrawing Funds using Neteller

Just like how you place a bet using your Neteller account, depositing funds is also a walk in the park. It also takes a few minutes, and there are no complicated procedures to go about it. In line with that, here are the steps to deposit funds.

  1. Log in to one of your Neteller bookmaker accounts then click DEPOSIT to open the list of payment options;
  2. Select Neteller as your preferred payment method and then enter the amount you want to add in your bookmaker account;
  3. You will be instructed to log in to your Neteller account to verify and confirm the payment.

Easy, right? You will see the money in your betting account right away or after a few seconds. To withdraw your winnings, you’ll go through the same process but select WITHDRAW or any similar button.

Enter the amount you wish to cash out and the click CONFIRM to complete the transaction.

PROS

  • Easy and fast registration process;
  • Available in different parts of the world;
  • One of the best payment methods available on almost all bookmakers;
  • Popular payment option among bettors;
  • Has deposit and withdraw services on various bookmakers.

CONS

  • Transaction fees when you deposit and withdraw funds;
  • Higher service charges if you transact in foreign countries;
  • More expensive transfer fees compared to PayPal and Skrill;
  • Not available to players in the US and other countries with strict gambling policies;
  • Restrictions may apply if you make transactions with large amount of money.

10. Skrill

If Neteller has a rival, it would probably be Skrill. Like PayPal and Neteller, Skrill is an e-wallet that allows you to transfer funds in an instant.

It is easy to use, and you can expect to complete your deposit and withdrawal transactions within a few minutes.

It is a popular sports betting payment method, which is available in more than 200 countries and transacts around 40 different currencies.

Before you can use Skrill, you have to register by creating an account on their website. If you choose a customer account, you’ll have to provide your personal information and card details such as name, address, phone number, and bank account number.

You will receive a verification email, which you need to click to confirm your account. Once that’s done, link your Skrill account to your credit or debit bank account. A word of caution: there may be a small fee for the verification process.

Depositing and Withdrawing Funds using Skrill

  1. Log in to your bookmaker account then go to DEPOSIT to open the list of payment options;
  2. Select Skrill as the preferred payment method;
  3. Enter the desired amount to add to your betting account. Once you confirm the amount, you will be instructed to open your Skrill account on the main website;
  4. Verify your identity then complete your deposit transaction;
  5. Go back to your bookmaker account to see the money you have deposited.

When it comes to withdrawing your winnings or remaining funds, you have to do it in your betting account. Select the WITHDRAW option and provide the necessary details asked.

Confirm the transaction and wait for the bookmaker to process your withdrawal. Depending on the sports betting site, it can take at least one day before your money is shown in your Skrill e-wallet.

PROS

  • Many bookmakers that accept Skrill;
  • Simple registration;
  • No service charge for making deposits;
  • Instant fund deposits;
  • Available over 200 countries;
  • Accepts 40 different currencies.

CONS

  • Small withdrawal fees;
  • Verification process for fund withdrawals can take time.

11. WebMoney

If this is your first time knowing about this payment method, we’ll give you the details. WebMoney is an online sports betting payment method that was initially developed as a money transfer service for Russians when the country experienced a financial crisis in 1998.

Today, WebMoney has more than 30 million users all over the world, providing various monetary services such as sending money and paying for gambling bets.

Speaking of bets, if you wish to use WebMoney as a bookmaker paying method, you need to make a WebMoney account first.

You have to visit the main website to create your account. Registration is free, and you only need to spend a few minutes to complete it.

However, you are required to provide a few personal details – standard information. Once the account is ready, link it to your preferred payment method.

One of the best things about WebMoney is that it offers a wide range of payment methods. Some of them include bank transfers, credit/debit cards, and electronic currency exchanges.

Once you have set that up, you can start betting at your chosen Webmoney bookmakers.

Depositing and Withdrawing Funds using WebMoney

  1. Go to the homepage of your preferred bookmaker and log in to your account;
  2. Click the DEPOSIT button and select WebMoney as your chosen mode of payment;
  3. Provide the necessary details, including the amount you wish to deposit;
  4. Press CONFIRM or CONTINUE. Similar to Neteller and Skrill, you will be instructed to open your WebMoney account to verify your identity and confirm the transaction;
  5. Once you have completed the payment, you will instantly see your money in your betting account.

Like depositing your funds, the withdrawal process is also straightforward. Let’s say that you are still logged in to your bookmaker account.

To withdraw your winnings, choose WITHDRAW, CASH OUT, or any similar button, then click WebMoney as the payment method.

Enter the amount you want to take out then click CONFIRM. Don’t be surprised if you don’t receive the exact amount. WebMoney takes a little transaction fee if you deposit or withdraw funds.

PROS

  • Has high security rating;
  • SSL encryption on every transaction;
  • Free registration;
  • Available in many bookmaker websites;
  • Provides a variety of payment methods.

CONS

  • Has fees for fund deposits and withdrawals;
  • Withdrawals may take one to three days to complete.

12. ecoPayz

The last but not the least is ecoPayz, which is an e-wallet for online gambling. It’s one of the popular choices among sports betting enthusiasts because it offers easy, fast, and safe fund deposits and withdrawals.

But bettors choose this sports betting payment method due to ecoPayz’s speedy fund withdraws. It means that the waiting time is short if you cash out your funds unlike the other modes of payment mentioned on this list.

It is also available in 159 countries, so you can expect that there are many ecoPayz bookmakers to consider.

Before betting on gambling site using ecoPayz, you need to create an account first.

Visit the main website then click on SIGN UP to open a page where you’re required to fill in a form. Provide all the necessary details then click CREATE ACCOUNT. You’ll receive a verification email.

Open that and verify your email address. That’s it. You are all set to bet and play.

Depositing and Withdrawing Funds using ecoPayz

  1. Log in to your desired ecoPayz bookmaker account, then click DEPOSIT to open a list of payment methods;
  2. Choose ecoPayz and enter the amount you wish to put into your account;
  3. Provide the necessary ecoPayz details, then click CONFIRM or CONTINUE to complete the process;
  4. Go to your betting profile to see if the money has been deposited. In most cases, funds are deposited right away.

To withdraw your funds, you’ll go through the same process. Only this time, you have to choose the WITHDRAW or CASH OUT option.

You need to enter the amount you want to take out, then select ecoPayz as the mode of payment. Click CONFIRM to complete the transaction. It takes one to three days to process the withdrawal request.

Once the bookmaker site approves the request, you will see the money reflected in your ecoPayz account.

PROS

  • Easy and free registration
  • Instant deposits
  • Safe and secure transactions
  • Available in many countries

CONS

  • Has transaction fees
  • Has deposit and withdrawal limits
  • Some bookmaker sites charge fees for withdrawal transactions

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