Betting Site Banking Options

All good sports betting and online casino sites use a variety of safe and secure payment methods. Which you choose depends on how you wish to play, deposit and withdraw your money.

Gambling can be fun but you also need to be assured that your funds are safe, deposits will be in your account fast and that you can withdraw winnings quickly and securely using your favourite or trusted payment methods.

Popular Payment Methods

Debit cards, bank transfer and the world’s biggest e-money services are assured and reliable. Pay attention to withdrawal charges and the speed with which funds are processed.

Here are some of the banking options you have when gambling online.

Visa & MasterCard

Still the most common banking option for depositing and withdrawing cash, debit cards link directly to your bank account.

The most widely used debit cards are Visa Debit and MasterCard Debit and Visa Electron. Visa processes 150 million transactions per day worldwide while MasterCard handles 5,000 per second, so as you can imagine such a company doesn’t play around when it comes to safety.

Deposits using a debit card are instant but withdrawals will take between two and five working days to appear in your bank account.

Most sports betting and online casino operators will not charge a fee for using a debit card on their gambling websites.

Gambling With Prepaid Cards

Prepaid cards operate the same way as debit cards except you load funds into your account to use however you wish.

Prepaid cards have the benefit of allowing you to only spend what you have. That can be a great safety net for betting and ensure that you don’t go overboard. Also for players who have experienced gambling addiction, it can be a safe way to manage your money with previously established amounts. 

Never forget, when the fun is over, it’s time to stop.

Visa and MasterCard both operate prepaid cards but there are a huge range of other options available such as PockIt, Revolut and CashPlus.

Bank Transfers

Bank transfers still occupy a big chunk of the betting transactions which take place in the online market.

Transfers are not instant but many punters still use this simple option to fund their online betting accounts as they link directly to a bank, making this payment method one of the most easy and comfortable banking options if you trust your favourite gambling site.

The bookmakers don’t charge fees for bank transfers. You should check though as certain banks may have their own fees.

Cashing Out With Credit Cards

Some countries in the world have banned the use of credit cards on gambling sites as payment methods. This is to protect people from getting into debt while betting online

A credit card is not linked to your bank account but you pay off either the balance or a certain sum every month. Interest free offers can tempt customers to open a credit card account but you should be fully aware of the APR your credit card provider charges on an ongoing basis and tailor your betting accordingly. Please be sure that you read all terms and conditions when using this payment method.

Sports betting and online casino companies will only allow you to withdraw an amount not exceeding the money you have deposited using each credit card. This is known as a “closed loop policy” and can limit your withdrawal options.

Processing times are similar to debit cards. Deposits will be in your account immediately while taking cash out will take a few days to process.

PayPal

Launched in 1998, PayPal has made its way to the top of the online payments world. PayPal is the third most popular payment method on the planet behind Visa and MasterCard.

PayPal is one of the most convenient and easiest ways to withdraw and deposit cash when playing on sports betting and online casino sites. Taking PayPal as a banking option might be a good solution for you if you usually make online shopping for example, or if you frequently do transactions online.

Deposits and withdrawals are both virtually instant. PayPal has the benefit of not linking directly to your bank account. You open an account with PayPal and use their internet or mobile platform to perform transactions.

This has benefits. Gambling transactions will not show on your bank account so any deposits and withdrawals will be private. It also means you can keep your betting funds separate to your personal banking account so that you can manage a separate pot of funds to use for gambling.

PayPal does not charge any fees for transactions. Security breaches are incredibly rare and PayPal has a variety of support methods so you can contact the company with ease to discuss your account, payments or specific transactions.

Neteller

Neteller is one of the biggest e-wallet providers and has grown rapidly in the last few years, especially on gambling platforms as a banking option to consider.

Neteller operates just like PayPal and most sports betting and online casino sites will accept Neteller as a payment option.

Instant deposit and withdrawals mean your funds will be transferred very quickly. You might find that Neteller charges a fee for certain transactions so be careful to check these before you start using this payment method.

Neteller offers a 5-level VIP program. This starts at Bronze and rises through Silver, Gold, Platinum and Diamond. Each incrementally increases features such as transaction limits, reduced conversion fees and levels of customer support.

Skrill

Another popular payment method for punters use is Skrill. Like other Skrill enables fast transfers to and from your bookmaker account.

Skrill has been around since 2001 and is part of the PaySafe group which also operates Neteller.

Skrill offers four VIP levels starting at Bronze up to Diamond VIP status. VIP customers are entitled to a range of incremental benefits, including lower transaction fees, superior currency conversion rates, a personal account manager, and others.

Cryptocurrencies

Bitcoin is a cryptocurrency which has fast established itself as a popular payment method.

A cryptocurrency is a decentralized digital currency. There is no central bank and it operates on a peer-to-peer network making it the banking option of the near future.

Bitcoin has recently found itself becoming more and more popular as a payment method with betting sites and that will only continue to rise.

Other Banking Options

Whilst we’ve covered the most popular payment methods and providers above, there are many other alternatives banking options you can use. Check your preferred betting or casino site and explote which options they support.

Some of the other payment methods you will see are:

  • Entropay
  • Maestro
  • Paysafecard
  • Trustly
  • Giropay
  • ecoPayz

The key points to consider in selecting a betting payment method.

Compare your selection of payment methods by the most important features each offer:

  • Deposit times
  • Withdrawal times
  • Closed loop policies
  • Access to bookmaker bonuses when using a certain method
  • Whether credit card payments are banned

Obviously we all pay special care when it comes to payment methods and banking options is a very personal choice, but most of all, have fun, stay safe, know your limits and enjoy your winnings.