Best Betting Payment Methods

When signing up to a sportsbooks and casino site you’ll need to make an initial deposit to not only qualify for the bonus but also to make your first bet. We have taken a lot at the various methods available and BetonSports have assessed the advantages and disadvantages of some of the most popular options.

There are plenty of deposit methods to choose from and the majority of UK bookmakers and online casino sites offer all of these for users to top up their betting accounts.

It can be a little overwhelming at first but once you’ve got the hang of it and decided which method is best for you, it will become incredibly easy to regularly deposit and withdraw.

There are many aspects to take into consideration when choosing your preferred method including additional charges from the provider or operator, ease of transaction, how safe it is, whether winnings can be collected via the same method or perhaps even the best way to stay in control of spending.

There are many different types of methods available in the UK and each one has it’s pros and cons. You will have your own preferences which will be largely based on financial situation and how comfortable you feel with each option.

Credit / Debit Cards – These can include VISA, Mastercard, American Express and EntroPay. These are often quick and easy to use and once your details have been submitted, it is easy to store them on the system and repeatedly use this method for future transactions. Funds must be available in order to complete the process and limits must not be exceeded otherwise the transaction will be declined and you may miss out on a potentially winning bet! Credit and Debit cards are the easiest way of depositing and are perfectly safe to use. All sites accept these methods including Paddy Power.

Bank Transfer – A perfectly viable way of depositing into a betting account and remains hugely popular. Players who don’t wish to submit their card details often use this method or those who don’t wish to go through the betting site’s website. This is the perfect method for punters who wish to make large deposits into their accounts and there is no charge attached to funding an account in this way. The downside is that it can take a couple of days to process whilst the betting site complete the transaction and fund your account. If you’re planning to place a bet at the weekend, make sure you’ve started the process at least 48 hours earlier.

E-Wallets – E-Wallets are increasingly popular and these include PayPal, Skrill and Neteller. Instadebit and Bitcoin are alternative methods. The advantage of these being that you can set aside a certain amount of money to use for betting purposes and transactions are quick and easy to complete. If making a withdrawal, you must have deposited via the same method although these can very often process in under 24 hours. Occasionally, some e-wallets can carry a small charge for making a deposit so always check beforehand. If a match starts in five minutes time, these are generally the quickest way of ensuring you have a topped up betting account to place a wager in time for the start. Sites such as Betfair and Bet365 both accept these.

Other Methods – PaysafeCard is another way of depositing and sites such as Coral and 888Sport are just a couple of bookmakers who accept this method. These can be obtained in shops with a set amount of money added and come in the form of a printed voucher which contains a PIN.

Some of the most popular methods available in the UK include Visa, Mastercard, Skrill, Paypal and BOKU. It only takes a matter of minutes to update details and it is possible to deposit via various different methods depending on your preference and financial situation. BetonSports take a look at the advantages and disadvantages of each option.

Visa – VISA is the most popular way of depositing into a betting account and once you’ve submitted your card details, it is quick and easy to conduct regular transactions. There are no additional charges for using this method and it will take between 2-3 days to leave your bank account. Most sports betting sites allow users to set up deposit limits on VISA cards to help stay in control which is extremely handy. This is not the recommended method if you want to avoid deposits showing up on bank statements however.

Mastercard – Depositing via Mastercard is another simple way of funding any betting account. Similarly to VISA, it only takes seconds to submit your details and some online sportsbooks such as Bet365 offer bonuses to players using this methods. Sports betting sites are extremely safe and you can feel safe using Mastercard. Most Credit cards have a limit imposed by the operator so it’s imperative to ensure you have sufficient funds otherwise you may miss out on a potential winning bet!

Skrill – Skrill is effectively a digital wallet which holds a set amount of funds and an increasing number of UK betting sites accept this as a payment option. Transactions are often much quicker using Skrill and there are no additional charges with the majority of online bookmakers. It’s a terrific way of keeping on top of how much you have deposited although not every betting sites use Skrill and the minimum deposit is generally set at £10.

PayPal – Paypal is very similar to Skrill and acts as an e-wallet. Paypal transactions are quick and easy although some sites do charge a 1% commission for using this method. Nearly every UK betting site accepts Paypal and winning bets are paid into these accounts sometimes within hours. Once again, some sportsbooks stipulate a minimum deposit when using this method.

BOKU – The newest payment method to become available with online betting sites and is becoming increasingly popular. Users can fund accounts via their phone and receipts are sent directly to the device. It is simple and easy to use although deposits are generally limited to a maximum of £20 or £30 and some bookmakers have not added it to their list of deposit options yet and withdrawals cannot be made via BOKU.

It’s easy to make a deposit into online casinos and sportsbooks betting accounts with many sites offering a prompt when balances are running low. Most betting sites will have a ‘deposit now’ or ‘my account’ option to click on and it’s simple to enter your details and make an initial deposit. If you’re previously funded your account, your details will often be stored making it even quicker to fund your account.

They will provide a list of default deposit amounts in their menu, these are usually multiples of £10 but you can choose any amount you wish as long as it’s above the minimum limit. Once you have clicked ‘deposit’ or ‘deposit now’, your betting account should be funded immediately although it will sometimes need refreshing.

Some betting sites will offer bonuses and incentives for players depositing via particular methods, there are usually limited to credit cards and some e-wallets. Occasionally, depositing a set amount will trigger a bonus or a chance to enter a prize draw so it’s always worth considering this before choosing your method and amount.

Making a deposit is perfectly safe and secure with operators prioritising customer security. Any breaches of data would prove to be a major PR gaffe for these respected companies so they will do everything within their power to ensure your details are kept on a safe database. Those who don’t wish to submit their card details have plenty of other options available to them including E-Wallets and Bank Transfers.

From time to time, operators will reward players for depositing a certain amount with free sports bets or bonuses and it is often worth adding a little extra to ensure you qualify. Betfair and 888Sport are renowned for this. Occasionally, depositing via a certain method will also be rewarded.

If you’ve managed to accumulate some winnings – congratulations! Betting sites will have the option to withdraw in the ‘Your Account’ or ‘Bank’ section of the site and simply type how much you wish to withdraw and via which method.

It is generally advised to make a withdrawal using the same method as you’ve deposited with many operators stipulating that you can only remove money into E-Wallets if you’ve funded your account via the same method. Not all methods allow withdrawals including BOKU and PaySafeCard so it’s best to have a couple of options available to you.

Withdrawals will generally take between 3-5 days to complete although it is often quicker using an E-Wallet. Delays can be encounters if it falls over a weekend or during a public holiday so always allow a little longer around these times.

Some online casinos and sportsbooks have requirements and restrictions in place for those looking to make a withdrawal from betting accounts. They may request extra documents to ensure the money goes to the correct account. These can include a utility bill (gas, water etc) or ID (passport or driving license). It’s very simple to scan these into a computer and email them to the betting site and withdrawals can be made once this has been verified.

There are occasionally withdrawal limits but the majority of betting sites will allow all winnings to be removed as long as it doesn’t impinge on a bonus. Some bonus amounts will have to be wagered several times before this can be completed, always check before withdrawing.