What payment methods are available?
In today’s digital age, bookmakers and casinos are offering players more and more ways to deposit or withdraw money. Payment methods are an integral part of sports betting and choosing the right one can affect the overall betting experience. There are numerous payment methods, from traditional cash payments at land-based branches, to bank transfers and payment cards, to modern e-wallets and cryptocurrencies. Before we describe some of the payment methods, it’s important to understand, what factors you should look at, when choosing one.
Important factors to consider when choosing a payment method
- Safety – When paying on the internet, it is important to pay attention not only to the payment method, but also to the online bookmakers and casinos themselves. You will only find safe brands on our site, so we recommend to read our reviews of each brand before deciding, where to play.
- Speed – Most players consider speed to be the most important factor when choosing a payment method. There will be no shortage of options in this regard, as today there are several ways to deposit money almost instantly.
- Convenience – Being able to withdraw and deposit money anytime, anywhere is a standard that many people have come to expect and cannot imagine betting without.
Now let’s move on to the different commonly used payment methods, including their pros and cons.
Land-based branches
Even today, you can still deposit money into your gaming account at some land-based bookmakers in cash. Just come to a branch and tell the operator your name, surname and username. The money is usually credited to your account immediately and the deposit limit is usually €200.
Pros
- Simplicity – no need to own a bank account
Cons
- Low limits – the maximum limit is €200 per 24 hours
Payment cards
A common deposit method is payment card, which is one of the most popular and convenient payment methods.
Most common payment cards
- VISA
- MasterCard
- Maestro
Pros
- Quick and easy transactions
- Wide availability
- Usually no fee
Cons
- Lower security than other methods (e.g. online wallets)
Bank transfers
Another very common payment method is bank transfer. Although it may seem slightly outdated today due to the long processing time, it still has its advantages. These include unlimited deposits, e.g. at some bookmakers, there is no deposit limit for regular bank transfers and a limit of around €40,000 for fast bank transfers.
Pros
- Widespread
- Usually no fee
Cons
- Long waiting time – bank transfers are not that fast and usually take 1-2 days
Fast bank transfer
In addition to bank transfer, many bookmakers offer a “fast bank transfer” method. This option varies slightly from bookmaker to bookmaker, but if you have an account with a specific bank supported by the bookmaker, you can use the fast bank transfer.
Simply enter the amount you want to deposit into your account and confirm with the “Deposit” button. This will redirect you to online banking, where you just confirm the deposit and the money will be quickly transferred to your account.
Pros
- Speed
- No fees
Cons
- Lower deposit limit in comparison with a regular bank transfer
- Limitation – not all banks offer a fast online transfer
Mobile payment services
Mobile payment services are another deposit option at bookmakers. Among the most popular belong Apple Pay and Google Pay. These methods allow you to upload a payment card into your mobile phone and then facilitate your online payments. At the bookmaker, you choose this option and then just confirm on your device. This is a very convenient method, which is free of charge at most bookmakers. The payment takes place instantly.
Pros
- Convenience – no need to enter your details every time you make a deposit.
- Speed – money is loaded almost instantly.
Cons
- Limitations – not all bookmakers support this method
Electronic wallets (E-wallets)
Electronic wallets are an increasingly popular payment method on the Internet. They work in a similar way to regular wallets. You can put money into e-wallets and then pay with it online. Their main advantage is protection of your bank details.
When you pay with an e-wallet, you only share your bank details with the operator of the wallet, not with every website, where you shop. Thus, more parties than necessary don’t get access to your data, which makes it even safer.
Another advantage of e-wallets is the speed and simplicity of transactions, as well as the variety of payment methods and currencies you can top up your account with.
The most popular e-wallets:
- PayPal
- Paysafecard
- Neteller
- Skrill
Pros
- Protection of personal banking information
- Convenience – no need to fill in bank details for every payment
- Flexibility – e-wallets often support multiple currencies
- Speed – payments using this method are very fast, usually taking just a few seconds
Cons
- Bookmaker fees (arnoud 5%)
- Limited withdrawal options – you are limited by the amount you can withdraw
Cryptocurrencies
Cryptocurrencies are becoming increasingly popular and can give you many advantages, when depositing money with bookmakers. Cryptocurrency transactions are very fast, secure, have low fees and work worldwide. Unlike traditional methods, these transactions do not involve intermediaries, such as banks and various companies. There are already many bookmakers that routinely accept payments in cryptocurrencies.
Pros
- Speed – Payments are made almost instantly
- Safety – payments are processed in a decentralised network, making them more resistant to hacker attacks
- Anonymity – some cryptocurrencies are difficult to trace
- Low fees – payments do not go through an intermediary
Cons
- Currency volatility
- Limitations – it is still not a widely used payment method.
