Whether you like online bookmakers or casinos, you must know more about online payment options. Every betting website has a deposit and withdrawal category that consists of multiple alternatives. As you can imagine, learning more about them is of utmost importance.
Even though punters often have problems with the payment sections, this article will give them all the necessary answers. In addition to the payment options for online betting, we will go through everything else related to making a transaction.
Payments at Online Betting Sites
As mentioned above, you must know the ins and outs of the payment process before using a given betting site. Before looking at the banking gateways, you need to check the deposit and withdrawal process.
How to Make Deposits at Online Bookmakers?
To make deposits at online bookmakers, you need to:
- Have an account with the given betting site (there are cases where you may deposit without one).
- Go to the payment section and choose one of the deposit options.
- Enter the amount you want to deposit and follow the instructions.
- Confirm the transaction, and the funds will be available in your account shortly.
What’s interesting about online betting deposits is that they usually do not have a processing time. Therefore, punters can add funds into their accounts and start betting immediately.
You should consider the minimum deposit requirement when making the deposit at an online bookmaker or casino site. Also, there could be a maximum limit. The sums may vary across the various banking options.
Continue reading our review if you want to find out more about the most popular deposit solutions.
How to Request a Withdrawal at Betting Sites?
To request a withdrawal at betting sites, you should follow these steps:
- Start by logging into the online bookie/casino you’re using.
- Head over to your account’s settings and look for the withdrawal option.
- Choose the amount you wish to pull out and select your preferred withdrawal payment option.
- Depending on the operator you’re using, you may need to go through the Know Your Customer process before making a withdrawal.
There are cases where the online casino/bookie offers the same payment alternatives for deposits and withdrawals. However, not every deposit option works for withdrawing, so keep that in mind.
Another essential factor to consider before withdrawing is the higher minimum amount. Furthermore, most iGaming operators require you to wait for your transaction for up to a couple of days.
Lastly, some gambling websites require their clients to make a withdrawal using the same payment option they’ve deposited with.
Which are the Most Convenient Payment Methods?
The most convenient payment methods in online betting include bank cards, eWallets, crypto and more. Although iGaming operators offer all of them, most companies only have a fraction of the options.
Credit & Debit Cards
People have used their debit and credit cards to pay online for years. Therefore, it shouldn’t be surprising that those payment solutions are extremely popular among online bettors.
Even though most websites accept things like Visa, MasterCard and Maestro, there are many exceptions. For example, the UKGC banned the usage of credit cards for gambling in the UK, so punters who reside there have to use other options.
Those who have access to this payment option can expect lower minimum amounts and relatively fast transactions. However, since users need to share personal and banking information, this is not the safest deposit and withdrawal alternative.
PayPal
Speaking of safe online payment solutions, PayPal is one of the first things that comes to mind. This e-wallet has been around for many years and is one of the preferred options to pay for items and services online.
Nowadays, you can find PayPal using some top-tier online bookmakers. It is not the most popular digital wallet for iGaming because of its many additional fees. Nevertheless, people like it because it offers safe money transfers.
Skrill
There is no arguing that Skrill is one of the most popular e-wallets for online gambling. Nowadays, most online casinos and bookmakers offer this payment solution because it provides a fast and secure payment process.
Aside from using it as a deposit option, some people also withdraw their winnings via Skrill. The latter rarely has high fees like other digital wallets, which makes it ideal for most betting companies.
With that being said, there are many cases where Skrill and the e-wallet you are about to see below won’t allow you to receive a specific bonus. That’s why you should always read more information about the particular promotion.
Neteller
Besides the fact that this may not allow you to get the bonus you like, Neteller is an excellent payment gateway for online bettors. The digital wallet is fast, secure, and easy to use, which means it ticks every box.
Despite the potential problems related to some bonuses, you may find gambling sites that provide special promotions to people who use this option. As for its popularity, it is usually available for deposits and withdrawals.
Boku
Aside from some popular digital currencies, betting operators also offer things like Boku. The latter is a mobile payment option that lets people add funds to their accounts using their handheld devices. Although this payment gateway is not that popular in every country, punters from some parts of the world use it daily.
Paysafe Card
Most top-tier online bookmakers and casinos will let their customers make financial transactions using their Paysafe Card. This online payment option is notorious for offering users the opportunity to make payments even if they haven’t signed up for the service. Of course, this will limit the amount they can transact.
Paysafe Card is one of the preferred methods by iGaming fans because it is secure, and you do not need a bank account. Needless to say, this is excellent news for users who are afraid of sharing their banking information.
Bitcoin
Bitcoin is the world’s leading cryptocurrency, which makes it a popular option for many online bettors. Although the number of sites accepting BTC as a payment solution is not that high, it is growing daily. This digital currency is safe to use and allows people to make larger transactions.
Another thing that makes Bitcoin and every other digital currency popular is that users can stay anonymous while punting. You do not need things like bank accounts because every transaction is in the blockchain.
Cryptocurrencies
Although Bitcoin is the most popular digital currency among bettors, some of the top cryptocurrency casinos and bookmakers provide other alternatives. Starting with Ethereum, the “silver of cryptocurrencies” is also among the regularly-available payment solutions. The ETH payments are also safe and fast.
Aside from ETH, some companies also offer Dogecoin, Litecoin, and XRP. Don’t forget that thousands of digital currencies exist, so you may find an online casino/bookmaker with even more options.
ecoPayz
Punters looking for a safe and convenient way of depositing and withdrawing while using an iGaming operator often choose ecoPayz. The latter is a popular digital wallet that allows users to sign up for free.
EcoPayz is among the most common online payment solutions in iGaming. Even online betting companies who do not have a lot of experience provide this option to their new and registered users.
Apple Pay
Even though millions of online bettors use Android, many iOS users are also interested in online betting. Hence, some top-tier casinos and sports betting operators offer people the chance to use Apple Pay.
This mobile payment service is notorious for its safety features and private transfers. These reasons make it the go-to option for many online bettors.
Bank Transfer
Lastly, we have the classic bank transfer. Despite the advantages of using other payment solutions, this continues to be the method of choice for many punters. Hence, you can find it while using many online bookmakers and casinos.
Unlike other online payment solutions, bank transfers are usually suitable for punters interested in making more significant transactions. This option is notorious for its high minimum deposit amounts, and bettors typically need to pay a fee when making a transaction.
How to Choose the Right Payment Option for you?
You must consider a couple of essential things to choose the right payment option. We understand that many people might have problems regarding the deposit/withdrawal alternatives, so the information below should help.
Time for Transaction
After briefly mentioning the importance of your processing time, it is time to address the elephant in the room. Every online betting operator uses different steps to accept and send payments, so you must check the payment section before choosing a brand.
In most cases, the payment options for gambling allow people to deposit money instantly. The lack of deposit processing time allows bettors to start wagering immediately. Unfortunately, this is not the case for withdrawals.
Some companies may delay those transactions, but others have special departments. Their role is to determine whether you’re not laundering money, so they must process each transaction individually. That’s why some payments require you to wait up to a few days.
Transfer Fee
People hate paying transaction fees, which is why most top-tier betting companies do not impose such restrictions. The bad news is that there are companies where bettors may need to pay a fee for using some options.
Some transfer fees are flat, but most are percentage-based. Therefore, gamblers who make larger transactions have to pay higher fees. Unsurprisingly, most fees in iGaming are for those who make withdrawals.
Security
Your online security needs to be your top priority while gambling, no matter what you’re interested in. Aside from using a betting platform that offers safety features, you must also check the payment security options.
Ideally, you should try to use a deposit/withdrawal option that does not require you to share any personal or banking information. That thing should keep you safe even if hackers bypass the given operator’s security features because they won’t have access to your data.
Minimum and Maximum Limit
Every gambling company has specific minimum and maximum limits when it comes down to making payments. Although some places impose the same restrictions for every payment option, others have different rules for each one.
The minimum limit shows the lowest amount of money you must add to your account for your payment to be valid. On the other hand, the maximum limit will let you know how much money you can deposit/withdraw in one transaction.
Usually, the minimum limits for withdrawals are higher than those for deposits. However, every bookie/casino has a different policy regarding the minimum requirements, so check them.
Bonus restrictions
The last important aspect that many bettors forget about is the numerous bonus restrictions. Nowadays, iGaming companies offer a variety of prepositions for new and registered customers, most of which require a deposit. Unfortunately, some of them have a lot of specifics regarding the transaction.
Besides the payment options you should avoid, some bonuses have a specific minimum deposit requirement. The latter is usually higher than the general rule, so failing to meet this condition won’t allow you to receive the reward.
Deposit and Withdrawal Limits
Since some people have problems regarding the amount of money they use while betting, many operators offer special tools. Those things allow them to set specific deposit and withdrawal limits. Depending on the operator, they can be daily, weekly, or yearly.
Unfortunately, some iGaming companies have different restrictions when it comes down to online payments. Some sites require clients to use the same payment solutions for deposits and withdrawals. You can also find operators that provide different deposit and withdrawal payment gateways for users in some parts of the world.
Gambling operators may also require bettors to use a specific deposit solution to get a given bonus. It is crucial to learn more about all potential limits, so make sure to read the Terms and Conditions.
How to Make Payments Through Mobile?
To make payments through mobile, you have to follow these steps:
- First, choose a bookie/casino that offers mobile payment options.
- Second, you must sign up and pick your preferred alternative.
- Third, follow the instructions that will allow you to make a mobile payment. In most cases, you will receive an SMS containing a special code.
Mobile payments are prevalent in some parts of the world. They are fast and safe and do not require people to have a bank account.
In addition, if you are using a bookmaker’s mobile app or website, you will get the chance to make payments through every payment alternative available.
FAQ
What is the most secure option for payment at betting sites?
The most secure option for payment at betting sites is the one that does not reveal your personal and banking information.
Which is the best deposit method for betting?
The best deposit method for betting is usually an e-wallet, but some people prefer digital currency and mobile payment options.
What withdrawal option is the best when betting?
The withdrawal option that is best when betting is the one that does not have any fees and offers a smooth payment process.
Is it allowed to bet with cryptocurrencies at online bookies?
Yes, some online bookmakers allow users to bet with cryptocurrencies. However, others have not added these options yet.
Which one is the fastest payment option?
The fastest payment option is one of the popular e-wallets because most of them offer instant money transactions.
What is the minimum deposit at online bookies?
The minimum deposit at online bookies varies, but it is often around $10.
What is the minimum withdrawal at online bookmakers?
The minimum withdrawal at online bookies can be twice as high as the minimum deposit, so it ranges between $10 to $20. Sometimes, it can be higher than that.