The Fastest and Most Secure Online Betting Payment Methods

From hundreds of markets on every English Premier League match to the major leagues of North America, tennis tournaments to Formula 1, there’s never been more choice when it comes to betting on sports online. However, this does throw up a financial quandary: which banking method is best for deposits and withdrawals? Here are some of the top options to consider when picking your means of personal finance for betting online.

E-wallets

Electronic wallets are one of the safest payment options available at both sportsbooks and online casinos when shifting money around for the purposes of betting online, with many pros and just one or two cons.

On the plus side, e-wallets (which include PayPal, Skrill, Neteller, ecoPayz, and more) are very swift, with instant transfer times standard for deposits and pretty common for withdrawals too. In addition, the intermediary stage of the e-wallet between bank and betting site means that no card/bank data is shared, which is reassuring for those nervous about that sort of thing.

Some countries do have restrictions on using some e-wallets for betting (Canada and Skrill/Neteller being a prime example), which is a drawback. In addition, the intermediary step does mean it takes longer to turn any winnings into cash in the bank because the money has to go from bookie to e-wallet to bank account. However, e-wallets are popular for a reason, combining speed, security, and excellent availability.

The capacity to use a single system for both deposits and withdrawals shouldn’t be undersold. Even if you take advantage of free bet special offers to make real cash without risking a penny, you’ll probably still need to make a token deposit prior to withdrawal as sites often like players to use the same method for both moving money into and out of their accounts.

Credit and Debit Cards

These might seem a bit old hat compared to other options on this list but there are a couple of major selling points for the likes of Visa, Mastercard, American Express, and so on. For a start, practically every site you go to will accept them. There is no more widely accepted depositing/withdrawal option. From the bettor’s end, the convenience is just as high, as the vast majority of people already have at least one such card. This means you don’t have to faff about setting up a new payment system, you’re good to go right away.

It is worth noting that credit cards were recently nixed as a betting payment option in the United Kingdom, but that debit cards are still accepted. The time frame for payments is of the middling sort, usually instant for deposits and taking a few business days for withdrawals. This makes them faster than bank wires and cheques but slower than e-wallets. Online betting sites tend to have robust security, but sometimes players are wary of sharing banking and/or card details, and this is something that leads some to prefer alternative options to credit and debit cards.

Cryptocurrencies

Bitcoin is leading the way on this front although others, such as Litecoin and Dogecoin, are rising too. Cryptocurrencies are in some ways drastically different to everything else on this list, which use standard fiat currencies (USD, GBP, EUR, CAD etc). These all have exchange rate variations (although you can usually play in your preferred currency), but cryptocurrency is far more volatile. This can mean that a profit becomes a loss or vice versa if you happen to make a deposit and withdrawal during a time of particular turbulence.

However, there are some very big pros that come with cryptocurrency. The anonymity and high degree of security offered by the system is a strong point, and although it’s less regularly listed as a finance option than other banking methods on this list it’s definitely the case that availability is rising (particularly for Bitcoin). Some sites even specialize in cryptocurrency and have special bonuses only accessible for those depositing using this option.

Another top slice of advice, as we’re discussing money matters, is to take advantage of tips. Not only newcomers, but old hands can benefit from this as sports bettors frequently have a single preferred sport, and can gain by sharing their wisdom and, in turn, enjoying the profits from others who have tips to share in other sporting categories.

Bank Wires

Sometimes listed as bank transfers, bank wires are sometimes used by sites as the default withdrawal option for those who have used a deposit-only method to transfer cash into the site and want to withdraw their winnings. They’re something of a relic of a bygone age in some ways, as the processing time is very much on the long side (at least days and sometimes weeks). On top of this, fees often apply and these can be rather high, making it an ill-suited method for those with limited funds.

So, it’s slow and comes with fees. But there’s a great big advantage in the immensely reliable level of security that comes with transactions made via bank wire. For those shifting large sums, it’s still often the method of choice for this reason.

One way to get ahead at both sportsbooks and online casinos is to take advantage of available offers often aimed at newcomers to help encourage potential players to sign up. These can sometimes be for specific payment options, or occasionally have certain banking methods excluded, and can offer a great start to a site with free cash or matched deposits.

Pre-paid Cards

Pre-paid cards/vouchers such as Paysafecard and NeoSurf are a little different to other financial systems because they tend to be deposit only. While it’s technically possible to make withdrawals with these systems the number of sites offering that as an option are very small and they’re almost always only supported for deposits. This means you’ll need an alternative way to make withdrawals.