Finding the best payment method for online betting might be a hassle due to regulations and fees. Even if you choose the suitable one among the best online bookmakers, you might find out that it doesn’t have a payment method that would appeal to you. In order to save you from trouble, we have made a list of the best online betting banking methods based on their strongest features. If you can’t find what you are looking for, you can still sneak a peek at our best online bookmaker reviews.
It is an overview of the most popular and efficient deposit and withdrawal methods for online betting. You can navigate to pages like the Best PayPal Bookmakers, the Best Bitcoin Bookmakers and the Best Skrill Bookmakers to find more information about a specific payment method and the bookmakers that offer it. There is definitely a banking method which suits your needs regardless of the currency you use and the place you live. Let’s take a look at the best payment methods for online betting based on their efficiency in terms of speed, security, privacy, and affordability!
The Best Payment Method for Fast Deposits and Withdrawals
When it comes to speed Skrill is the king. Skrill is a digital wallet which you can top up using a debit or credit card. It is accepted by most online bookmakers as it is gambling friendly. They even have agreements with some online betting sites to give extra bonuses to bettors. Creating a Skrill account is extremely easy and free of charge. You can even order a physical card to do shopping and online purchases.
In order to use your Skrill account to deposit and withdraw funds, you’ll need a physical or virtual Skrill card. Once you have it, you can quickly handle your transactions. You can top up your Skrill account within seconds and then deposit funds to your online bookmaker account rapidly. Withdrawals are also fast. Once your bookmaker approves your withdrawal request, the money will land in your account instantly.
One of the greatest things about Skrill is that the minimum deposit and withdrawal limits are lower than the other online betting payment methods. It gives flexibility in handling your funds. The most online bookmakers, like 1xBet, don’t levy fees on deposits and withdrawals with Skrill. So you can withdraw the exact amount available in your account directly to your Skrill account.
There is one thing you need to be careful about while opening your Skrill account. It allows customers to open only one single currency account. So, you need to choose the currency of your Skrill account based on the currency which you’ll use while betting on your favorite sports. Otherwise, you’ll lose money in currency conversion. You can visit Skrill’s fees & charges page for more information. Check out the best online bookmakers that accept Skrill!
The Best Payment Method for Privacy
The best payment method to ensure your privacy while betting online is bitcoin or any other reliable cryptocurrency like Etherium and Litecoin. You just need to create a bitcoin wallet using one of the reliable services like blockchain.info or Coinbase in order to bet on sports at the best online bookmakers that accept bitcoin. The blockchain wallets don’t charge any extra fee usually. They make money from exchanges between cryptocurrencies and fiat currencies. Most blockchain wallets issue physical cards. You can simply exchange your bitcoins to a fiat currency and spend anywhere you like.
Cryptocurrencies are widely accepted today and their popularity is increasing rapidly. Even some governments have officially recognized bitcoin as a legal means of payment. Therefore, there is no legal hindrance against using bitcoin in betting on sports. Moreover, you secure your privacy thanks to blockchain technology which is almost untraceable. If you have concerns about being tracked by your government or your spouse, bitcoin is the best payment method to secure your privacy while betting on sports online.
You only need a blockchain address generated by your blockchain wallet in order to withdraw funds from your online bookmaker account. You don’t need to give your personal details for such a transaction; hence, your anonymity is ensured.
The only drawback of betting on sports using bitcoin is the fluctuating nature of the currency. It keeps gaining and losing value regularly within short intervals. However, it has become more stable recently compared to a couple of years ago when it gained massive popularity for the first time.
The Most Secure Online Betting Payment Method
If your priority is avoiding disastrous situations rather than speed and extra fees, then using a bank card or a credit card powered by Visa or Mastercard is the best option for you. Most banks offer virtual debit cards along with the physical ones nowadays. We’d recommend opening an account at a well-established reliable bank which offers virtual cards if you want to have utmost security possible. It is a well-known fact that traditional banks have better insurance coverage and customer service compared to online payment services.
The best online bookmakers that accept Visa and the top online bookmakers accepting Mastercard are the suitable platforms for bettors who are extra careful about security. However, there are certain drawbacks of using Visa or Mastercard for online betting. First of all, the minimum deposit and withdrawal limits tend to be higher than the e-Wallets’. Some online bookmakers require a minimum €200 to be able to withdraw funds using Visa and Mastercard. Depositing an online bookmaker account using Visa or Mastercard is usually instant. However, withdrawals might take up to 5 days. Moreover, withdrawals via Visa and Mastercard might be subject to some fees while you can do it for free using most eWallets. You should also keep in mind that banks’ conversion rates are not the best. Therefore, depositing money and withdrawing funds might cost you extra if your online bookmaker account’s currency is not the same as the currency of your bank.
You can increase the bar of security to the ceiling if you use the bank transfer option. Nevertheless, bank transfers take much longer than any other payment type. Moreover, there might be fees levied by your bank and the receiver’s bank.
Free Online Betting Payment Methods
Transferwise is a free online betting payment method which can save you a lot not only wagering bets on your favorite sports but also transferring money to bank accounts and spending money globally. Creating a Transferwise account is absolutely free. They even send a free Mastercard debit card to your address. You can use your borderless Transferwise account in many different currencies. Hence, you can open an online betting account in almost any currency that you like at one of the best online bookmakers that accept Transferwise without worrying about unfavorable currency exchange rates.
Betting online with Transferwise is not different from deposit and withdrawal funds with a Mastercard debit card. There might be depositing and/or withdrawal fees charged by your online bookmaker. Therefore, you need to find an online bookie that allows free Mastercard deposit and withdrawals to bet online for free using Transferwise.
Transferwise doesn’t allow any gambling-related transactions in the United States of America, Canada, Turkey, Singapore and the United Arab Emirates. If you reside in one of these countries, you can choose one of the best online bookmakers that accept Apple Pay or Google Pay. There are plenty of online betting sites that allow these free payment methods.
FAQs on Online Betting Payment Methods
The UK Gambling Commission prohibits the top online betting sites in the UK from accepting deposits made with credit cards. Therefore, players who reside in the United Kingdom need to choose one of the online betting payments mentioned above.
Using a credit card is not an obligation for online betting. There are plenty of fast, effective and inexpensive online betting payment methods such as eWallets like Skrill, paysafecard, and Neteller, cryptocurrencies like bitcoin, Litecoin and Ethereum, and e-banking solutions like Transferwise. You can also use a Visa or Mastercard debit card. Most online bookmakers allow bank transfers as well. There are too many options out there. We’ve categorized them above. Important thing is deciding on what is more important for you and choosing accordingly.
Most payment methods require identity verification in order to be able to make online transactions. If you’d like to stay anonymous while betting online, the best option is creating a free bitcoin wallet and betting on your favorite sports at one of the top online bitcoin betting sites. Thanks to the blockchain technology, bitcoin transactions are untraceable. Therefore, you can protect your privacy while wagering bets on sports.