Online betting is more popular than ever and there’s a huge boom in the UK, in particular. Players are realising that it’s a way to have fun and possibly earn some money at the same time. There’s also a lot of help available online, such as tips on how to bet on exchanges and so on. With such an abundance of payment methods available at today’s online betting sites, however, knowing which is the best one for you can be difficult. Of course, before you go ahead and open your first online betting account, you need to ensure that you’re in a position to deposit funds, as well as withdraw your winnings. Next, you’ll need to take some time to look over the various funding methods available, in order to decide which one is best for you.
“Mesut Ozil” (CC BY 2.0) by wonker
Traditional funding methods are still more popular among those placing bets, with debit and credit cards the most commonly-used. They remain popular due to offering instant deposits, as well as withdrawals taking just a few days. The associated fees are also small. There’s a tendency to forget, however, the rather large interest payments on those credit card bills. Bank transfers can also come with heavy fees and are the slowest method. An option such as Western Union is too expensive and restrictive for most people. Cheap and easy methods such as phone bill payments are becoming more popular, although they’re not typically offered to bettors outside of Europe.
Alternative methods are growing in popularity in an effort to meet the needs of today’s online bettor. If you consider speed to be important, then an e-wallet such as PayPal, Neteller, or Skrill could be the right choice. These e-wallets provide instant deposits, withdrawals in under 24 hours, and fees are small. PayPal and Skrill are the cheaper options and are becoming increasingly popular with online betting sites. Most top betting sites are offering a wider choice when it comes to payment methods offered to customers. There’s still a great deal of difference between these methods, however, and it’s important to have an understanding of each. In some countries, e-wallets are the only option due to restrictions so, in those countries, the decision over which method to use is out of their hands. Prepaid virtual cards are one way of getting around funding restrictions in certain countries, although they do come with more fees.
Let’s look closer at some of these alternative methods, starting with e-wallets.
“Venmo, Square Cash, Skrill, PayPal, Appl” (CC BY 2.0) by Monito – Money Transfer Comparison
The success of electronic wallets as a method of transferring money in online betting sites is down to a few reasons. Firstly, it’s convenient to use on a mobile device, which explains why the timing of its success aligned with that of mobile betting sites. Restrictions on debit and credit cards also help to explain why an increasing number of players are using e-wallets to fund their betting accounts. PayPal has been the leader in this area for years and has helped to normalise the method as a safer way of making payments online.
E-wallets such as PayPal, Skrill, and Neteller are particularly popular with most online betting sites, and each offers instant deposits and withdrawals in under 24 hours. Sometimes, it can be as little as 1-4 hours for Neteller and PayPal. Transactions are also free when using these payment methods. There’s a cost involved to fund your e-wallet initially, however.
Prepaid card systems include Entropay, Paysafecard, Neosurf, and Postepay. It depends on whether you’re able to find an outlet local to you that sells Paysafecard or any of its competitors, and whether the monthly subscription fees are convenient to you. With Paysafecard, there are limits on how much you can deposit, depending on your verification level. Many betting sites in the UK allow payments from your mobile phone, which is a fast and easy method of making small deposits.
Pay By Phone / SMS
A growing number of bettors in the UK are choosing to pay by smartphone. It makes sense to be able to access SMS and phone funding to ensure that online accounts stay topped up. The transaction is both convenient and practical as players pay their due amount at the end of each month after receiving their phone bill.
Other deposit methods include Boku that enables players to fund their mobile betting account instantly. The downside to this method is that deposits are limited to £30 per day, so high-rollers will need to consider other payment methods. As smartphones are more widely used for making deposits, this method will likely become a standard one. Unfortunately, however, this method doesn’t lend itself to making withdrawals.
“_25A9429” (CC BY 2.0) by dbking
There are numerous options for funding an online betting account. Choosing one is based on your preferences for such things as the simplicity of payment, desire for privacy, and convenience. So, pick one, fund your account, and prepare to play for real cash winnings.