One of the global industries with the quickest growth is sports betting. Its value was $270m in 2017, but by 2024, it’s projected to increase to nearly $87.75bn. Although there are regional differences in the sector, players’ needs are universal. The necessity for convenient and secure payment options is among the most fundamental of requirements.
Given the huge range of sports betting and casino payment options available, it can be difficult to work out which is the best for you. Here are some of the most popular and best options for payments when you are betting on sport. The most important thing to remember, however, when you are betting on sport or in a casino, is to ensure that you never bet with money that you cannot afford to lose. Also, make sure you gather some handy resources and tools to consult when placing a bet.
Debit/Credit Cards
The most often used payment options in the sports betting sector are credit and debit cards. MasterCard and Visa are the two most common payment options used by US betting customers, although many sports betting sites will accept American Express and Discover cards. UK betting sites are no longer permitted to use credit cards. Credit and debit cards are dependable, quick and secure, and trusted by most customers, offering security, reliability and convenience.
PayPal
PayPal is one of the best-known payment options available in 2022. Widely accepted throughout the global sports betting industry, the advantages of PayPal as a payment option are its speed and reliability. It is arguably the most popular e-wallet option with sports betting customers although others such as Skrill and Neteller (see below) are also used.
Bank transfer
Bank transfers are widely accepted as a deposit method at online sportsbooks. Money is transferred from a player’s bank account directly to the sportsbook through a long-established and secure system. Bank transfer deposits are dependable and secure, however, the process of completing a bank transfer transaction is relatively slow, particularly with withdrawals which can take up to a week to process. Many betting sites with a minimum deposit amount accept deposits from just £5.
Neteller
This online payment system functions like a virtual wallet. All a betting customer has to do is select this e-wallet as their preferred payment option and upload money from their bank, with no need to divulge personal information to the bookmakers. Neteller has a lot of expertise and uses high-level encryption to safeguard customers from fraud. The transfer of money across betting accounts is accomplished with withdrawals within 24 hours, which is quicker than most other options.
Skrill
Skrill is an e-wallet that encourages quick and easy money transfers. Sports betting customers can link their Skrill accounts to their bank or debit/credit card accounts and then add money to their sports betting account by simply selecting it as a payment option. Skrill is suitable for withdrawals as well as deposits. While withdrawals can take a few working days, deposits happen instantly. Since private information is never disclosed to outside parties, Skrill is a secure payment method.
InstaDebit
Another popular deposit method is InstaDebit, sometimes referred to as iDebit. Its convenience, comfort, and simplicity of use have contributed to its success. It is available in many countries, including the US. When using InstaDebit, debit or credit cards are not required because money is transmitted directly from your bank account to the betting site. Before creating an account, customers also have the opportunity to test it out as a guest, with no obligation to activate an account.
Paysafecard
One of the most popular prepaid payment options is Paysafe. It is excellent for sports betting customers who are seeking convenience, security and flexibility. One of the main advantages of this method is that a customer’s financial or private information is never required to be disclosed. Transactions are completed quickly and easily, and there is no need to sign up and hand over any details.
Click2Pay
Click2Pay is accepted by many online sportsbooks and is popular with some sports betting customers. This payment processor is excellent for making deposits, although it does not enable you to make withdrawals. Processing is simple with Click2Pay. A debit or credit card and an active email address are all you need. The registration procedure is simple and funding the e-wallet doesn’t require a high minimum amount. When you make a deposit, the money can be taken from a debit or credit card connected to your account quickly and easily.