Betting Payment Methods

betting payment methods

What is your interest in learning more about the various betting payment methods online betting sites offer? Our goal is not only to explain the most common payment methods you can use to gamble online but also some of the less conventional services offered by online betting sites.

As so many betting payment methods are available, you are probably curious about the specific criteria we used to choose the top betting deposit methods for our list. It comes down to a combination explaining a combination has as much to do with the experience of the user as it has to do with the objective quality of the product.

So, with this in mind, we are going to take a closer look at the best payment methods, as well as how they have reached such an esteemed position in the first place.

Credit & Debit Cards

The UK does not allow using credit cards as a deposit option, which is contrary to the practice in some other nations. As a result of this law, which takes effect at the beginning of April 2020, an online sportsbook is prohibited from making payments through these methods after that date. It was intended to encourage responsible gambling. This was particularly important when it came to sports betting.

There has been a noticeable increase in the use of debit cards in the gambling industry as a direct consequence of this. There is no doubt that most online bookmakers accept this form of card payment as a means of depositing and withdrawing funds. This is likely due to the convenience and speed with which debit card transactions can be completed. So let’s take a closer look at some of the most common types of debit cards used by customers of betting establishments in the United Kingdom today.

Visa, Maestro & Mastercard Debit Cards

Most UK bookmakers will likely accept debit cards issued by Visa, Maestro, and Mastercard. As a result, it is now possible for bettors to fund their wagering activity by transferring the available balance from their bank accounts which are linked to their online betting account.

Because debit cards process payments quickly and have no transaction fees, they have become the most popular method for depositing and withdrawing money on betting websites.

Those who wish to take advantage of sign-up bonuses at online bookmakers are required, in many cases, to make their initial deposits using one of a limited number of methods of payment available to them. Debit cards are always included on this list, so if you want to be sure that you are eligible for one of the sign-up bonuses, then using one of those is the safest way to ensure that you qualify.

American Express

A company that has been offering credit cards since the 1850s, American Express, is one of the most well-known brands in the world. However because American Express impose a high transaction fee it was never widely accepted by online gambling sites.

Even though using credit cards for gambling purposes is now illegal in the United Kingdom, punters do not have the option of using credit cards when gambling.

The consequences of this are that individuals contemplating using their American Express cards to deposit and withdraw funds will be forced to find an alternative method, such as a debit card, an electronic wallet, or a transfer from their bank account, as a result.

E-Wallets & Digital Wallets

Customers can think of their e-wallets as digital wallet that serves the same purpose as an online storage platform. Users of such payment methods do not need to enter their credit card details. They can fund the transaction with their bank account.

This way, an additional layer of security is added to the transaction. Those who use an e-wallet, on the other hand, are provided with an account number and a login address. This type of wallet allows users to make deposits and withdrawals to and from their betting site using this wallet.

There are so many benefits to getting an e-wallet and setting up a digital account for people with many different bank accounts. This means that it is also a good option for maintaining one’s anonymity whenever one conducts an online transaction.

Bettors in the UK currently have access to many e-wallet and digital wallet platforms, some of which are listed below and considered among the most popular and influential.

PayPal

The world’s most popular online payment system, PayPal, was founded in 1998 and is currently the most widely used globally. As it is fully licensed and regulated by the Financial Conduct Authority, likely, they are already familiar with PayPal because it is fully licensed and regulated by the Financial Conduct Authority.

You can create a PayPal account in a matter of minutes, and once it has been activated, users can link their bank accounts and credit cards to their accounts to add funds to and remove funds from them. Bookmakers have an increasing trend to accept PayPal as a payment option.

The main advantage of this method over other payment methods such as checks, bank transfers, and debit cards is that it enables you to withdraw funds in a significantly shorter period. The process of processing these can take as few as two hours or as long as twenty-four hours, depending on the circumstances.

Neteller

Neteller is yet another leading electronic wallet available to gamblers in the UK that can be used for their online gambling. This company has been in business since 1999.

The online payment processor Neteller, which is now owned by the reputable Paysafe Group and is accepted by nearly all bookmakers in the United Kingdom, was once responsible for processing approximately 80 per cent of all online gambling transactions worldwide.

Although Neteller is accepted both for depositing and withdrawing, it is possible that you will not be able to use it to meet the requirements for a welcome bonus if you use it for deposits.

Skrill

Skrill, which was formerly known as Moneybookers, was established in the year 2001. Skrill is an electronic wallet that is also managed by the Paysafe Group. Its headquarters in London is governed by the Financial Conduct Authority.

Skrill is an eWallet service that does not charge any fees for deposits, making it one of the most popular payment methods at betting sites in the UK (something that PayPal users may encounter, especially if currency conversion is involved in the transaction).

A new Skrill account can be created in a matter of minutes.

After Skrill has verified your account, you can use a debit card to add funds to your Skrill wallet. These funds can then be used to make deposits and withdrawals at online betting sites.

EcoPayz

EcoPayz is an online payment service that can be a viable alternative to popular online payment methods such as PayPal, Skrill, and Neteller. ecoPayz is a payment method established in 2000 and is part of the Financial Conduct Authority’s regulatory framework.

It is accepted by the majority of bookmakers in the United Kingdom. EcoPayz also offers customers the option of paying with a Mastercard affiliated with the company.

Apple Pay

A form of electronic payment, Apple Pay, is designed to allow users of Apple-branded products like the iPhone to carry out transactions quickly and easily.

Apple Pay is a relatively new mobile payment system that was first introduced in 2014. Deposits can be made quickly and easily through Apple products, such as the iPhone, iPad, and iWatch, which are connected to the service.

No additional costs are involved, and Face ID or fingerprint ID can be used to authorise payments. Apple Pay cannot be used to withdraw funds from online betting sites at this time.

Google Pay

Google Pay is an innovative mobile wallet which can be accessed through a phone app which allows users to make payments on the go. This marks another step in the industry’s adoption of more and more portable innovations. In the past, Google Pay was referred to as Android Pay.

The great news is that it is a straightforward and fast process to deposit funds, as well as the security features, such as using your fingerprint or retina scan, make excellent use of the technology we have available today in this day and age. There is no additional fee associated with Google Pay other than downloading the app and associating it with a debit card. Google Pay is entirely free to use.

Sadly, this payment method was only introduced in 2018, and bookmakers have been somewhat hesitant to adopt it compared to other betting payment methods available.

Boku

Boku is a relatively new player in online payment systems and has been around for several years. The only thing required for it to work is a current phone contract. It is a pay-by-phone option.

To complete a transaction using Boku, customers must only provide their phone number to the company.

There is no need for anything else at this time. There is no need to provide information about the bank account and nothing else to provide. The Boku payments will automatically appear on your phone bill, so you won’t have to worry about it. Currently, there is only one betting site in the United Kingdom that supports direct deposits via Boku (however, you can use Boku to fund your Neteller wallet and then make the deposit through Neteller).

Trustly

This Swedish financial behemoth, Trustly, has connections with over 200 banks in more than 25 countries and has won several awards for its services. Although it still hasn’t quite reached the level of coverage that PayPal has across the betting world, it is still reasonably widespread across Europe.

In the first place, costs are kept to a minimum, and no charges are associated with depositing or withdrawing money from your account. They are, therefore, in a unique position relative to the other betting payment methods as it essentially allows for instant bank transfers without requiring any additional payments to be made to the bank.

Add to that the ability to transfer money from one account to another denominated in a wide range of national currencies. To conclude, if any of you doubts the reliability of Trustly, let me assure you that its legitimacy has been established by the European Payments Services Provider licence and the supervision it receives from the Swedish Financial Supervisory Authority.

Cash & Cash Alternatives

Undoubtedly, the vast majority of wagers placed on sporting events in the UK are now done through online platforms. As a result of this shift in dynamic, however, there has been a significant reduction in the options available to punters wishing to fund their betting activities with cash.

In addition to the numerous bookmakers that allow customers to deposit or withdraw money from their online betting accounts using prepaid cards, many prepaid card companies offer their customers the opportunity to use their cards online.

Cash Betting Sites

It is still possible to find betting shops operating on the high streets of the United Kingdom. As long as this is the case, it is still possible for gamblers to make deposits and withdrawals directly at betting shops.

Several companies such as William Hill, Ladbrokes, Coral, and Paddy Power offer their customers the option of paying with cash. Sometimes, people opt to use a cash card instead, which can sometimes provide them with additional rewards.

Paysafecard

If you do not want to link yourself to the website through your payment method, you may find Paysafecard is the best option. In a nutshell, it operates in the same way as a ‘pay as you go’ card would; you will be given a 16-digit pin card after making a purchase that you will be able to use to make wagers of equivalent amounts of money at any betting site that accepts the card.

On average, the minimum deposit is ten pounds, and the maximum amount that can be loaded onto a credit card is one hundred pounds. It is possible, however, to purchase and use multiple credit cards simultaneously.

Cryptocurrencies

As opposed to a centralised network, cryptocurrency transactions are processed using blockchain technology instead of a centralised network. A cryptocurrency is a type of digital currency that uses blockchain technology. Even though cryptocurrency is generally associated with online casinos, many sportsbooks have begun accepting it as a payment method.

Among the three most widely used cryptocurrencies in the United Kingdom, Bitcoin, Ethereum, and Litecoin are likely to be the most popular ones.

Pay By Phone

Another innovative method of funding your betting activities is using Pay by Phone. To use this platform, bettors can fund their accounts at online betting sites using their mobile phone contracts or pay as you go tariffs.

A code is sent via text message to the cell phone to verify the payment. This is a very convenient option. However, the maximum amount added using this method is thirty pounds. It is indisputable that Boku is the most popular Pay-by-Phone service provider in the United Kingdom, even though Zimpler and Siru are also significant players in this field.

Other Popular Betting Payment Methods

In addition to debit cards, e-wallets, digital wallets, cryptocurrencies, and Pay By Phone, other payment methods that can be used for betting in the UK include bank transfers/bank wires, Western Union, and e-wallets and digital wallets.

You may deposit and withdraw funds from your bank account; however, these transactions do not take place instantly, and additional charges may be associated with them.

Western Union is one of the most well-known payment methods widely used in the world today. It is possible to make deposits and withdrawals using this method; however, associated fees can be associated. A limited number of bookmakers accept this method of depositing and withdrawing.

Final Thoughts

Even though credit cards are no longer accepted at online betting sites, the UK still has several payment options. This is even though credit cards are no longer accepted. Our team of experts has taken a lot of time and effort to ensure that the information they provide is accurate and up to date, and our primary objective is to provide safe and dependable options at all times.

Considering that, you may want to investigate the various methods of payment offered by the company, taking into account aspects such as the transaction’s speed, fees, and ease of use.