Banking Options

Plenty of decisions needs to be made before you can get started with sports betting online. Not only do you have to wade through the jungle of different online betting sites that have popped up and are available and figuring out the local laws in your country, but you also need to figure out not only the easiest and cheapest way to fund your betting account, but also which methods you actually can use. But it is not as hard as I might be making it out to be, at least not if you follow our guide to banking options online.

This guide will have us discussing the different banking options that are available, with an emphasis on the most popular ones. Here we will go into depth on the ins and outs of their services, the fees associated with using them and other features. We will also talk about some basics on how to deposit and withdrawing funds and how the process usually progresses.

How to Deposit Money at a Betting Site

The act of depositing funds in your betting account is for some people a new and scary process. You can think of it just as buying stuff from Amazon or some other online store. Instead of choosing which items you want, you choose how much you would like to fund your account with. Then you simply pay the same amount to the issuer using your preferred payment method. It’s as simple as that.

Some of you might never have bought anything online and the idea of giving away your credit card details might not sit right with you. Most have heard that you should be wary of scams and fraudulent sites out there and you will be most secure by limiting the exposure your financial information gets. This is off course sound advice and is what you should do, but you should also note that giving out your card information is usually not problematic, that is if you are dealing with reputable betting sites. These transfer your information through encryption and will never expose anything crucial.

Which Banking Options are available?

Which Deposit Option is the best?

As you can probably guess there is not one method of banking that is preferred exclusively over another and thus you have to ask yourself what you are looking for when you want to fund your account. Some prefer lower fees, while others would like to take part in a good VIP program or have the withdrawals be swift. Here are a list of the criterions we value and maybe you do as well.

Low fees – Everyone is looking for the holy grail of no expenses worth of financial transactions and luckily given that the bookies are fighting over us customers they are willing to give us this in most cases. Credit cards, most ewallets and other payment methods are free of charge when you deposit, but some sites take a small fee when you withdraw from your betting account. Be sure to check the which methods cost what with the different bookmakers, this varies between the sites not necessarily the payment processors.

Quick payments – If speed is of importance to you when it comes to moving funds both in and out from a betting site you might want to consider getting an ewallet from either Neteller or Skrill. Depositing money is fast with most options, but withdrawing back to ewallets is very fast compared to bank transfers or checks. Some handle them in mere seconds or a couple of hours, and usually not slower than days. Remember that you probably need to verify your account during your first withdrawal, so get ready some identification.

Availability – This might be the most important one: you need to check that you can actually use your preferred payment method in your country, and that is an actual option at the betting site you want to play at. These restrictions are mostly found in the US though who is somewhat limited in their options, but be sure to check that you can use an ewallet on the site you want to deposit at before you start the process of funding.

Other deposit options

There are other options than the ones we are talking about here, although they are used by something like 95%+ of the online gamers. But if you have trouble using these options, here are some alternatives.

Prepaid debit cards – These are not that uncommon and are offered at most online betting sites. These are like buying a credit card with a predetermined amount of money in it that you can use to pay for stuff, like funding a sportsbook account. You can simply go out to a local store that offers them, or sometimes you can buy them online and from there you use the card to deposit.

Bank Wire – Many would consider this the old school way of paying, but some are not used to or feel safe using credit cards to purchase online. Bank Wires are a fine alternative to these if you aren’t that comfortable around the web. Just note that these can take a while to get processed and sometimes they cost a little more.

Our Recommendations

This will depend largely on which region you are from, but for most of you out there getting an ewallet account would be the best thing you could do in order to make the most out of online betting career. This accomplishes several tasks:

Limits the exposure of your credit card information – By only linking your credit card to your ewallet you limit the sites you expose this information to. You only fund your ewallet once and then move funds to and from this account, where the betting sites cannot get your information.

Lessens downtime – Cashing out back to your bank account usually takes a couple of days, sometimes weeks. If you simply wanted to move the funds to another betting site it would go a lot quicker by just withdrawing back to the ewallet you used to deposit with. If the alternative is cashing out with check it might even be cheaper as well!

Promotions – The ewallets offers promotions and sweepstakes to those that utilize them. Be sure to take advantage of these offers if you choose to go this path. That is some free extra value to you as a customer.

Credit cards are about just as easy as these options, but lack a couple of key points. They are great for depositing funds, but lack good options when you want to cash out. We recommend getting an account with either Neteller or Skrill if you are serious about betting. If you prefer not to credit cards like Visa and MasterCard are fine alternatives.