What are the payment methods for online betting?

Payment method is a major factor that you should consider when choosing an online betting site. A bookie with a wide variety of payment methods will give you more flexibility when it comes to withdrawing your winnings as well as depositing your stake. Some payment methods are also better than others in terms of the time you have to wait for the money to reflect after payment, privacy and their ease of use. For example, a bettor who wants to access their winnings within a short time can choose a site that supports e-wallets like PayPal instead of a site that does bank transfers. Below are some of the common payment methods at betting sites.

E-Wallets

E-wallets are the payment method with the widest variety in most betting sites. The leading e-wallet is PayPal, but most betting sites also support other options like Skrill, Neteller, Apple Pay and Google pay. The main advantage of using e-wallet payments for your betting payments is that they allow instant deposits as well as fast and easy withdrawals.

Bank Transfers

Bank transfer is also known as bank wires. This payment method involves sending money directly from your bank to the betting company’s bank account and vice versa. This method is one of the most secure as you are not required to transfer the money to another platform before sending it to your betting account. However, this method is rarely used by bettors due to its long processing time.

Card Payments

The use of debit cards and credit cards is one of the most popular payment methods in betting. The process of depositing money using a debit or credit card is easy, plus you can also withdraw your winnings using the same method. The most widely used debit cards and credit cards are MasterCard and Visa, but most bookies also accept Maestro and American Express.

Despite their fast deposits, bettors rarely use cards for withdrawal because they are slow. Additionally, bettors who use credit cards are required to use another withdrawal method as you can only withdraw the amount you deposited.

Western Union

Most bookies accept western union as it is a global money transfer system. However, very few bettors use the method because it the most expensive, plus it involves a lot of processes when depositing your money.