Because online betting involves real money, it’s essential to ensure a payment method ticks all the boxes to enjoy a smooth banking experience. Below are some ideas to remember when selecting an online betting payment method:
Safety and security: A reliable payment method must be licensed by a legal financial institution to consider it. For instance, PayPal and Skrill have licenses from the New York State Department of Financial Services. On the other hand, the FCA (Financial Conduct Authority) regulates Neteller. So, only transact with licensed and SSL-encrypted payment services.
Transaction Duration: Today, deposits at the best sportsbooks are near-instant. However, things may be different when cashing out. A good example is credit/debit cards which allow instant deposits, but withdrawals can take up to 5 business days. Also, bank transfers can take a while to process payments. Therefore, choose the fastest banking method to avoid any frustrations and delays.
Transaction fee: Here is another area where bank transfers and debit/credit cards lag behind e-wallets. Online banking methods often take a small commission to facilitate transfers, unlike bank transfers that charge hefty fees. For instance, most e-wallets won’t charge anything to deposit funds into a sportsbook account. Remember, though, that costs vary, depending on the banking method.
Payment bonuses: Most sportsbooks offer bonuses these days. Even better, bettors can get a reward from the bookie for depositing using specific methods. It’s, therefore, wise to visit the payments page and learn what’s on offer. However, don’t choose a method that earns a deposit bonus while charging hefty transaction fees.
Support: Sometimes, a sportsbook can process winnings successfully, only to get stuck somewhere in the payment method’s system. This can be due to incomplete ID verification or other technical issues. But with a responsive support team, these issues are resolved quickly. The support should be reachable via live chat, although email and phone support will do.
Availability: Finally, it’s vital to determine if the payment method is legally available in your country before depositing money. To know this, visit the payment method’s terms and conditions page to know all the eligible countries. Remember, some allow only deposits in some countries.