The sports betting industry is one of the fastest-growing sectors in the world. It was worth $270 million in 2017 but is expected to grow to about $87.75 billion by 2024.
Although the industry’s specifics vary from one country to another, the needs of players are the same. One of the most basic needs is the need for safe and convenient payment methods. Here are some of the best payment methods for sports betting.
- Debit/Credit Cards
Credit and debit cards are the most popular payment methods in the world of sports betting. Most casinos accept MasterCard and Visa as payment methods. Others may accept Discover cards and American Express.
Credit and debit cards are fast, secure, and reliable. They have been around for a long time and their convenience is hard to dispute. They do not involve any third-parties. Even though debit and credit card options are limited in most casinos, the biggest sportsbooks offer them.
Cryptocurrencies have become a preferred payment method for sports betting. They are some of the safest and fastest ways to fund a player’s account. Altcoins promote secure payments using blockchain technology.
Every time you use cryptocurrencies to make payments, blockchain will update and a new passcode will be sent to you. With this feature, identity thieves cannot steal your code.
Many sports betting sites now accept Ethereum, Bitcoin, Litecoin, and Bitcoin Dash. They offer instant deposits and payouts are typically completed within a few hours. Bitcoin has become one of the best online casino payment methods. Cryptocurrencies don’t charge any transaction fees and they promote discretion.
PayPal is widely recognized in the United States and other parts of the world. Surprisingly, it was not listed as a deposit method when states first started legalizing sports betting. However, things have changed and it is now one of the most popular options.
Most online sports betting sites have listed it as a payment option. It is popular for its speedy turnarounds on withdrawals and impressive acceptance rates. Transactions are free which more than can be said for many e-wallets.
4. Bank Transfer
Many online sportsbooks accept bank transfer as a deposit method. With this method, funds are moved from a player’s bank account to the sportsbook. Most players who use debit and credit cards use bank transfer to complete withdrawals.
Bank transfers are fast, convenient, and reliable. They promote instant deposits and are great for payouts. Even though bank transfer promotes instant deposits, withdrawals may require some time.
This digital payment service works like a wallet. It is perfect for gamblers that prioritize integrity. The e-wallet has been tried and tested in the industry. All a player needs to do is upload money in from the bank and pick this e-wallet as a payment method. There is no need to share private details with the bookmakers.
Neteller is experienced and well-established. It uses high-level encryption to protect customers against fraud. It is reassuring for customers who may be unsure of the credibility of their sportsbooks.
Neteller promotes fast flow of funds between accounts. There is no need to return them to players’ bank accounts. This feature is perfect for players who prefer using various accounts to get the best odds. Withdrawals for funds moving between betting accounts are completed within 24 hours. This is a lot faster than other payment methods.
Skrill is an e-wallet that promotes fast and convenient transfer of funds. It accepts about 40 currencies and is available in more than 200 countries. Skrillallows players to connect their accounts to bank or debit/card accounts. You can fund your sports betting account by simply picking it as an available method of payment.
Skrill is appropriate for both deposits and withdrawals. The deposits are instant but withdrawals may take a few business days. Skrill is a safe payment option since private details are never shared with third parties.
InstaDebit, also known as iDebit, is a popular deposit method. It has become successful thanks to its security, convenience, and ease of use. The customer service is great and it is available in more than 20 countries.
There is no need to use debit/credit cards as money is transferred directly from your bank account. Customers get the chance to try it out before creating their accounts. You can test InstaDebit by signing in as a guest. If you choose to register an account, you can start using it immediately. Account activation is not required.
8. PaySafe Card
PaySafe is a prepaid solution. It is great for punters looking for flexibility, security, and convenience. PaySafe works like prepaid vouchers. There is never a need to disclose the financial or personal information of a players. Registration is not compulsory and transactions are processed very easily.
PaySafe users can get prepaid vouchers from the official website or sales outlets. They come in different denominations to suit the needs of different players. These vouchers have 16-digit PINS, and you can combine up to ten of them when playing. PaySafe Card cannot be used as a withdrawal method.
Many online sportsbooks accept Click2Pay. This payment processor is great for depositing funds. However, it does not allow withdrawals. Processing with Click2Pay is easy. All you need is a valid email address and a debit/credit card.
The registration process is easy and you don’t need to spend a lot of money funding the e-wallet. When you deposit, the amount may be transferred from the debit/credit card that is linked to your account.
10. P2P (Player to Player) Transfers
Player-to-player transfers allow players to send money to other players in just a few minutes. The main benefits of P2P casinos are speed, simplicity, and security. The option is great for families and friends who enjoy gambling on sports together.
At the cashier’s page, simply visit the option ‘P2P Transfer’ and complete the transaction. You will be required to enter your recipient’s username. Since this method of payment only became popular recently, it may not be accepted in most sportsbooks.