It is impossible to wager real funds on sports until you transfer these funds to your sportsbook balance. This is a step that every punter has to take and it is an important part of your experience. In the article, we will review the most popular banking methods you can use to bet online on sports.
Credit and Debit Cards
Plastic cards are perhaps the most popular banking method at sportsbooks. People use them in their everyday lives anyway, making it convenient to top up your betting balance with this method. Using it to bet online is the same as doing so for online shopping, and you won’t need to set up any additional payment systems, so most users won’t have any difficulties with this banking option.
The terms for transactions are usually great with credit and debit cards. The sportsbooks typically don’t charge a fee for any operations with cards, allowing you to be flexible with your bankroll. The method is also available both for deposits and withdrawals. Deposits are processed instantly, while cash-outs usually take a couple of days to be finished.
Some users prefer not to share their financial details with the bookmaker or even don’t use their cards online at all. The most convenient option to bet online in this case relates to setting up an e-wallet. It is an online account where you can store funds and use them for payments. You can use many other payment methods to add up your e-wallet balance, and the list includes credit and debit cards.
Most modern e-wallets are easy to set up and comfortable to use. You won’t need more than five minutes to create an account and send funds there. It is the preferable option for many punters, but there are some downsides as well. Firstly, you will need to perform an additional step every time you deposit or withdraw. Secondly, in contrast to credit and debit cards, e-wallets are not accepted universally. You will need to ensure the sportsbook you have selected supports payments via your e-wallet.
The transaction terms for e-wallets are almost the same as with cards. There are normally no fees for deposits and withdrawals, and the processing periods are the same. However, it is important to mention that e-wallets may have an internal fee. For example, when you use your card to send funds to your e-wallet or vice versa, there might be a fee of up to 5%.
Prepaid vouchers or cards are arguably the safest option to perform online transactions. These are physical cards sold at your local stores. They have a face value on them and a secret code. Entering the code in an online shop will transfer the face value to the vendor. The main benefit of this option is that you don’t share any financial or personal information with the sportsbook and are able to bet online securely.
The main downside of this method is that the withdrawals via such cards are not supported. At the moment you decide to cash out, you will need to have another payment method ready for receiving your winnings. As for the deposits, you will have to go to a local store every time you decide to add up your balance.
Some bookmakers are also accepting cryptocurrencies for deposits and withdrawals. Users who already operate with Bitcoin, Litecoin, Ethereum, and other cryptos are enjoying the feature, but for others, it might not be as beneficial. Transactions work smoothly and are usually processed instantly, but it is rather hard to set up a crypto wallet. Moreover, there are the so-called “gas fees” for every transaction. In case you’re not using cryptos already, it might be easier for you to stick to e-wallets.