Online Betting Payment Methods
For those who are new to online football betting or who are wary of using their credit or debit cards online, here we bring you information about the various payment methods available for the majority of betting sites.
Rest assured that, due to the seriousness with which bookies take financial and data security, we are confident all these online methods are safer than the last one… taking cash down to your local bookie (you never know who you’ll happen across on the way!).
So read on as we outline the main pros and cons of the various payment methods available when you want to get your football bets on.
Almost certainly the most popular method for depositing to betting sites, debit cards are simple, hassle free and – almost always – safe. Depending on your bank you will often have to verify your card by adding characters from an additional password to give an extra level of security, and given all the bookies use the latest encryption technology, using debit cards to deposit your funds should cause no problems at all.
Given the money is added to your betting account instantly, using debit cards is perfect for when you want to get your last minute bets on before a match kicks off, and withdrawing your winnings to your card should also prove a swift and painless process.
The only disadvantage some might perceive from using debit cards is that you might inadvertently deposit more than is available in your bank account and thus incur bank charges. But other than that, debit cards are a swift, safe and secure payment method.
Similar to debit cards but with the difference that the money comes not from your own bank account but from that of the credit card company. So while you won’t go into your overdraft, you might well end up depositing money you can’t afford to pay back if your bet doesn’t win… never a good idea! And given withdrawals generally can’t be made to a Mastercard, debit cards are clearly more advantageous.
Add to that the fact that some betting sites actually charge a fee to deposit from or withdraw to a credit card. Another major downside is that credit card companies will almost always classify deposits to bookmakers as cash advances and will therefore charge interest from day one (instead of the 30, 60 or even 90 days grace given when making purchases), and they might well charge their own fees on top of those imposed by the betting sites.
In short, given we advocate only ever betting with money you can realistically afford never to see again (given the uncertain nature of gambling) we recommend not using credit cards as a payment method when betting on football or any other sport.
Formerly known as Moneybookers, Skrill is the most recognisable and respected of the many e-wallets that have sprung up on the internet over the last couple of decades. Boasting the latest encryption and security protocols and putting the safety and security of customer data at the forefront of its business, Skrill offers an excellent option for those who are wary of entering their card details online.
Given you add your funds to Skrill by bank transfer, you don’t have to add your card details every time you want to make a deposit to your betting account, thus reducing the possibility of fraud. There are also no fees when funding your Skrill account, or when you send deposits to your betting site of choice, whilst deposits are instant and withdrawals are processed quickly and without hassle.
Note, however, that you will be charged a fee when you withdraw funds from Skrill and because there is an extra administrative layer when compared to using a debit card (that is, opening and funding your Skrill account in the first place), some may be put off. But as a secure payment option it is hard to beat.
Neteller is another recognisable e-wallet whose reputation for security and data integrity means they are another safe option when it comes to funding your football betting account. In order to minimise the risk of fraud the process of opening and verifying your Neteller account is necessarily long-winded, but for the security conscious, this will no doubt be a small price to pay.
You can generally add funds to your Neteller account without fees, though – as with Skrill – you will be charged a fee when withdrawing funds. Depositing and withdrawing between your betting account and Neteller account is relatively painless and rarely incurs any delay or additional fees, and the Neteller Rewards scheme can be advantageous for regular customers.
PayPal is one of the most well known e-commerce organisations around and, given that it is owned by eBay, it has the necessary deep pockets needed to ensure they stay on top of fraud and security issues. They do this exceptionally well given the number of transactions they process and with instant deposits to your betting account and withdrawal that are handled quickly, PayPal is certainly a decent payment option for football betting fans, once you’ve got past the initial verification process.
This UK-based e-commerce option may not be as well known as some of those above, but Ukash is both flexible and safe and is growing in popularity all the time. It is well regulated and is as secure as any of the methods here, but it is particularly useful for those people who do not have a debit or credit card or who do but choose not to use them online.
To use Ukash you exchange cash for a voucher code at one of the many retails outlets which work with them, the code can then be input onto the betting site of your choice. As well as the cash option, there’s also an online option, thus giving a number of choices.
Once you’ve got your voucher code deposits to betting sites are instant, and though this is a very secure method, be sure you don’t lose your voucher code or you’ll be scuppered!
Some online betting sites who have developed from a history of bricks and mortar betting shops will allow customers to make deposits and withdrawals through their high street shops. This is perfect for those who want to deal in cash and especially if you like the feel of being handed a bundle of notes rather than just a number on a screen when you win big.
Obviously this method relies on you having a betting shop for your chosen betting site nearby, and you will actually have to physically go there (which really negates the main benefit of using an online betting site in the first place!), but it’s an option nonetheless.
Make sure you take valid photo ID when you go and, if you’re collecting a big win, maybe take some big, muscle-bound mates along in case you bump into some nasty characters on the way back!