A Guide to Sports Betting Payment Methods

The sports betting sector and the financial sector are two of the most dynamic areas of the global economy and, as with all retail and services industries, the sports betting world has had to take into account the changing nature of modern finance. 

When customers are looking for betting sites to use, they increasingly expect to be able to make deposits and withdrawals with their preferred finance methods and will look for the right option, whether that is Klarna sportsbooks or betting sites that accept Boku.

The number of payment methods that can be used on betting sites is increasing all the time, and will vary according to which jurisdiction a customer is betting in, but here are some of the main options that are used in the world of sports betting in 2022. 

Debit Cards

One of the easiest options for making sports betting transactions, debit cards transfer money directly from your chosen bank account to the bookmaker and vice versa. The advantage of the debit card method is that almost all betting sites will accept them. The downsides are that withdrawals are slower to process than some other methods, and there are more secure options. 

Credit Cards

This is a form of payment that has become increasingly controversial in some gambling jurisdictions. Making deposits and withdrawals using credit cards is still available in some areas of the world, but many nations, including the UK, have banned credit card transactions, as they effectively enable people to gamble with money that they don’t have and can contribute to gambling addiction. 

Bank Transfer

The slowest but one of the most reliable banking methods. Both deposits and withdrawals can take several days, so this is not an option for those who want fast banking. One advantage, however, is that bank transfers tend to have much higher maximum limits than other payment methods, so can be preferable for wealthy customers who bet large sums of money. 

E-Wallets

The e-wallet method is one of the widest forms of banking around. With an e-wallet, funds are transferred from a chosen bank account into the e-wallet, which is then used to make deposits and withdrawals from the betting site. There are many types of e-wallet including PayPal, Neteller, Skrill, EcoPayz, Giropay, Euteller, Klarna, and Qiwi and all offer very fast deposits but bookmakers vary in the extent that they accept e-wallet methods, and some e-wallet deposits cannot qualify for sports betting bonus packages.  

Trustly

Although often regarded as an e-wallet option, Trustly is subtly different to the e-wallet brands mentioned above. It acts as a link between your bank account and the betting site, offering fast deposits and withdrawals and is widely accepted across Europe, although the deposit and withdrawal minimum figures tend to be larger than with some other methods. 

Cryptocurrencies

Cryptocurrencies such as Bitcoin are well known around the world, although their acceptance in the betting industry has been slow. The advantage of this method of payment is that it offers a level of security that is even higher than e-wallet methods, as well as instant transactions. The downside is that it is far from universally accepted – there are jurisdictions where they are totally banned for the use in sports betting. Besides, many cryptocurrencies are extremely volatile. 

Google Pay and Apple Pay

With smartphone use at an all-time high, making banking transactions through a mobile app makes a lot of sense. Both Google Pay and Apple Pay are fast-growing options that allow for fast and easy transactions. Both have downsides, however. Google Pay is not as widely accepted as Apple Pay, while both can only be used to make deposits, not withdrawals.  

Paysafecard

With Paysafecard, you buy a card from a participating retailer for a set amount and then use that money to fund your betting account. It is simple to use and offers fast deposits, but withdrawals are not an option. 

Boku

A cross between an e-wallet and a mobile device method, Boku enables you to make deposits to your sports betting account using your phone, with the money later added to your phone bill. While this can produce rapid transactions, it isn’t yet widely accepted in the betting industry. 

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