Money. It makes the world go round, right? As you might imagine, it also makes the betting world go round, for both the operator and the bettor. Every time you place a bet, you’re doing so in the hope that you’ll win a sum of money, however big or small. It’s understandable that most betting operators wish to make their platforms as accessible as possible, to attract as many customers as possible. To that end, they tend to diversify their betting payment methods.
That’s what we’re here today to discuss: betting payment methods.
It’s a diverse, dynamic, and ever-changing world out there, and from one day to the next, terms and conditions adapt and evolve. Once upon a time, people relied solely on on-premises, cash money betting, traditionally on physical sporting events. Today, you can bet on esports, cybersports, and virtual sports, and you can do so with cryptocurrency or fiat currency, using a huge array of betting payment methods.
So, let’s break it down, and demystify the landscape.
What Are The Most Common Betting Payment Methods?
These days, there can be, at any one time, dozens of online betting payment methods available to a bettor. Although with that being said, there are a few options that are used way more commonly than others – it’s just the nature of the game. For example, you might recognise some of the industry-standard options as follows:
- Card Payment – using a debit or credit card to deposit and/or withdraw funds.
- PayPal – the world’s most stable online financial platform, used by hundreds of millions of people around the globe.
- Neteller – a relatively modern e-money transfer service, used for around twenty years.
- Skrill – a modern digital wallet provider, used to transfer up to forty different currencies.
- Apple/Google Pay – payment platforms offered by the world’s largest mobile phone and technology manufacturers.
In most cases, the deposit methods on these platforms will be the same as the withdrawal methods. There are pros and cons to each process, and it’s worth considering them all, particularly if you’re a brand new, inexperienced bettor. For example, using card payments ensure ease of use and simple accessibility, but Skrill and Neteller disconnect your bank account from the betting platform for added security.
These days there are many bookmakers accepting PayPal, one of the most stable and secure financial platforms on the internet. It’s a tried and tested service, and it usually offers one of the quickest deposit methods – and withdrawal methods. If you’re interested in getting started with esports betting with PayPal, it honestly couldn’t be easier.
Can I Use Cryptocurrencies As Betting Payment Methods?
Let’s be predictive for a moment and state that crypto betting is rising extremely quickly in popularity. It has gone from an unknown vertical to an industry-leading alternative in a relatively short period of time, driven chiefly by the exponential growth of cryptocurrency as a whole. Today, as a more progressive bookmaker deposit option, bettors can use cryptocurrency to fund a gambling wallet. It’s one of the less common deposit methods, but it’s becoming more popular every day.
These are the most common cryptocurrencies accepted as online betting payment methods:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Monero
Although it’s a little more complex to use cryptocurrency as your betting payment method, it’s far from being impossible. Furthermore, crypto betting is inherently safer than fiat currency betting, even if it does have certain risks associated with it. It’s also much more anonymous, and as time goes on, it’s being accepted as a bookmaker deposit option on more and more platforms. Finally, if you’re looking for betting payment methods with the shortest betting withdrawal times, you won’t get quicker than cryptocurrency.
Quite simply, owing to the foundational technology behind cryptocurrency, you can benefit from near-instant withdrawal times.
Get Started With The Best Betting Payment Methods
The methods we’ve outlined in this guide might be the best, but it’s by no means an exhaustive list. For example, there’s a growing trend of bookmakers accepting Interac, an online payment platform that has existed for almost forty years. Most of these betting platforms tend to be Canadian, but it’s a growing market.
Ultimately, the betting payment methods you decide to use are entirely up to you and your preferences. As we’ve highlighted, there are positives and negatives to each one, and some are more complex than others. Finally, it’s worth considering that some betting platforms will offer exclusive bonuses, promotions, and offers on specific currencies – so bear that in mind. But, at the end of the day, it’s almost always the same odds, markets, and wagers, regardless of the betting payment methods you use.
We wish you the best of luck with your bets!