The best Payment Methods for Sports Betting

Last Updated on 05/07/2020

When it comes to online betting, punters are given what seems like endless options for the bookmakers they can join, the sports they can bet on and the betting types they can use. This holds true for the payment methods you can utilise for your deposit and withdrawals as well.

Having too many options is a great problem to have and as such we will take a look at some of the best payment methods you can use for your online betting experience. Furthermore, we will assess which payment method pays out the fastest and which is the slowest. We will also be taking a look at which one is best suited to sports betting fans. Lastly, we will answer some frequently asked questions by punters who want to know more about payment methods in general.

Most Popular Payment Methods

As with so many things in life, certain payment methods will tend to stand out as the go to for your average punter. There are different forms of payment methods that all amount to the same end, which is depositing and withdrawing funds. For the sake of comparison, let’s take a look at the most popular payment methods in different forms.

The standard option for payments and withdrawals that punters tend to go for is a bank transfer. This is a stalwart amongst punters that use online bookmakers, as it offers them the most flexible option when it comes to their deposit methods and withdrawals. If you are a newer punter and are unfamiliar with e-wallets then this is certainly the option to consider.

A name that has garnered major clout over the years is Mastercard and it has as such become a staple amongst punters for their payments methods. While you cannot use a credit card to deposit to or withdraw from  a bookmaker due to a law that came into force in April 2020, you can still make use of a debit card with Mastercard; it is one of the easiest payment methods to use and is accepted by just about every online bookmaker.

A popular form of payment that doesn’t pertain to bank transfers or debit/credit cards is the e-wallet. There are a host of different e-wallets available to you but there are a few that stand head and shoulders above the rest. In terms of popularity, Neteller and Skrill are neck and neck in numbers of active users for online bookmaker payment methods and withdrawals. Neteller and Skrill are available as a payment method on just about every single online bookmaker, as they are an incredibly efficient e-wallet. If you are new to e-wallets Neteller and Skrill could well be a good place to start.

Most Efficient Payment Methods

While certain payment methods may be the most popular amongst bookmakers that does not necessarily equate to the quickest payments and withdrawals, in terms of waiting times. Some payment methods are far and away the best when it comes to how long you will have to wait to withdraw your winnings. If speed and efficiency is what you are after then these payment methods are for you.

When it comes to using e-wallets as for your deposit methods you will find that Paypal, Neteller and Skrill are the most efficient. Making a payment with Netller or Skrill will see the punter wait exactly zero minutes for the payment to go through. These appear to be trusted payment methods in the UK. Payments with these two e-wallets are instant and to further compound their overall efficiency, withdrawal times are also instant. This is a major contributing factor as to why Neteller and Skrill are so popular amongst punters. It should be noted that PayPal also has a zero wait time with their deposits, as well as zero waiting time on your withdrawals.

If you are using a debit or credit card to make deposits and withdraw your winnings, you will also enjoy the benefits of a zero waiting time deposit. However, when it comes to withdrawals, punters can expect to wait from anywhere between 1-3 days. In an age of instant gratification, this is not ideal and may be what’s pushing punters to use e-wallets such as Skrill and Neteller more regularly.

Slowest Payment Methods

While the speeds at which your deposits and withdrawals go through do not necessarily point to who provides the best payment method, nobody wants slow deposits. As such, it is important to keep track of what payment method is giving you longer waiting times to access your winnings.

As we have previously mentioned, a Bank Transfer is a very reliable and flexible payment method for your average punter. However, when it comes to how long you are having to wait for your deposit or withdrawal to clear, the delay is a little disconcerting. You will have to wait 1-3 days for your deposit to clear and as far as withdrawals go, you will be waiting anywhere from 3-5 days for your winnings. As we have mentioned, debit and credit cards are both fast for making deposits but also rather slow for receiving your winnings as you will have to wait between 1-3 days.

With all of these waiting times in mind, it puts the average times of deposits and withdrawals to clear into perspective. When it comes to paying in your deposit, the average waiting time is around 1-3 days. Even e-wallets like Neteller and Skrill that can often be instant, may at times make you wait 1-3 days. This is on average what you can expect to see with your deposits.

Best Payment Methods For Sports Betting Sites (UK)

There are a host of different sports betting payment methods you can choose from. For the most part, whatever payment method you select does not really impact your ability to deposit funds to bet on certain sports. It may depend on the particular online bookmaker that you are using, so be sure to look out for any restrictions in the terms and conditions.

You may be looking for your deposit to clear as quickly as possible because you had limited time before an event started, in which case you would want to use Neteller or Skrill. Both of these e-wallets clear deposits instantly almost always and as such are perfect for those punters who need to make speedy deposits before a match starts.

If you are not in a rush to make your deposit or have it clear then you may want to go for one of the more reliable payment methods in the UK, a standard bank transfer. This will take a few days to clear but will charge you next to nothing on your transaction fee.

Frequently Asked Questions About Payment Methods

While making a deposit into your online bookmaker account is relatively simple, people will still stumble into a few concerns or general queries. As such, here are a few of the most frequently asked questions:

Can I Use Any Payment Method For Online Bookmakers?

For the most part, you can use almost any payment method you can think of other than a credit card to make a deposit into your online bookmaker account. However, it is important to remember that on occasion a bookmaker may restrict what payment methods you can use for any of their welcome bonuses or promotions. Furthermore, some bookmakers are different and may vary on what e-wallets you can use but when it comes to standard modes of depositing such as a bank transfer, you won’t run into any problems.

Is There A Limit To What I Can Withdraw?

You will need to check the terms and conditions of whatever online bookmaker you are playing on. On average, you can expect the minimum limits for a withdrawal to be around £25. As far as the minimum deposit you can make, we have found that on average you are looking at a minimum of £10.

Again, it cannot be overstated enough that bookmaker limits may vary from site to site. These are merely averages, always read the terms and conditions of the site you are on or better yet read the site’s FAQs to find out what the limits are for withdrawals and deposits.

Are There Security Measures For Making A Withdrawal?

The answer is yes, but not always. An online bookmaker may ask you to send additional identification if you have for example, tried to make a withdrawal with a different method than what you used to make your last deposit. Furthermore, it may ask you for further identification if you have requested an unusually large withdrawal. This is fairly common practice and is only there for the security of your account.

Conclusion

With so many options on hand to choose from with regards to payment providers and methods, it can be tricky to know which one will suit your needs best. As such, it is useful to know that a standard bank transfer and the e-wallets Neteller and Skrill are the most popular. This makes your decision making process a little easier as these payment methods are clearly well liked and reliable.

In the end, it will be up to you to decide which payment provider and method of payment you prefer in terms of convenience, efficiency and flexibility. And a final reminder to always check the terms and conditions on the site you are using to make sure the payment method you wish to use is accepted with regards to bonuses, promotions just on the site in general.

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