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Any bookmaker worth their salt will have a range of payment methods available, both for depositing money into your account and for withdrawals. Using a credit card on betting sites is one of the most popular methods for this purpose, along with debit cards, but it’s rare to see a bookmaker that doesn’t allow at least a few other methods. Most accept eWallet services such as Skrill betting or Neteller, while PayPal is growing in popularity among bettors. Furthermore, some of the more forward-thinking bookies will also accept payments, and allow withdrawals, in Bitcoin betting. However, it’s on credit card betting online that we’re going to focus on; here’s everything you need to know about this way of funding your account.
Depositing with a credit card on betting sites is pretty much like any other form of online payment transaction – you will be required to enter the same details and tick much the same boxes as you would if ordering groceries or making an Amazon purchase. The one downside to using a credit card to deposit to a bookmaker is what happens to that transaction; your credit card issuer will consider it a ‘cash advance’ rather than a standard payment. This could mean there are extra fees, so read your card’s terms and conditions to see how this may impact your bankroll.
The vast majority of betting sites apply a rule of “closed loop” transactions, in which funds from your betting account can only be withdrawn to the source that was used to put them there. If you have two cards attached to an account, and use one to deposit £10 – and then bet that £10, winning £50 – you will only be permitted to withdraw that £50 to the card you used for the initial deposit. In cases where you do have more than one payment method attached to an account, a look at the Withdrawal screen should tell you how much you can withdraw via each method at a given time.
It is essential to check the terms and conditions on each betting account that you have before using your credit card for betting online. In the vast majority of cases, there will be nothing too onerous about the checks and balances that a bookmaker asks you to go through, but knowing what those are is eternally useful. On some credit card betting sites, if you wish to withdraw to your card, you will need to have proven your identity to the bookmakers before they will release funds. As a result, you should go through the process of proving your identity when you first sign up. The sooner you’ve got that out of the way, the less chance there is that it will cause delays down the line.
In each of the above cases, the bookmaker will specify how they want you to send these forms of ID. A digital photograph or scan of each of the above – with some of the numbers on your card covered up – will usually be more than acceptable, and the bookmaker will supply an email address to send them to. You can send ID proofs by post, but as you might imagine, this will take a lot longer than doing the same thing digitally.
More people use their debit or credit card on betting sites than any other method. If you wish to do the same, keeping the tips below in mind can help to ensure you have a smooth, easy experience when doing so.
We mentioned this above, but it’s an important point, and one that anyone considering using a credit card on a betting site needs to keep firmly in their mind. When you make your payment, your credit card issuer will see this payment as a ‘cash advance’ or a ‘cash withdrawal’ – which tends to come with a percentage-based fee. Check your card terms and conditions to ensure how much you’re liable to pay before making a deposit using this method. Another alternative option is using Paysafe betting.
If you are going to use a credit card for betting, keep it separate from any other cards you use. Betting should always be done using money you’re not going to need for any other purpose, and in order to keep funds separate you should ensure that you’re not using a card that you may need for essentials such as household maintenance or healthcare. You should keep the balance of this card at, or close to, zero so that you’re not incurring interest – especially as ‘cash advance’ interest tends to be higher than standard purchases.
Withdrawals from a bookmaker, as we have explained, need to be done using the same card that was used for your initial deposit. If you are using a debit card, this naturally means that the withdrawal will be processed into the relevant bank account. On a credit card, it means that the withdrawal will be taken off the balance of the card.
This is a major reason why you want the balance on your credit card to always be at zero – you don’t want your winnings to be swallowed by interest. It does also mean that you may need to request a credit balance refund from your card issuer if the winnings take your balance “below” zero and into credit.
Some bookmakers will not take deposits from certain types of credit card. In the vast majority of cases, American Express cards are not accepted by bookmakers, while certain types of Mastercard will also present problems. Bookmakers will specify which cards they will and won’t accept in their terms and conditions, but if you are still unsure after reading them, contact the customer service department for further information.
Using a credit card on betting sites offers a lot of advantages over other methods of payment. It guarantees you a much wider range of choice when it comes to bookmakers, and you should be eligible for the majority of sign-up and reload bonuses (though, of course, check the terms and conditions of each offer to be sure). The one major downside is the ‘cash’ related fee, but if you ensure you keep this factored into your bankroll maths, it should be manageable.
Of course, betting needs to be done safely, and it is a good idea to be careful when using a credit card for betting online. Keep your betting funds and your everyday money safely separated, so that your losses never affect your ability to pay bills and live your everyday life. For this, you may find that having a specific credit card – ideally with a low credit limit – that you use specifically for betting is your best choice.
With all of that said, now you know a bit more about using your credit card on betting sites, you can go about the process as safely and securely as possible. Want to make some payment provider comparisons? Get started with our PayPal betting and Neteller betting guides.