Payment Options - Overview

Payment Methods For Online Betting 2020

When joining a new online bookmaker, it is important that you have lots of ways to withdraw and deposit your money. One sign of a good bookmaker is the variety of banking methods it provides. We look at all the pros and cons of best payment methods such as credit cards, debit cards and e-wallets so you can pick the best choice for you. Here’s a list of the most popular payment methods 2020.

Payment Methods Offered By Betting Sites in UK:

MasterCard is one of the most popular payment methods around. Alongside Visa, these bank cards are responsible for most of the online betting transactions around. The MasterCard is safe, secure and easy, making it the ideal way to top up your online betting account.

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Pros and Cons
  • Quick and convenient
  • Secure method of payment
  • Widely accepted
  • Difficult to control expenditure
  • Longer withdrawal times

Making payments and withdrawing your winnings via iDebit is just as easy as making online transactions with other e-wallets and online payment processors. It is a quick process and as such, with most online bookies, you'll be able to withdraw your money in under 24 hours.

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Pros and Cons
  • Safe and fast transactions
  • No need to disclose bank details
  • Minimal fees applied
  • No refund system
  • Not supported in many countries

Maestro is actually a product of MasterCard, one of the biggest credit cards in the world other than Visa. It was founded back in 1992. It is actually a debit card, albeit one of the oldest ones out there. It is one of the most popular payment methods online, especially when it comes to online bookies. It's quick, reliable and easy, making it a great choice.

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Pros and Cons
  • Quick and convenient
  • Low minimum withdrawals
  • Very UK friendly payments
  • Not accepted at all bookmakers
  • Longer withdrawals than eWallets

PayPal is the oldest and most reliable e-wallet in the world. No doubt, it is also the most popular one in use to date. Whether you want to use t for online shopping or online betting, most places accept this payment method now. Not only is it quick and easy, but it's one of the most secure methods on the market.

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Pros and Cons
  • Accepted by most bookmakers
  • Safe and secure method
  • Offers instant transactions
  • Can incur fees
  • Can be easily traced

American Express, also known as Amex for short, is one of the trusted names in electronic banking. The company has gone a long way since it was founded. Many people consider it today as one of the most popular brands in the financial services industry. However, it's much more popular in the US than the UK - not many take it, but for those who do, it's quick, reliable and secure.

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Pros and Cons
  • Safe and secure method
  • Fast lead times
  • Instantly available funds
  • Not readily available in UK
  • May have fee incurred

Bankwire transfer is one of the best and most secure ways to manage your funds when you’re betting. Topping up your bookie account through bank wire is probably the oldest method around. Some even consider it as the safest way to transact with sportsbooks both online and through a land-based bookie. Most bookies accept bank transfers and that makes it the ideal betting payment.

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Pros and Cons
  • Used by most bookies
  • Higher deposit limits
  • Secure banking method
  • Charges are incurred
  • Long wait time for withdrawals

Visa Electron is an effective and easy-to-use payment method is essential for using sports betting bookmakers. Debit card use has increasingly become popular nowadays. People use debit cards to pay for virtually any kind of purchase, whether it be physical or online. And of course, bookmakers have tapped onto debit cards as a convenient way to send and receive payments for bets. Of all the bank card payment, Visa electron is one of the most popular.

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Pros and Cons
  • Prevents overspending
  • Accepted by most bookmakers
  • Safe and secure
  • Longer withdrawal times
  • May incur fees

Ecopayz was established back in 2000 and the industry now considers it as one of the oldest e-wallets in the business. It’s also one of the biggest enterprises in sports betting, serving more than 173 countries in the world. It is now a widely recognised payment method within the online betting community and is accepted at many of the larger bookies. It's safe, secure and easy to use.

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Pros and Cons
  • 24/7 customer support available
  • No need for credit checks
  • Top class security
  • Not accepted at all bookmakers
  • Fees may be applied

Neteller is an e-wallet that has been around for quite some time. You can use it for purchases, payments, and other transactions for your bookmaker account. You can use it to transfer funds to and from your bank account. They also allow the transfer of funds from one Neteller account to another. It's fast, secure and effective and a great way to top up your online bookmaker account.

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Pros and Cons
  • Very secure payment method
  • Instant withdrawals
  • Great VIP program
  • Can't always claim bonuses
  • Carries annual fee

Skrill is one of the most frequently used e-wallets for sports betting. You can use Skrill to top up your bookmaker accounts, while you can use the Skrill MasterCard to withdraw your winnings. You are able to use this MasterCard on pretty much any ATM in the world. As well as this, you can also use this card for other transactions. It's quick, safe and easy and perfect for all your online transactions.

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Pros and Cons
  • Instant transactions
  • Bank card awarded
  • Great customer support
  • Not as widely accepted
  • Only available in EU

Banking & Credit Cards vs eWallets

If you are someone that doesn’t feel totally safe or secure in providing your banking details to an online bookmaker, then eWallets are a great option. Should you choose to use Neteller or Skrill, you can top up quickly and easily without giving away your personal bank data. These methods are also great because they have the quickest withdrawal times. Then you could go for a prepaid option, such as Paysafecard; not only is this ultra-safe, but it also helps you to control your spends. Then, the very best offer the chance to bank via PayPal, which gives you that added level of security.

All banking methods have their own pros and cons. Read up about the different types of payment options available so you can decide what method works best for you. Some offer faster transactions but lower limits, others are a little slower but allow you more freedom and let you access all the promotions available. Before you decide which one is best, make sure you know all about them so you can make the best and most informed decision.

Other Payment Methods Available Outside UK

Furthermore, other options available are: UseMyBank, Mistercard, CashU, Gluepay, Teleingreso, Bank Link, Multibanco, EPS, eWire, Boleto Bancario, eKonto, Fundsend, Speedcard, Euteller, POLi, iDeal, Abaqoos, Nordea, Giropay, Sofortuberweisug and Przelewy24 for punters outside the UK.

All deposits are immediate, so you can start straight away. As well as this, none have fees attached. In general, the minimum deposit allowed by William Hill is just £5 although some methods, such as eWallets and online banking have a minimum deposit of £10.

With eWallets, it processes your withdrawals in just one day, with credit and debit cards it takes between 2 to 5 working days; for bank transfers it can take between 5 to 10 working days. The amount you can withdraw at one time varies widely depending on the method you use. It goes from between £10 to £5,000 with Quick Cash all the way to £10 to £250,000 with Visa, MasterCard and Maestro cards.

The currencies currently accepted by the sportsbook are: GBP, USD, AUD, CAD, SEK, DKK, EUR, HKD, JPY, SGD, and CHF.