The Pros and Cons of different banking methods
Signing up to an online sportsbook for the first time can be a daunting experience. Where to start? How much should I allow myself to spend? Have I chosen the right bookmaker?
So many questions!
We all like to look after our Money and making sure we only spend within our means is vitally important. Choosing the right deposit method is imperative for an enjoyable and potentially profitable betting experience.
Most reputable online Sportsbooks will offer a huge range of deposit methods when signing up and it’s possible to mix things up if required. Some people operate through their PayPal account whilst others are comfortable enough to use a credit card for all of their gambling transactions. There’s also Skrill, Neteller & even personal cheques!
Online security is pretty tight these days and any kind of breach would be a PR disaster for a bookmaker. They rely on customer loyalty and they wouldn’t want to lose their clientele through sloppy security errors. There is still a stigma, particularly amongst those of an older generation that inputting card details is a game of chance but depositing with an online sportsbooks is safer than ever before.
Credit/Debit Cards
Credit and Debit cards remain the most popular way of depositing. It’s quick and easy and the money appears in your account immediately. There is also no additional charge for using this service in the majority of countries (always worth checking!)
Pros
Once your details have been entered for the first time, they will be saved and future deposits will take a matter of seconds. It is a stress-free way of adding funds and there is rarely any need to move money around beforehand.
It makes it easy to follow all of your transactions through this method with them usually appearing on a monthly & annual statement.
Withdrawals can often completed slightly quicker than using alternative methods.
Credit and Debit cards are able to process larger payouts. If you land the dream 10-fold accumulator or the 200-1 outside comes in, it’s straightforward to withdraw large amounts of money to your personal account.
Cons
Some Credit Cards may come with a small operator charge, always best to check with your provider.
Gambling addictions can sometimes spiral out of control particularly if multiple credit cards are used or large overdrafts are available.
Withdrawals often take 1-3 days to complete (longer if it falls on a bank holiday weekend!) and there is a danger of bills being paid which leave the account short of funds until the transaction is complete.
If you’re trying to hide gambling activity from a partner or family member, this is not the method to choose!
Credit and Debit cards can be limited or stopped altogether if the sportsbook suspects fraud may have taken place.
PayPal
PayPal operates an online wallet storing cash which can be used to purchase goods or services online. It’s quick and easy to set up an account and can be utilised for a number of things including funding an account with an online sportsbook.
Pros
It is a quick an easy method and money is added to betting accounts immediately.
Handy for keeping a set amount of money separate from cash required to pay bills and everyday costs.
Safe and secure. Money can be quickly transferred back to a credit or debit card if required.
PayPal allows different currencies to be converted.
Cons
There is a small charge for using this service. Depositing £10 from a PayPal account for example would leave you with £9.80 to play with.
If you don’t sign up and deposit with PayPal when registering for the first time with an online sportsbook account, some bookmakers can make it difficult to add these details at a later date.
Not available in every country.
Some transactions can take slightly longer (but not by much!)
Skrill
Skrill operates in a similar way to PayPal and can store money in an online account. It is often used by businesses. Moving money between this account and an online sportsbook is simply and easy to do.
One recent development is the addition of Skrill -1Tap which allows accounts to be funded with one touch. This can be applied on a mobile, laptop or tablet.
Pros
Much the same as PayPal, it keeps a set amount of money separate from other accounts.
Safe and secure and operates in a number of different languages offering a range of currencies too.
Reasonably quick transactions
No documentation is required before funding a betting account using this method.
Cons
Not all online sportsbooks have added Skrill to their roster. Always best to check before signing up.
There may also be a small charge applied to these transactions (different online sportsbooks operate varying rules)
Neteller
Neteller is another online e-wallet which provides a separate account for online users. It is particularly popular in the USA and Canada. It is virtually the same as having a Skill account.
Pros
Once again moving money between your accounts is easy.
It keeps the money separate from other funds.
Once you’ve added your account details to the system, it should be straightforward to make deposits in the future. (You don’t have to remember the 12 digit code each time!)
Cons
Not all online sportsbooks offer Neteller as a deposit method. Always check first.
There are additional charges for using Neteller. Funding a betting account is free but moving cash between your account and credit/debit card will incur a small charge.
Some online sportsbooks set a higher minimum deposit when using this system. They also restrict the amount of money which can be withdrawn.
Cheques
This may seem like a very old fashioned way of operating…and let’s face it, it is!
But, some online sportsbooks in a number of countries still accept payments using cheque.
Pros
There is no charge for depositing using this method
A number of different cheques are accepted (Not travellers!)
Cons
There is usually a large minimum deposit limit when using this amount. Each individual online sportsbook has different requirements.
Cheques can take between 5 and 28 days to clear.
Additional charges could be incurred for recorded delivery or ensuring the cheque is posted safely and securely.
Some online sportsbooks have removed this method from their list of possibilities.
Online Bank Transfers
This is an increasingly popular way of depositing and bypasses the inputting of credit or debit card details. Most bookmakers do accept this method but always best to check beforehand.
Logging onto your online banking provider is required to complete this transaction. You will need to use your membership reference number which should be easy enough to find.
Pros
Once you’ve set up the recipient, you won’t need to input the details of the betting company unless you change bank or open a new account.
It’s quick and simple. Money will appear in your betting account later that day.
Skips the inputting of credit card details. Some punters prefer the betting company not to hold their vital digits on their system!
It’s 100% free to use this method with the majority of banks.
Cons
This method requires careful inputting of details. Correct sort code & account numbers must be added plus the correct membership reference number so they know which account to attribute the funds to.
Not all online sportsbooks & betting sites accept this method.
Any online security issues would be your responsibility as opposed to the bookmakers.
Online betting accounts can sometimes take a couple of hours to be funded via this transaction.
There are a number of other methods which are accepted by various online sportsbooks. Paysafe Card is very similar to PayPal and Neteller with no charge for each transaction. A minimum deposit is sometimes required for this method although various currencies are available.
Entropay is similar to having a virtual Visa debit card and is some people’s preferred method of depositing.
Most bookmakers are expanding their offering and selection of deposit methods. It allows bettors to make the choice whilst keeping their personal preferences in mind. The more methods available, the likelier they are to attract new customers from all around the world.
Every method has pros and cons and it’s always best to read up on the advantages and disadvantages before jumping in!
Online sportsbooks will always push people towards using credit and debit cards as it is quick and easy and deposits can be made instantly. Personal choice & situation is important to consider before signing up and mixed your methods is perfectly acceptable. Don’t be caught out by additional hidden charges however!
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