Betting Payment Options Guide
Here at BestBettingSites.Online we have looked at the whole gambling industry and hand-picked the bookmakers that have the best range of banking options. We have also looked at the pros and cons of the different payments methods that are currently available on UK online betting sites.
Frequent Betting Deposits Questions
Have heard of Skrill, PayPal or Bitcoin? Do you know what the best way of depositing and withdrawing into your betting site account is? Is it possible to deposit or withdraw in the shop if the bookmaker you are betting is also available on the high street? What is the betting site with the fastest payout and which ones have the lowest minimums deposit? What is the payment methods with the lowest fees? Keep reading our guide, and you will have the answers to all those questions and more. You will then be able to make the best choice and also bet safely and securely.
In this section, we have divided all the different payment options. To know more about every payment method merely click and you will be taken to a separate page where you will have more information.
Credit And Debit Cards
As you would expect the majority of accounts are funded with debit and credit cards. If you are not sure what is the best card to use to fund your account, then you should read our payment guide that is available below. We have analysed all the major credit and debit cards and listed the what the suggested bookmakers that allow this type of payment method are. In addition to that, we have also listed what the minimum and maximums limits and even any fees or charges associated with every transaction are.
Depositing via credit or debit card is the most popular form of payment for online betting: this payment method has the lowest limits and the largest maximums and also it is quick and flexible.
All the debit cards are well accepted by all UK betting sites. Since debit cards are directly connected to your bank account, this is a very secure way of transacting as money are immediately taken from your credit balance when the authorisation is given. Betting accounts can be funded, in the same currency, without any fee. Most bookmakers also accept pre-paid debit cards.
Visa and MasterCard are widely accepted by UK betting sites. Other cards can also be accepted, but this is not always the case. Generally, if you are depositing or withdrawing using a credit card, you will be charged a fee by your bank as those transactions are marked as cash fee.
This is a pre-paid virtual VISA card that is well accepted by the majority of online betting sites (the UK and European). Entropay is a safe and secure method of payment, and with this card, you will also be able to control your betting activity at any time and ensure that you are not going overdrawn. With Entropay, you will also be able to benefit from betting sites welcome offers. Despite some small variations minimum, maximum and payout times are similar to the standard VISA cards.
American Express have very high fees, and for this reason, lots of bookmakers tend to decline this card. There are some ways to use AmEx with betting sites, and if you click on the title of this section, we will tell you more about it.
EWallets & Digital Wallets
eWallets or Digital Wallets are like some sort of ‘middle-man’ for your money. These accounts are directly funded from your bank account, and you can decide how to move money in and out from the account. Why using eWallet services? One main advantage is that you don’t have to endless enter your credit or debit card details when buying something online. By entering your eWallet account number, you can safely complete the transaction.
Easy to monitor activity
If you are a punter that likes to have lots of online betting accounts then using an eWallet will make things a lot easier. You will be able to see all the transactions made, and you will also be able to monitor your winnings and losses. Additionally, the eWallets do provide privacy and security as bookmakers transactions will not appear on your bank statement but only the eWallet transaction will show.
Ultimately if you are living in a country where online gambling is not widely allowed then having an eWallets can still allow you to make deposits and withdrawals on some betting sites. We are not suggesting you should do anything that is unlawful, but we are just pointing out what is a fact. Below we have analysed the different eWallets and looked at how convenient they to fund your online betting accounts.
PayPal is without doubts the most popular eWallet in the UK. Initially, it was linked with eBay, but recently they have completely separated and are now a different entity. Once you have authorised and verified your bank account and cards with PayPal you can seamlessly deposit and withdraw money from online betting sites. Nearly every betting sites in the UK accept PayPal although there are some limited exceptions.
Neteller is also another vast e-Wallet. They are a straight competitor of PayPal, so things are working pretty much in the same way. Neteller was created in Canada, but in 2004 they moved to the Isle of Man, and they are now a fully fledged electronic money company authorised by the UK government. Neteller has always had strong links with betting sites, and in the past, more than 80% of their transactions involved some gambling sites. You will find the most betting sites will accept Neteller as a payment method, but lots of bookmakers do not qualify Neteller for welcome bonuses.
Skrill, called in the past Moneybookers is an e-commerce brand that is regulated by the Financial Conduct Authority in the UK. They have launched after PayPal and Neteller and are a straight competitor of those two. Skrill, however, is owned by Paysafe group which also own Neteller and PaySafeCard. Like Neteller, you can fund your betting accounts without too many problems with Skrill, but this payment method does not usually qualify for the welcome bonus.
If you are looking for an alternative to the services we have just listed, then you should consider ecoPayz. This operator has been around since 2000 and is, in fact, one of the first eWallet services ever existed. The good news is that unlike Skrill and Neteller you will be able to claim new customer offers by using ecoPayz.
If you have an Apple device like an iPhone, MAC, iPad, Watch you can now benefit from Apple Wallet to deposit money into some online bookmakers directly through the app or website. This is the fastest and most convenient method between all the ones we have reviewed: the service is free, has limits which are in line with the major credit and debit card and it is very secure as all your personal details are replaced with a security token so that operators will not need to get your card details.
Alternative Digital Wallet Services
There is more and more eWallet service in existence, and some are more popular in specific regions than others. In our bookmaker guides, we do have some of them listed: for example most UK betting sites like William Hill accept lots of different methods like Click2Pay, EntroPay, InstaDebit and lots more. In our betting site reviews, we have listed each of the digital wallet service allowed bookmaker by bookmaker.
Cash & Alternatives
The arrival of the online betting site has been great news for the punters; more offers, lots of betting markets, live betting, live streaming, opportunity to bet when and where we want and so on. The only downside I can think of is that effectively there is a lack of options to bet in cash.
Back in the days, the vast majority of bets were placed in cash but now as we have seen electronic money seem to have taken the control. There are however still opportunity if you want to fund your betting accounts in cash and we have looked at the different options here.
The majority of the traditional UK bookmakers still have a reliable high street presence, and they do allow you to pop in one of their shop and deposit or withdraw in cash. All you need to do is going to the shop, identify yourself as the online account owner, and you will be able to access all the features of online betting by using your cash money.
Another way to use cash to fund your betting is to use services like PaySafeCard. In this case, you won’t need to have a bank account as you can simply buy the voucher online or on some high street shops by paying in cash or other payment methods. The majority of the betting site does accept PaySafeCard and similar although normally there are lower limits in regards to deposit and withdrawals. This is a good way to deposit in cash on those betting sites that do not have an offline presence.
This is a new type of pre-paid MasterCard that has been done by William Hill. With this card, you will be able to spend the funds directly from your betting wallet without having to clear those back into your account. The card is effectively like a debit card and can be used to buy any products. It is likely more bookmakers will follow as this is an excellent idea.
Virtual & Digital Currencies
Bitcoin and other digital currencies have become very famous in recent years and are a different thing from the traditional currencies like the Pound, Dollar, Euro and others. The main difference is that they are entirely digital and therefore unliked from any specific economy. More and more betting sites are now accepting deposits in those digital currencies, and this is a perfect way for punters to have their funds away from the traditional banks.
Many believed that Bitcoin wouldn’t last, but it has now become the largest virtual currency in the world. With Bitcoin you don’t need a bank as effectively you do store, send and receive payments digitally. The system is fully secured, and it is also cheap compared to others and virtually can be used everywhere in the world. Even UK betting sites have started to accept payments in Bitcoins, and this is a fantastic alternative to the regular banks.
Other Payment Methods
There are also other payments methods to deposit funds into your betting accounts. We can’t go through every one of them here, but the BACS, Bank Wire and Cheque are all pretty common.
Bank Transfer is mainly used as they do allow to deposit large amounts in one go as the maximum limits are high.
A Bank Transfer or Wire is an authorisation from you to your bank to move your money from your bank account to another bank account. In the UK different names describe this as BACS, faster payments and CHAPS. All those names mean precisely the same thing, however, some might be quicker than others. Usually, bank transfers to bookmakers are free however your bank might apply some charges especially if you are sending to different countries or use different currencies.
Cheque & Betting Sites
The cheque is that paper that people used to pay you with. You would need to take it to the bank to cash it out. Considering the many options available nowadays it doesn’t make much sense to transact with your bookie by check but you still can. Lots of bookmakers even accept cheques that would need to be posted to your betting site and wait that funds will clear before you are allowed to bet. With some betting sites, you will still be able to cash out using cheques.
Western Union & Betting Sites
Western Union is one of the biggest money transfer systems in the World. Lots of bookmakers accept deposits and withdrawals with Western Union, however, be mindful of the fees. For more info check our bookmakers’ review section.
Minimum & Maximum Bets And Deposits & Payouts
Minimums and maximum deposits tend to change significantly depending on the betting sites. Here we have done a full article so that you can take a good look at the situation and find the betting sites that have the terms that match your preferred payment method and the amount you would like to deposit and bet.
Some betting sites allow to deposit as little as £1, but generally, it also depends on which payment method you are going to use. The minimum stake can be from 3p to £2, and those can be different depending on the type of bet your planning to make (i.e. single or multiple). You can compare on our site and find the betting site that has the best limits in regards to funding and withdrawing.
The majority of betting sites do set maximum deposits and withdrawals to avoid fraud. If you are a high roller, however, you should look for a site that has the right maximum for the type of bets you will be placing. It is no fun to win a million pound and then waiting to withdraw a few grand every time. Similarly, you shouldn’t place a large bet if the maximum payout is rather small. To help you avoid similar disappointments, we have listed maximum payouts and withdrawals so that you have a complete view early on.