Online Betting » Best Online Betting Payment Methods

Best Online Betting Payment Methods: A Complete Guide for 2024

Mike McKean
Editor
Fact checked by: Dave Kuzio
Last Updated on 12.07.2024

When you create an account at a leading gambling site, you need to decide which online betting payment methods to use. Most sites offer dozens of payment options with various terms and conditions you need to be aware of.

Here, we run through the different ways that you can add funds to your online betting account and explain the differences between each method. We also introduce you to some things to look for when making your decision. Read on to learn about the best way to add money to your online gambling account today.

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Explore the Various Payment Methods at Betting Sites in 2024

The Best Online Betting Payment Methods

From debit and credit cards to e-wallets like PayPal and Neteller, you can add funds to your online betting site via the following methods:

Debit/Credit Cards

  • Widely accepted and very easy to use
  • Broad deposit and withdrawal limits at most sites
  • Not usually the fastest method for withdrawals (3-5 days)
  • Credit cards cannot be used in all countries (e.g., the United Kingdom)

Debit and credit card transactions are one of the most widely used online betting payment methods and are the reason that Visa betting sites are a great option. After all, they’re easy to use and widely supported, and if you’ve ever bought anything online, you know how to process a transaction via your bank card.

At many online betting sites, you can deposit from just £5 with a debit card, and thanks to software like Verified by Visa, this type of payment is particularly secure. One important thing to note is that you can’t use credit cards for betting in all countries, with the UK being the most prominent example.

Overall, if you’re new to online gambling, making a deposit via your debit card is arguably the easiest way to get started.

E-Wallets

  • Instant deposits and withdrawals processed within 24 hours
  • Low and often no fees, depending on the wallet
  • Some have comparatively low withdrawal restrictions (e.g., £1,000 – £10,000 per day)
  • Depositing via some e-wallets (like Neteller & Skrill) disqualifies you from specific promotions

E-wallets are also a popular option if you’re looking for a seamless way to deposit and withdraw at an online sportsbook. Depending on where you’re gambling from, you might be able to use one or many of the following e-wallets:

  • PayPal
  • Neteller
  • Skrill
  • Trustly
  • Jeton
  • Payz
  • MiFinity
  • Sticpay
  • EPS
  • eZeeWallet
  • WebMoney

PayPal is the most popular e-wallet in the world and is a supported method at most betting sites, so it’s easy to come across the best PayPal betting sites. On the other hand, Skrill betting sites are also popular with European players, as are betting sites with Neteller, which offer low fees and extremely fast payments.

E-wallets are favoured by many online gamblers because they support instant deposits, and most withdrawals are processed within 24 hours. They also offer more anonymity than bank cards and are a handy way to restrict the amount of your personal and financial information that you convey to the betting site.

You can also use e-wallets to easily jump between fiat currencies if you bet at sportsbooks based in different parts of the world. Many e-wallets also offer cryptocurrencies, which is attractive if you’re planning to bet at crypto sites like Stake.com.

Mobile (Google & Apple Pay)

  • Extremely straightforward deposit method
  • Bolstered security thanks to 2FA, fingerprints, and/or retina scans
  • Not as widely available as other payment methods
  • Usually only available via the mobile app
  • Withdrawals not supported

It probably hasn’t escaped your attention that Google and Apple Pay have transformed the way that most people purchase products and services. It’s also true that paying via your Apple or Google Pay app has become one of the best payment methods for online betting, and it’s a great option when you deposit funds via a sportsbook’s mobile app.

We like Apple and Google Pay because of the enhanced security measures associated with each deposit method. For instance, you can activate 2FA when using Apple Pay, while Google Pay requires fingerprints or retina scans to ensure that you’re the one processing the transaction.

Though maximum deposits via these payment methods won’t appeal to high rollers (£5,000 cap at many betting sites), the ease and security of Google and Apple Pay means that it’s a good option to consider. Just be mindful that you will need to select an alternative withdrawal method, as most betting sites don’t process payouts via Google or Apple Pay.

Bank Transfer

  • High deposit and withdrawal limits at most betting sites
  • Simple to process directly from your online banking app
  • Long processing times (up to ten days at some betting sites)
  • Some betting sites request high minimum deposits to process direct bank transfers

Though there are so many innovative and emerging payment methods available at online betting sites, many punters may still prefer to transact via bank transfers. This is a simple and reliable method, as you can send funds to the betting site directly from your online banking account or banking app.

The biggest drawback to this method is that deposits and withdrawals via bank transfer are not instant, and can take anywhere between two and ten days. However, a trade-off is that you can typically process much larger transactions via this method (often up to £100,000 per day), which makes bank transfer one of the best payment methods for online betting if you’re a high roller.

Prepaid Card

  • Instant deposit via an innovative method
  • No delays or fees
  • Withdrawals via prepaid card aren’t possible
  • You need to actively buy credit for a prepaid card from a store

One of the best online betting payment methods for peace of mind is the prepaid card. Paysafecard is the best-known prepaid card supported by most betting sites, and it enables you to buy a specific amount of credit, which you can then deposit directly to the betting site of your choice.

It operates much like a pay-as-you-go card and is a good way to bet responsibly and remain in control of your betting limits. You can typically buy £10 – £100 worth of credit, which you can then deposit to your betting account via the unique 16-digit code provided. There are no third parties involved, and it’s an easy way to add funds to your online betting account.

Cryptocurrency

  • Anonymous, safe, and secure transactions
  • Instant deposits and withdrawals
  • More complicated than most fiat currency transaction methods
  • Not available everywhere (betting sites in the US cannot offer crypto, for instance)

Many betting sites around the world are introducing cryptocurrency deposits. Crypto is a form of virtual currency hosted on the blockchain that provides total anonymity to users. There are lots of different cryptocurrencies available, but the most commonly supported at betting sites are:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Bitcoin Cash (BCH)

To gamble with cryptocurrency, you first need to buy the currency at a trusted exchange. You can then transfer however much crypto you wish to gamble from your hot or cold wallet to the site in question.

Though it might seem confusing at first, gambling with cryptocurrency is safe and secure, offering a good alternative to betting with fiat currency.

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Now that we’ve introduced the most popular online betting payment methods, it’s time to look at how they compare with one another. The table below is a handy comparison of the deposit and withdrawal methods you can find at online betting sites with the key terms and conditions attached:

Payment MethodDeposits?Withdrawals?Speed of DepositsSpeed of WithdrawalsMaximum Withdrawals
Debit CardsInstant3-5 days£10,000 – £50,000
Credit Cards(with some restrictions)InstantN/AN/A
E-WalletsInstant24 hours£5,000 – £60,000
Apple PayInstantN/AN/A
Google PayInstantN/AN/A
Bank TransferUp to 48 hoursUp to 10 days£100,000+
Prepaid CardInstantN/AN/A
CryptoInstantInstantUnlimited

How to Choose Between the Best Online Betting Payment Methods

As you can see, with so many online betting payment methods to choose from, deciding which option to use can be a challenge. To make things a little easier, here are some things to consider before making your first deposit at an online betting site, all of which we consider when conducting our betting site reviews:

Transaction Speed

Transaction speed is perhaps the most important thing to think about. Fortunately, most online betting payment methods process deposits instantly, so you don’t have to wait to place bets on your favourite sports. The notable exception is deposits via bank transfer, which can take up to 48 hours, depending on your bank.

The speed of withdrawals varies significantly from betting site to betting site, but the table above indicates the typical differences between each method. Crypto and e-wallet withdrawals tend to be the quickest, offering payouts within 24 hours. Naturally, choosing the quickest method is a big advantage, so you can access your winnings without delay.

Deposit and Withdrawal Limits

Next, you should look at the limits attached to deposits and withdrawals based on the type of bettor you are, whether that means you typically deal with small betting transactions or aim for bigger bets. The best online betting payment methods have low deposit limits and high withdrawal limits, meaning you can get started with anything from £5 and withdraw up to £100,000 per day if you land a big win.

You can deposit via debit card or an e-wallet for low deposit limits, but to access the biggest payouts, a bank transfer or crypto deposit is the best option.

Availability

Something often overlooked about online betting payment methods is that every option is not available in every country. For example, you can’t deposit with a credit card in the UK, and crypto deposits are not permitted in the US.

It’s a good idea to review the betting site’s payment terms and conditions before selecting a payment method so you know that it is accepted in your region.

Promotion Eligibility

Some betting sites stipulate that you are not eligible for specific promotions if you deposit via certain methods. For instance, some betting platforms state that anyone who deposits via Neteller and Skrill cannot access welcome promotions. Again, this is something you should check before using either payment method.

Best Payment Methods for Online Betting: Debit Cards, E-Wallets, or Prepaid Cards?

Ultimately, there are so many online betting payment methods to choose from, so you need to think carefully about your choice. From Visa & Mastercard to Bitcoin & Ethereum, there are lots of ways to add money to your online gambling account.

We advise you to carefully read the payment terms attached to each payment method, so you can be aware of deposit and withdrawal limits, transaction speed, and any eligibility or licensing restrictions. You’re now all set to add funds to your online betting account; browse your options, decide how much to bet, and make a deposit to bet online today.

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Online Betting Payment Methods FAQ

💲 How do you pay for betting?

You can use a number of methods to pay for online betting, including debit cards, credit cards, bank transfers, e-wallets, Google Pay, Apple Pay, and cryptocurrency.

🏦 How do you cash out online betting?

To cash out your winnings, you need to request a withdrawal from the online betting site. Provided that you have the minimum amount in your account, you can then process the withdrawal via one of the supported payment methods.

💰 Can I use PayPal for gambling?

Yes, you can use PaPal for online gambling, though you need to check that your chosen betting site supports PayPal and other e-wallets.

💸 Which are the best online betting payment methods?

E-wallets are perhaps the best option, as they support instant deposits and process withdrawals in just 24 hours.

💳 Can you deposit at a betting site with a credit card?

Some betting sites in some countries allow credit card deposits. If you’re a UK-based player, you cannot gamble with a credit card.

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