Choose the right payment method for betting sites
Betting is deeply ingrained in British culture. Where would we be without noisy arguments in pubs and wagering on local teams just to prove our support? Betting is very much our thing. Just as being a smart ass is our thing. So why don’t we combine those two and find the smartest payment method to use when placing bets?
Here are the three main things to consider when choosing a payment method on a betting site:
Fast withdrawal
The ideal time to withdraw your winnings is straight after you win your bet. You want the money to appear in the designated account instantly. The good news is that there are a bunch of payment methods that guarantee you just that:
- Choosing PayPal because it’s the most widely accept e-wallet
- VISA debit lets you do withdrawals fast and with no middle man.
- The other biggest e-wallets like SKRILL and NETELLER normally offer instant withdrawals from online bookies.
- Apple Pay and Google Pay are among the fastest ways to deposit money, but you would have to find another way to withdraw funds.
- Bitcoins require a certain level of tech savviness but, if you are already a happy owner of a crypto wallet, this payment method guarantees quick transactions to and from bookmaker (however, you’ll have to brave the Wild West of unlicensed bookmakers because the Gambling Commision doesn’t look too kindly on bitcoin).
No deposit fees
Obviously, another great option is not to pay an extra fee when depositing money into a betting account. However, if currency conversion is involved in the transaction, which is often the case with PayPal, there is no way around it. Among the payment methods that normally don’t charge extra deposit fees are SKRILL, Apple Pay, Google Pay, and a relatively new pay-by-phone payment method, BOKU.
Privacy
To avoid gambling activity showing up on your bank statements, choose PayPal which acts as a middle man. With this established and trusted payment method, you won’t have to worry about sharing too much information with your bank. Everyone deserves a bit of privacy.
PayPal is supported by the biggest bookmakers in the UK, and those that don’t have PayPal, offer a similar alternative like BOKU or NETELLER. The latter payment methods are less common but provide the same level of privacy, meaning that your gambling activity will not be shared with your bank manager.
Another privacy concern that might occur when betting on unfamiliar betting sites is whether bank details are shared with the bookmaker. To protect yourself from sticky scenarios like frauds and scams, you wouldn’t want a betting site to get any access to your bank account.
Luckily, there are ways to avoid this, too. By using payment methods such as PayPal, BOKU, SKRILL (or a prepaid card service Paysafecard) you will secure your bank account and won’t share any bank details with a bookie.
Dealing with a bookmaker is a bigger commitment than just purchasing something online. You have to go through a verification process that will leave your identity connected to the website for good. That is why, apart from the above-mentioned criteria, it is always a good idea to ask yourself the following questions before registering on a betting site:
- Is this bookmaker legit in the country from which you are betting?
- What are the minimum and the maximum amount to deposit and withdraw?
- Does this bookmaker provide you with a payment method of your choice?
- Can you make withdrawals using the same payment method as you used to deposit?
Be smart when you are dealing with gambling sites, and you could be paid back generously (if you are a lucky fella).
*This is a collaborative post.
