The sports betting industry is one of the fastest growing industries in the world. It was worth $ 270 million in 2017, but is expected to grow to around $ 87.75 billion by 2024.
While the specificities of the industry vary from one country to another, the needs of the players are the same. One of the most basic needs is the need for secure and convenient payment methods. Here are some of the best payment methods for sports betting.
- Debit / Credit Cards
Credit and debit cards are the most popular payment methods in the sports betting world. Most casinos accept MasterCard and Visa as payment methods. Others can accept Discover and American Express cards.
Credit and debit cards are fast, secure and reliable. They have been around for a long time and their convenience is hard to dispute. They do not involve any third party. Although debit and credit card options are limited at most casinos, the biggest sports betting companies do offer them.
Cryptocurrencies have become a preferred means of payment for sports betting. They are among the safest and fastest ways to fund a player’s account. Altcoins promote secure payments using blockchain technology.
Whenever you use cryptocurrencies to make payments, the blockchain will be updated and a new password will be sent to you. With this feature, identity thieves cannot steal your code.
Many sports betting sites now accept Ethereum, Bitcoin, Litecoin, and Bitcoin Dash. They offer instant deposits and payments are usually made within hours. Bitcoin has become one of the best online casino payment methods. Cryptocurrencies charge no transaction fees and promote discretion.
3. Pay Pal
PayPal is widely recognized in the United States and other parts of the world. Surprisingly, it wasn’t listed as a deposit method when states started legalizing sports betting. However, things have changed and it is now one of the more popular options.
Most of the online sports betting sites have listed it as a payment option. It is popular for its quick turnaround times on withdrawals and impressive acceptance rates. Transactions are free, which is more than can be said for many e-wallets.
Many online sports betting accepts wire transfer as a deposit method. With this method, funds are transferred from a player’s bank account to the bookmaker. Most players who use debit and credit cards use wire transfer to make withdrawals.
Bank transfers are fast, convenient and reliable. They promote instant deposits and are great for payments. Even though wire transfer favors instant deposits, withdrawals can take a while.
This digital payment service works like a wallet. It is perfect for players who value integrity. The electronic wallet has proven itself in the industry. All a player has to do is download money from the bank and choose this e-wallet as the payment method. There is no need to share private information with bookmakers.
Neteller is experienced and well established. It uses high level encryption to protect customers from fraud. This is reassuring for customers who may doubt the credibility of their sports betting.
Neteller promotes a rapid flow of funds between accounts. It is not necessary to return them to players’ bank accounts. This feature is perfect for players who prefer to use different accounts to get the best odds. Withdrawals of funds transferred between betting accounts are made within 24 hours. It is much faster than other payment methods.
Skrill is an electronic wallet that promotes fast and convenient money transfer. It accepts around 40 currencies and is available in over 200 countries. Skrillallows players to connect their accounts to bank or debit / card accounts. You can fund your sports betting account by simply choosing it as the available payment method.
Skrill is suitable for both deposits and withdrawals. Deposits are instant but withdrawals can take a few business days. Skrill is a safe payment option since private details are never shared with third parties.
InstaDebit, also known as iDebit, is a popular deposit method. It has become a hit thanks to its safety, convenience and ease of use. Customer service is excellent and is available in over 20 countries.
There is no need to use debit / credit cards as the money is transferred directly from your bank account. Customers have the option to try it out before creating their account. You can test InstaDebit by logging in as a guest. If you choose to register an account, you can start using it immediately. Account activation is not required.
8. PaySafe Card
PaySafe is a prepaid solution. It is ideal for punters looking for flexibility, security and convenience. PaySafe works like prepaid vouchers. It is never necessary to disclose a player’s financial or personal information. Registration is optional and transactions are handled very easily.
PaySafe users can get prepaid vouchers on the official website or at points of sale. They come in different denominations to meet the needs of different players. These vouchers have 16 digit PIN codes and you can combine up to ten when playing. The PaySafe Card cannot be used as a withdrawal method.
Many online sportsbooks accept Click2Pay. This payment processor is ideal for depositing funds. However, it does not allow withdrawals. Processing with Click2Pay is straightforward. All you need is a valid email address and a debit / credit card.
The signup process is straightforward and you don’t need to spend a lot of money to fund the e-wallet. When you make a deposit, the amount can be transferred from the debit / credit card linked to your account.
ten. P2P transfers (player to player)
Player-to-player transfers allow players to send money to other players in just a few minutes. The main advantages of P2P casinos are speed, simplicity and security. The option is ideal for families and friends who like to play sports together.
On the cashier page, simply visit the option “P2P Transfer” and complete the transaction. You will need to enter your recipient’s username. Since this payment method has only recently become popular, it may not be accepted in most sports betting.