Most people see any kind of gambling as an activity somewhere between passion and addiction. We’ve all seen one story too many about an individual who lost everything they had in a casino or betting on sports, but we still fall into the trap of spending too much money from time to time.
Speaking of money, it is often the most ignored element in the entire equation. Apart from passion, discipline, time and dedication, any betting enthusiast knows that he needs money to be able to fuel his passion respectively. Thus, a bookmaker must not only have good betting offers, selections, and customer support – it must also have good ways to handling a client’s money.
We have reviewed some payment options for deposits and withdrawals, so please find bellow a short guide to popular payment methods at online bookmakers, which hopefully will help you to choose the best one for your betting activities.
Deposits and withdrawals – How to find the best option?
There are two main components to the money handling part of any bookmaker: deposit and withdrawal options. The second is fairly easy and straightforward: whenever a client wants to cash in his winnings and withdraw money, he has to be able to do so quickly, easily, with fees as small as possible and preferably have the money delivered to his choice of medium (cash, credit card, e-wallet, prepaid cards, etc).
The difference between betting sites is usually related to the number of days between the withdraw request from the client and the actual receiving of the money into the account. The best times on the market are around 1-2 days, but we have seen bookmakers take as long as five days to process a withdraw request from a client. As mentioned before, this part is straightforward – the deposits are usually not.
To put it simply, a betting customer would want to have as many choices to deposit funds into his account as possible, and would like the money to appear instantly into their betting account. While this does happen for a number of deposit solutions we will analyze today; it isn’t the case for everyone.
Of course, you would like to give away as little private, sensitive information as possible, while also being in the clear to perform any transactions you want, regardless of sum and time of week when you choose to play. Thus, we will analyze the most common deposit categories to see what they bring to the table, their pros and cons, and help you decide which is the best one in your particular case.
1. E – Wallets
Payment solutions such as Paypal, Skrill and Neteller are often mentioned as the most widely-used and safe deposit solutions in the gambling industry, and for good reason too. They work surprisingly simple: a customer must first setup an account with one of these companies, which works as an online wallet. He must then deposit money (or receive money) into this account, which in turn will be able to fuel his betting account.
These online wallets are extremely secure and can be used in a wide array of domains outside betting as well. There is a good chance a lot of future betting customers already have such an account, which can make deposits a lot easier. Of course, no payment solutions is perfect. Please find bellow our reviews on each e-wallet payment method:
Pros: easy to use, funds available almost instantly, extremely secure payment solution ;
Cons: Not all international bookmakers accept e-wallet payment solutions; Can take up to a few days to initially confirm account; fees are higher than other choices;
2. Credit cards / debit cards
Depositing funds from a credit card/debit card into your betting account is currently the most popular worldwide solution. Providers like Visa, MasterCard, American Express, Discover, or really any other credit card provider allow you to directly deposit funds from your card into your betting account. We can safely presume that everyone receives their salary or money on a card these days, so this method is, without a doubt, the easiest to pull off.
Pros: very accessible, small fees, funds appear instantly into betting account;
Cons: card might have in-built limits both for incoming and outgoing transactions;
3. Prepaid cards
In essence, prepaid cards like Paysafecard or Ukash work in the same way as a credit or debit card. You have a prepaid card issued by a provider, which you then use to deposit funds into your online betting account. The only difference is that this card is not issued in your name and doesn’t contain any personal data.
Although most bookmakers take great pride in the fact that they handle your data very well and do not divulge it to third parties, some betting customers simply don’t want to risk it. The bottom line is easy to remember: a prepaid card is a safer, more discreet method of getting away with a deposit – and is the way to go if you’re hiding from your significant other.
Pros: very discreet, lack personal info;
Cons: must be purchased from a specific vendor; some bookmakers do not accept it as a payment method; must be cleared for online transactions ahead of time;
4. Money transfers
Even though modern payment solutions have appeared all over the place, it’s strange how popular direct money transfers still are. These transfers are either performed by a company such Western Union, or conducted directly by the bank which holds your account.
Either way, the money goes straight from your account (or pocket) to the bookmaker of your choice. Sending money using a money transfer is slightly more complicated than using a credit card or e-wallet, but most of these providers offer you step-by-step guides on how to do so.
Pros: very popular, extremely secure and trustworthy;
Cons: funds do not appear instantly; process requires some time and effort;
5. Cash deposits
Especially when looking at the UK betting scene, we can’t possibly discuss payment methods without talking about brick-and-mortar betting shops. They are still wildly popular across the Kingdom, where you can safely assume that you will find a shop at every street corner.
That being said, if you want to opt for the most anonymous solution of them all, visit one of your bookmaker’s physical shops and deposit/withdraw money from your account there, or simply play using traditional betting slips.
Pros: anonymous, mostly no fees involved;
Cons: time-consuming, not all bookmakers have physical betting shops in the UK, requires cash.
Without giving lots of names and detailed information, we have walked you through the most popular deposit options in the gambling world. Of course, every betting client has his preferred methods of conducting business, and there is no way of clearly saying that one deposit method is superior to another.
At the end of the day, it all boils down to personal preference and importance given to certain things like discreetness, ease of access or feel. Some deposit options activate some bonuses with particular bookmaker, so always be on the lookout for these things. After all, it’s your hard-earned money they are handling.