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What Are the Best Payment Methods for Sports Betting?

What Are the Best Payment Methods for Sports Betting?
Written by Medhaavi Mishra

If you think that you might want to try a little sports betting, you need to think about how you are going to deposit your funds. Most sites will offer a variety of ways that you can do so – but which is the best, and which might be right for you?

What Are the Best Payment Methods for Sports Betting?

Make Sure You are at the Right Site

First of all, regardless of the payment method that you choose to use, you need to make sure that you choose the right site. There are many, many betting websites out there, but not all of them are safe to use. You should look for one that is well-regulated by various legitimate regulatory bodies, and who are able to demonstrate that they are willing to maintain compliance with the latest laws. All reputable betting and casino sites will display information about the licences held, terms and conditions etc.

On top of this, the site also needs to have the latest in customer service protection. They need good SSL encryption, plus several other crucial security protocols in place to help protect your financial and personal information. If you are not satisfied that a site is able to deliver this, you might need to look elsewhere. Don’t take a chance – if you think you would be better off looking somewhere else then don’t hesitate – navigate away and find a site which is secure, safe and customer friendly.

PayPal

Some sites offer PayPal, and this is a great option if you want to go for it. A PayPal account is free to set up, and is easy to use. They are already accepted as a form of payment by businesses all over the world, so you might already have a PayPal account that you use when shopping online.

A great reason to choose PayPal over other payment methods is that they are a third party. There is a degree of separation between the sports betting company and yourself. If there is some sort of issue with a payment, or if you feel like money has gone from your account that you did not authorise, you will be able to raise the issue with PayPal and they can help with your claim.

E-wallets

PayPal is just one of many e-wallets that you could choose to use when betting on sports. There are plenty of options to deposit with Astropay, Neteller or Paytm at many of the internet’s best sportsbooks. Each one of these could be a good option for you to use.

Just as with PayPal, they offer that little bit of separation between you and the provider that you have chosen to go with. Some e-wallets, such as Neteller, are actually designed to be used for betting purposes, so you might find that the interactions needed to set them up are not as difficult as others. Even if you already have a PayPal you can make use of, it can often be a better idea to look into using a different one for your iGaming needs, to help keep these parts of your finances as separate as possible.

Since e-wallets can be managed from apps on your phone, it makes them easy and convenient to use. You might also be planning on managing your betting and play from your phone, and being able to switch between different apps will be quick and straightforward.

Bank Cards

Another popular option will always be bank cards. Most sports betting sites will accept common bank cards like those made by Visa and Mastercard. However, you do need to make sure that your type of card is accepted at the site. The site might accept Visa cards, but only debit and not credit cards or vice versa. You need to be clear about the types of card that can be accepted here so you are able to use the right one to play.

You also need to think about whether or not you want to put your card information on a site. If you are using a well-regulated site with a good level of encryption then you should have nothing to fear. However, there is no complete guarantee that your card information won’t be leaked. If you are nervous about having your card information online, you should maybe consider using an e-wallet for payments over a card.

Mobile

Finally, some sports betting sites accept mobile payments. How do these work? Surely using an e-wallet is just a form of mobile payment? However, this is completely different; it is making use of your mobile to make the deposit. You will be sent a code that you input into the site, and then the cost of the deposit will be added to the phone bill.

If you don’t mind a few charges here and there on your phone bill, this could be a good way to make some payments. However, since you are technically paying the bill at a later date, you need to make sure that deposits made this way do not get out of hand. For any of the above methods, you will need to ensure that you are using safe gambling practices, but they are even more important here where you could be tempted to make a deposit with the intention of winning enough to pay off that growing bill. Paying by mobile is good in a pinch, but it should never be your preferred method of depositing – only deposit money that you have and are able to afford.

Which is Right for Me?

So, how do you determine which is right for you? Firstly, you always need to check which are available at your preferred sportsbook. There is no point in choosing an e-wallet like Skrill if you can’t use it, after all, though you might want to limit yourself to sportsbooks that use it!

Make sure you always double-check the sportsbook or casino and ensure that they have the right levels of protection in place before you start playing there. While we think the e-wallet is the best way to go – due to that small degree of third-party separation – a good sportsbook will do its utmost to offer a decent platform regardless of the payment method used.

About the author

Medhaavi Mishra