One of the few disadvantages of online sports betting compared to land-based bookmakers is that you have to deposit and withdraw your money from the website. Even the fast paying online sportsbooks usually need several days to process your money.
But the bookmaker is not the only factor. The payment option you pick matters too. Let's take a look at the best baking methods that you could use for sports betting online, based on speed, safety, convenience, and other factors.
If you are looking for the most convenient option, you should probably turn to credit and debit cards such as Visa, MasterCard, Maestro, and similar. They are accepted by pretty much all sports betting sites and for players from all countries.
Other advantages of the credit and debit cards include strong security, the low fees and the fact that deposits with them are eligible for all promotions and bonuses. The minimum and maximum amount you can deposit or withdraw is flexible, so this payment method covers the needs of most users.
The only notable downside is related to the processing time of the payouts. In the best-case scenario, you will receive your money in several working days. There are faster options out there, as you will see below.
Next in line are the so-called e-wallets like PayPal, Skrill, and Neteller. You probably use one, so you know how they work. Many bookmakers offer them to their customers and a lot of people prefer them.
The main perk of e-wallets is the speed of the withdrawals. You usually receive your money within a day or two, which is as fast as it gets in the world of online sports betting. The only payment options that can compete with that are cryptocurrencies such as Bitcoin and Ethereum, but more about that later.
There are other reasons to pick e-wallets. The transactions are secure and you can start with only $10 or even $5 in most sportsbooks. It's a tempting opportunity, but there are some downsides too.
For a start, not every player can use e-wallets. If you are in a country with restrictive online gambling laws, such as the USA, you won't have access to PayPal and similar options.
Even if you don't have such a problem, you might run into sports betting sites that don't count deposits with e-wallets for their promotions. Since there is a higher risk of fraud from their perspective, they simply won't give you a bonus.
You should carefully read the terms and conditions of any promotion if you are thinking about funding your account with an e-wallet.
Probably the best alternative to e-wallets is cryptocurrencies. Bitcoin is the obvious choice here and many bookmakers accept it, but the likes of Ethereum and Litecoin are also available in selected betting sites.
The good news is that crypto is open to players from the US and other problematic countries. It's arguably the cleanest way to move your money in such regions.
The deposits with Bitcoin and other coins are usually fast and the withdrawals are on par with e-wallets. You will receive your money within 24-48 hours which is excellent.
Furthermore, the fees are extremely low and often covered by the gambling sites. The cryptocurrencies are not only accepted for all promotions, but there are exclusive promos for them. Most betting sites really like them and are giving their users extra incentives to try BTC and other coins.
There are downsides of using crypto, though, so let's talk about those also. For a start, not all sports betting sites work with them. The second issue is that the rates are jumping up and down all the time, so the value of your coins is volatile.
Finally, using Bitcoin and other crypto is not user-friendly. You need to open a crypto wallet, learn how to use and secure it properly. While this is getting easier by the minute, there are still people who will find the process difficult.
The payment options we mentioned so far are the best when it comes to sports betting on the internet, but others might work for you too.
For example, you can use a pay-by-phone service or a prepaid card like PaySafe to make a deposit. The procedure is easy and fast, but you can't use the same method to withdraw your money.
Another method worth mentioning is wire transfers. They are one of the best ways to move large amounts of cash, so a lot of betting sites offer them.
But the bookmaker is not the only factor. The payment option you pick matters too. Let's take a look at the best baking methods that you could use for sports betting online, based on speed, safety, convenience, and other factors.
Credit and Debit Cards
If you are looking for the most convenient option, you should probably turn to credit and debit cards such as Visa, MasterCard, Maestro, and similar. They are accepted by pretty much all sports betting sites and for players from all countries.
Other advantages of the credit and debit cards include strong security, the low fees and the fact that deposits with them are eligible for all promotions and bonuses. The minimum and maximum amount you can deposit or withdraw is flexible, so this payment method covers the needs of most users.
The only notable downside is related to the processing time of the payouts. In the best-case scenario, you will receive your money in several working days. There are faster options out there, as you will see below.
E-Wallets
Next in line are the so-called e-wallets like PayPal, Skrill, and Neteller. You probably use one, so you know how they work. Many bookmakers offer them to their customers and a lot of people prefer them.
The main perk of e-wallets is the speed of the withdrawals. You usually receive your money within a day or two, which is as fast as it gets in the world of online sports betting. The only payment options that can compete with that are cryptocurrencies such as Bitcoin and Ethereum, but more about that later.
There are other reasons to pick e-wallets. The transactions are secure and you can start with only $10 or even $5 in most sportsbooks. It's a tempting opportunity, but there are some downsides too.
For a start, not every player can use e-wallets. If you are in a country with restrictive online gambling laws, such as the USA, you won't have access to PayPal and similar options.
Even if you don't have such a problem, you might run into sports betting sites that don't count deposits with e-wallets for their promotions. Since there is a higher risk of fraud from their perspective, they simply won't give you a bonus.
You should carefully read the terms and conditions of any promotion if you are thinking about funding your account with an e-wallet.
Bitcoin and Other Cryptocurrencies
Probably the best alternative to e-wallets is cryptocurrencies. Bitcoin is the obvious choice here and many bookmakers accept it, but the likes of Ethereum and Litecoin are also available in selected betting sites.
The good news is that crypto is open to players from the US and other problematic countries. It's arguably the cleanest way to move your money in such regions.
The deposits with Bitcoin and other coins are usually fast and the withdrawals are on par with e-wallets. You will receive your money within 24-48 hours which is excellent.
Furthermore, the fees are extremely low and often covered by the gambling sites. The cryptocurrencies are not only accepted for all promotions, but there are exclusive promos for them. Most betting sites really like them and are giving their users extra incentives to try BTC and other coins.
There are downsides of using crypto, though, so let's talk about those also. For a start, not all sports betting sites work with them. The second issue is that the rates are jumping up and down all the time, so the value of your coins is volatile.
Finally, using Bitcoin and other crypto is not user-friendly. You need to open a crypto wallet, learn how to use and secure it properly. While this is getting easier by the minute, there are still people who will find the process difficult.
Honorable Mentions
The payment options we mentioned so far are the best when it comes to sports betting on the internet, but others might work for you too.
For example, you can use a pay-by-phone service or a prepaid card like PaySafe to make a deposit. The procedure is easy and fast, but you can't use the same method to withdraw your money.
Another method worth mentioning is wire transfers. They are one of the best ways to move large amounts of cash, so a lot of betting sites offer them.
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