There are some methods of payment that have become pretty standard in and outside of the betting world. These are the traditional banking payment methods which require a user to own a banking account with a conventional structure. The ones where people have the option to choose between debit, savings or cheque.
Over the years, there has been a definitive shift from the ‘normal’ system of doing things to more flexible, more mobile trends. Instant withdrawal payment sites and methods are the new kid on the block when it comes to payment methods. Casinos are possibly the leaders of the new frontier by allowing the latest, most instant ways to pay, which is currently Cryptocurrency. From electronic wallets such as PayPal, which were introduced to the market in the mid-90s, to cryptocurrencies, the world has come a long way in a very short space of time, thanks to the internet.
Best betting payment methods
In this article, we are dealing with the best payment options for you as a punter. We give you the pros and cons of each method so that you can make a well-informed decision that best suits you. Starting with the old and finishing with the new.
This is the most popular payment method because it is the most accessible of all the conventional banking methods. It works efficiently online and in the real world. Granted, you have enough funds in your account to meet the required wagering amount. They are also available to most betting sites from all over the world.
- They are certified for nearly all the promotions
- Wide-ranging banking limits from most bookies
- The simplest option from conventional banks
- Transactions can take some time to process
- All transactions are traceable via your bank statement
- Carries the highest security threat
What started as the main payment option for e-Bay is now the world’s most widely used electronic payment method. As an alternative to traditional payment methods, PayPal is the most popularly used second payment option in most casinos and sportsbooks globally. It helps that the payments take as little as two hours to process.
- Most prominent electronic wallet
- Owned by many
- Quick withdrawals
New to the scene and already making the loudest noise, cryptocurrency might be the competition we’ve all been waiting for when it comes to banking options. Of all the cryptocurrencies hitting the streets, Bitcoin is the most popular and most available in the betting world. With vastly varying betting limits, using it is surprisingly easy once you’ve endured the process of getting started.
- Incognito and safe
- It beats all the other cryptocurrencies in popularity
- Numerous dedicated sites are available
- Not as established as conventional methods
- Complex for newcomers
The phone app, previously known as the Android app, is an innovative mobile payment method which can be downloaded on smartphones. The portable wallet only requires that you link it to your debit account for it to work. The next-level security features on it include facial and fingerprint scans. Even though using it means you don’t have to pay any additional costs, bookmakers are still slow in catching up to its existence.
- Setting up isn’t complicated
- Fresh security features
- No additional payments
- Only available to selected bookmakers
- Can’t withdraw funds using the app
If you were ever searching for a combination between a pay-as-you-go card and a cryptocurrency-type payment method, look no further. Paysafecard allows you to purchase a card with a 16-digit pin code that carries an amount of money you can bet with from an accepting betting site. How’s that like a cryptocurrency, you ask? You get to keep your anonymity. There are also no additional fees.
- Creative banking option
- Nothing complex about receiving or using it
- Doesn’t require linking to a bank account
- You have to find a participating store or website.
- They still have to work on the withdrawal logistics.
As you can tell from reading this article, the bar is being raised higher with every new betting payment method invented. The final decision, however, rests with you and the betting option you find most feasible. Make a wise choice.