Payment methods have always been of crucial importance when choosing your next bookmaker. A variety of banking options can distinguish a top bookie from a mediocre one and attract players from all levels, amateur to experienced. When it comes to finding the best bookmakers' deposit methods, you will come across brief details for each method in most sites around the net. We take the extra step and present you the best banking options for your country, together with the most trusted bookmakers.
How to choose your next Bookmaker Deposit Option
Most operators, nowadays, offer a variety of bookmaker deposit options. From cards and bank transfers to wallets and crypto, players have the opportunity to choose from a diverse range of banking methods. However, not all deposit options are created equal, and specific points can weigh on your decision.
Critical factors of Bookmakers Deposit Methods
When looking into the most suitable bookmakers’ deposit methods, specific features can differ from each option. Availability, fees, bonus eligibility, and limits are significant issues that can make a banking option more or less beneficial and attractive to the bettors.
Availability of Online Betting Payment Methods
First and foremost, the banking option has to be available on your chosen bookmaker. That is a standard for traditional online methods such as credit cards, wallets and instant banking. However, options like Crypto and betting with mobile credit such as Apple and Google Pay can be limited. That means you have to use a different method or find a bookie that offers your desired banking option. Most payment providers have introduced tighter gambling transaction requirements, leading bookmakers to operate with more conventional deposit methods.
Fees for Bookmakers Deposit Methods
Then, deposit fees come into play. While most deposit methods are free of charge, you should keep in mind that some systems could levy a small cost. These costs can fall into two categories. First, there could be a fee when you upload funds from your card or bank account to your wallet or cryptocurrency. Second, a charge when you deposit to your bookmaker with your preferred banking method. Multiplying that with your total deposits, it can have a significant effect on your bankroll.
Betting on your local currency
Also, there is the availability of your local currency. Some deposit methods offer only major currencies such as Euro, US Dollar and British Pound. If your preferred bookmaker deposit option is not provided in your local currency, you might be charged with a hefty conversion fee. Most banking options have a fixed exchange rate, which is significantly higher than traditional banks, to make more money. However, wallets and fintech banks offer a multitude of currencies to avoid additional costs.
Instant Betting Payment Options
The payment speed is also critical, as you might want to place a bet in a game that starts in a few minutes. The great thing is that most bookmakers offer instant deposits; however, due to regulations, some payments might go under a brief review before they are processed. Once more, betting payment options attached to a credit card or bank account could face more scrutiny than wallets.
Limits for Online Betting Payment Methods
Minimum and maximum deposit limits can make the difference to the player as you might want to test a bookmaker with a small deposit first before sticking to it. Therefore, low deposit betting sites are essential for the players. You can deposit as low as €/£5 and place a small bet to check if the bookie meets your expectations. Moreover, if you are a high stakes bettor, you want to place big wagers with no payment provider restrictions.
Bonus eligibility of Bookmakers Deposit Methods
Welcome Bonus availability is another feature that could depend on the bookmakers' deposit methods. Many bookmakers have restricted Skrill and Neteller from the sign up offers due to a history of bonus abuse and arbitrage betting. You can work around this issue by making your first deposit with a debit or credit card, and your subsequent ones with your wallet.
Non-disclosure of details
Privacy of your bank details has risen as a major feature since tax authorities can require a full audit of your bank account from your financial institution. Traditional banking methods such as credit cards and bank transfers fall short in this area as all of your private data can be shared with both the bookmaker and public authorities. Crypto and wallets owe much popularity to the non-disclosure of your financial data yet.
Betting with an app
Mobile betting accounts for almost 50% of the entire activity; therefore, a convenient and quick app is needed for players. Luckily, all payment methods offer tailored mobile apps that allow you to control your total spending on the move. You can place your live bets away from home as long as you have an internet connection and even cash out or ask for a withdrawal.
Verification of Bookmakers Deposit Methods
The payment method you will opt to use plays a part in your verification process, on top of the standard KYC documents. In case you used a credit/debit card, a photo of the card's front side is required. You will have to verify your details for wallets, with a screenshot where your name, e-mail and transaction to the bookmaker are visible. All bookmakers’ deposit methods have to be verified due to regulations and anti-money laundering laws.
A detailed review of Bookmakers Deposit Methods
You will find the complete list of our reviewed and continuously updated payment methods in the following table. Click on each one to find out in detail every feature and perk attached to it, from benefits such as welcome bonus availability and low fees to drawbacks like country restrictions and privacy concerns. Our table will help you make the most conscious and well-informed decision for your next bookmaker deposit option. The table is dynamic; therefore, the ratings depend on players' feedback can always change.
An abundance of banking options offers bettors the opportunity to cover basic gambling needs such as privacy, reliability and low to zero fees. However, certain bookmakers' deposit methods have stood the test of time and have become a staple to every serious bettor.
Credit cards: The oldest Bookmaker Payment Method
It is hard to find a person that does not hold a Visa or Mastercard. Card payments have been the oldest bookmaker deposit option and still have a big share of the market. Universal acceptance and simplicity in paying are the most distinct traits. On the downside, there can be delays up to five working days in payouts, plus your bank tracks your betting activity.
Fintech Banks: A booming industry that has attracted the interest of players is Neobanks. At the forefront are Revolut, N26 and Transferwise, which offer all the benefits of traditional banking without the hassle. Privacy in payments and swift transactions are the most significant traits. However, Neobanks, in general, have shown that they do not cater to gambling with exorbitant fees, additional verification, and even banning betting transactions such as Revolut in the UK. On the other hand, TransferWise and Monzo do accept sports gambling payments, albeit with low limits.
Wallets: A worthy Bookmaker Payment Option
Tailored to betting needs, wallets like Skrill, Neteller and ecoPayz have become players’ favorites for privacy in payments and rapid withdrawals. On top of that, they come with a Prepaid Mastercard that you can use on ATMs. Drawbacks are that welcome offers can be restricted; should you deposit with a wallet, and deposits and payouts to your bank are subject to fees.
Betting with a bank transfer: For quick and secure deposits
One of the most conventional and trusted options, with the reliability that a banking institute provides and eligibility for welcome offers. You can deposit directly with instant banking and wire transfer without an additional purchase or top up and enjoy high limits. Also, there are services in several countries that allow you to transfer money from your bank account quickly and safely. In Germany, Klarna (Sofort) is highly popular, while in the Netherlands, iDeal accounts for more than 50% of total transactions in the country. Sweden is the primary market of Trustly, which has a market share of more than 2 billion Euros in the country. Still, the lack of anonymity and the fact that withdrawals can take up to 7 business days can make some bettors look for an alternative.
Mobile payments: Bet using mobile phone credit
The rapid expansion of mobile betting allows you to deposit with options such as Apple Pay, Boku or Zimpler. Link your credit or debit card with the app and enjoy secure and swift payments to your favorite bookie. Betting with mobile credit is gaining in popularity, as it offers rapid transactions from the comfort of your phone. On the downside, it is not a widely available method to bookmakers, and the deposit limits are pretty low.
Vouchers and PIN codes: Still relevant Betting Payment Options
Paysafecard is one of the most straight-forward and traditional betting payment options, as you only need to purchase a Paysafecard from a merchant and use the PIN to your bookmaker. Total anonymity and control of your spending were the top benefits of this method. However, recently Paysafecard has turned to wallet services. That means an online account is mandatory in certain countries, which has to be verified as well.
Also, several vouchers such as Neosurf, Flexepin and Astropay Card, provide the much-wanted anonymity in transactions. Still, they suffer from minimal acceptance in betting sites and low deposit limits.
Betting Payment Options that you can still find available
You might come across to bookmakers that still offer Player to Player transfers, Western Union, Moneygram and Bank cheques. Keep in mind that these deposit methods have minimal acceptance and are considered obsolete by most bookies and players.
Crypto, anonymous sports gambling payments
Starting in 2009, cryptocurrencies such as Bitcoin, Dash and Ethereum offered complete anonymity and instant transactions to players. Also, Welcome Bonuses are worth more than if you deposit with a conventional method. More and more bookmakers offer Crypto as a banking option; nevertheless, they lack a significant industry breakthrough yet. The volatility of the cryptocurrencies must also be considered, as the price can go up and down rapidly.
Furthermore, BTC sportsbooks offer the opportunity to use various cryptocurrencies, including Dogecoin, Litecoin and Zcash, so you will not be limited in one option. High odds on major leagues are also on the menu. However, the main reason for Crypto's growing popularity is that your betting activity is completely encrypted from any banking or tax institutions, and it does not affect your credit score.
How does gambling affect credit rating
One of the biggest concerns of bettors, especially the high roller ones, is disclosing personal details and betting activity to legal authorities.
Firstly, it can lower your credit rating and your prospects of getting a mortgage or loan. Gambling is not considered as responsible spending by banks, and such activity may prohibit you from getting credit.
Secondly, tax authorities can request your betting transactions from your bank to check if they were conducted legally and tax them. That can drive your total profits down, mainly if you are a big winner.
On top of that, if your country has severe gambling restrictions and you try any violation, you could face legal repercussions. These can start from paying a hefty fine to, in extreme cases, even a prison sentence.
Thankfully, there are simple methods you can follow, so your activity remains hidden, your credit rating unharmed, and your winnings untaxed.
How to bet online without a credit card - By Book Spy
Most popular and traditional options, such as credit/debit cards and bank transfer, which are among the industry's oldest methods, are connected to your bank details. That means that every payment you complete will show up to your transaction history. Tax authorities can request it to verify your income source and possibly apply a tax rate. Moreover, legal trouble can be in the schedule if your country has strict prohibitions on online gambling.
The good thing is that there are specific workarounds to it. Wallets such as Skrill and Neteller or Crypto offer anonymous payments while they keep processing time minimal. Also, you can still use a debit card from a Fintech bank such as TransferWise or Monzo, though the limits are relatively low for a high stakes bettor.
The most prominent Bookmakers Deposit Methods include credit and debit cards, wallets, bank transfers, vouchers, betting with mobile credit and Crypto. Each method provides different levels of availability, processing times and fees.
As the oldest payment method in the industry, credit and debit cards enjoy global acceptance. Major bookmakers such as bet365, 888sport and William Hill allow you to deposit and withdraw with your card and enjoy bonuses and high limits.
In almost all cases, deposits are credited instantly. If that does not happen, it could be a delay between the bookmaker and the payment provider. Usually, in a few minutes, it is resolved, and the deposit is reflected. In any other case, you should contact the customer support department of your betting site.
Many reliable bookmakers have included mobile payments as banking options. Examples are Betfair, Betfred and Unibet. The main issue with mobile payments is that they do not allow withdrawals and cannot be financed with credit cards in the UK.
In general, yes, you can top up your betting account with your credit card, except for the UK. In this market, betting with credit cards is prohibited from April 2020.
While betting sites apply top-rated security methods in place, bookmakers deposit methods offer additional safeguarding measures. If you use Skrill or Neteller, your banking details remain private. Therefore, even if your bookmakers get hacked, your funds and banking details remain safe.