Betting Payment Methods

The days of heading to a bookmakers and paying in cash to place a bet seem a long time ago now. In the 21st Century, there are countless ways to place a bet online. These payment options vary in convenience, effectiveness, availability and time elapsed between deposits and withdrawals.

Throughout this guide, we will explore the most popular – and some of the more unusual – ways that you can gamble with online betting sites. Some of these will also offer free bets as a new player/new customers bonus, others will let you add more to your account any given time. There are pros and cons to each of this wide range of options, so read on to learn which serves your needs best or follow the links below for more in-depth information.

We have listed all the available and popular payment methods when looking to place a bet on horse racing events online.

Best Online Betting Payment Methods

Check out the full payment options today:

Debit Cards

Given the choice, most online betting sites and online bookmaker would prefer all customers to use debit card to place their wagers. As they are linked to a bank the funds are despited instantly. This protects the bookmaker, who can rest assured the transaction will not be revoked at a later date.

This method is arguably safer for punters, too. It’s easier to bet responsibly when you can only use money that is available in the here and now – no hedging on a line of credit, confident that a supposed sure thing will see you right.

Debit cards are widely accepted by all betting sites, as they are typically Visa cards. This makes them one of the most common payment methods out there in the world of online betting.

Using a debit card is also among the fastest ways to manage your deposits and withdrawals – certainly much swifter than bank transfers from the same account.

Credit Cards

Keep that MasterCard in your wallet – it’s no use on a betting site. Credit cards can no longer to be used to gamble online, as of April 2020. This even applies if you try to use a credit card via an e wallet. You’ll need to find other payment methods from now on.

This legislation was introduced after advice from the UK Gambling Commission, who suggested that they made it all too easy for problem gamblers to run into trouble. If the money to bet is not in your current account, you’ll haveto rely on free bets.

Paypal

PayPal is arguably the most famous electronic wallet of them all. Its omnipresent popularity means that PayPal is widely accepted by online betting sites, though there are always exceptions to every rule. Different sites have different regulations, so check the rules of your preferred purveyor. Debit cards can be linked to PayPal though, keeping your payment one step away from your account statement.

Betting through PayPal tends to cost more, as the sites that accept this payment method are forced to pay fees. This means that you’ll likely face certain restrictions if your betting site does accept PayPal. This includes a minimum deposit, and you’re unlikely to get any free bets or casino bonus for when you make deposits.

E-wallets – Skrill and Neteller

PayPal is not the only game in town with it comes to online betting using an e wallet. You could also try your luck with Skrill or Neteller. These bet payment methods and e-wallets operate the same policies – and restrictions – as PayPal. You’ll need to ensure you have money in your electronic wallet or link a bank card before adding to your bet account.

One of the main reasons to make deposits to a betting account using an e wallet is the one step of removal from your bank. Your statement will show PayPal, Skrill or Neteller as the vendor, not the online betting site itself. In addition, the online betting company cannot access your information. This makes these payment options secure for punters.

Again, with Skrill and Neteller, you’ll need to deposit and withdraw using debit cards or a bank transfer – no credit cards will be accepted. As with PayPal, you’ll also likely find that any free bets of similar sign-up bonuses are off the table if you use these methods.

Apple Pay

Apple Pay is another form of electronic wallet widely accepted by most betting sites and online bookmaker. Naturally, you’ll need an Apple product – be that a MacBook, iPhone, iPad or Apple Watch – to use this payment method. If you have such an appliance, you’ll be invited to create an Apple Pay account and add money for deposits or withdrawals to and from sites.

Apple Pay acts an intermediary between yourself and the betting site or bookmaker account, again retaining one step of separation from your bank account. You also won’t need to fumble around for your card to enter security PINs or expiry dates. Your bet will be placed using the touch of a button. You may miss out on some free bets, but this one of the easiest methods out there for managing your online betting account.

Bet Using Phone Bill

Phone bill is the latest method to take the online gambling world by storm. Unfortunately, not many major online betting sites accept this may of making deposits and withdrawals just yet, so you may need to shop around. Any money you spend on betting all be added to your monthly phone bill.

If you’re using your phone bill as a payment method for online gambling, a company called Boku will act as a go-between. This is one to watch, as it will likely rise on popularity once some of the kinks have been worked out.

In the short term, one way around this is to link your Boku account to Neteller. As mentioned previously, most bookies accept e wallets as payment options. You’ll have to pay a transaction fee, and the usual caveats about freebie bets (or the lack thereof) apply, but it’s one way to make despots and withdrawals using your phone bill.

Bank Transfers

Most sites will accept bank transfers (card payments) to top up the funds in your betting account. This payment method is far from the fastest, though. If you’re in hurry to get your bet laid, most of the top online betting sites will recommend the use of debit cards with your card details as the swiftest payment method.

This can be a way to put sizeable deposits into your betting account (sometimes called a bank wire), though. Banks sometimes get suspicious of large card transfers made to sites and block the transaction when you enter your bank details. You’re likelier to bolster your betting accounts without having to discuss it with a call centre by making a bank transfer.

As you’re placing a lathe amount of money into a betting account this way, you’re also likelier to be treated to some perks. A free bet option may come your way if you use a bank transfer, ensuring that you could save money by spending it. Withdrawals will also head straight into your current account, so this is a great option for many.

In Cash at Bookies

Naturally, the humble high street bookie will continue to accept cash for your betting. In fact, that’s the payment preference of many. Paying out is easier when there is cash in the till, and you won’t need to wait 24 hours or longer for your withdrawals to hit your bank account. If you build up an appropriate relationship with your bookmaker, you may even earn a free bet or free bets for your efforts.

On The Racecourse

You could also simply place your bets at a physical racecourse, taking in the thrill of the equestrian event. Card payments are widely accepted at these venues, and many will also permit the use of Apple Pay and even an e wallet transaction. Cash, the oldest payment method of them all for betting, will also be welcome.

FAQs

Is Online Betting Better Than Using a High Street Bookie?

“Better” is a subjective term. Online betting is often more convenient than using a high street bookie. You can make a snap decision to place a bet and do so in seconds. You’ll also have a huge range of payment options open to you. What’s more, online bookmakers will often tempt you with offers like a free bet when you make deposits to your account.

What are the Best Payment Methods for Online Betting?

Horses for courses, if you’ll pardon the pun. Different payment methods have different pros and cons, so there is no one answer to this. You’ll have to learn for yourself which is best for you. Most betting sites prefer the use of debit cards (card payments or a “bank wire” as some call it, although not a credit card) using your card details, but you’re not restricted to that. Try out different ways of making payments such as e wallets and prepaid card options and settle on what makes you most comfortable.

What is the Fastest Payment Method for Betting Payments?

If you’re in a hurry to place your bet, use a debit card. This will make a rapid deposit to your betting account. They are a popular payment and usually result in immediate deposits, and you may be treated to a free bet for using this preferred payment method.

Why Do Betting Sites and Online Betting Accounts Not Accept Credit Cards?

It’s the law, as of 2020. It was becoming increasingly clear that problem gamblers were making sizeable deposits they could not afford using plastic. Betting sites are no doubt relieved about this, though. It saves them money on processing fees, and removes the risk of gamblers managing their money poorly and causing controversy for the industry.

How Long Does it Take to Deposit and Withdraw Funds from Online Betting Sites?

This depends on the online betting account and online bookmakers in question. Different sites have different rules, regulations and policies. Take the time to look through each one, learning their turnaround time for deposits and withdrawals. This will help you make your mind up. Take a peek at the perks offered, such as free bets, while you’re doing your research to find the best payment option and payment providers for you.

What is the Best Way to Make Large Deposits to My Betting Account?

Bank transfers take longer than many other payment methods, but can be a great way to fill an online betting accounts with substantial deposits of money for ad hoc wagers. Most online sites will have high upper limits on a payment made by bank transfer, so you can bolster your account as much as you’d like. Bank transfers are also widely considered the most secure payment method for online gambling.

Can Betting Sites Access My Debit or Bank Account Information?

If you provide this data, yes – sites are online merchants, no different to any other. If you’re worried about this, use alternative payment methods. PayPal, Apple Pay, Skrill, Boku and Neteller will all keep one step of separation between your deposits and withdrawals and the payment method.

Does My Choice of Payment Method Impact Any Rewards?

It might, yes with some online bookmakers. If you’re keen to gain free bets or a casino bonus by gambling online, ensure that your payment method of choice does not null and void these offers. Every betting site has different policies about payment methods, betting sites that accept a wide range of payments are now the most popular and common for new customers.

Payment Methods for Online Betting Summary

There are a plethora of ways to deposit and withdraw funds to and from your online betting accounts that new customers can consider and therefore choose a deposit method that suits them the best. In the age of the internet, new payment methods crop up all the time and it’s never been easier to manage your money. Whether you’re keen to use a bank card (debit card), an e wallet, arrange bank transfers or a combination of multiple payment methods, you’re sure to find a betting site that meets your needs.

When looking at these payment options and popular methods remember take on board different factors such as processing time of payments, min deposit requirements and ease of use – we explore all these in details on the above pages so you can make an informed choice.