What’s the best payment method for bookmakers? What sports betting payment method should you use?
As a general rule we recommend e-wallets — the benefits far outweigh the drawbacks. However, you should note that e-wallet depositors are not usually eligible for free bets & promotions.
Our advice is to claim your sign-up promotion by depositing via bank (e.g. credit/debit card), and then switch over to an e-wallet for subsequent deposits.
Here’s more on our recommended sports betting payment methods.
Why Use A Gambling E-Wallet?
There’s several reasons why we recommend that you use an e-wallet (rather than a bank transfer, or Credit/Debit/Prepaid Card) for regular sports betting transactions:
- Anonymity. Apart from the deposits to/from your e-wallet, your bank has no knowledge of what gambling sites you’ve been using. This is particularly beneficial if you’re trying to obtain a mortgage or loan.
- Security. You only ever enter your e-wallet email address and password. So your bank details aren’t used or stored by the third party gambling site.
- Low risk. In theory your e-wallet could be compromised like any other online account. But you only stand to lose your current e-wallet balance (which can be kept low).
- Convenience. Your Bank or Building Society will often phone you up, or block your transactions following gambling activity from your account. Thankfully this is not a problem for e-wallets.
- Speed. You’ll receive bookmaker payouts much faster with an e-wallet than bank transfers (or cheques).
What Gambling E-Wallet Should I Use?
The following two options are the most popular, reputable e-wallets for gambling transactions.
Skrill is a very popular choice for online sports betting sites. The e-wallet is trusted and very cheap to use.
Formerly known as “Moneybookers”, Skrill has been in business for over 15 years and is accepted by the vast majority of gambling sites. It costs nothing to deposit and withdraw to (almost all) bookmakers using Skrill .
Withdrawal from Skrill to your bank account is typically charged a fee of €1.80, or €3.50 for a cheque. Transferring money between accounts (peer-to-peer) costs less than €0.50 for the sender, while the recipient is charged no fee. These fees are significantly reduced for Skrill VIP members who have qualified for perks through frequent use of their e-wallet.
Neteller is another excellent gambling e-wallet that’s accepted by almost every sports betting site.
The Neteller company has been in business since 1999, and offers multiple funding methods (including country-specific options) that are free to use. Like Skrill, it costs nothing to deposit and withdraw to the vast majority of bookmakers using Neteller .
Credit and debit card deposits into your Neteller account are charged a 3.9% fee; some local deposit methods are free. Peer-to-peer money transfers charge the recipient a 1.9% fee, with a minimum charge of $1. Withdrawals from your Neteller account (to bank) can be processed via a Neteller debit card or cheque for $2 per transaction. EFT withdrawals to your bank account are free.
Like Skrill, Neteller offers a MasterCard so that you can use your account for real-world purchases and ATM withdrawals.
While Neteller is more expensive than Skrill it’s easily the 2nd best e-wallet option.
How Do I Set Up My Gambling E-Wallet?
Setting up an e-wallet is simple and requires only a few personal details and verification steps. For example, you’ll need to confirm ownership of your bank account. If you’ve ever used eBay then you’ll be familiar with these steps from setting up a PayPal account.
Once you’ve set up a gambling e-wallet you’ll need to fund it. Funds can be sent between your verified bank account and e-wallet whenever necessary.
E-wallets are basically just digital accounts enabling gamblers to send and receive money (i.e. deposits & withdrawals) to and from bookmakers or casinos. They’re simple and effective.