Online casinos and sportsbooks made sports betting a whole lot more convenient. Today, punters can place their bets anytime and anywhere they are as long as they can connect to the internet. There are hundreds of online sportsbooks out there that offer numerous odds of different sports. Whatever it is you’re into, whether it’s basketball, cricket, football, boxing, or the MMA, there will always be an online bookie that will be happy to accept your bet.
When it comes to convenience, one of the major factors that affect this is how punters can transact with the operators. The biggest bookies like 10CRIC – the best betting site in India with instant withdrawal, make sure that their customers have the most favorable payment solutions that they can use. You’ll rarely find an online casino or bookie with just one or two payment options.
Wondering what the most used payment methods are by the biggest sports betting sites today? We’re giving you a rundown of the most popularly used options today by many punters around the world so keep reading!
Debit, Credit, and Prepaid Cards
The use of cards on any online transaction is still the most common. The majority of online casinos and bookies today would accept debit and credit card payments from the likes of Visa, Mastercard, and American Express cardholders.
Some bookies may charge an additional fee for card payments to be processed but typically, it is free. It’s also one of the fastest payment solutions which means that should have your money in your betting account in an instant.
For both credit and debit cards, you’ll need your card number, expiration date, and security code found on the back of the card. For added security, most cards these days only allow a transaction to go through with two-factor authentication or (2FA). This may mean that you need an OTP that will be sent to your mobile number to confirm the transaction.
Know that credit cards may not be allowed to use on certain casino sites or locations. For example, the United Kingdom prohibits the use of credit cards on any gambling-related transactions. This is to lessen the risks of problematic gambling behavior.
Meanwhile, there’s also the prepaid card option. It functions the same as a debit card but it’s not connected to a bank account. You can purchase a prepaid card that you can load up with funds and use as a regular debit card.
Digital Wallets/E-Wallets and Mobile Wallets
Aside from card payments, more and more people are also using digital wallets like PayPal, Skrill, Neteller, and more. Digital wallets are software-based platforms where you can store your money online. It’s made for online transactions to be less hassle and this makes it one of the best online solutions.
This is similar to mobile wallets like CashApp, Venmo, Google Pay, Apple Pay, and more. They can only be used if you’re online. Most betting apps allow users to connect their mobile wallets to their betting account so that transactions are fast and easy. When paying with digital and mobile wallets, you’ll only usually need your username or email, and password. These platforms always make sure that all transactions are monitored and stored securely with data encryption.
Another great online payment solution is the use of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Cardano, Binance Coin, and more. Cryptocurrencies are also called digital assets with real money value. It runs on blockchain technology which makes all transactions decentralized. Even with decentralization, every crypto transaction is recorded and can easily be monitored.
Many punters are starting to use cryptocurrencies more now because of how it could be a private way to transact online. When sending or receiving Bitcoin or any other altcoins, users only need a wallet address and/or a destination tag. There’s no need for any personal or banking information to be disclosed.
Typically, when depositing to your betting account with cryptos, the site will only ask you to input the amount you’d like to deposit in fiat currency. The bookie will automatically convert the amount to the crypto of your choice and generate a QR code or address that you can use to send the crypto to. Be sure to finish the transactions as soon as possible because these generated codes are only valid for a certain period. This is because the value of crypto changes quickly.
These are some of the most used payment solutions by online sportsbooks and punters today. All these would usually allow punters to have their money credited to their betting account instantly. It’s best for punters who are on the go and want to be able to place their bets without much trouble.