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What are the most common payment methods?
The number of payment methods players can use to make their deposits and withdrawals has really increased in recent years, especially with the rise of E-Wallets. Let’s check some of the most popular options that UK bookies offer at the moment, which will also help identify the best bookmakers.
e-Wallets
E-wallets are digital wallets or software programs that allow users to store cash and receive, send and make payments to other parties on the internet. Most bookmakers accept various e-wallets as modes of payments and do not charge for deposits. They also make payments to e-wallet accounts either free or at a charge that does not exceed 2.5% of the transacted amount. While the payout duration differs from the bookmaker to another, it takes between immediately and three days to complete.
Neteller
Neteller is an e-wallet that allows you to fund your betting account, save and make transactions with other users across the internet. It is owned and run by Paysafe Group, which also runs another e-wallet called Skrill. Neteller is one of the popular e-wallets in the gambling industry that are accepted across various bookmakers. It is also easy to load cash from multiple outlets to your Neteller account. However, some bookmakers do not allow you to pick bonuses with deposits from the method.
Skrill
Skrill is an online payment provider that allows you to make payments to your betting account at your preferred online bookmaker, accepts payments on withdraw, save cash and make payments online or brick and mortar outlets. Skrill is easy to use and is accepted in most countries around the world. It has low fees for deposit and withdraw transactions and is accepted by thousands of online sports betting outlets. You can also transfer cash from the provider to local wallets or a bank account. Therefore, you should not have problems using your gambling winnings.
Entropay
Most bookmakers only allow deposits with Entropay. However, the method also supports withdrawals.
PaySafeCard
Paysafecard is an online betting payment method that is based on vouchers. Users get a 16-digit pin on making a payment, which they use to complete payments at the online betting sites or any other outlet that accepts the method. It is easy to use and is very safe. Most gamblers like it because it does not expose your financial information to the bookmaker. Deposits using the method are also instant and free. There are outlets across the country where you can purchase the vouchers. However, you can also buy them online.
PayPal
PayPal is an American e-wallet that enables you to make payments and receive cash from various outlets. You can use it if your online bookmaker accepts the method. The method allows you to load some money using mobile wallets, credit and debit cards, as well as the bank. PayPal is not widely used as most of the other e-wallets in online betting sites, but it is slowly catching up. Given its vast network of merchant sites, most online betting sites now see it as a convenient payment method.
WebMoney
Webmoney is a payment provider based in Russia. It is a popular digital payment provider across Europe and parts of Asia and stores your cash in a digital purse in the value of the corresponding currency. The company is underwritten by a network of global financial providers who allow it to issue its units. Most online sports betting sites accept Webmoney as one of their payment options. Deposits using this method are instant and free and you can use them to accept bonus offers.
InstaDebit
InstaDebit is an instant bank cash transfer method available around the globe but mostly used in Canada. The method acts as an intermediary between your bank and bookmaker. You just need to feed your bank details to InstaDebit and it will transfer the cash directly to the bookmaker. This step ensures that the bookmaker cannot access your bank information. It uses the same method to complete payments with other merchants. Payments using the method are free for many bookmakers.
Debit Cards
Debit cards are prepaid cards that load your betting account with the amount straight from your bank account or stored on the card. Debit cards are amongst the most popular payment options on the internet as they are convenient and accepted by millions of sports betting sites. You can load your account and make payments with ease using the method. However, most online sports betting sites charge a fee for transacting with the bank account. However, this fee does not exceed 5% of the amount transacted.
Credit Cards
A Credit card works similarly to a debit card in that you enter the credit card number on the bookmaker account load it with cash. However, unlike the debit cards, you do not need to have the money in your account to load it. You can get a loan to a given limit from the credit card company for the purpose. Unfortunately, the use of a credit card was banned from use in gambling payments by the UK government at the start of the year 2020.
Cryptocurrencies
Cryptocurrencies are Blockchain supported, peer-to-peer payment systems that are an alternative to fiat money. These are several cryptocurrencies out there. The biggest ones like Bitcoin, Ethereum and Litecoin are accepted as a means of payment in online betting platforms. You need to have a cryptocurrency wallet to use the method. It allows for anonymous payments and it is also free and instant. Most cryptocurrency bookmakers allow for deposits and withdrawals using the currency at the current rates.
Bank or Wire Transfer
Some bookmakers allow their customers to deposit or withdraw money directly from their bank accounts using bank transfers method. Such a method is called a Bank Transfer. It offers instant deposits and delayed withdrawals from betting accounts. Bank Transfer facilitates transactions between betting accounts and customers’ bank accounts.
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Are There Bonuses for using specific payment methods while betting in the UK?
Yes, there are. Most online betting sites in the UK award their customers with betting bonuses only if they use a specific payment method to make a deposit. On the terms and conditions of the bookmakers’ bonuses, customers can find the deposit methods that they can use to be eligible for the bonuses.
For welcome bonuses, for instance, most bookmakers only award customers who use certain deposit methods, as stated in their bonus rules. Customers who do not use the specified deposit methods will not receive the bonus. It is therefore important for customers to keep an eye on such rules.
Other bonuses that UK bettors get when using specific deposit methods include all deposit bonuses and reload bonuses. These methods require customers to make a deposit to claim them; therefore, bookmakers specify which payment method qualifies for the bonuses. Some of these bookmakers deposit methods that have bonuses include,
- PayPal
- PaySafeCard
- Visa Debit Cards
- Bank Transfers
- MasterCard Debit Card
- Credit Cards (Banned in the UK)
Those are the most common online deposit methods that earn customers bonuses. Entropay, Skrill, and Neteller also carry bonuses, but very few online bookmakers give out bonuses to customers who have used such methods to deposit money. As earlier mentioned, the bonus rules of each online bookmaker should be taken into account if customers want to receive bonuses.
Mobile Payments to Bookmakers
Another method in our list of bookmakers payment options is the mobile payments method. It is possible to deposit money into customers’ betting accounts using their phone bill. However, very few bookmakers accept this method. For the bookmakers who accept the mobile payment method, they use Boku. Boku helps to facilitate mobile payments transactions. Customers who choose Boku as a payment method will be required to verify the mobile phone number they used while registering for the service. The verification of the phone number is done through a text message sent to the number. After verifying their mobile phone numbers, customers can go ahead and use Boku to deposit money into their betting accounts. Many bookmakers facilitate payments and withdrawals to be by their bookmakers’ apps.
It is important to note that bookmakers only allow deposits using this method and not withdrawals. After making the deposit, customers can choose a different payment method to withdraw money from their betting accounts. Examples of bookmakers that allow payments by phone bill are Bet365 and Paddy Power.Which are the Safest and Most Secure Online Payment Methods
It is hard to pinpoint a single method and consider it the most secure method when making a deposit and withdraw with online bookmakers. However, several payment options have put systems and security measures in place to ensure that your money and information are safe. Some of the safest methods employ two-factor authentication. This is the case where you have to prove you are the owner by filling the code sent to a designated number or an email. They also enable SSL encryption to ensure that the communication between your device and the website is not tapped. Finally, they have a robust password policy to prevent unauthorised entry using your phone.
They have also invested in fraud detection systems to catch money launderers and other forms of fraud before they happen. This helps keep user cash safe at all times. Some of the safest methods include CashtoCode, InsatDebit, Neteller e-wallet, PaysafeCard, the app-based payment wallet MuchBetter and PayPal.
FAQs
Which UK online betting sites accept PayPal?
Various online bookmakers in the UK accept PayPal as one of the methods for transacting on their platforms. They include Bet365, LeoVegas, 888Sport, BoyleSports, Unibet, Netbet, Mansionbet and Freebets. You may check if your account also accepts the method by heading to ‘My account’ (after logging in) and selecting the banking section. A list of the available payment options will be listed. If PayPal is among them, click the icon and complete the transaction using promotions on the site.
Are there any fees for deposits and withdrawals?
The fees for deposits and withdrawals are dependent on the bookmaker and the method you are looking at. For example, most bookmakers do not charge for deposits using e-wallets such as Neteller and Skrill. However, you may pay for debit card deposits and withdrawals. In most cases, the amount charged is usually less than 5% of the amount transacted. Therefore, it will not cause a big dent in your finances or winnings.
Can I withdraw money using a credit card?
In the UK, you cannot transact with a credit card. A law was passed in early 2020, banning the use of credit cards in gambling. This was to protect those gamblers who used to make payments with borrowed cash and then lose it in the platforms. Therefore, even if you have been using credit cards, the online bookmaker will no longer accept it for any transaction to or from your online betting account. However, out of the UK, you can make withdrawals into your credit card.
What is the most secure payment method?
While no method can be singled out as the most secure, many of them such as InstaDebit, WebMoney, PayPal and Skrill are some of the safest. The reason is that they hide your banking data when transacting with the bookmakers. They have also built robust systems to ensure that your cash remains safe all the time. On the other hand, bank transfers and the use of credit cards and debit card are the least secure methods as you share lots of your financial information.
Can I Deposit Money using Apple Pay?
Yes. There are online gambling platforms that accept Apple Pay as one of the methods for transacting with the account. They include Unibet, 888 Sports, Ladbrokes and Rizk, among others. You just need to have an Apple Pay account that has some cash. Then head to your bookmaker and select the method. Finish off by determining the amount you would like to deposit and completing the transaction.
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