Sports betting is one of the most popular sectors of gambling across the world. Bettors have plenty of options when it comes to bookies, but what about payment options? There are plenty of options here as well.
While personal preference will play a significant role in which payment method you choose, it’s essential to consider the pros and cons of each option so that you can make an informed decision.
Here’s an overview of the payment systems available to sports bettors.
Debit/Credit Cards
Credit and debit cards are the most popular payment option for sports bettors – and gamblers in general. Most sports betting sites will accept Visa and MasterCard. Some will also accept other cards, including American Express and Discover.
If you’re looking for a convenient way to place bets, it’s hard to beat credit and debit cards. Just enter your card number, and transfer funds to your account. It’s a quick and easy way to get started with betting. But it’s not necessarily the best option for every bettor. Fees and interest can be major drawbacks of using credit or debit cards for sports bets.
Pros
- Convenient
- Easy to make deposits
Cons
- Credit cards will charge interest on your charges
- Some betting sites charge a fee for using a credit or debit card
PayPal
When it comes to e-wallets, PayPal is one of the most popular options. In addition, most sports betting sites will accept PayPal for bets and withdrawals.
One great benefit of this payment method is that transactions are quick, and the process is convenient. Deposits and withdrawals are virtually instant, so you can start placing bets right away. Simply connect to your PayPal account to make a deposit, and you’re ready to get started.
Pros
- Quick transactions
- Easy and convenient
Cons
- You may need to pay fees when making withdrawals
- You will need a bank account or credit card as a backup payment method
Boku (Pay by Phone)
If you’d rather not use a credit card, bank account or e-wallet, you can pay by phone when making sports bets. The concept is simple: Your deposits are added to your monthly phone bill. This makes it easy to place bets without having to give the sports betting site any of your personal account information.
Boku is the service of choice for pay by phone options. There are several Boku betting sites out there.
Pros
- Easy to use
- No need to give the betting site your bank account or credit card information
- Boku does not charge fees
- You don’t need a bank account
Cons
- There are limits to how much you can deposit each day
- You can’t withdraw money using Boku
Bank Transfer
Bank transfer is one of the simplest ways to make sports bets. Simply enter your bank account information, and transfer funds to your sports betting account. It’s a simple process, but it’s not a quick one. Bank transfers can take several days to go through.
Of course, you’ll need to have a bank account and enough funds in your account to cover your bets for this payment method.
Pros
- Simple and easy payment method
- Secure payment option
Cons
- You need to have a bank account
- Deposits and withdrawals take time
- There may be hefty fees for international transfers
Skrill
Skrill is another popular e-wallet payment method. Many bettors consider it one of the safest online payment methods available. It’s easy to make deposits and withdrawals.
One other great thing about Skrill is that it’s widely accepted by online betting sites. Most bookmakers in general will accept Skrill.
Pros
- Convenience
- Quick transaction time
- Secure payments
Cons
- You will have to pay fees when withdrawing funds
- Some people have had their accounts frozen abruptly
PaySafe Card
If you’re looking for a prepaid payment solution, the PaySafe card is a great option. It’s convenient, easy to use and easy to fund.
You can buy a PaySafe card at local retailers, gas stations and even newspaper stands. A variety of denominations are available, which also makes it easy to bet just the amount you want. Simply pay cash for the card, and the card will be loaded with your funds. You’ll receive a voucher with a 16-digit PIN that you can use whenever you transfer funds from your card to the sports betting account.
You don’t even have to connect your PaySafe card to your bank account. And now, you can even make withdrawals using your card.
Pros
- Easy, convenient
- No need to give the betting site your personal information
- You can only bet what’s on your card
Cons
- You may have to pay fees
- Many sports betting sites don’t allow you to withdraw using PaySafe
Cryptocurrencies
Cryptocurrencies are a new type of payment method available to bettors. Cryptocurrencies like Bitcoin do have the advantage of allowing you to remain anonymous. Transactions are also secure, but this payment method isn’t as widely accepted as others on this list.
All cryptocurrency exchanges go through the blockchain, which is a complicated and secure way to make payments (blockchain can be used for other things, too).
The biggest issue with crypto is that it’s volatile. Its value can fluctuate greatly from one day to the next, so it’s not always a reliable or practical option for sports betting. Nevertheless, many bettors prefer using crypto because of the privacy and security it offers.
Pros
- Anonymous and secure payment method
- Quick payments
Cons
- Not accepted by many sports betting sites
Final Thoughts
Sports bettors have so many options when it comes to payment methods. For most people, convenience is the ultimate deciding factor. That’s why e-wallets and services like Boku are so popular among bettors today. Both are quick payment methods that are easy to link to your account and get started.
That being said, it’s important to consider any fees that you may have to pay when making deposits or withdrawals. Sure, it’s easy to use a credit card, but you’ll probably have to pay a percentage of the transaction amount in fees.
