Betting Payment Methods - Safe Deposit & Withdrawal Options in 2024

People from all over the world have debit cards. Therefore debit cards are the most popular payment method at most online betting sites. This is one of the safest and most reliable methods of making payments. You can deposit and withdraw with Visa, Mastercard, and sometimes Maestro and  American Express. 

Like debit cards, PayPal is used by people throughout the world. Many betting sites accept PayPal. Perhaps it is the second most popular betting payment method across online sportsbooks.  You might see this list of  PayPal betting sites. Creating a PayPal account is easy on both desktop and mobile devices and you can start using it immediately.

Digital wallet Skrill is available in many countries around the world and stands as one of the best payment and deposit methods for UK players.  With Skrill, bettors can make fast transactions to their accounts and start betting instantly.

Neteller is another preferred payment method for UK punters. Betting sites widely accept Neteller for the high level of security that it offers to bettors. More so it supports many currencies which is a great thing, especially for British punters who bet on international sporting events and are users of Non-UK betting sites.

Widely available in Europe Trustly allows users to make payments directly from their bank accounts avoiding payment intermediaries. The major advantage of Trustly is that it doesn’t charge a deposit or withdrawal fee.

Apple Pay, created by Apple Inc.,  is a digital wallet and mobile payment service. If you have iPhone, iPad, Apple Mac or Apple Watch then you can use Apple Pay to deposit money into your online betting account. It is a safe and convenient payment method though with a huge disadvantage. You would not be able to withdraw winnings from a betting account with Apple Pay.

Google Pay, obviously developed by Google,  is a mobile payment platform and digital wallet. This is not the most popular payment method among UK bettors yet some find Google Pay very convenient. Like with  Apple Pay, you can deposit money into your betting account with Google Pay but you can’t use it to withdraw funds.

Paysafecard is a voucher-based payment system that is available in many countries around the world. It is a popular choice for people who do not have a debit card or bank account or who simply want to maintain more privacy. You can purchase such vouchers from offline Paysafecard or online stores. But remember that Paysafecard is not an option for withdrawals.

If you have a mobile phone number then perhaps you may use Boku mobile payment. This service is available in many countries including the UK. In that case, you can make payments to betting sites and the cost will be added to your mobile phone bill. Using Boku is easy peasy. However like in previous cases it does not work for withdrawals.

Those are additional mobile payment methods available to bettors in the UK. These brands function similarly to Boku, allowing users to top up their online betting accounts via their mobile phones. The cost will be added to the phone bill. Like with Boku, these online betting payment methods do not work for withdrawals.

Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum are becoming more and more popular as payment methods on betting sites. Some online bookmakers do not accept other payment methods but cryptocurrency and they are known as cryptocurrency betting sites.  Speed and anonymity are two main and great advantages of this payment method. Cryptocurrency withdrawals can be processed within 15 minutes. Compare that with other more traditional payment methods that take hours and days.

Overall bank transfer is a traditional and widely used payment method though it is not very popular among online punters. The thing is that withdrawals through Bank Transfer can be very slow (up to 10 days) and there can be withdrawal fees depending on your bank. However, if you need to withdraw a huge sum of money then Bank Transfer is the most secure payment method at many online betting sites and often the only one available.

With so many easy online payment options available, why would anyone still choose an old form of payment like a cheque? Well, it is a personal preference and habit and the vast majority of online bookies respect their users’ choice. The processing time for cheque deposits can be long since the bettor needs to physically mail the cheque to the betting company. At the time of withdrawal, betting company will send you a cheque by mail.

In 2020 the UK Gambling Commission (UKGC),  the regulatory authority responsible for overseeing gambling activities in the United Kingdom, enforced a law that prohibits credit cards as an online betting payment method in the UK. This has been done to protect people from financial harm caused by gambling. Unlike a debit card, a credit card allows its owners to borrow money from a bank. Betting with borrowed money often led to debt accumulation and bankruptcy. That is why top-notch responsible online bookmakers don’t offer British customers credit cards as an option for online betting payment methods.