There are a wide range of payment methods for you to choose from when it comes to funding your betting accounts, ranging from using what you having in your pocket (ie: debit cards) through to physically walking into a bookie and depositing in cash. In this section we’ll guide you through the various methods, tell you the pros and cons of each and show you where you can use them.
A fairly predictable start to this guide, but one that should be covered none the less. Pretty much all UK licensed betting sites accept all major forms of debit cards, with the exception of American Express – which no gambling site is permitted to accept. So if you’re looking for a betting site that accepts AmEx then I’m afraid you’re not going to find one.
Quick to deposit, usually zero fees and very high limits make debit cards a great way of depositing. You can also withdraw more than you have deposited, meaning it’s very conventient, even if you have a big win (the same cannot be said of credit cards). Combine this with how common it is – you probably have one in your pocket right now – and you’ll understand why it’s one of the most popular banking methods for all forms on online betting. The one downside is the time it takes for withdrawals to reach your card after they’ve been processed.
If you like the idea of physically getting your hands on your money, and quickly, then you’ll be pleased to hear that a number of UK high street bookmakers let you deposit and withdraw through their betting shops. And seeing as you can’t go two minutes without walking past one, it makes it very convenient. Minimums are also very low (starting from £1).
CASH VIA BETTING SHOP
The main sites offering this service include Coral and Ladbrokes, both of which have a large number of high street locations and also offer a card or dongle to securly access your account in store. As well as depositing and withdrawing you can also place bets in person using your online funds, collect free bets and take part in promotions.
Minimum deposits for in store betting banking are also sometime slower than online, especially when you’re dealing in cash. In fact, some bookmakers let you deposit from just £1.
An e-wallet is a general term we use to describe anything that holds your money in a virtual online wallet, with transactions going between the wallet and the betting site rather than to/from your bank account. Some people like to use an e-wallet as a desginated betting fund to segregate gaming funds from your day to day money, which also provides a quick way to see if you’re up or down on the month. The most famous, and most popular, example of an e-wallet is PayPal but there are a few others to choose from.
PayPal have risen to be not only one of the biggest e-commerce options for online retailers, but also one of the most popular payment options for people within the gambling industry. The speed in which you can deposit and withdraw your funds makes it like very few and the security that comes with using a brand such as PayPal is almost unprecedented. The payment method can be used from a wide range of countries throughout Europe with the added function of no fees to be paid for your transactions by PayPal.
Formally known as Moneybookers, Skrill are a popular e-wallet for UK customers as well as punters from around the world. The product works very much in the same way as Neteller or PayPal and is widely accepted at online betting sites. You may find that some sites do not give out welcome bonuses in conjunction with Skrill (or other ewallets for that matter), so make sure the method is permitted when claiming free bets.
In the early 2000’s Neteller were widely regarded as the revolutionaries of online banking. They allowed punters from all walks of life and hundreds of countries around the world to deposit safely and securely into gambling sites. The US were there biggest demographic and the removal of US punters from the online gambling industry in 2007 hit Neteller hard.
That being said, they are still a thriving company and offering up a particularly solid banking option for those who like to use e-wallets. The inclusion of their Net+ is a massive incentive to use Neteller and whilst the US plus a hand full of other countries are unable to use Neteller, the majority of the world can still take advantage of what’s now one of the godfathers of the e-wallet industry.
Click2Pay are one of the stronger e-wallet solutions for a lot of online gamblers. The main selling point comes from the fact that they offer their services to that of punters in the US. Whilst the US is renowned for being a tough industry to get approval for, Click2Pay have worked hard to become a legally true outlet for these punters.
The site is available in a vast amount of countries with only 10 countries worldwide prohibited from using this service. The service works by simply pre-loading your e-wallet using your bank or credit card and then transferring money to merchants around the world. The low fees and quick transaction time makes it one of the standout e-wallets in the industry to date.
ClickandBuy is an e-wallet that allows you to quickly move your funds from your wallet into your betting site, without having to give over any banking details. The highlights of the site come in the low fees that are charged for your transactions and also the speed in which both deposits and withdrawals are processed.
The site is also one in which can be accessed and used by a large number of countries around the world. The most noticeable absentee is that of the US, but this isn’t uncommon for these types of payment methods.
Here is another digital solution, but this time instead of maintaining a digital wallet online you are given a virtual credit card which can be used just like a normal card would. The big benefit of these is that, for some at least, you can buy them in cash from your local corner shop.
Since Paysafecard bought and assimilated UKash, it’s become a much bigger player in the online gaming world. The process is very simple in that you buy a pre paid card up to the amount that you desire (note, only cash purchases can be made, no credit card transactions) before being given a pin to enter this with your gambling outlet. Each card is completely anonymous and means that there is no need to store any details other than personal details with your gambling site. Cards can be purchased at a variety of local shops, supermarkets and garages – including anywhere with the paypoint logo.
Entropay offer one of the most accessible e-wallets in the industry. They work by providing a pre paid Visa card that works just the same as any other Visa card. You will be given the 16-digit code, expiry date and security code to allow you to use the card just as any normal Visa.
One of the best things about Entropay is its availability to countries that are often thought of to be tougher to deposit to; in terms of the gambling industry at least. China, Malaysia, India and Indonesia are said to be four of their main target countries when it comes to use within the gambling industry.
Through Western Union you can send cash deposits anonymously to thousands of online outlets and gambling sites around the world. The benefits come in the form of the site being such a worldwide product these days and being so freely available. The inclusion of the US market is something that not many e-wallets can boast, so they already have a helping hand in this section. Fees are kept at an affordable price but the time it takes to deposit funds can take up to 5 working days, so make sure you plan your transactions accordingly.