Sports betting or online casino payment methods refer to the different options players have to deposit into their accounts and withdraw their winnings.
The best online casinos in the world only use payment methods that are approved by the public authority in every country. This way players know that all their economic transactions will be safe and reliable. Some countries like Canada counts with specific payment methods like Interac casinos, very popular among players, but the most widespread around the world are the e-Wallets of PayPal and Neteller along with prepaid and credit cards.
In this article we will show you information about the most popular payment methods and practical instructions on how to use the main payment methods at online casinos and sports betting.
Credit and debit cards
Debit and credit cards are the most popular method of payment in online casinos.
The main difference between a debit card and a credit card is that the former only allows for maximum deposits according to the amount of money available in the associated bank account; whereas a credit card has a credit line (different according to the terms and conditions of each user’s account) that advances money (if not available in the bank account) that is paid at the end of the month. Remember that the same bank account can have a debit card and a credit card; so on each occasion you can use the one that offers the most advantages.
As the best online casinos and sports betting rooms offer both options, you can take advantage of the different promotions in casinos according to your preferred payment method.
Bank transfers
Among the most popular payment methods, we must also highlight bank transfers. According to the opinion of some players, the disadvantage of bank transfers is that this method of payment may not be as fast as others as it depends on how quickly traditional banks handle this type of online transaction.
Prepaid cards
Prepaid cards do not have a credit line (like credit cards), nor are they associated with a bank account (like debit cards). Prepaid cards work in the same way as a prepaid mobile phone plan: the card is loaded with a specific amount of money and only that money can be used.
Some of the most common prepaid cards in online casinos are Paysafecard and Entropay.
e-Wallets
e-Wallets work like Internet bank accounts. They do not offer you a payment line but they do keep your money safe by guaranteeing the funds in your account. E-wallets are associated with regular bank accounts that are used to deposit or withdraw money from the e-wallet.
PayPal, Neteller or Skrill are the most popular e-Wallets worldwide.
Good to know
Each payment method works differently as they are totally different companies with independent ways of working, which makes each player more confident in one than the other.
The past experience of other users with certain payment methods can give you an idea of what you might encounter when using it. It is better to know the first hand impression of other players with certain payment methods as they will allow you to know a real opinion and make it easier for you to select a payment method for your deposits and withdrawals.
The international reputation of a payment method will make you feel more confident about it because if it is available in a large number of countries it is that its service works well.
The payment processing times of each payment method are different, so if you don’t mind waiting you can choose the slowest ones. If you are a player who wants your money as soon as possible and to wait as little as possible, e-Wallets are the best option for you.
Regarding commissions, some online casinos charge their players commissions for using a specific payment method, so you should make sure that your online casino does or does not do this to be aware that every transaction you make can cost you money. Normally, commissions are common in e-wallets such as Skrill or Neteller, although it varies according to the online casino where you are making the payment.