Payment Methods
In order to place bets with online bookmakers you must open an account and make a deposit. If their money in the account that is required you must make a withdrawal. Bookmakers offer a number of payment methods and usually thee are no fees. Transactions must be quick and safe and secure. When there are delays or problems accessing funds a bookmaker’s reputation can soon suffer. Customers must be able to withdraw their money on demand and without conditions.
When placing bets in betting offices the main payment method is cash. Bookmakers allow betting with debit cards but most shop punters bet with money. Cash transactions are still the most efficient but that has led to a problem with money laundering in betting offices. The internet has led to a wider range of methods for buying products and that also applies to betting.
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Banking methods fall into a number of categories as follows:
- Bank transfer
- Debit and credit cards
- E-Wallets
The first two methods are self-explanatory but e-Wallets are a relatively new concept that are suited to making deposits and withdrawals on an internet betting site. They allow individuals to make electronic transactions. The bank account is linked to an e-Wallet and ID documents can also form part of an account. E-wallet accounts are quick and easy to set up and require a username and password to make them secure. That means personal data is private and bank details are not available to unauthorised users. Digital wallets are free of charge but suppliers like bookmakers might have to pay a fee. They facilitate betting because of speed and convenience.
Here are some of the major e-Wallets that bookmakers offer for banking and making payments to and taking funds from a betting account:
Paypal
Paypal was formerly part of the eBay group but is now independent. The company offers one of the most widely used online payment methods and it is very popular with gambling companies. It is a digital account system that allows bettors to deposit and withdraw funds to and from registered bookmaking operators. Setting up a Paypal account is easy and the process involves entering basic personal information and verifying the account as a security measure. Paypal allows bettors to fund a betting account quickly and the funds are available instantaneously. A great deal of betting is done as a whim so it’s important that deposited funds are available for betting immediately. The Paypal account is an interface or middle-man between a bank account and a betting account. It provides an additional level of privacy and safe trading. There are no nominal transaction fees and the limits are not restrictive. The e-Wallet expanded into betting as part of a distinct stage of growth. Transaction fees are lower for high volume merchants like bookmakers. Betting account holders have access to a mobile version which means they can deposit funds using text messaging on mobile phones. This development added to the attraction of Paypal for the depositing of betting funds. The process from identifying a bet, making a deposit and placing a bet is fast and seamless.
Paypal has been subject to criticism and security has been broken. The company has been associated with online fraud. The person receiving funds is anonymous because the sender does not have access to bank sort codes and account codes. However, there have been no major security breaches that bookmakers have suffered so Paypal is still one of the most widely used payment methods for bookmakers. Deposits are subject to a small fee but withdrawals from a betting site do not have a fee.
Skrill
Skrill used to be called Moneybookers and has a very good reputation in the bookmaking industry. Online gambling transactions with Skrill are inexpensive, immediate and trusted by users. The payment method has been effective over a significant period of time and gamblers understand that it can be trusted. In fact Skrill and formerly Moneybookers are one of the longest standing payment methods offered by bookmakers. This method offers low-cost transfers from a bank account to betting account. Skrill is owned by a British company and is licensed to operate in the European Union. There could be implications for Skrill when the United Kingdom leaves the EU. Transactions are carried out in a single currency which is specified during the new account process. However, this currency cannot be changed once the first transaction has taken place. Skrill is the only e-Wallet that can be used for banking with bookmakers in the state of New Jersey.
The company has been in business for more than 15 years so has established and effective methods in place for the transfer of money. The method is accepted by all the gambling companies and by other merchant sites. Skrill is not only used by bookmakers but is a method of transferring funds to many types of account. When you open an account with Skrill there is an option to apply for a credit card. Account holders can make purchases and take money from ATM machines. There are some costs for making deposits and withdrawal using a Skrill credit card. Money can be transferred between accounts for a nominal small fee. However, there is one potential negative from banking with Skrill with bookmakers which is that users may not be eligible for some free bets and promotions. There are some transaction limits but these should not inconvenience the average bettor.
Neteller
Neteller has been operating as an e-Wallet since 1999 and most online bookmakers accept it as a payment method. In fact there are no major UK betting brands that do not accept Neteller as a way in which deposits can be made and money taken out. The company offers many funding methods and there are no large fees for the end-user. Money can be transferred into a betting account quickly and with a small charge. Fees do not apply when making credit and deposit cards payments. The customer with the bookmaker can deposit funds with a small fee. Neteller is more expensive than Skrill. However, the fees are nominal and only become an issue if you are funding multiple betting accounts. There are no charges for opening an account and signup procedure is quick and straight forward. Skrill users enjoy an extra layer of privacy and security and these are big factors in the gaming industry.
Neteller is a much quicker method of making payments compared to bank transfers or cheques. Speed is important for bettors as they might not to decide to bet on an outcome until just before the off. There are transaction limits which could prevent a potential better pacing a bet with a big stake. It might be better to use bank transfer or cheques for large amounts, Neteller is an excellent wallet for the bookmaking industry. However, it makes some users ineligible for betting promotions and free bets. These welcome offers allow customers to use a variety of payments methods but Netkeeper is generally not one of them. New account holders must be aware of terms and conditions before making a commitment to Skrill. The method is not limited for gambling use but has a reputation as a trusted and effective payment method. Money can be made available for betting immediately once the payment has been processed. However, it takes time to have limits raised individually and across the board.
Android Pay
Android Pay has been developed by Google for the depositing and withdrawing funds in to and out of merchant sites including bookmakers. The technology offers a digital alternative to card chip magnetic strips. Android devices can talk to each other wirelessly and facilitate point of sale payment methods for bookmakers. When a transaction takes place the account information is passed on virtually. One of the major benefits for bookmakers is its safety so account information is secure. Android Pay was not designed specifically for the gambling industry but it provides a trusted and effective banking method for bookmakers.
Unlike Skrill and Neteller the use of Android Pay does not make a new customer ineligible for welcome free bets and promotions. It is reputable methods of transferring money in and out of out a betting account from a bank and is faster than bank transfer. This method is derived from Google Pay which is a peer-to-per payment method that allows customers to send money to a merchant account using mobile devices or desktop computers. The app is available for the latest Android devices so bettors can fund their betting accounts using a mobile phone. The card can also be used to withdraw cash from an ATM and in the same way as a debit card.
Ukash
Ukash was a UK-founded method of transferring funds online with bookmakers and other merchants. It became part of the Skrill group in 2014 and forms part of the paysafecards system. This method uses a code system whereby cash was used to purchase a code which is then used to make an online purchase or deposit funds into a betting account. Money transfers are facilitated by use of these codes. The code has to be protected because it can be used for fraud in the wrong hands. Ukash was designed for making payments with online merchants including bookmakers. The method using paysafecards allows transfer on an online platform. They are particularly popular with gaming companies but can also be used in many online shops, based on a 16-digit code.
Betting can be carried out online safely using the secure codes. Customers can make payments to a betting account with confidence that the funds are secure and no personal information is required. Once the code has been given the transaction is safe so payments can be made to bookmakers quickly and simply. Some of the leading UK betting brands offer paysafecards as a payment method.
Basically, e-Wallets allow bettors to make money transfers to and from bookmakers. They provide an additional layer of security between a bookmaking account and bank account. A reputable bookmaker will offer the best methods. Even if a bookmaker has a poor reputation the offer of a decent e-wallet will give bettors confidence that they can gain access to their money.
Here are the advantages of using an e-Wallet:
- It becomes speedy and efficient to move money into a betting account and between different sites.
- Whereas there are delays with bank transfers and cheques e-Wallet payments are immediate and without delay.
- There are enhanced levels of security and privacy.
- Gambling sites are one of many businesses that offer banking with digital wallets.
- There are charges associated with other banking methods but e-Wallets are free.
Once the e-Wallet is linked to a bank account they are fast and easy to use. However, some promotions will not apply when some e-Wallets are used. However, the positives outweigh the negatives and e-Wallets have enhanced internet betting.