Home Online Sports Betting Payment Methods 2020 – Best and Trusted Options to Use

Online Sports Betting Payment Methods 2020 – Best and Trusted Options to Use

When you decide to play on an online gambling site, you should think about which deposit method suits you. As with all websites that require to input personal details, safety is paramount. You should rest easy knowing that all bookmakers that hold licenses are bound by strict laws, and your details will be treated with care.

Here we’ll take a look at the most common payment methods players use. We’ll also give you an explanation of why players may or may not chose those methods. With so many options (which is great!) it can be hard to pick the best one. Check out our handy payment methods guide to help find the best solution for you.

Payment Method Min Deposit / Max Withdrawal Withdrawal Time
Visa Credit £10/£50,000 3-5 Working Days
Visa Debit £10 / £50,000 3-5 Working Days
PayPal £10 / £10,000 12 hours
Neteller £10 / £10 12 Hours
Skrill £10 / £10,000 12 Hours
Paysafecard £10 / N/A N/A
Bank Transfer £15 / N/A 3-7 days
Trustly £10 / £1000 12 hours

Payment Methods – Depositing and Withdrawing using a Credit or Debit Card

It may seem obvious, but you can of course deposit on the gaming sites with your cards. Paying with cards for anything has become the norm, and online gambling is no different. We'll take a look at the difference between using your debit card and credit card below. Both are similar, but there are key differences to note.

Depositing with Credit card

One of the most popular ways to pay for anything in the world is via Credit card. It should be no surprise then, that most, if not all of online gambling sites accept these. Credit cards can range from anything from Visa to a Diners card. If you have a more obscure card you might want to check directly with the gaming provider, but we’re pretty sure you will be fine.

Deposits with a credit card are extremely straight forward. You would deposit in exactly the same way you would with say, an Amazon account. Enter your details, the amount you wish to deposit, and your account will be funded. Therefore, you can start playing straight away.

Players will choose to deposit with credit cards as it’s not linked to their main and account. This is a safe way to deposit and if you use this method on other sites, it could be for you. In saying that, although credit cards are a great way to deposit, you will come across a couple of snags when withdrawing.

Withdrawing via credit card

You can only withdraw the same amount to your credit card as you put in. And in some cases not at all meaning, you must withdraw via a different means. You will not be able to withdraw to a debit card if you have not used it to deposit and will be asked to withdraw via bank transfer. This can be a lengthy process and not ideal.

You should also consider that fees may come in to play with credit cards. Whilst gambling sites are unlikely to charge you, processing fees are common at the withdrawal stage.

Depositing with Debit card

Much like a credit card, using a debit card is just as popular. Your bank will likely have authentication steps in place so you can deposit securely. Most debit cards will be accepted, including Visa Electron. Limits tend to be quite high and you can deposit from as little as £5 on some betting sites.

Withdrawing via debit card

One of the best aspects of using your debit card is that withdrawals can be made easily. Moreover, they will go straight into your bank account. There are no fees to consider and the process is simple. Although deposits are instant, you could wait up to 5 days for the bank to process withdrawals. It is also worth bearing in mind that with both credit and debit cards you will be asked to show the cards during the compulsory KYC checks.

Popular Payment Methods – Funding your Betting Account with PayPal UK

PayPal has long been one of the best ways to make transactions online. It is constantly updated and is a very reliable payment method. If you’ve ever made a payment online, you’re likely to have come across, this and most likely already have an account set-up.

What’s cool about PayPal is that it is only the middle man. You can fund it with any card you like and are free to use it at quite a few online casinos.

It’s a fairly new development being able to use PayPal on gambling sites in the UK. But more and more sites are adding it to methods they accept. For example in our Unibet review, you will find PayPal as an option. Other big companies such as William Hill and Betway are also starting to allow this method.

Withdrawing via Paypal

As with depositing, withdrawing to PayPal is a go-go. As long as you deposit with PayPal, you can withdraw. Unlike a debit card, as there are no banks involved withdrawal times are drastically reduced. You will have your funds n your PayPal account within 12 short hours. There is an upwards limit of £10,000 per transaction and this can sometimes be per day. Therefore, if you’ve landed a huge win (congratulations) then you will have to be a little bit patient.

Check out our best betting site reviews to discover which UK bookmakers accept PayPal

Popular Payment Methods – E-wallet solutions Neteller and Skrill

E-wallets have been growing in popularity recently. If you’ve never heard of them, they do exactly what they say on the tin; there are wallets online. You can log in as you would with any other online account, and check out recent transactions, etc. You can also fund your e-wallet with any card, including pre-paid cards. This is a very interesting way to deposit and withdraw, and quite often players will keep these accounts solely for gambling. It is a good way to keep control of how much money you have to play with and depositing is very simple.

Depositing and withdrawing with Neteller

Neteller has been around for some time and is one of the more well-known e-wallets. Originally founded in Canada, Neteller has grown dramatically and is respected in the financial industry. Deposit into your online gaming account with Neteller is as easy as with a debit card. Choose Neteller as your option and then follow the simple steps including amount, your Neteller ID and your security code (generated by Neteller).

It is a safe and quick way to fund to and from your account. While deposits are instant, withdrawals can take several hours. When you consider debit card withdrawals can take up to 5 working days, this is a great selling point.

This is an example of the details you will need to deposit with Neteller at bet365:

Neteller at Bet365

Depositing and withdrawing with Skrill

In the same vein, Skrill offers a fast and easy payment solution. In fact, they are owned by the same company as Neteller. You may have heard of them as Moneybookers, with the company rebranding about eight years ago. You can deposit in the same way, or you can get a Skrill card. This is a pre-paid credit card, but as it’s linked to your Skrill account you will have no problems withdrawing.

In saying all the good points of e-wallets – they did suffer a bit of a dip, however. Depositing via these can sometimes lead to being excluded from offers. So always double-check this if you’re hoping to claim a deal.

Payment Methods – Online Gambling sites and Prepaid cards

Prepaid cards are one of the fastest-growing trends for financial transactions. They haven’t quite reached the dizzy heights of credit or debit cards in terms of popularity, but they are closing in.

You can buy these directly from the likes of Visa and Mastercard and will have a pre-set balance. Banks are also starting to offer these as they are popular for people traveling abroad. When you deposit on a gaming site with a pre-paid card, you do it in the exact same as you would with a regular debit or credit card. In other words, it is effectively the same as a credit card but with a set amount available that cannot be exceeded.

Paysafe card – deposit and withdrawing on gambling sites

Paysafe is one of the most common versions of a prepaid card. Interestingly, you can buy these in the likes of your local shop. They come as vouchers, similar to how you used to top up your mobile phone and come in amounts of £10, £25, £50 and £100. The voucher will display a 16-digit code that you will need.

Log in to your account and select Paysafe as your deposit method; you will then be asked for the code. Simply put in the number from your voucher and hey presto, your account is loaded. This is one of the fastest methods of getting the money in your account. Once you have the voucher of course.

Withdrawing by Paysafe card is not an option. This is across the board, and no online bookmaker will offer this. The reason for this is security, so instead of seeing this as a negative, it means that your money is being protected. With this in mind, you will likely be asked to do so by bank transfer.

Paysafecard at Bet365

Trustly as a Payment Method for depositing and withdrawing online gambling

This may just be the best payment method you’ve never heard of. In the UK, Trustly is becoming more widely available as a means of depositing, but it’s still relatively small. That, however, is only in the UK. It has a massive Scandinavian market hold and most Swedish players deposit via Trustly.

There are several reasons why players choose Trustly; it is highly reliable, secure and instant. It works in synergy with your bank and is effectively an instant bank transfer. That’s pretty cool.

To deposit, you’ll need to first create a Trustly account which shouldn’t take you too long. Then when you go to deposit on your chosen site, select Trustly as the option. From there you will be taken through a couple of simple steps. The final step will ask you to confirm the transaction which you will do securely through your own banking portal. This makes the method extremely safe.

Moreover, it is optimised for gaming, which is again pretty cool and offers a super user-friendly experience. On top of being for gaming, it is also beautifully designed for mobile. This means that if you’re on the move you can still deposit easily with Trustly.

And we’ve not even got to the best part yet. As well as acting as an instant bank transfer going in, it works the same way coming out. This means, as soon as the betting company processes it, you will receive the funds straight to your bank.

There is always a small drawback, but this one is minimal. Some operators or banks can charge fees, so bear this in mind.

Payment Methods – Depositing and Withdrawing via Bank Transfer

This feels pretty old school if we’re honest, but sometimes the old ways are the best ways. Via this method, you simply issue a bank transfer as you would to any other provider. Your money will be in your account when it reaches the corresponding bank. As with all transactions of this nature, they can take some time. The introduction of FPS (Faster Payment Service) was introduced around 10 years ago to ease this problem, but it’s not ideal. If your bank support FPS it could be in your account within a matter of hours but if not – then we’re talking up to five working days – possibly more.

Fees also can come in here, so keep a close eye on what the total transaction will cost.

In the same manner, withdrawals work on the same system. If your bank supports FPS then you can get it fairly quickly, if not then a number of days.

Payment Methods For Online Gambling Frequently Asked Questions

If I deposit with my credit card can I withdraw to the same card?

Yes and no. Although most betting companies will accept deposits via credit card, you can only withdraw the same amount you deposit. Therefore if you wish to withdraw your winnings you won’t be able to. This is due to the strict financial laws that are in place. You will be asked to withdraw via another method, which will likely be by bank transfer. Or if you have already a verified debit card with the same company, they may allow you to withdraw to that.

Why can’t I withdraw the money from my betting account?

This could be for a number of reasons. In saying that, if you have not verified your account, this is most likely why. Betting companies are required by law to ask you to prove you are who you say you are. If you deposit with a credit or debit card, you will be asked for a photo of the card (with numbers missing for security). You can skip this step if you deposit with an e-wallet such as PayPal. You will still, however, have to send a valid ID and proof of address. This is by law and all betting providers with a UK license must adhere to this.

Can I claim free bet and welcome offers with PayPal deposits?

The answer is, unfortunately, not likely. In saying that, PayPal is becoming a more popular method of depositing and you can still claim offers with the likes of Unibet. We recommend checking the terms of the offer to be sure, but there is a chance.