Different payment methods are another essential thing you should be familiar with before you start dealing with online betting. The better you know their pros and cons, the more trouble and money you will save in the long run.
Some bookmakers offer a myriad of payment methods but essentially only debit cards and e-wallets are worth checking out. These two are pretty good enough.
Don’t turn your nose up when it comes to choosing your deposit and withdrawal method. It is a little known fact that this might cost you hundreds of pounds annually. Read through and you will learn why.
Before I list all the payment methods, let me draw your attention to another important thing to consider when making a deposit. This is the debit card and online payment fraud prevention policy which was introduced some time ago.
Why is this important to you? In general, after you deposit money into your account, you can request a withdrawal only into the same card or e-wallet (Skrill or Neteller) that you used for the deposit.
The rationale behind this is to balance a deposit by sending back at least an equal amount to the same source in order to prevent fraud or unauthorised transfers.
This is by far the most common method for deposits and withdrawals. Various types of cards are supported by bookmakers but my advice is to stick to the established brand of Visa.
I recall an absurd experience with a virtual debit card by Postbank that had been specially designed for online betting and gambling sites: great advertisement, 100% bulletproof, man. One would experience an emotional orgasm listening to that crap.
However, I had a nervous breakdown when I attempted to withdraw my winnings. It didn’t work no matter what I tried so I must have phoned the bookmaker and the bank like 60 times to see what the problem was.
The problem, dear reader, was that these smarty-pants only allowed you to withdraw no more than you had deposited. No problem if you are losing but what happens if you start winning? You play until you lose the money only because a petty clerk behind a desk can think so much as to only remember their paid leave start date …
Hence, always opt for tried and tested models if you want to stay away from trouble. Sorry about the digression.
Anyway, do pay attention to the tips below before you apply for a bank card. Keep in mind that if you are aiming at a long-term online gambling career, these details are of utmost significance for your finances.
- Use the same currency for all your accounts. It will be a huge mistake not to sync the currencies of all your accounts, i.e. debit cards, bookmakers and Skrill/Neteller.
Here is an example: You debit card is in euros while your bookmaker account is in pounds. When you deposit money into the card, you have a conversion from leva into euro. When you deposit with the bookmaker, you have a second conversion of euro into pounds.
The reverse process operates in a withdrawal: bookmaker =>card=>your wallet. Just think about how much money you stand to lose over time only due to the difference in the buy/sell exchange rate, and all that only because there are discrepancies between the currencies of your accounts.
- Take card fees into consideration. Debit card fees are another significant expense in the long run. They include the monthly maintenance fee and the various charges. The lower the monthly maintenance fee, the better.
Using your debit cards wisely and prudently can considerably improve your finances in the long run. Hence, don’t squander the pence you may save now because they accumulate over time to reach hundreds of pounds, and sometimes it is exactly that money that makes the difference between being in the black and being in the red.
These are virtual bank accounts which allow you to make payments anywhere on the internet. The most common e-wallets for sports betting websites (and not only) are Skrill and Neteller. Paying through these is extremely fast and convenient.
Just for your information, when a bookmaker approves a withdrawal to these e-wallets, the money comes in immediately, and not one week later, as with bank cards. Another noteworthy fact is that the use of e-wallets is encouraged through a range of bonuses and discounts for shopping or paying at different sites.
Skrill is the most common E-wallet in our region. It is accepted everywhere and is a great online transfer service. Every serious player must have an account with Skrill if they would like to operate efficiently with their funds.
The operator is registered in Great Britain and their level of security is extremely high. Here are several things to pay attention to:
- Same currency as with bookmaker and debit card. Avoiding unnecessary conversion is a rule of thumb.
- Deposit, withdrawal and transfer fees. There ain’t no such thing as a free lunch but fees here are so good they deserve your attention. It is best if you reduce the transfer of funds between your debit card and Skrill to a minimum.
Put aside some money and withdraw only if needed. Depositing by bank transfer is free of charge and takes 3-5 days so you could use this method, and not the debit card, to top up your account.
Just like with Skrill, you should pay attention to your account’s currency. There are many ways to top up your account but remember that here bank transfers are the cheapest option as well.
After you create a free account in my paysafecard, you will be able to top up your account by entering the PIN codes found on the vouchers. That way you will also be able to make deposits, or buy goods and services online.
If you want to use this deposit method, it is advisable to have online banking. Select bank transfer from the deposit options and you will get the bookmaker’s details to be entered in the Recipient section of the money order.
Fill everything in carefully and double-check the information. Pay attention to the Reference (number) field. This is either your username or the number of the account which should receive the money from the bookmaker.