Safest betting payment methods in 2022

In online betting, choosing the right sportsbook and researching the odds is vital. But even more critical is selecting a suitable payment method. Reliable payment methods allow bettors to withdraw and deposit funds quickly, easily, and securely.

Thankfully, most legal sportsbooks are awash with different banking methods to select from. However, the sheer amount of alternatives can be overwhelming for green hands. So, have a look at our rated payment-methods for betting below and find the one best suited for you.

Safest betting payment methods in 2022
Visa

Visa has long been one of the top choices when it comes to payment services anywhere around the world. They help millions of clients process billions in transactions every year since almost all websites accept Visa as a payment method - including betting sites.

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MasterCard

Mastercard has always been a popular choice when it comes to funding betting accounts. Most betting sites have multiple deposit options, but debit and credit cards are always the most popular and frequently accepted - like Mastercard. Some financial institutions still hold or ban transactions incorrectly, so backup options when using Mastercard are always good to have just in case.

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Bitcoin

Bitcoin (₿) is a digital cryptocurrency which is a relatively new technology. Bitcoin quickly became one of the most popular cryptopcurrency accepted in sportsbetting sites. Although using Bitcoin is really convenient, the transaction might be a little slower than some of the other methods. You do not have to worry about it for a second, because players and bookmakers are all prepared for the short delay.

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PayPal

Having been around for over 20 years, Paypal is one of - if not the most popular payment methods for people all over the world. This electronic financial system is a simple and easy to use solution for anyone wanting a safe and secure way to deposit, withdraw and transfer money online. Today, more than 30 million merchants are using PayPal, and many of these are betting sites. This payment option is easy to use, safe, and most of the casinos and online sports betting sites offer PayPal as a deposit and withdrawal method.

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Paysafe Card

Paysafecard has always been associated with online betting, and this is still the case today. Bettors who've ever placed an online wager have probably already come across Paysafecard or used it once. All bettors, regardless of expertise or game preference, enjoyed the anonymity afforded by the prepaid vouchers.

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Neteller

Neteller is a payment method that is very popular around the world. This payment method is highly trusted amongst merchants and bettors alike, and is compatible with most betting sites around the world. Neteller is highly popular amongst online casinos and sports betting sites as a safe deposit method, and many gamblers use this service to deposit and withdraw their money.

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Credit Cards

Credit companies employ robust security protocols on transfers directed at online betting sites. Personally identifiable information and banking details are encrypted by high-quality SSL so that no third party or hacker can access them. Most credit companies issue cards online, though customers can make applications in person. The card should be ready in a few days. 

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Skrill

Skrill is a payment method that is very popular amongst bettors and betting sites alike. Skrill was founded in 2001 and has since then increased in popularity. Today, many online betting sites accept Skrill, as it is one of the top payment solutions for betting. When choosing a site to bet on, it is important for bettors to choose a bookmaker that accept their preferred payment option.

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American Express

William Hill Bans Credit Card in Ireland
2022-06-01

William Hill Bans Credit Card in Ireland

In Ireland, the use of credit cards in gambling is not precisely outlawed but has continuously been discouraged. However, multiple investigations have indicated how several online bookmakers continue to support credit card wagers via their apps. Some of those who are said to avoid credit card wagers are able to do so via apps such as Revolut and Apple Pay.

Payment Options Available to Bettors in 2022
2022-04-27

Payment Options Available to Bettors in 2022

Online banking was previously subjected to tremendous skepticism. With cases of data theft, fraud, and hacking rampant in the online space, the suspicion was undoubtedly justified at the time. In retrospect, phenomenal advances in money transfer solutions have fast redefined online money transfer.

Which are the safest betting payment methods?

Which are the safest betting payment methods?

The most popular methods include credit/debit cards, bank transfers, and e-wallet options like PayPal Skrill, Neteller, etc. Some sportsbooks even allow bettors to fund and withdraw payments via cryptocurrencies like Bitcoin, Litecoin, Dogecoin, and more.

But before choosing bookmakers deposit methods, it’s vital to ensure it’s protected by a security lock, especially in the case of e-wallets. In this case, the online banking method should be SSL encrypted to provide round the clock protection of vital financial data.

Also, a safe online betting payment method should be licensed by a renowned financial institution. The next section discusses more of this concept.

Which are the safest betting payment methods?
How to choose a banking method for betting

How to choose a banking method for betting

Because online betting involves real money, it’s essential to ensure a payment method ticks all the boxes to enjoy a smooth banking experience. Below are some ideas to remember when selecting an online betting banking method:

Safety and security: A reliable payment method must be licensed by a legal financial institution to consider it. For instance, PayPal and Skrill have licenses from the New York State Department of Financial Services. On the other hand, the FCA (Financial Conduct Authority) regulates Neteller. So, only transact with licensed and SSL-encrypted payment services.

Transaction Duration: Today, deposits at the best online sportsbooks are near-instant. However, things may be different when cashing out. A good example is credit/debit cards which allow instant deposits, but withdrawals can take up to 5 business days. Also, bank transfers can take a while to process payments. Therefore, choose the fastest banking method to avoid any frustrations and delays.

Transaction fee: Here is another area where bank transfers and debit/credit cards lag behind e-wallets. Online banking methods often take a small commission to facilitate transfers, unlike bank transfers that charge hefty fees. For instance, most e-wallets won’t charge anything to deposit funds into a bookmaker account. Remember, though, that costs vary, depending on the banking method.

Payment bonuses: Most sportsbooks offer bonuses these days. Even better, bettors can get a reward from the bookie for depositing using specific methods. It’s, therefore, wise to visit the deposit page and learn what’s on offer. However, don’t choose a method that earns a deposit bonus while charging hefty transaction fees.

Support: Sometimes, a sports bookie can process winnings successfully, only to get stuck somewhere in the payment method’s system. This can be due to incomplete ID verification or other technical issues. But with a responsive support team, these issues are resolved quickly. The support should be reachable via live chat, although email and phone support will do.

Availability: Finally, it’s vital to determine if the payment method is legally available in your country before depositing money. To know this, visit the payment method’s terms and conditions page to know all the eligible countries. Remember, some allow only deposits in some countries.

How to choose a banking method for betting
How to make a deposit

How to make a deposit

Depositing money into a sportsbook might seem straightforward for a beginner. Options like Neteller, PayPal, Paysafecard, Skrill, and cryptocurrencies are commonplace on most bookies.

However, sometimes deposits can get declined. Even worse, most new players simply don’t know how to transfer funds to their betting accounts. But don’t fret because everything is pretty straightforward with the right guide. Follow these steps:

Create a sport bookmaker account by filling the electronic form provided. Information required may include the name, address, phone number, email, and others. Remember not to provide fake details, as this might be costly during withdrawals.

After opening an account successfully, some sportsbooks may require bettors to activate it by entering a code. The code is usually sent to the provided email or phone number.

Once the account is set up successfully, visit the sportsbook’s payment page, choose a safe payment method, and link a banking account. Now make a deposit. In most cases, a welcome bonus will immediately be credited into the betting account alongside the deposited money.

Can a credit card get declined by the bookmaker? Yes, although it’s not entirely the player’s fault or the bookie’s. In some countries, gambling with credit cards is illegal.

A good example is in the UK, where the UKGC banned credit card gambling last year. While the reasons for doing so are vague, most licensed bookies have no option but to comply. But what they don’t know is that banking with e-wallets is even much faster.

How to make a deposit
How to gamble online with PayPal

How to gamble online with PayPal

When it comes to the best online betting payment options, few can match PayPal in terms of popularity. That’s because online betting with PayPal allows instant deposits and withdrawals, depending on the sportsbook operator.

Also, PayPal is arguably the safest online banking method out there. The company uses the all-important SSL (Secure Socket Layer) encryption to protect user information and funds from online scammers. It’s even no wonder PayPal only teams up with reliable online bookmakers.

That said, the easiest way to fund a sports betting account via PayPal is by using an existing balance. But if there’s none, proceed to fund the account by clicking Wallet > Transfer Money, and then add money to your PayPal balance via a bank account.

Users can even fund their PayPal balance via another PayPal account. Either way, the amount will reflect instantly.

Note, however, that PayPal charges a 2.9% fee to deposit money using a debit/credit card. Also, online betting with PayPal isn’t eligible in most states in the US. Plus, some bookies exclude PayPal deposits from bonus promotions.

Now that’s another solid reason to carefully read the welcome bonus terms and conditions page before depositing anything.

How to gamble online with PayPal
How to make a withdrawal

How to make a withdrawal

When it comes to making safe cashouts, all legal sportsbooks operate similarly.

In a nutshell, it means all bettors must undergo a KYC (Know Your Customer) process before making their first withdrawals. Don’t worry, though, as this process is pretty straightforward and quick.

The sportsbook will ask for vital documents such as a government-issued photo ID/passport and a recent utility bill or bank statement copy. In the case of a utility bill, the document must clearly indicate the bettor’s name and home address.

Also, most sportsbooks will ask for a utility bill not older than six months from the requested date. And another thing, some might schedule a video chat to ascertain that the punter is the actual account owner.

After the betting site has accepted the documents and verified the bettor’s ID, withdrawals can now be processed quickly. Note, however, that some betting sites may require bettors to use the same banking method to make deposits and withdrawals.

Also, the transaction duration and fees vary, depending on the betting site and payment method.

How to make a withdrawal
The best banking options for online betting

The best banking options for online betting

Assuming you’ve just opened a bookmaker account and is ready to make a deposit. Whilst this sound pretty straightforward, choosing the best payment method can be a surprising challenge. Fortunately, there is no shortage of banking methods at the best sportsbooks in 2022.

So if you’re in such a situation, don’t worry because experts at BettingRanker have you covered. This page lists the most popular and reliable banking methods for any online bettor out there.

But before being rated and approved on this page, experts spend time on each online betting banking method. Also, they gather as much player experience information as possible.

The team comprises seasoned sports gamblers who know precisely what to look for in a betting payment method. They work tirelessly to give you the most comprehensive betting payment options reviews.

The best banking options for online betting
How we review payment options

How we review payment options

Without wasting much time, below are some checkboxes a payment method must tick before being considered for review at BettingRanker:

  • Accessibility: All banking options reviewed on this page are available in most sports betting jurisdictions. Also, other technical details such as the accepted currency and functional languages are put into consideration.
  • Security: Money security is of utmost importance to any serious sports bettor. As such, all the reviewed banking methods here have SSL (Secure Socket Layer) certificates and licensing from legal financial authorities.
  • Popularity amongst providers: To separate the wheat from the chaff, the team goes out of their way to hand-pick the most widely used options in most online betting websites. As you may already know, the most popular banking options are also the most secure and affordable.
  • Customer support: If an issue arises, the payment option must be able to sort it out as quickly as possible. Therefore, the team considered factors like support responsiveness, language, mechanisms, and bettor satisfaction.
  • Transaction speed: All bettors are happy when their winnings are paid out as soon as possible. Also, deposits should immediately reflect in the bettor’s account after being credited. For these reasons, the team only reviews the quickest and most reliable payment options. There’s no need to use a banking method that takes more than a week to pay out.
  • Transaction fee: Every cent that the banking method takes from player withdrawals and deposits count. So, ensure that the banking method you select processes payments at affordable rates just like the one listed here.
  • Online reviews: Besides doing their own in-depth analysis, the team also considers user reviews. It’s only through user reviews that bettors can know the safest and most efficient betting payment methods.
How we review payment options
Responsible gambling

Responsible gambling

Gambling is supposed to be fun, and that’s why it’s most important to play responsibly. But doing that is easier said than done.

Most punters often get caught up in the entertainment side of things that they forget their social responsibilities. So, avoid this by setting aside time and money for betting.

The gambling bankroll can be divided into daily, weekly, or monthly limits. Of course, this should be money that you’re comfortable losing and can live without. In short, don’t bet if you have house bills, medical insurance, and other vital financial obligations.

In addition, don’t continue gambling even when the gods of betting are not in your favor. In fact, this rule cuts across good or bad days. Smart players know that gambling is a matter of luck, no matter the gambling skills at hand.

To avoid losing the entire bankroll in a single bet, these players cut their losses after a couple of bad results. Also, some will stop playing after scooping a certain percentage of their bankroll. This is the only way to keep winning at the bookie. So, play safe and have fun.

Responsible gambling