Betting payment methods (and fees)
When you’re opening a new bookmaker account, you’ll need to do some research. Amongst the things you’ll need to know is what payment methods your bookmaker offers. Of course, every bookmaker does offer debit and/credit card payments, but certain methods involve certain fees that you may be looking to avoid. Depending on your country of residence you may also find your card provider applies its own fees or even blocks transactions to betting websites. Many bettors prefer to stick to using their e-wallet because it’s quick, usually fee free and convenient, but you’ll want to check if your potential bookmaker offers these methods before joining.
Why it’s important to know payment methods
- So you know in advance that you will be able to use your desired method
- To make yourself aware of potential fees and plan your future deposits
- To double check that bookmakers also allow withdrawals to your preferred deposit method
Knowing payment methods
There are two reasons why understanding the payment methods available to you are actually a really important part of betting. One is so you know ahead of time what can save you time and money, and also make the withdrawal process easier. The other is knowing what the bookmakers prefer. Too much regular use of certain withdrawal methods can cost the bookmakers money.
Every bookmaker will offer you the option of using a debit card or a credit card. In the modern world, there isn’t a person without one of those things. That leads them to be the most convenient options in our mind, but is that the reality?
Nearly every bookmaker will accept debit card without any fees, which is nice. And it’s also good that this method of depositing is instant and only takes a few seconds to complete. The drawback of a debit card that you should keep in mind is that some bookmakers take as many as five full days to pay you any withdrawal requests. Keep that in mind.
Credit cards work in pretty much the same way but you must keep an eye out for fees. 1.5% to 2.5% is a common fee used by the bookmakers which charge you for depositing with a credit card. Not all bookmakers do it, but it would be wise to check your bookmakers’ terms and conditions regarding deposits/withdrawals.
1.5% may not seem like a lot there and then but consider that you are depositing £100. If you do that from a credit type card (even prepaid mastercards may be charged) say 100 times in your betting life, that’s £10,000 deposited. You might not notice the effects of a fee over the span over a gambling lifetime, but it would still be as much as £250 of your money given away for nothing. Also, most sites will not let you withdraw back to a credit or prepaid card.
If you’re really old fashioned you can always mail your bookmaker a cheque or arrange a bankwire transfer, but neither are instant and you may have to wait a full week for a cheque balance to appear in your account.
A method that is growing in popularity is e-Wallets. PayPal, Skrill and Neteller are the most notable three and are becoming widely accepted by bookmakers and exchanges now. PayPal is the most commonly accepted of the three. Depositing with PayPal is instant, fee free and it can be linked directly to your bank.
Why not just deposit straight from your bank you say? When it comes to withdrawing PayPal is both quicker for yourself in that depending on your bookmakers, withdrawals take from 12 to 48 hours for the most part. That could be three whole days sooner than a debit card withdrawal. If you’re withdrawing regularly and using an e-Wallet, you aren’t inconveniencing the bookmakers. Regular bank and card withdrawals cost the bookmakers a fee even where they don’t charge you one. e-Wallets do not cost them anything and is also easier for them to process.
It may seem like a drop in the ocean but it can be more important than you think. Everyone values their time and setting aside a moment to be prepared can prevent deposit/withdrawal processes being drawn out and inconvenient in the future. To become the most profitable bettor you can be you must consider everything. A 1% to 2% deposit or withdrawal fee may seem miniscule, but factor that in to your end profits and you could be losing hundreds upon hundreds in your betting lifetime. By taking some time to research deposit methods you can make sure depositing and withdrawal with your bookmaker will be quick and easy, as well as hassle and fee free.