author Charles Greene
Last Updated on Jan, 01 2024 by: Charles Greene

Betting Payment Methods - Safe Deposit & Withdrawal Options in 2024

When choosing an online betting site, it is very important to pay attention to its reputation and safety, the range of sports, and available bonuses and promotions. But before you join a virtual platform to bet online, you need to choose one that can offer payment options available to you.

Along with the active growth of online gambling, the number of available payment methods on UK betting sites has also increased. In this post, we will tell you which payment methods are available on UK betting sites and how to choose the one which is right for you. Read this article to the end and you will discover the most popular and best payment methods for online betting and their unique advantages and disadvantages. With this knowledge, you will truly enjoy the excitement of sports betting.

Best betting sites with many payment options:

  1. GoldenBet
  2. MagicWin
  3. MyStake
  4. Goldenlion
  5. LuckofSpins
Top UK betting sites with many payment options
Betting Payment Methods

Best Betting Sites We Recommend With Many Payment Options: February 2024

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#
Bookies
Sports Bonus
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FreshBet
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Goldenbet
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SupaCasi
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#
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Available Payment Methods On Online Betting Sites

Each high-quality betting site tries to provide users with the widest possible and most popular payment methods. But not all payment methods may be suitable for your needs. So let’s start to explore online payments!

Debit Card

People from all over the world have debit cards. Therefore debit cards are the most popular payment method at most online betting sites. This is one of the safest and most reliable methods of making payments. You can deposit and withdraw with Visa, Mastercard, and sometimes Maestro and  American Express. 

Pros
  • Widely accepted
  • Instant deposits
  • No fees
  • Often eligible for a welcome bonus
  • Qualify for most promotions
  • Simple to use
Cons
  • Visible on a bank statement
  • Can’t offer anonymity
  • Withdrawals can take up to 3-5 banking days

PayPal

Like debit cards, PayPal is used by people throughout the world. Many betting sites accept PayPal. Perhaps it is the second most popular betting payment method across online sportsbooks.  You might see this list of  PayPal betting sites. Creating a PayPal account is easy on both desktop and mobile devices and you can start using it immediately.

Pros
  • Secure
  • Popular payment method
  • Easy to use
  • Very fast withdrawals (sometimes within 2 hours) and deposits
  • Often eligible for a welcome bonus
Cons
  • Small fee
  • No reward system
  • Sometimes slower than other e-wallets

Skrill

Digital wallet Skrill is available in many countries around the world and stands as one of the best payment and deposit methods for UK players.  With Skrill, bettors can make fast transactions to their accounts and start betting instantly.

Pros
  • Easy to use
  • Offers VIP programme
  • Widely accepted
  • Great app
  • Fast withdrawals
Cons
  • Sometimes not eligible for bonuses and promotions (Read bookmaker’s Terms & Conditions)
  • Small commission

Neteller

Neteller is another preferred payment method for UK punters. Betting sites widely accept Neteller for the high level of security that it offers to bettors. More so it supports many currencies which is a great thing, especially for British punters who bet on international sporting events and are users of Non-UK betting sites.

Pros
  • Offers many ways to fund wallet
  • Great security features
  • Offers VIP program
  • Easy to use
  • Fast withdrawals
Cons
  • Small fees
  • Sometimes not eligible for bonuses and promotions (Read bookmaker’s Terms & Conditions)

Trustly

Widely available in Europe Trustly allows users to make payments directly from their bank accounts avoiding payment intermediaries. The major advantage of Trustly is that it doesn’t charge a deposit or withdrawal fee.

Pros
  • Instant Transfers
  • No registration required
  • Available across Europe
  • No deposit or withdrawal fees
  • Very secure
Cons
  • Some online bookies do not accept Trustly
  • Higher minimum deposits on some gambling sites

Apple Pay

Apple Pay, created by Apple Inc.,  is a digital wallet and mobile payment service. If you have iPhone, iPad, Apple Mac or Apple Watch then you can use Apple Pay to deposit money into your online betting account. It is a safe and convenient payment method though with a huge disadvantage. You would not be able to withdraw winnings from a betting account with Apple Pay.

Pros
  • Secure payment method with two-factor authorisation
  • Supports a wide range of debit cards
  • Instant deposits with the touch ID feature
  • Can be used to deposit funds
Cons
  • Only available on Apple devices
  • Does not work for withdrawals

Google Pay

Google Pay, obviously developed by Google,  is a mobile payment platform and digital wallet. This is not the most popular payment method among UK bettors yet some find Google Pay very convenient. Like with  Apple Pay, you can deposit money into your betting account with Google Pay but you can’t use it to withdraw funds.

Pros
  • Easy to set up and use
  • Innovative security features
  • No fees
  • High level of security
  • Can be used to deposit funds
Cons
  • Not many bookies accept Google Pay for deposits
  • Can’t be used to withdraw funds

Paysafecard

Paysafecard is a voucher-based payment system that is available in many countries around the world. It is a popular choice for people who do not have a debit card or bank account or who simply want to maintain more privacy. You can purchase such vouchers from offline Paysafecard or online stores. But remember that Paysafecard is not an option for withdrawals.

Pros
  • Works without the link to a bank account
  • Easy to use
  • High security
  • Offers a certain level of privacy
  • No bank account details are required
Cons
  • Requires you to purchase a voucher
  • Vouchers have predetermined amounts of £10, £25, £50 or £100.
  • Withdrawals are not possible
  • Payment restrictions apply

Boku

If you have a mobile phone number then perhaps you may use Boku mobile payment. This service is available in many countries including the UK. In that case, you can make payments to betting sites and the cost will be added to your mobile phone bill. Using Boku is easy peasy. However like in previous cases it does not work for withdrawals.

Pros
  • Simple to use
  • Does not require credit cards or a bank account
  • Gives an extra layer of security
  • Can serve as a deposit method
Cons
  • Not widely accepted
  • Payment limits
  • Does not support withdrawals
  • Payment restrictions apply

Payforit and Pay by Mobile

Those are additional mobile payment methods available to bettors in the UK. These brands function similarly to Boku, allowing users to top up their online betting accounts via their mobile phones. The cost will be added to the phone bill. Like with Boku, these online betting payment methods do not work for withdrawals.

Pros
  • Simple to use
  • Does not require credit cards or a bank account
  • Can serve as a deposit method
Cons
  • Not widely accepted
  • Payment limits
  • Does not support withdrawals

Cryptocurrencies

Cryptocurrencies such as Bitcoin, Litecoin, and Ethereum are becoming more and more popular as payment methods on betting sites. Some online bookmakers do not accept other payment methods but cryptocurrency and they are known as cryptocurrency betting sites.  Speed and anonymity are two main and great advantages of this payment method. Cryptocurrency withdrawals can be processed within 15 minutes. Compare that with other more traditional payment methods that take hours and days.

Pros
  • Safe and secure
  • Anonymous
  • Widely available and continues to gain popularity
  • Instant deposits and payouts
  • Some betting sites offer a welcome bonus or special crypto bonus
Cons
  • Can be technically challenging for newcomers
  • You can expect a welcome bonus from cryptocurrency online bookmakers
  • Some cryptocurrencies consume a lot of energy (environmental concerns)

Bank Transfer

Overall bank transfer is a traditional and widely used payment method though it is not very popular among online punters. The thing is that withdrawals through Bank Transfer can be very slow (up to 10 days) and there can be withdrawal fees depending on your bank. However, if you need to withdraw a huge sum of money then Bank Transfer is the most secure payment method at many online betting sites and often the only one available.

Pros
  • Great for very large transfers
  • Secure and reliable
  • Easy to understand and use
Cons
  • Slow withdrawals
  • There can be withdrawal fees

Cheque

With so many easy online payment options available, why would anyone still choose an old form of payment like a cheque? Well, it is a personal preference and habit and the vast majority of online bookies respect their users’ choice. The processing time for cheque deposits can be long since the bettor needs to physically mail the cheque to the betting company. At the time of withdrawal, betting company will send you a cheque by mail.

Pros
  • Great for very high withdrawals
  • Reduces the risk of online fraud (does not require credit card details)
Cons
  • Lengthy processing times
  • Requires manual handling
  • Not an available option on many betting sites
  • Banks may charge fees

Credit Card: not an available option in the UK

In 2020 the UK Gambling Commission (UKGC),  the regulatory authority responsible for overseeing gambling activities in the United Kingdom, enforced a law that prohibits credit cards as an online betting payment method in the UK. This has been done to protect people from financial harm caused by gambling. Unlike a debit card, a credit card allows its owners to borrow money from a bank. Betting with borrowed money often led to debt accumulation and bankruptcy. That is why top-notch responsible online bookmakers don’t offer British customers credit cards as an option for online betting payment methods.

Bookmakers Payment Methods: General Information

Payment MethodCan Be Used for Deposit and WithdrawAverage Withdrawal Time
Debit Cardyes2-5 days
Bank Transferyes3-7 days
Chequeyes5 -10 days
Trustlyyes1-2 days
PayPalyes2 hours-1 days
Skrillyes2 hours-1 days
Netelleryes4 hours -1 day
Boku/Payforit / Pay by Mobiledeposit- yes; withdrawal- no1-2 days
Cryptocurrenciesyes15 min -2 day
Google Paydeposit- yes; withdrawal- noN/A
Apple Paydeposit- yes; withdrawal- noN/A
Paysafecarddeposit- yes; withdrawal- noN/A
Credit CardnoN/A

Choosing The Best Payment Method – Factors To Consider

Each of the online payments offered by bookmakers has its advantages and disadvantages. It is necessary to choose exactly the payment option that will allow you to easily deposit and withdraw with a minimum fee and without delays. If you are still undecided about which method to use, consider the following factors before you sign up with a betting site.

Availability

Check whether the payment method you are interested in is available on the bookmaker’s website and in your country. Some payment methods are very common in one country, but they are not used at all in other jurisdictions and regions. Besides, even within one jurisdiction, not all bookmakers offer the same selection of payment options. If to take bookmakers of all countries across the globe, so far the most common payment methods are debit cards and PayPal.

Security and privacy

Certainly, you do not want your credit card or identity to be stolen. On the one hand, safety is ensured by choosing a reliable licensed online bookmaker. On the other hand, there should not be any data breaches within your chosen payment system. However, even these precautions might not be enough. You should also take steps to secure your device and internet connection. Use special security software to create an additional layer of protection for your transactions.

Speed of transactions

Instant deposits and withdrawals reduce anxiety and add to the positive user experience on online betting sites. Therefore, you should pay close attention to the transaction times of your preferred payment method. The disparity in withdrawal speed between different payment methods can exceed 10 days. Why wait for ten days when you can receive your winnings within a day, or with cryptocurrencies even within an hour? Check our table above to understand which payment methods are fast, slow or somewhere in between.

Deposit and withdrawal limit

Each bookmaker sets deposit and withdrawal limits. They can vary significantly and depend on many factors, including currency,  payment method, responsible gambling policy and loyalty programs. You should remember that debit card deposits and bank transfers have higher limits compared to e-wallets or mobile payment options. However, this concern mainly applies to high-stakes bettors. If your deposits or withdrawals are less than $/£10,000 at a time, you will not experience any problems. The minimum deposit on betting sites usually is £5, and you can make it using most payment methods.

Promotions and bonuses

Some bookmakers offer promotions and bonuses if you make deposits

using a specific payment method.  These incentives include welcome bonuses, free bets, enhanced odds, cashback, acca insurance and more. Conversely, bookmakers may withhold standard bonuses if you use payment methods that do not suit them. For instance,  if you deposit with Apple Pay, Neteller or Skrill you may not receive the same benefits as those who use debit cards or e-wallets. Read the bookmaker’s terms and conditions to know these nuances.

Transaction fees

People wager on sports events in hopes of earning extra money. And of course, when the payment provider imposes transaction fees on your deposits or withdrawals that could be disappointing. Fortunately, many payment service operators either levy very minimal fees or have none at all. You can find this fee-related information on the website of your bank,  in the Terms and Conditions of your e-wallet, or other payment service you use. Additionally, don’t hesitate to reach out to customer support and talk with them about existing commissions.

Sports bettors have an array of options when betting online. The most popular sports bets include:

Final Say About Payment Methods On Betting Sites

Today, bettors can choose from a vast array of payment options available on many online betting sites. Certain payment methods are more popular than others. Aside from the options we’ve mentioned, there are other betting payment methods available to people in the UK; however, they are less widespread.

When selecting the best payment method for online betting you should consider various factors. Begin by researching your country’s legal regulations and reviewing the Terms and Conditions on the bookmaker’s site. Find out the conditions imposed by your chosen payment method provider. With all this information at your disposal, choose a safe, reliable, and fast payment method that works for you.  Online betting should be a fun experience, rather than a source of stress. And best of luck to you!

Betting Payment Methods: FAQs

There is no single ideal payment method that will suit all UK bettors. This is a matter of personal preference and financial circumstances. In this article, we have introduced the list of payment method choices available to punters in the UK and explained their pros and cons. You may also find other betting payment methods which are rare and that is why we did not include them in our list. The choice is yours.

Can I use Bitcoin on betting sites in the UK?

If the bookmaker offers cryptocurrencies as a means of payment, then you can use Bitcoin. Online gambling sites in the UK usually support cryptocurrencies. Please read the Terms and Conditions before registering.

How can I deposit on an online betting site?

First, register an online account on the betting site. Next, select your payment method in the betting account and deposit money. Finally, add your details to complete the transaction.

How can I fund my online account on Bitcoin betting sites?

Go to your online account, find the deposit or payment methods section and choose Bitcoin as your preferred method. Then follow the instructions to complete the transaction.

How to withdraw money from a betting site?

Access your online betting account and click the ‘Withdraw Funds’ button. Select the preferred withdrawal method. At this stage, you may be asked to verify your identity. After successful verification, your money will be deposited into your account.

What is the minimum required deposit on betting sites?

Typically, the minimum deposit at an online bookmaker is £5.  You can check this list of £5 Minimum Deposit Casinos But with some bookmakers, it may be as high as €10.

Am I supposed to use the same payment method for both deposits and withdrawals?

It depends on the betting site. Some bookies prefer you to use the same payment method, others permit you to select different options. You need to review the betting site’s policies or talk to its customer support to find out about the withdrawal method.

 

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Charles Greene

Hi I’m Charles Greene your humble author of nongamstopbookies.com. I’m an avid sports and money fan, and my main goal from a young age was to combine the two (sorry I never realized it as a footballer). At the age of 20 I found a great opportunity to make money from my passion for sports, it was betting.

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