Best payment methods for online betting in 2020 – Definitive guide

So you’ve opened your new bookmaker account and now you want to deposit some funds into your account.

Whilst this might seem easy, the question a lot of punters ask is which is the best payment method to use. In 2020, there’s so much choice it can be tricky to make a decision.

If you’re in this situation don’t worry. We’ve got you covered. In this article, we’re going to check out the best and most popular payment methods available and which ones you should consider.

Buckle up, let’s get started.

Best payment methods for online betting

So which are the best payment methods to use in 2020? Here are some of the best and most popular options:

Let’s take a look at each of these in more detail.

Debit cards

One of the most popular ways to deposit funds into your betting account is using debit cards.

Debit card transfers are incredibly easy to complete, don’t take that much time and there are zero fees associated.

This payment method is very secure and funds are deposited instantly. In terms of withdrawals, you should expect to receive your money within 3-5 business days.

Using debit card transfers you’ll also be able to access bookmaker bonuses and other free bets.

Pretty much all betting sites accept debit cards with the following types being the most common:

  • Visa Debit
  • Mastercard Debit

There’s a reason debit cards are so widely used when paying for products and services over the internet. Overall, this is certainly one of the best and most effective betting payment methods in 2020.

Prepaid cards

Another popular option that punters use are prepaid cards. This payment method works very similar to debit cards.

As the name suggests, you must load cash onto these cards before being able to spend anything. They’re a great option if you can’t get or don’t want a traditional bank account.

Prepaid cards work well for betting accounts as you can’t spend more than what you have. There’s a safety barrier.

Like debit cards, deposits are made instantly into your bookmaker account.

The most popular types of prepaid card are Visa and Mastercard and there are many different providers such as Pockit, goHenry and Cashplus.

Pockit prepaid card

The downside to using prepaid cards is that you can’t withdraw any funds back to these cards and there are sometimes set up, administration and other fees associated.

However, they do provide one of the safest and most reliable payment methods for betting accounts so they are certainly worth considering.

PayPal

Next up let’s check out PayPal.

Due to their age and size, I won’t need to introduce PayPal. They’re one of the most popular and reliable payment platforms and more punters are using them each day.

With instant deposit and withdrawal times, PayPal is a fast and convenient way to transfer money to and from your bookmaker accounts.

For more information on PayPal betting sites, check out this article.

In 2020, there’s a wide range of bookmakers that accept PayPal payments and there are no fees associated with this payment method.

However, you do need to pay attention to any bookmaker bonuses that you might not be able to access. Before you proceed, I recommend you check out the bookie’s terms and conditions.

I’m a big fan of using PayPal as a payment method for betting sites and I certainly think they’re worth considering in 2020.

Neteller

Another popular eWallet payment method that works similar to PayPal is Neteller.

Neteller bookmakers

Neteller is widely accepted at online bookmakers and with instant deposit and withdrawals your funds will be transferred very quickly.

Before getting started with Neteller, you need to consider the fees associated with the platform. Whilst bookmakers don’t charge any fees, Neteller and banks may charge fees depending on your specific transactions.

Check out this article for more information on Neteller fees.

Similar to that of PayPal, you also need to check whether you still qualify for bookmakers free bets and promotions when using Neteller.

Whilst there are various things to consider, Neteller is another option you should check out for your online betting payments.

Skrill

Another popular option that punters use is Skrill. Like other eWallets mentioned above, Skrill enables fast transfers to and from your bookmaker account.

Skrill and betting sites

Using Skrill means you’re unlikely to qualify for bookmakers free bets and other promotions.

Before depositing any funds using Skrill, you should also check out any associated fees. You can find out more information in this article.

Bank transfers

Believe it or not, bank transfers still have their place in the online betting industry. Whilst these transfers are not instant many punters still use this simple option to fund their online betting accounts.

The bookmakers don’t charge any fees for bank transfers, however certain banks may have their own fees so it’s important to check this out with your bank before proceeding.

Similarly, you need to check whether you qualify for free bets and promotions when using bank transfers.

Other payment providers

Whilst we’ve covered the most popular payment methods and providers above, there are many other alternatives you can use such as:

  • Entropay
  • Maestro
  • Paysafecard
  • Trustly
  • Giropay
  • ecoPayz

As you can see, most of these options are eWallet providers like PayPal and Skrill.

Things to consider

When picking a payment method to fund your bookmaker account, it’s important to bear certain aspects in mind. What are the deposit and withdrawal times like, are there any fees etc. Below we’ll look at some of the most important considerations.

Deposit times

When it comes to depositing money into your account, you want your funds to be available as soon as possible.

Timer

You don’t want to miss out on any markets when you’re waiting for your deposit to arrive in your bookie account. Lucky for us, most payment methods mentioned above have instant deposits.

Bank transfers are the only exception to this.

Withdrawal times

Similarly, you don’t want to be waiting days for your withdrawal to process. You want to access your winnings as soon as possible.

This is especially the case with certain strategies like matched betting where you’re guaranteed to make a profit.

As we saw above, certain payment methods such as eWallet providers have instant withdrawals whereas others may take a little longer.

Closed-loop policy

It’s also important to consider that some bookmakers use what’s called a closed-loop policy. This means you can only withdraw your funds using the same process as you did to deposit your money.

This is a security feature that works incredibly well to protect your details and money. It’s a great way of stopping online theft.

However, with prepaid cards this is not always possible, so you will need to use an alternative payment method to withdraw your funds.

Access to bookmakers bonus

As we looked at above, certain payment methods do not qualify for bookmakers free bets and other promotions.

For some punters out there this might not be a problem, especially if you’re more interested in using a certain payment method.

However, if you’re using matched betting you’ll want to ensure that you can access as many free bets and bonuses as possible. Therefore it’s important to consider this before proceeding with any payments.

Credit card payments banned

Some of you may be wondering why I’ve not mentioned credit cards until now.

As of April 14, 2020 credit cards were banned as a betting payment method. The Gambling Commission brought this rule into effect to avoid punters spending money they didn’t have and getting into financial difficulty.

This is a brilliant decision that’s helped reduce the number of issues caused by problem gambling.

Matched betting payments

If you’re using matched betting to make money online you may want to consider using a separate bank account.

As I mentioned in this article, it’s easier to keep up to speed with things if you have one account for your betting and a separate one for your own personal use.

It also means you can keep a closer eye on how much money you make from matched betting.

Unsure what matched betting, check out this article and find out how you can make money with OddsMonkey today.

Make money with OddsMonkey

Online security in 2020

Whilst bookies and banks do all they can to reduce scams and money laundering, there are still situations where this may occur.

We need to do our bit and stay vigilant when transferring money online. Here are some things to consider:

  • Only trust sites with https or secure URLs
  • Check reviews of betting sites

As a general rule, only proceed with online payments once you’re 100% satisfied. This way you should stay safe when it comes to funding your bookmaker accounts in 2020.

Best online payment methods

As you can see, there are various online payment methods you can use to fund your betting accounts. Each method has its own pros and cons meaning the best option varies between punters.

What works best for me, might not work as well for you. So it’s important to consider what you want from your betting payment method.

Having said that, I still recommend you stick to one of the following methods:

  • Debit cards
  • Prepaid cards
  • PayPal, Neteller or Skrill
  • Bank transfers

If you’re unsure about anything, get in touch with the bookmaker’s support and they should be able to help you out.

Have I missed anything? Let me know by leaving a comment below right now.

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